a. Guaranteed Cash Back
Guaranteed Cash Back will be paid at the end of each policy year starting from the 16th policy year till the end of policy term provided the policy is In-force and Life Assured is alive.
Guaranteed Cash Back will be paid as per the table given below:
|Guaranteed Cash Back rate per 1000 Sum Assured on Maturity|
|Policy Term||Premium Paying Term|
b. Non-guaranteed Cash Bonus
Non-guaranteed Cash Bonus may be declared based on the performance of the participating fund. The cash bonus will be payable every year from the 16th policy year along with the Guaranteed Cash Back benefit. The cash bonus will be payable till maturity or death whichever is earlier.
On survival of the Life Assured till the end of the Policy Term, provided the policy is In-force, Sum Assured on maturity along with accrued Reversionary Bonuses and terminal bonus, if declared will be paid immediately at the end of the policy term. The last Guaranteed Cash Back and last non –guaranteed Cash Bonus if declared will also be paid along with the maturity benefit.
a. Reversionary Bonus:
The compound reversionary bonus may be declared by the company and shall be attached to all in force Policies from 6th policy year onwards only. Bonuses are declared by the company based on the performance of the participating fund of the company. Once added to the policy, the bonus is guaranteed to be payable either on death or on maturity.
Compound Reversionary Bonus is calculated as percentage of Sum Assured on Maturity and all previously accrued reversionary bonuses.
b. Terminal Bonus:
The company may also declare terminal bonus depending on the performance of participating fund of the Company, which shall be paid along with the maturity benefits and death benefits during the policy term, provided the policy is in force.
On death of the Life Assured during the Policy Term, provided the policy is in-force, Sum Assured on Death as defined below, along with the accrued Reversionary Bonuses and terminal bonus, if declared will be paid and the policy gets terminated immediately.
Sum Assured on Death is 11 times the Annualized Premium where, Annualized Premium refers to premium payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loading for modal premiums, if any.
In any case, the minimum death benefit shall be 105% of the total premiums paid (excluding any extra premium and taxes, if any) as on the date of death.