- Life Shield
- Life Shield Plus
- Life Shield ROP
- Overview
- Key Advantage
- How this works
- Eligibility
- Downloads
- Sample Illustration
- Policy Benefits
Life is full of “IF’s”. Presenting a complete protection plan built to safe guard you and your loved ones from various uncertainties in life. Don’t let worry come knocking on your doors. Be prepared with Bajaj Allianz Life eTouch, a solution for you and your loved ones to be able to realize your dreams without any compromises in case of an unforeseen event.
Shield against death, terminal illness & disability
Bajaj Allianz Life eTouch covers you against death & terminal illness. It also waives your future premiums due (if any) in case of diagnosis of Accidental Total Permanent Disability or Terminal Illness (whichever is earlier)
Flexibility to pay
You can pay premiums throughout the policy term, or for a limited number of years, or till your retirement (Age 60)
Early Exit Value
Exit early (after your need for cover is over) and get back your paid premiums* as Early Exit Value
*Total Premiums paid shall be the total of all premiums received, exclusive of taxes, extra premium, loadings for modal premiums, if any. Please note that GST and cess, if any, will be collected over and above the premium under the policy.
Premium Holiday1
An option which helps you skip your premiums for 1, 2 or 3 years during the premium payment term
Tax Benefits available~
Tax benefits~available
-
1
Choose your variant^
Variant Benefits Death Benefit Terminal Illness ADB WOP on ATPD/TI Return Of Premiums Life Shield Life Shield Plus Life Shield ROP ^The variant chosen at inception cannot be changed during the policy term.
` -
2
Choose your Sum Assured
Decide on the level of protection by choosing the sum assured you need to safeguard your family’s future.
` -
3
Choose your Death Benefit Payment option
Select how your family will receive the Death Benefit in your absence –
- A one-time lump sum, or
- Partly as Lump sum & partly as monthly income for 60 months
` -
4
Choose your Policy Term and the Premium Payment Term (as applicable)
Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.
` -
5
Choose your Premium Payment Frequency
Depending on your convenience you can decide the interval at which you would prefer to pay the premium during the premium payment term.
Your premium will be based on your current age, gender, sum assured, variant, death benefit payout option, policy term, premium payment term & frequency, etc.
`
Age at Entry
Minimum age is 18 years
Maximum age is 65 years
All the references to age are Age as on last birthday.
Age at Maturity
For Cover up to Age 99:
Age at maturity is 99 years
For Cover not up to Age 99:
Minimum age at maturity is 28 years
Maximum age at maturity is 85 years
Policy Term
For Cover up to Age 99:
Minimum/Maximum Policy Term is 99 minus Age at Entry
For Cover not up to Age 99:
Minimum Policy Term is 10 years
Maximum Policy Term is 85minus Age at entry
Premium Payment Term
For Cover up to Age 99:
Limited Premium
For Cover not up to Age 99:
Limited Premium or equal to Policy term
In Limited Premium, the Premium Payment Terms available are 5 Pay, 6 Pay, 10 Pay, 12 Pay, 15 Pay, 20 Pay and Pay till Age 60
Minimum Sum Assured
Rs. 50,00,000
Maximum Sum Assured
No limit, subject to Board Approved Underwriting Policy
TI Sum Assured
Minimum: Rs. 50,00,000
Maximum: Rs. 2,00,00,000
TI Sum Assured will be as per the base sum assured subject to the above limits
Minimum & Maximum Premium
As per the minimum & maximum Sums Assured
Premium Payment Frequency
Yearly, Half yearly, Quarterly and Monthly
Half yearly, Quarterly and Monthly premium frequencies are only allowed under auto-debit process as allowed by RBI to financial institutions.
-
Brochure
Download
-
Policy Document
Download
-
Product Presentation
Download
Ravi, a 35-year-old doctor
has just invested in opening a new clinic & wants to safeguard his family from the financial uncertainties that could arise in case of his untimely death. He purchases Bajaj Allianz Life eTouch Term with Life Shield Variant.
- Benefits
His policy details are as follows:
Sum Assured: Rs 1 crore
Death Benefit Payment Option: 100% Lump sum
Policy Term & Premium Payment Term: 50 years (This covers Ravi till Age 85)
Premium Payment Frequency: Annual
Premiums Payable: Rs 20,743 per annum (excluding GST/any other tax as applicable, The Premium is Including online discount)
Let us look at the benefits payable in different scenarios.
