Can I change the frequency of my premium payment during the policy term?
Are there any policy exclusions that I should know about?
Can I cancel the policy after buying it?
What happens if I cancel the policy during the Policy Term?
How is the death benefit defined under the plan?
What happens if I miss the premium payment date?
Can I revive a lapsed policy?
Yes, this plan allows you to change your premium payment frequency during the premium payment term. However, the alteration can only be made on any policy anniversary
One exclusion available under the product for which no death benefit will be payable. If the life insured commits suicide within 12 months of date of commencement of risk or date of revival of the Policy, , then no death benefit will be paid. In such cases, an amount which is higher of 80% of the total premiums paid till date of death or the policy cancellation value, if available will be payable
Yes, if you disagree to policy terms and conditions then you can cancel the policy within the freelook period of 30 days . from the date of receipt of the policy documents. In such event, we will refund you premium paid after deductions of Stamp duty charges, Proportionate risk premium for the period of cover, Expenses incurred by Us on medical examinations, if any.
If you cancel the policy premature/ anytime during the Policy Term then the Company will pay you the Policy Cancellation Value. Please note, the policy cancellation value will be available only if you have opted for the Single or Limited premium payment terms. In case if you have opted for Regular Premium Payment Term, then the policy will not acquire policy cancellation value. Limited premium payment term - Policy Cancellation Value acquires if at least first two consecutive full years’ premiums are paid. Single premium payment term - Policy Cancellation Value acquires immediately after receipt of Single Premium. . Kindly refer to the Sales Brochure for more information on the policy cancellation value.
The death benefit is the highest of the following: For single premium payment term: 1.25 times the single premium; or, Absolute amount assured to be paid on death (i.e. Sum Assured selected at the inception of the policy). For limited and regular premium payment term: 10 times the annualized premium paid; or, Absolute amount assured to be paid on death (i.e. Sum Assured selected at the inception of the policy); or, 105% of the total premiums paid till the date of death of the Life Insured.
If you do not pay the premium within the due date, you get an extended period for premium payment called the grace period. The grace period is 15 days for monthly premium payment mode and 30 days for Yearly, Half Yearly, Quarterly mode. You can pay the premium during the grace period and enjoy continued coverage. However, if you do not pay the premium even during the grace period, your policy will lapse and the life cover will cease.
Yes, you can revive a lapsed policy, but it should be done within five years of the date of the first unpaid premium. To revive your policy, you have to do the following: Submit a written revival request to Us to revive the policy, Pay the outstanding premiums with interest at the prevailing interest rate, Fulfilling the medical requirements as specified by the Company. The revival will be effected on receipt of the proof of continued insurability and is subject to submission of Declaration of Good Health and Board approved underwriting policy of the Company applicable at that time. Once the Policy is revived, all benefits will be restored to its original benefit level
