Maturity Benefit: In case either or both of the lives assured outlive the policy period, then Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any, shall be paid, provided the policy is active.
Death Benefit:
First death:
- If the policy is active as on the date of first demise: Higher of A or B is paid to the surviving life assured.
A. Sum assured on death:
Sum assured on death is higher of Basic Sum Assured or guaranteed sum assured at maturity or a multiple of annualised premium; where multiple is:
B. 105% of all the premiums paid under the base plan.
- Further, all future premiums beginning from the next policy anniversary will get waived off for the surviving life assured. Waiver of premium will take place only if the insurance plan is in force for the full sum assured at the time of first demise.
Second death:
If the policy is in force as on the date of second demise: Higher of A or B is paid to the nominee.
A. Sum assured on demise:
Sum Assured on demise + Vested Simple Reversionary Bonuses + Terminal bonus, (if any).
Sum assured on death is higher of basic sum assured or guaranteed sum assured at maturity or a multiple of annualised premium; where multiple is:
B. 105% of all the premiums paid under the base plan. This would include premiums already waived under the policy (if any).
Rider benefit:
Either or both of the lives assured have an option of including SBI Life - Accidental Death Benefit Rider at an affordable rate. The benefit of this rider will be payable in respect of each of the life assured.
The rider cover is available only for in force policies and till the policy anniversary following first death. However, if both lives assured have chosen rider and
- both die simultaneously due to an accident, or
- die on different dates due to the same accident, or
- die during the same policy year due to a different accident
then rider benefit will be paid in respect of both lives assured, provided the accident occurs within the policy period and the death due to accident happens within 120 days from the date of accident.
Source: SBI Life website