Scenario 1 – Ravi passes away at Age 50: His family receives the Sum Assured of Rs 1 crore as a one-time lump sum & the policy terminates
Scenario 2 – Ravi is diagnosed with a Terminal Illness at Age 50: Rs 1 crore is paid as Terminal Illness benefit & the policy terminates
Scenario 3 – Ravi meets with an accident at Age 50 which results in total permanent disability: Ravi’s future premiums are waived off & his life cover continues till Age 85
1. Death Benefit
(Benefit payable on death of the Life Assured during the policy term)
Your nominee/legal heir will receive the Sum Assured (as chosen by you at inception). The policy will terminate on death.
2. Terminal Illness Benefit
(Benefit payable in case the Life Assured is diagnosed with Terminal Illness during the policy term.
a)If the Sum Assured chosen is lesser than or equal to Rs 2 crores, We will pay the Sum Assured (as chosen at inception) and the policy will terminate
Or,
b)If the Sum Assured chosen is greater than Rs 2 crores, we will pay Rs 2 crores and the policy will continue with the balance Sum Assured, i.e. (Sum Assured less 2 crores). This balance Sum Assured will be payable on death of the Life Assured, and the policy will terminate on death of Life Assured.
Note: The sum assured will include any Life-Stage Upgrade sum assured under the policy. Terminal Illness Benefit is not an additional Benefit. It is an acceleration of Death Benefit and is included in the Sum Assured on Death.
3. WOP Benefit on ATPD/TI
We will waive off any future premiums under the policy
a) If the Life Assured is diagnosed with Accidental Total Permanent Disability (ATPD)
Or,
b) If the Life Assured is diagnosed with Terminal Illness (TI) & chosen Sum Assured is greater than Rs 2 crores
The policy will continue for existing Death Benefit & Terminal Illness Benefit (in case WOP Benefit is triggered due to ATPD & not Terminal Illness).
- Overview
- Key Advantage
- How this works
- Eligibility
- Downloads
- Sample Illustration
- Policy Benefits
Life is full of “IF’s”. Presenting a complete protection plan built to safe guard you and your loved ones from various uncertainties in life. Don’t let worry come knocking on your doors. Be prepared with Bajaj Allianz Life eTouch, a solution for you and your loved ones to be able to realize your dreams without any compromises in case of an unforeseen event.
Shield against death, terminal illness & disability
Bajaj Allianz Life eTouch covers you against death & terminal illness. It also waives your future premiums due (if any) in case of diagnosis of Accidental Total Permanent Disability or Terminal Illness (whichever is earlier).
With Life Shield Plus Variant, your family also gets extra payout in the form of Accidental Death Benefit in case of death due to accident.
Flexibility to pay
You can pay premiums throughout the policy term, or for a limited number of years, or till your retirement (Age 60)
Early Exit Value
Exit early (after your need for cover is over) and get back your paid premiums* as Early Exit Value
*Total Premiums paid shall be the total of all premiums received, exclusive of taxes, extra premium, loadings for modal premiums, if any. Please note that GST and cess, if any, will be collected over and above the premium under the policy.
Tax Benefits available~
Tax benefits~available
Premium Holiday1
An option which helps you skip your premiums for 1, 2 or 3 years during the premium payment term
-
1
Choose your variant^
Variant Benefits Death Benefit Terminal Illness ADB WOP on ATPD/TI Return Of Premiums Life Shield Life Shield Plus Life Shield ROP ^The variant chosen at inception cannot be changed during the policy term.
` -
2
Choose your Sum Assured
Decide on the level of protection by choosing the sum assured you need to safeguard your family’s future.
In case if you have opted for Life Shield Plus Variant, you get to choose the ADB Sum Assured also, which is payable along with Death Benefit to your family in case of death due to accident.
` -
3
Choose your Death Benefit Payment option
Select how your family will receive the Death Benefit in your absence –
- A one-time lump sum, or
- Partly as Lump sum & partly as monthly income for 60 months
` -
4
Choose your Policy Term and the Premium Payment Term (as applicable)
Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.
` -
5
Choose your Premium Payment Frequency
Depending on your convenience you can decide the interval at which you would prefer to pay the premium during the premium payment term.
