You get a monthly regular income that you have chosen at the inception of the policy for 15 years after the end of the Premium Payment Term.
In the unfortunate event of death of the Person Insured while the policy is in force, the nominee/beneficiary will receive:-
1. During the Premium Payment Term - 45 times the chosen monthly income plus all accrued simple reversionary bonuses is payable immediately. The monthly regular income also starts from the first monthly anniversary falling after the date of death and continues to be paid to the nominee / beneficiary for the next 15 years. At the end of 15 years from the date of first monthly regular income payment (maximum of 180 monthly income payments), the policy ceases with payment of “Terminal Bonus”, if any. Premium payments cease immediately on death of the Policyholder during the premium payment term
2. After the Premium Payment Term - 45 times the chosen monthly income plus all accrued simple reversionary bonuses is payable immediately. The monthly regular income to the nominee/beneficiary continues for the remaining term till maturity is payable. No reversionary bonus is declared for policies in case death claims have been paid (i.e. maximum of 180 monthly income payments from the date of commencement of the first monthly income payment). At the maturity date as chosen at inception, the policy ceases with payment of “Terminal Bonus”, if any.
On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses along with the Terminal Bonus, if any. This will be payable alongwith the final installment of the monthly regular income.
Simple Reversionary Bonus
The policy will participate for Simple Reversionary Bonuses on completion of three years and the declared bonus will be credited at the end of the policy year occurring immediately after the date of declaration of bonus provided all the due premiums have been paid.
Simple Reversionary Bonus is declared by the Company every year starting from 3rd year onwards based on the Company’s experience and this is not guaranteed. Simple Reversionary bonus is payable on death of the life insured or on maturity whichever is earlier. The Simple Reversionary Bonus will not accrue from the date of lapse or death as applicable.
The Company may also declare a Terminal Bonus as a percentage of the accrued Simple Reversionary Bonus. The Terminal Bonus is payable only after payment of last monthly regular income payment and the same is not guaranteed.