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Jeevan Nivesh Plan

1. On survival till the Policy Term (provided that all due Premiums are paid), you will receive the Guaranteed Sum Assured on Maturity along with accrued Annual bonuses and Final bonus, if any.
2. On payment of Maturity Benefit at the end of the Policy Term, the policy shall not terminate and shall continue till you attain age 100 or date of death, whichever is earlier.

Upon your survival till age 100 (provided that all due premiums are paid), Guaranteed Sum Assured on Maturity will be payable to you. On payment of above benefit, your policy will terminate and no further benefit will be payable. Note that this benefit is in addition to Maturity Benefit payable at the end of the Policy Term.

In case of your unfortunate death during the Policy Term, provided the policy is in-force, the death benefit payable to your Nominee will be as follows:

1. Sum Assured on Death plus accrued Annual bonuses plus Interim bonus plus Final bonus (if any).
2. 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}.
   On payment of above benefits, your policy will terminate and no further benefit will be payable.

In case of your unfortunate death after the Policy Term but before attaining age 100 years, provided the policy is in-force, Guaranteed Sum Assured on Maturity will be payable to your Nominee and the policy will be terminated.

Note that this benefit is in addition to Maturity Benefit payable at the end of the Policy Term.

On your survival till the end of Policy Term (provided that all due premiums are paid), you will receive the Guaranteed Sum Assured on Maturity along with accrued Annual bonuses and Final bonus, if any. On payment of above benefits, your policy will terminate and no further benefit will be payable.

Settlement option: Life is dynamic and our needs keep changing with time. As years pass by, marriage, kids, career, and other developments can change your life in a manner you can hardly predict or foresee. In such situations, you require a flexible insurance plan that can adapt to your changing needs. Therefore, we have designed this unique feature called 'Settlement option'. It allows you to convert your Guaranteed Sum Assured on Maturity into annual payouts which are paid over next 15 year period. These annual payouts also increase by 5% compounded every year to take care of your growing needs.

If you have opted for Settlement option, the Maturity Benefit is payable in the following manner, provided that all due premiums are paid:

1. Accrued Annual bonuses and Final bonus, if any as lump-sum on Maturity.
2. Guaranteed Sum Assured on Maturity will be paid as defined in Settlement option above.

The policy will terminate after the end of 15 years period under the Settlement option.

Important notes on Settlement option:

1. You can opt for the Settlement option under the Policy anytime after issuance but at least 3 months before the Maturity date.
2. Your first annual payout will be payable after one year from Maturity date. The amount of the first annual payout as a percentage of the Guaranteed Sum Assured on Maturity will depend upon the prevailing 10-Year G-Sec yield at the beginning of the month in which the maturity date of the Policy falls and the subsequent payouts will increase every year at compounded rate of 5% (Fixed) per annum.
3. In case of any liquidity needs you have the option for complete withdrawal, however such request for complete withdrawal should be given at least three months prior to the next annual payout due date. On the request for such withdrawal, the discounted value of the remaining annual payouts will be paid as lump-sum and the policy will terminate.
4. If the death of the Life Assured occurs during the Settlement option, the Nominee will have the option of continuing to receive the annual payouts as before or receive the balance annual payouts in lump-sum which will be equal to the discounted value of remaining annual payouts.
5. There is no life cover during the Settlement option period.
6. Settlement option is not available where any due premiums are outstanding.
7. Settlement option will not be available if the prevailing 10-year G-Sec yield is below 4%.

Note : For more details on Settlement option, please refer to the sample Policy Contract of this product available on the website.

In case of unfortunate death during the Policy Term, provided the policy is in-force, the death benefit will be as follows:

1. Sum Assured on Death plus accrued Annual bonus plus Interim bonus plus Final bonus (if any).
2. 105% of {Total Premiums Paid till the date of death less underwriting extra premiums, if any}.

On payment of above benefits, your policy will terminate and no further benefit will be payable.