Under this option, Rakesh has the option to defer the maturity benefit by a period of 1,2,3,4 or 5 years. Here Rakesh wants to defer the maturity benefit to the 7th year he will receive the maturity benefit with tax benefits as per prevailing tax laws when he is 37 years old. He also has the flexibility to take a one-time payment any time before the chosen deferment period.
In case of Rakesh’s unfortunate demise during the deferment period, a one-time amount will be paid to the nominee as per the table below considering actual time of death and policy will terminate.
||Percentage of Guaranteed Sum Assured on Maturity
In case of death during policy term of 5 years, Life cover amount of Rs 50,00,000 is paid