INL Nishchit Samrudhi

The plan offers a choice of two plan option at inception of the policy.

• a. Income Option: The option provides guaranteed annual income for 17, 20, 23, 26, 29 or 32 years with a lumpsum benefit at maturity, depending on premium payment term chosen.
• b. Endowment Option: The option provides the maturity benefit in the form of four equal annual instalments, where the first instalment payable at the end of the policy term and the remaining 3 instalments are payable during the payout period.

On death of the Life Assured during the Policy Term provided the Policy is In-Force i.e. all due Premiums have been paid as on the date of death, and depending on the premium payment options, the Claimant is paid as follows:
 

The policy terminates on payment of the death benefit.

The Sum Assured on Death is defined as higher of:

• i. 11 times the Annualized Premium or (1.25 times the Single Premium) and
• ii. Base Sum Assured under the plan

On survival of the Life Assured, provided the policy is in-force i.e. all due premiums have been paid, the survival benefit is payable as follows;

• a. Income Option: Guaranteed annual income shall be paid at the end of each policy year starting after the premium payment term till one year prior to end of policy term and is calculated as follows:

b. Endowment Option: No survival benefit is payable under this option
 

On survival of the life assured to the end of the policy term, provided the policy is in-force, the following benefits will be payable, based on the plan option.

• a. Income Option: Sum Assured on Maturity payable as lumpsum where Sum Assured on Maturity is equal to Base Sum Assured.
• b. Endowment Option: Sum Assured on Maturity shall be paid in 4 equal annual instalments, where the first instalment is payable at the end of the policy term and the remaining 3 instalments are payable during the payout period.

Where, payout period is the period of 3 years from the end of policy term.

In case of death of the life assured during the payout period the outstanding maturity benefit instalment, if any, as scheduled will be payable to the claimant(s).

The policy terminates on payment of the maturity benefit.