The Sum Assured on Death in the policy will be paid to nominee(s) in case of death of the Life Assured.
Minimum Sum Assured on Death | Maximum Sum Assured on Death |
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Rs. 5,00,000 | As per board approved underwriting policy |
In case of Lumpsum Benefit, the Sum Assured on Death is of 10 times of annualized premium.
In case of Income Benefit. Sum Assured on Death is of 11 times of annualized premium.
You can also opt for Waiver of Premium Rider for continuation of benefits. Please refer to IndiaFirst Life Waiver of Premium Rider brochure for more details on the said rider.
In the unfortunate event of life assured’s demise during the term of the policy, Death Benefit is paid out to nominee(s) either as lumpsum or as a monthly income over next 5, 10 or 15 years.
Policy Option | How and when benefits are payable | Size of such benefits |
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Lumpsum Benefit | Payable on Death of the Life Assured during the policy term given the policy is in force or fully paid-up | Death Benefit is higher of Sum Assured on Death Or 105% of total premiums paid till the date of death.
Where Sum Assured on Death is of 10 times of Annualized Premium. |
Income Benefit | Payable on Death of the Life Assured during the policy term given the policy is in force or fully paid-up | Higher of Sum Assured on Death Or 105% of total premiums paid till date of death.
Where Sum Assured on Death is of 11 times of Annualized Premium.
In case of death of the Life Assured during the Income Period, Death Benefit shall be payable without deducting any monthly or annual income already paid under the policy. |
Note: Death benefit/Paid-up Death benefit will not be reduced by any monthly income/paid-up monthly income and annual income/paid-up annual income benefits already paid under in-force policy and/or paid-up policies respectively.
Death benefit will be paid either as lump sum amount or in monthly instalments over the period of 5,10 or 15 years as opted by the policyholder/nominee(s) at any time during policy period or on death of Life Assured. In case of death benefit in instalments; the monthly instalment amount will be calculated by multiplying the death benefit by annuity factor, where annuity factor will be arrived on the basis of prevailing SBI savings bank interest rate as on date of death. Once the instalment payment starts, this payment remains level throughout the instalment period. The prevailing SBI savings bank interest rate is subject to review at the end of every financial year. The prevailing interest rate will be decided on 31st March every year.