Maturity Age of the Life Insured (age as on last birthday) The risk coverage for the minors will start from the Date of Commencement of Risk. * In case the Life Insured is a minor, the Policy will automatically vest once the life insured attains the age of majority. Discount on first year premium if any, is excluded.Ī Non-Linked Non-Participating Individual Savings Life Insurance PlanĪll Individuals (Male | Female | Transgender)Īge of the Life Insured at Entry (age as on last birthday) ‘Annualized Premium’ shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. Discount on first year premium, if any, is excluded. ‘Total Premiums’ means total of all premiums received, excluding underwriting extra premiums, loadings for modal premiums, rider premiums, and applicable taxes, cesses and levies, if any. The chosen Sum Assured Multiple cannot be changed. The Policyholder can choose one of the following Sum Assured Multiples at policy inception. Sum Assured is a multiple of the Annualized Premium. In the unfortunate event of Death of the Life Insured anytime during the Policy Term, provided the policy is in-force, Death Benefit shall be payable as a lump-sum to the nominee.ġ05% of Total Premiums Paid till date of death ABSLI Pradhan Mantri Jeevan Jyoti Bima YojanaĪBSLI Group Bima Yojana Plan (Micro Insurance)
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