Indian Insurance

You can select the Investment Fund Options based on your risk preference and switch between the Investment Funds based on market performance. See the risk profile of each Asset Class at the end of the brochure.

Nourish
The objective of this Investment Fund Option is to generate consistent returns through active management of fixed income portfolio and focus on creating long-term equity portfolio, which will enhance yield of composite portfolio with minimum risk.
Strategy: To invest in fixed income securities with marginal exposure to equity up to 10% at low level of risk. This product is suitable for those who want to preserve their capital and earn steady return on investment through higher exposure to debt securities.

Growth
This Investment Fund Option helps build your capital and generate better returns at moderate level of risk, over a medium or long-term period through a proper balance of investment in equity and debt.
Strategy: To generate better return with moderate level of risk through active management of fixed income portfolio and focus on creating a long-term equity portfolio, which will enhance yield of the composite portfolio with low level of risk.

Enrich
This Investment Fund Option helps you grow your capital through enhanced returns over a medium to long term period through investments in equity and debt instruments, thereby providing a good balance between risk and return. This Investment Fund Option is suitable for those who want to earn a higher return on investment through balanced exposure to equity and debt securities.
Strategy: To earn capital appreciation by maintaining diversified equity portfolio and seek to earn regular return on the fixed income portfolio by active management resulting in wealth creation for policyholders.

On the date of vesting, you can either:

1) Upon the death of the Life Insured under a Single Premium Policy which provides a Life Insurance Coverage, we will pay to the Claimant the higher of:
The Policy Fund Value; or
The Life Insurance Coverage Sum Assured (which is always 110 percent of the Single Premium excluding any Rider or underwriting extra premium or top-up Premium (rounded off to the nearest thousand rupees).

2) Upon the death of the Life Insured under a Regular Premium Policy which provides a Life Insurance Coverage and the same being in effect, we will pay to the Claimant the higher of:
The Policy Fund Value; or
The Life Insurance Coverage Sum Assured (which is always 10 times of the Regular Premium excluding any Rider or underwriting extra premium or top-up Premium).

3) Upon the death of the Policy Owner in the case of a Policy without a Life Insurance Coverage, we will pay the Policy Fund to the Claimant. This would be applicable to both the Single Premium and Regular Premium Policies.

The Premium Allocation Charge is recovered as a percentage of the Policy Premium and varies as per the premium paying mode and the policy year. The current charges as a percentage of the premium are:

i)  Non-receipt of Policy Premium within first three Policy Years:
If the premium is not received on the premium due date, a grace period of 30 days is given. Even at the end of the grace period if the premium is not received, then the Policy will lapse.

If the Policy is not revived within two years from the lapse date, the Surrender Value as at lapse date will be paid out at the end of the third Policy Year or at the end of the revival period whichever is later. In case, the Policy is surrendered during the Revival Period, then the Surrender Value as at lapse date will be paid out at the end of the third Policy Year or the date of Surrender whichever is later.  The Surrender Value will be calculated by deducting the Surrender Charges applicable on the lapse date. The Surrender Value will not be affected by the market fluctuations and will remain constant till the time it is paid out. There will be no deduction of the Policy Charges (as set out in the Policy Charges provision) thereafter from the Surrender Value.
If the life insured dies while the policy is not yet revived, we will pay the Fund Value as of the lapse date immediately and terminate the contract.

ii) Non-receipt of Policy Premium after the first three Policy Years:
If all due premiums have been received for the first three Policy Years and subsequent due premium is not received on the premium due date, a grace period of 30 days is given. Even at the end of the grace period if the premium is not received, you will be given a period of two years to pay any due and unpaid Policy Premiums.

During these two years all applicable charges will continue to be deducted from the policy Fund Value till the Surrender Value falls to one Annual Policy Premium.

At the end of the two-year period we will give you an option to continue the Policy. If you do not opt to continue the Policy, the Policy will be terminated and the Surrender Value will be paid out.

If you decide to continue with the Policy, the Company will not accept further Policy Premium under this Policy. The policy will be in force and all applicable charges will continue to be deducted till the Surrender Value falls to one Annual Policy Premium. At this time the Policy will be terminated and the Surrender Value will be paid out.

i)  Non-receipt of Policy Premium within first three Policy Years:
If the premium is not received on the premium due date, a grace period of 30 days is given. Even at the end of the grace period if the premium is not received, then the Policy will lapse and all Coverages will terminate immediately.