Your premium will be based on your current age, gender, sum assured, variant, death benefit payout option, policy term, premium payment term & frequency, etc.
`
Age at Entry
Minimum age is 18 years
Maximum age is 65 years
All the references to age are Age as on last birthday.
Age at Maturity
For Cover up to Age 99:
Life/TI Benefit - 99 years
ADB - 85 years
For Cover not up to Age 99:
Minimum age at maturity is 28 years
Maximum age at maturity is 85 years
Policy Term
For Cover up to Age 99:
Minimum/Maximum Policy Term
- Life/TI Benefit - 99 minus Age at Entry
- ADB (cover period) - 85 minus Age at Entry
For Cover not up to Age 99:
Minimum Policy Term is 10 years
Maximum Policy Term is 85 minus Age at Entry
Premium Payment Term
For Cover up to Age 99:
Limited Premium
For Cover not up to Age 99:
Limited Premium or equal to Policy term
In Limited Premium, the Premium Payment Terms available are 5 Pay, 6 Pay, 10 Pay, 12 Pay, 15 Pay, 20 Pay and Pay till Age 60
Minimum Sum Assured
Rs. 50,00,000
Maximum Sum Assured
No limit, subject to Board Approved Underwriting Policy
ADB Sum Assured (For Life Shield Plus Variant)
Minimum: Rs. 5,00,000
Maximum: Rs. 2,00,00,000
ADB Sum Assured selected at inception will be in a proportion of 10%-100% of base sum assured
TI Sum Assured
Minimum: Rs. 50,00,000
Maximum: Rs. 2,00,00,000
TI Sum Assured will be as per the base sum assured subject to the above limits
Minimum & Maximum Premium
As per the minimum & maximum Sums Assured
Premium Payment Frequency
Yearly, Half yearly, Quarterly and Monthly
Half yearly, Quarterly and Monthly premium frequencies are only allowed under auto-debit process as allowed by RBI to financial institutions.
-
Brochure
Download
-
Policy Document
Download
-
Product Presentation
Download
Rajesh is a 35-year-old event manager
He travels long distances on his vehicle frequently due to the nature of his job. He wants to ensure that his wife & parents are able to lead a comfortable life in case of his untimely death. Rajesh purchases Bajaj Allianz Life eTouch Term with Life Shield Plus Variant, which gives him additional coverage in case of death due to accident.
,
- Benefits
His policy details are as follows:
Sum Assured: Rs 1 crore
Accidental Death Benefit Cover: Rs 1 crore
Death Benefit Payment Option: 100% Lump sum
Policy Term & Premium Payment Term: 50 years (This covers Rajesh till Age 85)
Premium Payment Frequency: Annual
Premiums Payable: Rs 26,902 per annum (excluding GST/any other tax as applicable, The Premium is Including online discount)
Let us look at the benefits payable in different scenarios.
Scenario 1 – Rajesh passes away at Age 50 but not due to accident: His family receives the Sum Assured of Rs 1 crore as a one-time lump sum & the policy terminates
Scenario 2– Rajesh meets with an accident at Age 50 which results in his unfortunate death: His family receives a total amount of Rs 2 crores (Sum Assured of Rs 1 crore and ADB Sum Assured of Rs 1 crore,) as a one-time lump sum & the policy terminates
Scenario 3 – Rajesh is diagnosed with a Terminal Illness at Age 50: Rs 1 crore is paid as Terminal Illness benefit & the policy terminates
Scenario 4 – Rajesh meets with an accident at Age 50 which results in total permanent disability: Rajesh’s future premiums, are waived off & his life cover continues till Age 85
1. Death Benefit
(Benefit payable on death of the Life Assured during the policy term)
Your nominee/legal heir will receive the Sum Assured on death (as chosen by you at inception). The policy will terminate on death.
2. Accidental Death Benefit
(Benefit payable if the Life Assured’s death occurs due to accident during the ADB cover period)
In addition to the Death Benefit, an additional benefit equal to the ADB sum assured (as chosen at inception) shall be paid to the nominee/legal heir.
Note: The ADB sum assured will include any Life-Stage Upgrade sum assured under the policy..
