Death benefits are availed on death of policy holder during policy term. Death benefits can be calculated as below for New Endowment Plan (814) Policy.

Death Benefit (Benefits payable on death) = 'Sum assured on Death' + vested Simple Reversionary Bonuses + Final Additional Bonus (if any)

Please note:

  • 'Sum assured on Death' is higher of basic sum assured or 10 times of annualised premium.
  • Death benefit shall not be less than 105% of total premiums paid as on date of death.
  • The premiums exclude taxes, extra premium and rider premiums (if any).

Accident death and Disability Benefit

Accident death and disability benefit is optional benefit which can be taken by paying extra premium. Please note following points regarding same.

  • In case of accidental death, an additional amount equal to Accident Benefit Sum assured is payable along with the death benefit.
  • In case of accidental permanent disability (within 180 days from the date of accident), an amount equal to Accident Benefit Sum assured will be paid in equal monthly instalments spread over 10 years.
  • Future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured shall be waived.