On completion of 10 Policy Year till the policy maturity, subject to the Policy being in-force, you get.
Enhanced monthly regular income = Guaranteed monthly income chosen at the inception + (Accrued bonuses at the end of the 10th policy year / (Benefit Payout Period*12))}.
The monthly regular income commences from the monthly anniversary date that immediately succeeds the completion of the 10th Policy Year (i.e. completion of one month immediately after the completion of 10th policy year.
Also, you will get cash bonuses (if any) from 11th policy year till the policy term ends.
In case of the death of the Person Insured while receiving the Survival Benefit, the Enhanced Monthly Income will continue to be paid to the nominee till the maturity date.
On attaining the maturity age, subject to the Policy being in-force, you will receive the last the Terminal Bonus, if any. This will be payable along with the final installment of the monthly regular income.
Simple Reversionary Bonus
The policy will be eligible for Simple Reversionary Bonuses on completion of three policy years and the declared bonus will be credited at the end of the policy year immediately following the date of declaration of bonus provided all the due premiums have been paid. The declaration of Simple Reversionary Bonus depends on the experience of the Company. The Simple Reversionary Bonus once declared stands attached to the policy benefits till the end of the 10th Policy Year. The reversionary bonuses accrued at the end of 10th Policy Year is amortised over the Benefit Payout Period and added to the monthly income chosen at inception. This forms the Enhanced Monthly Income as described above. The first payment of the Enhanced Monthly Income will commence from the monthly anniversary following the completion of the 10th Policy Year. Simple Reversionary Bonus will not accrue for lapsed policies.
Your policy will be eligible for Cash Bonus on completion of 10 Policy years and the declared bonus will be paid within 9 months following the completion of each financial year. No Cash Bonus will be paid for lapsed policies.
The Company may also declare a Terminal Bonus at the time of Policy maturity or at the time of payment of last monthly income payment (in case of death claim, provided all due premiums have been paid. The Terminal Bonus is payable only after payment of last monthly regular income payment and the same is not guaranteed.
In the unfortunate event of death of the Person Insured while the policy is in force, the nominee/beneficiary will receive:-
a) If the Death of the Person Insured occurs before the 10th Policy Anniversary:
24 times the Monthly Income under the policy plus all the accrued Simple Reversionary Bonuses will be paid immediately on death, as a lump sum. Monthly Income chosen at the inception will commence from the first monthly anniversary falling immediately after the date of the death and continue to be paid to the nominee for the next 10/15/20 years as chosen by the Policyholder. The Simple Reversionary Bonuses accrued after the death will be paid in lump sum at the end of the 10th policy Year The policy will also be eligible for cash bonuses which may be declared after the completion of 10th Policy Year.
The policy terminates with the disbursement of the last Monthly Income payout, along with the payment of Terminal Bonus, if any.
b) If the Death of the Person Insured occurs after the 10th Policy Anniversary:
24 times the Monthly Income under the policy will be paid immediately on death, as a lump sum. In addition the nominee will continue to receive the revised Monthly Income being under payment under the Policy till maturity. On maturity, the nominee will receive the Terminal Bonus declared, (if any), along with the final installment of Monthly Income. The policy will also be eligible for cash bonuses which may be declared after the completion of 10th Policy Year.
The maximum period for which Monthly Income is payable is 120/180/240 months from the commencement of first Monthly Income payment – in case the Benefit Payout Period chosen is 10/15/20 years respectively.
Note: The Terminal Bonus (if any) will be payable along with the final installment of monthly regular income.
In case of death of the beneficiary / nominee during these guaranteed monthly regular income payments period, the due payments will be made to the legal heir. On death of the Insured, no further premiums will be payable by the beneficiary. Also, the participation in bonuses will be over and above the defined monthly payouts.