Accidental Death benefit will be payable on death of the Life Assured due to accident during the Rider Policy Term after the date of commencement of rider risk, provided the Base as well as the Rider Policy is in-force as on date of Accident. The death benefit will be paid as lump-sum and rider policy will terminate immediately.
The rider policy will lapse if premiums are not paid within the grace period. Once the revival period ends, the lapsed policy terminates, and no benefits will be provided. If the rider was chosen under a limited premium payment mode with the "Without Return of Premium" option, only the policy cancellation value will be paid.
Yes, the policy can be revived if the base policy is active, and premiums are paid within three years from the first missed premium. Revival requires clearing the overdue premiums with interest and providing medical evidence based on underwriting guidelines.
The premium payment mode for the rider is the same as that of the base policy. The applicable loadings for different premium payment modes are as follows: Annual: 1, Semi-annual: 0.5108, Quarterly: 0.2582, Monthly: 0.0867 (Only available through NACH/Standing Instruction payment mode).
The rider policy will terminate in the following cases: If the rider lapses and is not revived within the revival period. If the base policy premium is not received, and the base policy is discontinued without revival. Upon the death of the life assured. At the end of the rider or base policy term. If the free look cancellation amount is paid. If the rider policy is cancelled or surrendered. If the base policy is cancelled or surrendered.
Yes, you can surrender the rider after completing one full policy year and paying all due premiums provided it has acquired Surrender Value. The amount paid will be the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). GSV = GSV factor * Total premium paid till surrender date. SSV = {SSV_Factor1 * (Number of premiums paid / Total number of premiums payable) * Rider Sum Assured} + {SSV_Factor2 * (Number of premiums paid / Total number of premiums payable) * Guaranteed Maturity Benefit}
The Policy Cancellation Value applies when the rider is surrendered with the "Return of Premium" option under limited premium payment mode. The rider is linked to a unit-linked policy and has a 5-year lock-in period. After that, the Policy Cancellation Value applies if premiums for two consecutive years are fully paid. The amount is calculated based on a specific formula that takes into account the total premium paid and the policy term. Once the value is paid, the rider ends, and no further benefits are provided. Policy Cancellation Value = 50% * (Policy Term – Premium Payment Term)/ Policy Term * (Policy Term – Policy Year of Cancellation) / Policy Term * Total Premium Paid till the date of Cancellation.
