Surrender Value: In case of a regular premium your policy will not acquire any surrender value and hence no amount will be paid back.
In case you opt to pay the total premium for this policy in a lump-sum as a Single Premium, You may surrender the policy anytime. On surrender, the Company will pay the Surrender Value as per the following formula:
Surrender Value = 70% Single Premium (excluding any extra premium loading and service tax) (outstanding Policy Term in complete months / Policy Term in months)
Grace Period: A grace period of 15 days is allowed for policies under monthly payment mode and a grace period of 30 days is allowed for policies under all the other payment modes from the premium due date to pay the premium. In case of death during the grace period, the death benefit is reduced by an amount equal to the outstanding premium.
Tax Benefit: Income tax benefit on the premium paid as per Section 80 C and the claim amount received as per the Section 10(10D) of the Income Tax Act.
Free-look Cancellation: The company gives 30 days free-look period where you can return the policy documents to the company for cancellation, in case your aren't happy with the same.
On cancellation of the policy during the free look up period the premium paid will be returned subject to deduction of:
- Proportionate risk premium for the period of cover
- Stamp duty paid
- Medical cost incurred if any
The policy will be terminated on payment of this amount and all rights, benefits and interests will also end.
Lapsed Policy Reinstatement: Lapsed policy can be reinstated within two years since the date of first policy unpaid policy premium subject to acceptance of the same by the insured company.
