Benefits
Top-up Premiums | Guaranteed Maturity Value | Maturity/Retirement Benefit | Death Benefit | Ill-health Retirement |
Early Retirement
Top-up Premiums
Apart from the regular premiums, you can use this facility to invest surplus savings – without the commitment to bring them in again the coming year. Units bought from these Top-up Amounts are held in separate accounts, across any combination in our range of Dynamic Funds.
In the event of maturity or death, you or your beneficiary would receive market value of the three top-up units.
Guaranteed Maturity Value#
To protect your hard earned money against capital losses, we offer a Guaranteed Maturity Value (GMV). This means that upon maturity, you get either the value of your investments, or the GMV, whichever is higher.
Maturity/Retirement Benefit
On the vesting date, you may draw up to one-third of the total maturity benefit amount which is equal to Higher of (Sum Assured or Value of units in Main Account) + Value of units in Top-Up Accounts) as a lump sum in cash. The balance amount can be used to buy an annuity from us or any other insurer approved by IRDA depending upon your choice.
Death Benefit
In the unfortunate event of your death, your family can take up to a third of the death benefit* in cash, and purchase an annuity from the balance amount.
Ill-health Retirement
When you opt for this plan, you will first be asked to choose a retirement age (between 45 – 75 years). However, we offer the ill-health retirement option which allows you to retire on the grounds of ill-health. The benefit paid will be Fund value in the main account and top-up account (if any). You may take up to a third of the value of your units in cash and use the balance to buy an annuity.
This option can be exercised only after 3 years from policy inception.
Early Retirement
You may also opt for early retirement after completion of at least three policy years provided all the due premiums for the first three years have been paid in full and you have completed 45 years of age. The benefit paid will be Fund value in the main account and top-up account (if any) less applicable surrender charges. You may take up to a third of the value of your units in cash and use the balance to buy an annuity.
# Guaranteed Maturity Value is payable only on maturity if all the due premiums are paid on time.
*The value of units in the Main Account plus the value of units in the Top-Up Accounts