Eligibility Conditions and Restrictions:-

  • Age at entry – 8 to 55 years
  • Age at Maturity – Maximum 75 Years
  • Policy Term – 12 to 35 years
  • Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
  • Minimum Sum Assured – Rs.100,000/-
  • Maximum Sum Assured – No limits (In multiples of 5000)

Benefits:-

  • Maturity Benefit – Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any.
  • Death Benefit – ‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.
  • Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80C and the maturity received  (returns) are exempted from tax under Section 10 (10A).
  • Loan facility – Available after payment of 3 full years premiums. The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term.
  • Guaranteed Surrender Value (GSV) – Available after payment of 3 full years premiums.
  • Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
  • Cooling-off period: If the Life Assured is not satisfied with the ‘Terms and Conditions’ of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections.

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