|Premium Payment Term / Policy Term||5 Pay Variant||10 year Policy Term|
|Regular Pay Variant||15 to 25 year Policy Term - Policy Term is equal to the Premium Payment 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||10 times the 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
Premium Allocation Charge
The Premium Allocation Charge, expressed as a percent of premium received, is depicted in the table below.
|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||Risk Rating|
|Growth Super Fund |
|Growth Fund |
|Balanced Fund |
|Conservative Fund |
|Secure Plus Fund (only available with Systematic Transfer Plan)|
|Discontinuance Policy Fund |
(SFIN: ULIF02021/06/13LIFEDISCON104)- only available in case of
policy discontinuance in first five policy years
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.
|Premium Payment Mode||Policy Administration Charge|
(% of Annualised Premium)
|Annual mode||0.32% p.m. compounding at 5% per annum from sixth Policy year onwards up to a maximum of Rs. 500 per month|
|Non - Annual mode||0.22% p.m. compounding at 5% per annum from sixth Policy year onwards up to a maximum 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 are 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.
Sum at Risk is defined as the sum of following:
- Higher of [Sum Assured or 105% of all premiums paid till the Date of Death or (0.5 X Policy Term X Annualised Premium)] and
- Present value of future Family Income Benefit plus Funding of Premium Benefit payable
Please note the present value of these benefits will be calculated at a discount rate of 6.5% p.a.
Please refer to the below mortality rates per thousand sum at risk for some sample ages (standard lives) are as below:
|Mortality charge ( Rs. )|
(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/Discontinuance 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.
Partial Withdrawal Charge
After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of any charge. The minimum amount of Partial Withdrawal allowed per transaction is Rs. 5,000. In a policy year,the maximum amount that can be partially withdrawn is 50%of the Fund Value as on the Date of Partial Withdrawal, subject to the Fund Value immediately after Partial Withdrawal being at least equal to1 (One) Annualised Premium i.e., you may make two Partial Withdrawals in a policy year such that the summation of percentage of Fund Value withdrawn, is less than or equal to 50%
Service Tax and Education Cess are applicable on all charges as per the prevailing law. Any further taxes and cess shall be passed on to the policyholder.