Entry age

• The minimum entry age is 8 years.
• The maximum entry age is 50 years.

Type

Participating life insurance plan.

Sum assured

• Depends on the monthly premium option chosen.
• Depends also on the policy term chosen.
• Depends also on the age of the life insured.

• Sum assured on death is calculated as the higher of 10% of annualized premium or the Sum Assured.

Coverage

Death benefits: The policyholder’s nominee’s will receive (on the event of the policyholder’s death) the following:

• Sum Assured on death, plus
• Terminal Bonus, plus
• Accrued Reversionary Bonus.

Death benefits are subject to a total of a minimum of 105% of the total premiums paid till death.

Maturity benefits: If the life insured duly pays all premiums on time and survives till the end of the policy term, he/she is entitled to:

• 100% of the Sum Assured, plus
• Accrued Reversionary Bonus
• Terminal Bonus (if applicable).

Basis

Individual.

Premiums

Minimum Monthly Premium	Policy term
Rs.750	10 years.
Rs.600	15 years.
Rs.500	20 years.

• Maximum premiums are set at Rs.1,000 per month.

Premium paying modes

There are four premium paying modes to choose from:

• Monthly
• Half-yearly
• Yearly

Policy term

10, 15, or 20 years.

Revival

All policy benefits can be reinstated within 2 years of the defaulted premium. For reinstatement, the following will be required:

• Evidence of insurability.
• All overdue premiums to be paid up, plus an interest rate which the company will decide from time to time.

Discounts

• Modal discounts (for all payment modes other than monthly mode), are:
• Half-yearly premium = Monthly premium x 6 x 97.65%.
• Annual premium = Monthly premium x 12 x 95.80%.

Bonuses

• At the end of every financial year, the company will declare a simple reversionary bonus as a percentage of Sum Assured.
• The bonus accrues on the policy anniversary that falls in the next financial year.
• Bonus will be paid on Date of Maturity or on the death of the life insured.
• Bonuses are guaranteed once declared.
• Terminal Bonuses on death (also maturing policies that are in-force) will be declared depending on the experience of the With-Profit fund.

Loan

• A loan can be availed against the policy from the 4^th policy year onwards.
• Minimum loan amount: Rs.5,000.
• Maximum loan amount: Not more than 60% of the Surrender Value.
• Interest charged on loan is decided by the company every so often, but will not exceed yield to maturity on a 10 year G-Sec plus 4%.

Other features

• Free look period: The free look period is 15 days from the date you receive the policy document, or 30 days in case the policy was purchased through distance marketing channels.
• Grace period: 15 days.
• A policy can be reinstated within 2 years of it lapsing.
• Surrender Benefit: The policy acquires surrender value after:
• The payment of 3 years premiums.
• The GSV is calculated as under:

GSV of Sum Assured = (Applicable GSV Factor) X (Total Amount of Premiums Paid) plus, GSV of Bonus = (Applicable GSV Factor) X (Accrued Bonus)

Add-on covers / Riders

Aegon Life ADDD Rider: This rider provides coverage against death due to accident, accidental dismemberment of limbs and/or eyes, permanent total disability due to accidents. The Sum Assured under this rider becomes payable on the occurrence of any of these events.

Tax Benefits

Premiums paid are exempt from taxation under Section 80C and income earned through the plan is exempt from taxation under Section 10 (10D), of the Income Tax Act, 1961.

Exclusions

• If the life insured commits suicide within one year of the policy being in force, 80% of the premiums are refunded as the death benefit.
• If the life insured commits suicide within one year after policy revival, the death benefit payable will be the higher of :
• 80% of the premiums paid till the date of death, or
• Surrender Value on the date of death.