Bonuses, if declared represent your share in profits of the company’s participating fund. Bonuses are, therefore, not guaranteed and are based on performance of the participating fund. Bonus rate, if declared is paid as a percentage of the ‘Basic Sum Assured’ in the policy and once declared becomes guaranteed.
1. Simple Reversionary Bonus (SRB)
Option A : Pure Income Benefit
These are non-guaranteed bonuses vested annually,if declared from the end of first policy year till the end of chosen premium payment term. Vested Simple Reversionary Bonuses, if declared are payable on survival during the benefit payout term as explained in the table below
Simple Reversionary Bonus accrued at the end of the Policy Year (during the Premium Payment Term)
|
Simple Reversionary Bonus payable at the end of Policy Year* (during the Benefit Payout Term)
|
Policy Year
|
Policy Year (for a Premium Payment Term of 8 years)
|
Policy Year (for a Premium Payment Term of 12 years)
|
Policy Year (for a Premium Payment Term of 15 years)
|
1
|
9
|
13
|
16
|
2
|
10
|
14
|
17
|
3
|
11
|
15
|
18
|
4
|
12
|
16
|
19
|
5
|
13
|
17
|
20
|
6
|
14
|
18
|
21
|
7
|
15
|
19
|
22
|
8
|
16
|
20
|
23
|
9
|
NA
|
21
|
24
|
10
|
NA
|
22
|
25
|
11
|
NA
|
23
|
26
|
12
|
NA
|
24
|
27
|
13
|
NA
|
24
|
28
|
14
|
NA
|
24
|
29
|
15
|
NA
|
24
|
30
|
*The above table is indicative and is provided for illustration purposes as bonus is not guaranteed.
Option B: Income with Maturity Benefit
These are non-guaranteed bonuses vested annually,if declared from the end of first policy year till the end of chosen policy term. The vested SRB, if declared, are payable on maturity of the policy or death of life assured, whichever is earlier, subject to the policy being in force.
2. Special Additional Bonus$
These are non-guaranteed bonuses declared every year during the benefit payout term and are payable at the end of that policy year, if declared.
$Applicable for Option A - Pure Income Benefit only
3. Terminal Bonus (TB)
Terminal bonus, if declared, will be paid on policy maturity or on death of the life assured, whichever is earlier.