3. Terminal Illness Benefit
(Benefit payable in case the Life Assured is diagnosed with Terminal Illness during the policy term)
a) If the Sum Assured chosen is lesser than or equal to Rs 2 crores, We will pay the Sum Assured (as chosen at inception), and the policy will terminate
Or,
b) If the Sum Assured chosen is greater than Rs 2 crores, We will pay Rs 2 crores and the policy will continue with the balance Sum Assured, i.e. (Sum Assured less 2 crores). This balance Sum Assured will be payable on death of the Life Assured, and the policy will terminate on death of Life Assured.
Note: The sum assured will include any Life-Stage Upgrade sum assured under the policy. Terminal Illness Benefit is not an additional Benefit. It is an acceleration of Death Benefit and is included in the Sum Assured on Death.
4. WOP Benefit on ATPD/TI
We will waive off any future premiums under the policy in case
a) If the Life Assured is diagnosed with Accidental Total Permanent Disability (ATPD)
Or,
b) If the Life Assured is diagnosed with Terminal Illness (TI) & chosen Sum Assured is greater than Rs 2 crores
The policy will continue for existing Death Benefit, Accidental Death Benefit & Terminal Illness Benefit (in case WOP Benefit is triggered due to ATPD & not Terminal Illness).
- Overview
- Key Advantage
- How this works
- Eligibility
- Downloads
- Sample Illustration
- Policy Benefits
Life is full of “IF’s”. Presenting a complete protection plan built to safe guard you and your loved ones from various uncertainties in life. Don’t let worry come knocking on your doors. Be prepared with Bajaj Allianz Life eTouch, a solution for you and your loved ones to be able to realize your dreams without any compromises in case of an unforeseen event.
Shield against death, terminal illness & disability
Bajaj Allianz Life eTouch covers you against death & terminal illness. It also waives your future premiums due (if any) in case of diagnosis of Accidental Total Permanent Disability or Terminal Illness (whichever is earlier).
Flexibility to pay
You can pay premiums throughout the policy term, or for a limited number of years, or till your retirement (Age 60)
Return of Premiums
Get back your total premiums* paid as Maturity Benefit.
*Total Premiums paid shall be the total of all premiums received, exclusive of taxes, extra premium, loadings for modal premiums, if any. Please note that GST and cess, if any, will be collected over and above the premium under the policy.
Premium Holiday1
An option which helps you skip your premiums for 1, 2 or 3 years during the premium payment term
Tax Benefits available~
Tax benefits~available
-
1
Choose your variant^
Variant Benefits Death Benefit Terminal Illness ADB WOP on ATPD/TI Return Of Premiums Life Shield Life Shield Plus Life Shield ROP ^The variant chosen at inception cannot be changed during the policy term.
` -
2
Choose your Sum Assured
Decide on the level of protection by choosing the sum assured you need to safeguard your family’s future.
` -
3
Choose your Death Benefit Payment option
Select how your family will receive the Death Benefit in your absence –
- A one-time lump sum, or
- Partly as Lump sum & partly as monthly income for 60 months
` -
4
Choose your Policy Term and the Premium Payment Term (as applicable)
Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.
` -
5
Choose your Premium Payment Frequency
Depending on your convenience you can decide the interval at which you would prefer to pay the premium during the premium payment term.
Your premium will be based on your current age, gender, sum assured, variant, death benefit payout option, policy term, premium payment term & frequency, etc.
`
Age at Entry
Minimum age is 18 years
Maximum age is 65 years
Pay till 60 option – Minimum: 25 years, Maximum: 55 years
All the references to age are Age as on last birthday.
Age at Maturity
Minimum Age at Maturity is 28 years
Maximum Age at Maturity is 85 years
Policy Term
Minimum Policy Term is 10 years
Maximum Policy Term is 40 years
Premium Payment Term
Limited Premium or Equal to Policy term
In Limited Premium, the Premium Payment Terms available are 5 Pay, 6 Pay, 10 Pay, 12 Pay, 15 Pay, 20 Pay and Pay till Age 60
Minimum Sum Assured
Rs. 50,00,000
Maximum Sum Assured
No limit, subject to Board Approved Underwriting Policy
TI Sum Assured
Minimum: Rs. 50,00,000
Maximum: Rs. 2,00,00,000
TI Sum Assured will be as per the base sum assured subject to the above limits
Minimum & Maximum Premium
As per the minimum & maximum Sums Assured
Premium Payment Frequency
Yearly, Half yearly, Quarterly and Monthly
Half yearly, Quarterly and Monthly premium frequencies are only allowed under auto-debit process as allowed by RBI to financial institutions.
