|On death during the term of the policy, a lump sum Death Benefit will be paid to the nominee of the life insured.|
The death benefit is equal to the death Sum Assured, which is defined as the higher of:
i) 10 times the Annualised Premium;
ii) 105% of Total Premiums paid;
iii) Guaranteed Maturity Sum Assured (GMSA)
iv) Guaranteed Death Sum Assured (GDSA);
Annualised Premium is Annual Premium including extra premium but excluding service tax or any other taxes, cesses or levies, if any.
Total Premium is all premiums paid including extra premiums and loaded for modal factors but excluding service tax or any other taxes, cesses or levies, if any till date.
Guaranteed Maturity Sum Assured (GMSA) is the Total Premium payable over the Premium Payment Term.
Guaranteed Death Sum Assured (GDSA) is 100% of Sum Assured for non-accidental claims and 150% of Sum Assured for accidental claims. Death by accident means a sudden, unforeseen, involuntary event caused by external, visible and violent means as revealed by an autopsy provided such death was caused directly by such accident and independently of any physical or mental illness within 180 days of the date of accident.