Page 51 - Life Insurance Today July - December 2020

under Saral Jeevan Bima commencement of risk.
with all other terms and In case of revival of Policy,
conditions remaining the the Waiting Period shall
same. not be applicable.
6 Large Sum Assured : If any, it shall be clearly The following words shall
rebate indicated in F&U be prominently displayed
7. Premium Payment : i) Regular Premium; in BOLD, on the welcome
Options ii) Limited Premium letter of Policy Document
as well as on the first
Payment Term for 5
years and 10 years; page of Sales Literature.
“This Policy will cover
iii) Single Premium
death due to accident
8. Mode of Premium : Regular and Limited only during the waiting
Payment Premium Payment period of 45 days from
Options:
the date of
- Yearly; Half Yearly; commencement of risk.
- Monthly (only under ECS In case of death of the
/ NACH) life assured other than
Single Premium: In Lump due to accident during
sum. the waiting period, an
amount equal to 100% of
9. Death Benefit : For Regular & Limited
all premiums received
Premium Payment excluding taxes, if any,
policies: Highest of: shall be paid and the Sum
- 10 times of annualized Assured shall not be
premium; paid.”
- 105% of all the 13. Surrender Value : Surrender Value is not
premiums paid as on applicable under this
the date of death; Policy.

- Absolute amount 14. Policy Cancellation Value : Policy Cancellation Value
assured to be paid on shall be payable:
death. - upon the Policyholder
For Single premium applying for the same
policies: Higher of: before the stipulated
date of maturity in
- 125% of single
premium; case of Single Premium
Policy;
- absolute amount
assured to be paid on - upon the Policyholder
death. applying for the same
before the stipulated
10. Maturity Benefit : There shall be no date of maturity or at
maturity benefit under the the end of revival
policy. period if the policy is
11. Exclusions : Only suicide clause, as per not revived, in case of
extant regulations. Limited Premium
12. Waiting period : 45 days from the date of Payment Policies.

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Life Insurance Today July - December 2020 51