-
Brochure
Download
-
Policy Document
Download
-
Policy Document
Download
45-year-old Rahul has retired early from his salaried job & has started his own business recently.
He is looking for a solution which can help his family stay independent in case of his untimely death, and give back his invested amount in case nothing happens to him. Rahul purchases Bajaj Allianz Life eTouch Term with Life Shield ROP Variant.
- Benefits
His policy details are as follows:
Sum Assured: Rs 1 crore
Death Benefit Payment Option: 100% Lump sum
Policy Term & Premium Payment Term: 40 years (This covers Rahul till Age 85)
Premium Payment Frequency: Annual
Maturity Benefit Option: Lump sum Payout
Premiums Payable: Rs 69,849 per annum (excluding GST/any other tax as applicable, The Premium is Including online discount)
Let us look at the benefits payable in different scenarios.
Scenario 1 – Rahul passes away at Age 55: His family receives the Sum Assured of Rs 1 crore as a one-time lump sum & the policy terminates
Scenario 2 – Rahul is diagnosed with a Terminal Illness at Age 55: Rs 1 crore is paid as Terminal Illness benefit & the policy terminates
Scenario 3 – Rahul meets with an accident at Age 55 which results in total permanent disability: Rahul’s future premiums, are waived off & his life cover continues till Age 85. Maturity Benefit is payable in case Rahul survives till Age 85.
Scenario 4 - Rahul survives till Age 85: He receives Maturity Benefit of Rs 27,93,948 & the policy terminates
1. Death Benefit
(Benefit payable on death of the Life Assured during the policy term)
Your nominee/legal heir will receive the Sum Assured (as chosen by you at inception). The policy will terminate on death.
2. Terminal Illness Benefit
(Benefit payable in case the Life Assured is diagnosed with Terminal Illness during the policy term)
a) If the Sum Assured chosen is lesser than or equal to Rs 2 crores, we will pay the Sum Assured (as chosen at inception), and the policy will terminate
Or,
b) If the Sum Assured chosen is greater than Rs 2 crores, we will pay Rs 2 crores and the policy will continue with the balance Sum Assured, i.e. (Sum Assured less 2 crores). This balance Sum Assured will be payable on death of the Life Assured, and the policy will terminate on death of Life Assured.
Note- Terminal Illness Benefit is not an additional Benefit. It is an acceleration of Death Benefit and is included in the Sum Assured on Death.
3. WOP Benefit on ATPD/TI
We will waive off any future premiums under the policy in case
a) If the Life Assured is diagnosed with Accidental Total Permanent Disability (ATPD), the policy will continue for existing Death benefit & Terminal Illness Benefit.
Or,
b) If the Life Assured is diagnosed with Terminal Illness (TI) & chosen Sum Assured is greater than Rs 2 crores, the
policy will continue for existing Death Benefit.
If the Life Assured survives till the end of Policy Term, Maturity Benefit will be payable.
4. Maturity Benefit
(Benefit payable if the Life Assured survives till date of maturity and if no death claims have been made before date of maturity)
At inception, you have an option to decide how you want to receive the Maturity Benefit. Your options are:
a)Lump-sum Payout: You will receive the total premiums paid*, as a one-time lump sum on the date of maturity, and the policy will terminate
b)Instalment Payout: You will receive an amount equal to 120% of the total premiums paid* as annual instalments over the next 5 years. Each annual instalment would be equal to 24% of the total premiums paid* & the first instalment shall be paid on the date of maturity.
The risk cover will terminate on the date of maturity, and the policy will terminate on payment of the last instalment.
Note-
*Total Premiums paid shall be the total of all premiums received, exclusive of taxes, extra premium, loadings for modal premiums, if any. Please note that GST and cess, if any, will be collected over and above the premium under the policy.
- Whats next
-
Life Insurance Guide
-
FAQs
- Glossary
Documents you’ll need for term policy issuance
- ID Proof
- Age Proof
- Address Proof
- Recent photograph
- Income Proof
8 Questions You Should Ask Yourself Before Buying a Term Insurance Plan
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Term Insurance: How Much Should You Be Insured For And For How Long?
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⭐ How does the Return of Mortality Charge (ROMC) work?
