You may Switch Units between available Funds at any time during the Policy Term, subject to a minimum Switch amount of Rs. 5,000. Maximum of twelve (12) Switches are allowed in a Policy Year and they are free of charge.
Premium Redirection Charge
You may redirect your future Premiums between available Funds at any time by giving us a written notice before the premium due date. Your notice must quote your Policy Number and it must specify precisely the Fund(s) in which you wish to redirect the premiums along with the percentage of premium that you wish to allocate against each Fund. A maximum of six (6) Premium Redirections are allowed in a Policy year and all are free of charge.
The policyholder has an option to decrease the premium up to 50% of the original Annualised Premium subject to the minimum premium limit, only post the end of 5 year lock-in period. The intimation about exercising this option should be given 15 days prior to the premium due date. Once opted, the option cannot be exercised again and the premium cannot be subsequently increased. The Sum Assured will be reduced proportionately to the new annual premium and all the applicable charges will be deducted accordingly. Both the Family Income Benefit and Funding of Premium benefit will then be based on the reduced sum assured and reduced premium respectively. The Sum Assured of attached Rider (if any) and the rider premium will also be reduced proportionately. In case the rider boundary conditions are violated for regulatory boundary conditions, the rider benefit will be lapsed.
In any case, the reduced premium payable cannot be less than the minimum premium allowable for the product.
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 In a policy year,the maximum amount that can be partially withdrawn is 50%of the Fund Value as on the Date of Partial Withdrawal, subject to the Fund Value immediately after Partial Withdrawal being at least equal to1 (One)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Premium i.e., you may make two Partial Withdrawals in a policy year such that the summation of percentage of Fund Value withdrawn, is less than or equal to 50%
All applicable taxes, cesses, and levies as imposed by the Government are applicable on all charges as per the prevailing law. Any further taxes and cess shall be passed on to the policyholder.