If the Policy is not revived within two years from the lapse date, the Surrender Value as at lapse date will be paid out at the end of the third Policy Year or at the end of the revival period whichever is later. In case, the Policy is surrendered during the Revival Period, then the Surrender Value as at lapse date will be paid out at the end of the third Policy Year or the date of surrender whichever is later. The Surrender Value will be calculated by deducting the Surrender Charges applicable on the lapse date. The Surrender Value will not be affected by the market fluctuations and will remain constant till the time it is paid out. There will be no deduction of the Policy Charges (as set out in the Policy Charges provision) thereafter from the Surrender Value.
In case of death of the Life Insured during this two-year Revival Period the Fund Value as at the lapse date will be paid out. The contract will be terminated when the Surrender Value is paid out.

ii) Non-receipt of Policy Premium after the first three Policy Years:
If all due premiums have been received for the first three Policy Years and subsequent due premium is not received on the premium due date, a grace period of 30 days is given. Even at the end of the grace period if the premium is not received, you will be given a period of two years to pay all due and unpaid Policy Premiums.

During these two years all Coverages will continue to be in force and all applicable charges will continue to be deducted from the Fund Value till the Surrender Value falls to one Annual Policy Premium.

At the end of the two year period we will give you an option to continue the Policy. If you do not opt to continue the Policy, the Policy will be terminated and the Surrender Value will be paid out.

If you decide to continue with the Policy, the Company will not accept further Policy Premium under this Policy. All Coverages will continue to be in force and all applicable charges will continue to be deducted till the Surrender Value falls to one Annual Policy Premium. At this time the Policy will be terminated and the Surrender Value will be paid out.

This clause will not be applicable if you have opted for Single Pay option.

a) For Policies without Life Insurance Coverage:

Should your Policy Lapse in case of non-receipt of premium in the first three Policy Years, you can request that it be revived within two years from the Lapse Date. Revival of your policy is subject to the following:
•    Contribution in full of an amount equal to all Policy Premiums due but unpaid till the Effective Date of Revival.

The Effective Date of Revival is the date on which the above requirements are met and approved by the Company. On this date, the Policy Fund Value as on the lapse date will be re-invested in the Investment Funds at the NAV/s applicable on the Effective Date of Revival. All outstanding Policy Charges if any for the period between the Lapse Date and the Effective Date of Revival shall be deducted from the Policy Fund Value.

In case of non-receipt of premium after the first three policy years, you can continue the Policy by contributing any Policy Premium due but unpaid from the date of premium discontinuance, within two years from the end of the grace period after non-receipt of premium.

b) For Policies with Life Insurance Coverage:

Should your Policy lapse in case of non-receipt of premium within first three Policy Years, you can request that it be revived within two years from the lapse date. However, the Policy can only be revived before the expiry of the Vesting Date. Revival or Reinstatement of the policy is subject to the following:

Revival or Reinstatement of Life Insurance Coverage is subject to the following:
•    Evidence of insurability satisfactory to us with respect to the Life Insured (if applicable); and
•    Contribution in full of an amount equal to all Policy Premiums due but unpaid till the Effective Date of Revival.

The Effective Date of Revival is the date on which the above requirements are met and approved by the Company. On this date, the Policy Fund Value as on the lapse date will be re-invested in the Investment Funds at the NAV/s applicable on the Effective Date of Revival. All outstanding Policy Charges, if any, for the period between the lapse date and the Effective Date of Revival shall be deducted from the Policy Fund Value.

We reserve the right to charge a fee subject to our administrative rules then in force to cover the Underwriting costs arising at the time of revival. The revival charge currently is Rs 100. This charge cannot exceed Rs. 1000. This charge is not applicable for policies without life cover.

In case of non-receipt of premium after the first three Policy Years, you can continue the policy by contributing any Policy Premium due but unpaid from the date of premium discontinuance, within two years from the end of grace period after non-receipt of premium.

You will have the right to return your policy to us within 15 days from the date of receipt of the policy. We will pay the Fund Value plus all charges levied till date (excluding the Fund Management Charge) once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents.

“If the life insured dies by suicide within one year of the issue of the policy or reinstatement of Life Insurance Coverage (if applicable), whichever is later, we will not pay the Life insurance cover.
In such a case, we will pay the Policy Fund Value in case of a without life cover policy and refund the higher of all premiums paid or the Policy Fund Value in case of a with-life cover Policy”.

No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

No Policy of Life Insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no Policy of Life Insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an Insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the Life Insured, or in any other document leading to the issue of the Policy, was inaccurate or false, unless the Insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the Life Insured and that the Life Insured knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the Insurer from calling for proof of age at any time if he is entitled to do so, and no Policy shall be deemed to be called in question merely because the terms of the Policy are adjusted on subsequent proof that the age of the Life insured was incorrectly stated in the application.