It is recommended that you pay all premiums for the period selected to be able to enjoy all policy benefits. However, at any stage if you stop paying premiums the following shall be applicable:

Premium Discontinuance:

1. If all the premiums for at least first two Policy Years have not been paid in full within the Grace Period, the policy shall immediately and automatically lapse and no benefits shall be payable by us under the policy, unless the policy is revived within the Revival Period.
2. If all the premiums for at least first two Policy Years have been paid in full, and if we do not receive subsequent premiums within the Grace Period, the policy will acquire Reduced Paid-Up status and benefits will continue as per the Reduced Paid-Up provision.

The policy will acquire Surrender Value if all the premiums have been paid in full for at least first two Policy Years. On Surrender, the Surrender Value, if any, will be immediately paid, the Policy will be terminated and all the benefits under the Policy shall cease to apply. On receipt of a written request for Surrender from you, we will pay the higher of Guaranteed Surrender Value (‘GSV’) or Special Surrender Value (‘SSV’).

Guaranteed Surrender Value (‘GSV’): The Guaranteed Surrender Value is equal to (GSV Factor x Total Premiums Paid) less total pay-outs1 already paid till the date of surrender, if any. The GSV is floored to zero. GSV factor varies with Policy Year of Surrender and Policy Term and are provided in the sample Policy Document available on our website. You can also get in touch with our sales representative or contact any of our branches or contact our customer care team to understand the GSV factors applicable for you.

Special Surrender Value (‘SSV’): Your policy also acquires a Special Surrender Value. Before making a request for Surrender, you may approach us to know about the Surrender Value in respect of your policy.

Suicide Claim:
In case of death due to suicide within 12 months from the date of commencement of risk or from the date of Revival of the policy, as applicable, the Nominee or Beneficiary of the Policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the Surrender Value available as on the date of death whichever is higher, provided the policy is in-force.

Waiting Period:
If ‘Family Income Benefits’ option is opted:
Waiting Period of 90 calendar days is applicable from the date of commencement of risk or the date of Revival of the policy, whichever is later, during which the Life Insured will not be entitled to the Critical Illness Benefit.

If Policy is purchased through POS channel:
There is a waiting period of 90 days (other than accidental death only) from the date of commencement of risk. The death benefit (other than accidental death) during the waiting period will be 100% of the total premiums paid till the date of death. The death benefit after expiry of the waiting period or on death of the life insured due to accident will be the Death Benefit as defined above.

1) This document is for illustration purposes only.
This illustration is based on the terms and conditions of the life insurance policy as on date of the illustration. The above information must be read in conjunction with the sales literature & policy document.

2) Insurance Box – Premier Guaranteed Income is only the name of the policy
and does not in any way indicate the quality of the policy, its future prospects or returns.

3) The Premiums are to be paid in the beginning of the chosen mode of payment.
For e.g. in case of Annual mode of payment, premiums are payable at the beginning of the respective policy year and in case of Monthly mode of payment, premiums are payable at the beginning of the respective policy month. The amount shown in this column is the sum of all the premiums payable in the respective policy year, excluding underwriting extra premium, frequency loadings on premiums, the premiums paid towards the riders, if any and Goods & Service Tax.

4) All Income Benefit Pay-outs will be payable in arrears
as per the ‘Income Pay-out Frequency’ chosen. Maturity Benefit will be payable at the end of the Policy Term. Death Benefit shown above is as of end of the respective Policy Year.

5) Applicable Taxes will be levied on the premium
as per the prevailing Tax Laws and the same shall be borne by the policyholder.

6) Surrender value shall be higher of Guaranteed Surrender Value and Special Surrender Value
and is payable at the end of the policy year.

7) @ Special Surrender Values shown above are not guaranteed.
Before making a request for Surrender, you may approach the company to know about the Special Surrender Value in respect of your Policy at that point in time.

8) If Additional Benefit, 'Family Income Benefit on Critical Illness and Death' (FIB on CI and Death) is chosen:
In case of your death while the policy is in-force, Death Benefit is payable. In addition, no future premiums are required to be paid and the policy will continue as in-force policy. The Income Benefit Pay-out will continue and on the date of maturity, Sum Assured on Maturity, if applicable, will be paid and policy will terminate without any further benefit. If you are diagnosed with one of the covered critical illnesses while the policy is in-force, then on survival of 30 days following the date of diagnosis, no future Premiums are required to be paid and the policy will continue as an in-force policy. The Income Benefit Pay-out, Death Benefit and Maturity Benefits, if applicable, under the policy will continue till the end of the Policy Term.

9) If Additional Benefit, 'Family Income Benefit on Critical Illness’ (FIB on CI) is chosen:
If you are diagnosed with one of the covered critical illnesses while the policy is in-force, then on survival of 30 days following the date of diagnosis, no future premiums are required to be paid and the policy will continue as an in-force policy. The Income Benefit Pay-out, Death Benefit and Maturity Benefits, if applicable under the policy, will continue till the end of the Policy Term or till the date of death, whichever is earlier.

10) In case the Life Insured is a minor,
the risk cover will start from the date of commencement of the policy and on attainment of majority the ownership of Policy will automatically vest on the Life Insured. In case of death of the Life Insured who is a minor, the death benefit will be paid to the Proposer in the policy.