|Premium Payment Term||5 years (5 Pay) / 15 to 25 years (Regular Pay)|
|Policy Term||5 Pay Variant||10 year Policy Term|
|Regular Pay Variant||15 to 25 year Policy Term|
|Premium Payment Mode||Annual, Semi-annual, Quarterly, Monthly|
|Minimum Annualised Premium||5 Pay||Rs. 50,000|
|Regular Pay||Annual Mode : Rs. 25,000 |
Non Annual Mode : Rs. 48,000
|Maximum Annualised Premium||No Limit|
|Sum Assured Multiple||5 Pay||10 times (fixed) Annualised Premium|
|Regular Pay||10 times (fixed) Annualised Premium|
|Maximum Sum Assured||No limit, subject to the Board approved underwriting policy of the Company|
|Minimum Sum Assured||5 Pay||Rs. 500,000|
|Regular Pay||Annual Mode : Rs. 2,50,000|
Non Annual Mode : Rs. 4,80,000
Key Charges and Frequency of Charges
Premium Allocation Charge
The Premium Allocation Charge, expressed as a percent of premium received, is depicted in the table below.
|Premium Allocation Charge (as % of Premium)|
|Policy Year||5 Pay||Regular Pay|
|11 & above||NA||0%|
Fund Management Charge
This is a charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the annual rate, as given below, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The annual rate of Fund Management Charge is as below.
|Name of Fund||Charge (per annum) as % of Fund Value|
|Growth Super Fund |
|Growth Fund |
|Balanced Fund |
|Conservative Fund |
|Secure Plus Fund (only available with Systematic Transfer Plan)|
|Discontinuance Policy Fund |
Policy Administration Charge
This is a charge expressed as a percentage of Annualised Premium and is levied at each monthly anniversary by cancelling proportionate Units starting from the date of commencement of Policy.
|Policy Administration Charge (% of Annualised Premium)|
|Premium Payment Term||Policy Administration Charge|
(% of Annualised Premium)
|Regular / Limited Pay (Annual mode)||0.32% p.m. compounding at 5% per annum from sixth Policy year onwards with a cap of Rs. 500 per month|
|Regular / Limited Pay (Non - Annual mode)||0.22% p.m. compounding at 5% per annum from sixth Policy year onwards with a cap of Rs. 500 per month|
Mortality charge is levied for providing risk cover to the Life Insured during the Policy Term. This charge is levied on the attained age of the Life Insured for the Sum at Risk and is unisex. On each monthly anniversary, appropriate number of Units is cancelled from the Unit Account at their Unit Price to meet mortality for the Life Insurance starting from the date of commencement of the Policy.
Please refer to the below mortality rates per thousand sum at risk for some sample ages (standard lives) are as below:
|Age||Mortality charge for standard lives|
(per Rs. 1,000 Sum at Risk)
Surrender / Discontinuance Charge
This charge shall be levied on the Fund Value at the time of Discontinuance of Policy or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the following table:
|For 5 Pay and Regular Pay|
|Policy Year||Surrender Charge|
|1||Lower of 6% of Annualised Premium or 6% of Fund Value or Rs. 6,000|
|Lower of 4% of Annualised Premium or 4% of Fund Value or Rs. 5,000|
|3||Lower of 3% of Annualised Premium or 3% of Fund Value or Rs. 4,000|
|4||Lower of 2% of Annualised Premium or 2% of Fund Value or Rs. 2,000|
|5 & Above||Nil|
A maximum of twelve switches are allowed in any policy year and are free of charge
Premium Redirection Charge
A maximum of six Premium Redirections are allowed in each policy year and are free of charge.
After the first five Policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of charge.
Service Tax and Education Cess is applicable on all charges as per the prevailing law. Any further taxes and cess shall be passed on to the policyholder.