You choose the sum assured at policy start. On end of the policy term, this sum assured is paid as maturity amount.
In case of unfortunate demise of life assured during the policy term, the sum assured amount is paid to the nominee immediately and the policy ends.
We understand that some time your changed financial priorities may not allow you to save. While you may pay premium again as soon as you can but your family's protection should not be compromised. So this plan automatically provides life cover for additional 2 or 3 years even if the premium is not paid.
If you have paid at least 2 annual premiums, policy life cover will continue for next 2 years from the date of first unpaid premium.
If you have paid at least 3 or more annual premiums, policy life cover will continue for next 3 years from the date of first unpaid premium.
If you have paid 3 full premiums, you can avail loan against this policy to meet any urgent expenses.
It's quick, easy and simple to take this plan. No medicals required and very less documentation.
All premiums paid in this plan are free from income tax under section 80C and the maturity amount is free under section 10(10D).