In case of an unfortunate event, your family will be paid Guaranteed Death Benefit (GDB) amount along with the accumulated bonus in lump sum. GDB amount will be higher of following
- 10 times the Annual Premium
- Sum Assured
In this plan, life cover is never lesser than 105% of the Premiums Paid. Family Income Benefit Option:
You have the option to receive a part of the GDB as Family Income Benefit. In this case your family will receive 50% of the GDB amount along with the accumulated bonus as a lump sum amount. 60% of the GDB amount will be paid as monthly income spread over 60 months. By choosing FIB, your family gets 10% extra of life cover payout.
(110% of Life Cover | 60 months | Bonuses,
On maturity you get a tax free amount which is equal to sum assured and bonuses accumulated over the policy term.
(Sum Assured + Annual Bonuses, if any + Terminal Bonus, if any + 10% of Sum Assured as Guaranteed Addition)
Based on your income and financial plan, you can choose to pay for limited numbers of years (5/7/10 years) while the plan continues for the chosen policy term.
These plans reward you with a premium discount if you pay higher premiums. The applicable premiums slabs and discount rates are mentioned below:
| Discount rate || Secured Income Insurance Plus |
Less than 48,000
48,000 to less than 60,000
60,000 to less than 72,000
72,000 and above
You have the option to enhance your protection further at a nominal cost by adding
riders for Life, Accident and Health.