Guaranteed Income Benefit
Guaranteed Income Benefit shall remain constant during the Payout Period under Option A, C & D. Under Option D, It shall be increased yearly by a simple rate of 5% per annum on completion of each year of Payout Period and shall remain same during the year.
Guaranteed Terminal Benefit
Guaranteed Terminal Benefit as a lumpsum payment shall be payable along with the last installment of Guaranteed Income Benefit.
Insurance Cover during the Policy Term
Death Benefit payable on death of Policy Holder during the policy term after the Date of Commencement of Risk but before the Date of Maturity.
Option to take Death Benefits in installments in case of Death during the Policy Term
Option to receive Death Benefit in Installments over a period of 5 years instead of lump sum amount.
Protection of GIB & GTB to Nominee, in case of death of the Policyholder during Pay Out Period
On death of the Life Assured during the Payout Period (i.e. on or after the date of maturity but before the payment of last installment of Guaranteed
Income Benefit), the Guaranteed Income Benefit shall continue to be paid to the nominee as per the applicable Payout Mode for the outstanding Payout Period and Guaranteed Terminal Benefit shall also be payable along with the last instalment of Guaranteed Income Benefit.
Income Tax Benefits
Tax Benefit under section 80C on Premium Paid