C) Level Cover with Return of Premium – get your money back after you have enjoyed a cover
Here you have a choice to get back all the premiums paid during the term. This option is meant to provide three key benefits:
- Insurance cover with the level sum insured for the policy term.
- Payment benefits for your family in case of your demise, and.
- Return of premiums in case you outlive the policy term.
That is as good as getting a free insurance cover.
How this works:
Under this option, in case of death of the insured person during the term of the policy, the sum insured is paid to the beneficiary and the policy is terminated.
Return of Premium Benefit: At maturity we will refund all basic premiums paid excluding any extra premiums paid, if any, and terminate the policy.
Premium Payment: You have the option to pay either a single premium or limited premium for 3 or 5 years, or regular premium for the term chosen.
The below table provides indicative premiums for various age-term combinations for a sum insured of Rs 10 lacs for a regular premium policy.
||25 yrs |
"Each premium indicated has been calculated on an annual premium basis for a healthy adult male excluding service tax and education cess. The exact premium to be paid may vary as a result of underwriting and applicable service tax and education cess shall be charged additionally."