GST: 4.5% (1st year); 2.25% (2nd year onwards)
You can opt either AD&DB Rider or Accident Benefit Rider, and/or New Term Assurance Rider. Combined rider premium ≤ 30% of base premium.
| Mode | Tabular Premium | Mode Rebate | High SA Rebate | Net Modal Premium | GST (1st Yr) | Total Payable (1st Yr) |
|---|
Premium includes GST. Present GST Rate: 4.5% (1st year); 2.25% (2nd year onwards)
| Sum Assured on Maturity (=BSA) | Simple Reversionary Bonus (approx.) | FAB (approx.) | Total Maturity (approx.) |
|---|
On survival to end of term, Maturity = BSA + vested SRB + FAB (if any).
Settlement Option: Receive maturity in 5/10/15 years instalments (M/Q/H/Y). Min instalments: ₹5,000 (M), ₹15,000 (Q), ₹25,000 (H), ₹50,000 (Y). Interest basis: annual effective rate ≥ (10-yr semi-annual G-Sec − 2%).
Footnote on Instalments: An option exists to receive the lump-sum portion payable on the maturity date (in case of death) in instalments; not applicable to the AIB stream. Same min instalments as above; interest basis per brochure.
| Year | Age | Annual Premium | Cumulative Premium | AIB (10% BSA) on Death | Remaining AIB Count | Lump Sum at Maturity (110% BSA) | Death Benefit ≥ 105% Premiums |
|---|
Example: If death occurs in year 12, nominee gets AIB = 10% of BSA every year till the policy anniversary before maturity + 110% of BSA on maturity date, plus bonuses (if any) at maturity.
Surrender: Allowed after policy year 1 (with at least one full year’s premium paid). GSV arises after two full years’ premiums. On surrender, pay higher of GSV or SSV; riders have no surrender value.
Loan: Available after completion of first policy year. Max loan (% of Surrender Value): Under in-force: 50% (before two full years’ premiums), 75% (after two full years’). Under paid-up: 40% / 65%. Rate basis per brochure (e.g., 9.5% p.a. comp. half-yearly).
Grace period: 30 days for Y/H/Q; 15 days for Monthly.