This plan has a grace period of 30 days. You are expected to pay your annual premium through-out the policy term. Discontinuance before completion of 5 years from commencement of the policy: If you have not paid your premium by the expiry of the grace period, then you will have the following options: To revive the policy within a period of 2 years from the date of discontinuance, or To completely withdraw from the policy without any risk cover Your policy will be discontinued if: You do not exercise any of the above mentioned options; or You choose to completely withdraw from the policy without any risk cover Until the discontinuance of the policy, the risk cover will remain in-force and policy charges will continue to be deducted. Once the policy is discontinued, the risk cover will cease and the fund value (as on date of discontinuance) less the applicable Discontinuance Charge (Please see the Charges section for details of the Discontinuance Charges) will be moved to the 'Discontinued Policy Fund'. The minimum guaranteed interest rate applicable to the 'Discontinued Policy Fund' shall be 4% p.a. Such rate may be changed in the future if the IRDA revises the minimum rate for discontinued policies. The Discontinued Policy Fund (SFIN: ULIF05110/03/11DiscontdPF101) shall be a unit fund which will invest 100% of assets in Government Securities and/or Money Market Instruments. Any excess income earned in the discontinued fund over and above the minimum guaranteed interest rate shall also be apportioned to the 'Discontinued Policy Fund'. A Fund Management Charge of 0.50% p.a. will be levied for amounts in the 'Discontinued Policy Fund' If a discontinued policy is not revived, the proceeds will be paid out upon the completion of the lock-in period of five years. In the instances where the revival period is not completed at the end of the lock-in period, the policyholder can opt to receive the proceeds either upon the completion of the lock-in period or upon the completion of revival period. If, in such cases, the policyholder does not exercise any option, then the proceeds will be paid upon the completion of the lock-in period. After the payment of the discontinuance benefit, the policy shall terminate and no further benefits shall be payable under the policy. View more
This plan has a grace period of 30 days. You are expected to pay your annual premium through-out the policy term. Discontinuance before completion of 5 years from commencement of the policy: If you have not paid your premium by the expiry of the grace period, then you will have the following options: To revive the policy within a period of 2 years from the date of discontinuance, or To completely withdraw from the policy without any risk cover Your policy will be discontinued if: You do not exercise any of the above mentioned options; or You choose to completely withdraw from the policy without any risk cover Until the discontinuance of the policy, the risk cover will remain in-force and policy charges will continue to be deducted. Once the policy is discontinued, the risk cover will cease and the fund value (as on date of discontinuance) less the applicable Discontinuance Charge (Please see the Charges section for details of the Discontinuance Charges) will be moved to the 'Discontinued Policy Fund'. The minimum guaranteed interest rate applicable to the 'Discontinued Policy Fund' shall be 4% p.a. Such rate may be changed in the future if the IRDA revises the minimum rate for discontinued policies. The Discontinued Policy Fund (SFIN: ULIF05110/03/11DiscontdPF101) shall be a unit fund which will invest 100% of assets in Government Securities and/or Money Market Instruments. Any excess income earned in the discontinued fund over and above the minimum guaranteed interest rate shall also be apportioned to the 'Discontinued Policy Fund'. A Fund Management Charge of 0.50% p.a. will be levied for amounts in the 'Discontinued Policy Fund' If a discontinued policy is not revived, the proceeds will be paid out upon the completion of the lock-in period of five years. In the instances where the revival period is not completed at the end of the lock-in period, the policyholder can opt to receive the proceeds either upon the completion of the lock-in period or upon the completion of revival period. If, in such cases, the policyholder does not exercise any option, then the proceeds will be paid upon the completion of the lock-in period. After the payment of the discontinuance benefit, the policy shall terminate and no further benefits shall be payable under the policy. View more