On the date of the ULIP policy's maturity, the total amount of Mortality charges deducted throughout the Policy term will be added back as ROMC to the ULIP Fund value. ROMC would be added to the fund(s) in the same proportion of the Fund value as on the maturity date. However, the benefit of ROMC will be available only if all due Premiums under the policy have been paid up to date. ROMC will be excluding any extra mortality charge and/or Goods & Services Tax /any other applicable tax levied on the Mortality charge deducted, subject to change in tax laws.
⭐ How will I receive the allocation charge and fund booster?
At the end of the 10th policy year or on the date of policy maturity, whichever is earlier, the total of all the premium allocation charges deducted under the policy will be added into the Fund as Loyalty Benefit.
Policyholders opting for longer policy terms will be rewarded with extra units through Fund Boosters.at the end of 15th, 20th, 25th and 30th year, fund booster as a percentage of the average of the daily Single/Regular Premium Fund value during the previous three years (including the current year) will be added into the fund as loyalty benefit., depending on the variant opted by the policyholder.
⭐ Are the morbidity, Waiver of Premium (WOP) and Income Benefit charges also returned?
Yes, under the Child Wealth variant, the charges deducted towards the benefits like Income Benefit, Waiver of Premium and Accidental Total Permanent Disability (ATPD), will be returned at maturity provided premiums due under the policy are paid to date, and no death/ATPD benefits are already paid under the policy. These charges would be added to the fund(s) in the same proportion of the Fund value as on the maturity date. The return of these charges will be excluding any extra charges and/or GST/any other applicable tax levied, subject to change in tax laws.
⭐Can one change the investment strategy, fund option in the middle of the policy?
At any policy anniversary, one can switch out from any of the five portfolio strategies -- Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Trigger Based Portfolio Strategy II, Auto Transfer Portfolio Strategy or Capital Preservation-Oriented Strategy and switch into any one of the following three strategies:
1. Investor Selectable Portfolio Strategy
2. Wheel of Life Portfolio Strategy II
3. Auto Transfer Portfolio Strategy
Trigger Based Portfolio Strategy II and Capital Preservation-Oriented Strategy can be opted for only at inception.
Once you have opted out of Trigger Based Portfolio Strategy II and Capital Preservation-Oriented Strategy, you cannot switch back again during the policy term.
You can switch between ULIP funds only under the Investor Selectable Portfolio Strategy.
⭐ How many switches between funds or investment strategies are allowed in the plan?
You can make unlimited free fund switches.Switching of investment strategies would invite a Miscellaneous charge, as mentioned in the Table of charges in sales literature.
⭐Can I partially withdraw from the fund value? If yes, what are the rules regarding such withdrawals?
Both systematic and non-systematic partial withdrawals are allowed under the ULIP policy. One can opt for non-systematic partial withdrawal any time after the 5th policy year, subject to policy terms & conditions. You can take out a minimum of Rs 5,000 and maximum of 10% of the total premiums paid at any one time. Not more than 50% of the total premiums paid will be allowed to be withdrawn during the policy term.
Systematic Partial withdrawals are available with Wealth and Child Wealth variants. In Wealth variant, at the inception of the policy, you can opt to take out the Loyalty Benefits as Periodical Money Backs by way of systematic partial withdrawal, You can opt out of this before the 10th Policy year when the first Loyalty Benefit becomes due.. You will also have the option to take these Periodical Money Backs in one-lump sum or over a period of 12 continuous months.
In Child Wealth variant, Child milestone payouts, an annual systematic partial withdrawal for Child’s Key Milestones will be available in the last four Policy Anniversaries prior to the maturity date. However, you may opt to receive the Child Milestone Payouts, at any Policy Anniversary from the eleventh (11th) Policy Anniversary onwards, as four consecutive annual systematic partial withdrawals.
Life Insurance Glossary
- A
- G
- L
- M
- N
- P
- S
Annualized Premium
“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.
Grace Period
“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.
Life Assured
“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.
Maturity Date
“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder
Nominee
“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document
Paid up Sum Assured on Death
“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.
Paid up Sum Assured on Maturity
If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.
Paid up Sum Assured
“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy
Policyholder
“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company
Sum Assured
“Sum Assured” is the amount as specified in the Schedule under the Policy.
Surrender Benefit
“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. For more details refer to the Policy Document
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