In case of death while one is saving for retirement, the death benefit payable is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.
3. Any insurance on the life of the Insured that may be provided by riders to this policy.
On the vesting date, you can take one third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities or you can use the entire retirement kitty to buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal bonus, if any.
Guaranteed Additions equal to 10% of the Sum Assured are payable at the end of the 15th policy year, in the form of a one-time lump sum addition to the Sum Assured.
Guaranteed Additions are available on policies with terms greater than 15 years.
You can choose from a wide variety of 8 immediate annuity options at the time of retirement to match your pension requirement.
No loans are available under this policy.