On request for surrender from you, the risk coverage will cease with immediate effect.If you surrender before the end of the 5 years from commencement of the policy, Your fund value (as on date of surrender) will be moved to the ‘Discontinued Policy Fund’ and will earn a minimum guaranteed return as specified by IRDA. 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. A fund management charge of 0.50% p.a. will be levied on the ‘Discontinued Policy Fund’ Your fund value as held in the ‘Discontinued Policy Fund’ will be payable to you at end of the 5th policy year In case of the death of the life assured or policyholder, before the payment of the surrender benefit, the amount in the Discontinued Policy Fund will be paid out immediately. If you surrender your policy after completion of 5 years from commencement of the policy, your fund value will be paid to you. On surrender, no additional charges will be levied.Once any surrender payment has been made the policy terminates and no further benefits are payable.
On request for surrender from you, the risk coverage will cease with immediate effect.If you surrender before the end of the 5 years from commencement of the policy, Your fund value (as on date of surrender) will be moved to the ‘Discontinued Policy Fund’ and will earn a minimum guaranteed return as specified by IRDA. 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. A fund management charge of 0.50% p.a. will be levied on the ‘Discontinued Policy Fund’ Your fund value as held in the ‘Discontinued Policy Fund’ will be payable to you at end of the 5th policy year In case of the death of the life assured or policyholder, before the payment of the surrender benefit, the amount in the Discontinued Policy Fund will be paid out immediately. If you surrender your policy after completion of 5 years from commencement of the policy, your fund value will be paid to you. On surrender, no additional charges will be levied.Once any surrender payment has been made the policy terminates and no further benefits are payable.