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Increasing Income Time Period Monthly Income Payable On 10 of Each Month

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Dheeraj Yadav
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40 views1 page

Increasing Income Time Period Monthly Income Payable On 10 of Each Month

Uploaded by

Dheeraj Yadav
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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the level monthly income shall remain unchanged.

On death of the life insured the following will be paid:


a. The Lump sum Life cover amount chosen by the Policyholder at policy inception will be paid to
the beneficiary immediately on death of the Life Insured,
plus
b. Increasing monthly income will be paid for 10 years, wherein the first-year monthly income shall
be equal to 0.4% of the Lump sum Life cover amount. The income will increase every year by
10% p.a. (simple interest) of monthly income payable in the first year.
The Sum Assured is the sum of the Lump sum Life cover amount and the first Monthly income
payable times the applicable income factor.
Please note that the monthly income will be payable each month on the policy anniversary date,
starting from the next monthly anniversary post the date of death of the Life Insured.
E.g.: A policy with Sum Assured of `1,00,00,000 is sold on 10th January 2019 and the Life Insured
dies on 25th June 2019. In this case, the first monthly income will be paid on 10 th July 2019 (i.e., the
next monthly anniversary post the date of death of the Life Insured) and thereafter on 10 th of each
5. Life Cover +
month, for a period of 10 years. Following table illustrates the monthly income payable to the
Increasing
beneficiary:
Income
Time Period Monthly income payable on 10th of each month
10th July 2019 till 10th June 2020 `40,000
th th
10 July 2020 till 10 June 2021 `44,000
th th
10 July 2021 till 10 June 2022 `48,000
th th
10 July 2022 till 10 June 2023 `52,000
th th
10 July 2023 till 10 June 2024 `56,000
th th
10 July 2024 till 10 June 2025 `60,000
th th
10 July 2025 till 10 June 2026 `64,000
th th
10 July 2026 till 10 June 2027 `68,000
th th
10 July 2027 till 10 June 2028 `72,000
10th July 2028 till 10th June 2029 `76,000
In case Accelerated Critical Illness (ACI) Benefit claim has been paid, the Lumpsum Life cover
amount payable shall be reduced to the extent of the claim paid out on the account of ACI Benefit.
However, the increasing monthly income shall remain unchanged.

Under this variant, the Sum Assured payable increases by 5% p.a. (simple interest) of the Lump sum
Life cover amount chosen by you at policy inception on each policy anniversary.
Immediately on death of the Life Insured, Sum Assured effective as on the last policy anniversary
will be paid to the beneficiary as lump sum.
Please note that under this variant, the Sum Assured will increase only till completion of 21 st policy
6. Increasing
year. The Sum Assured will not increase from 22 nd policy year onwards and will be the same as Sum
Cover
Assured effective as on the last policy anniversary.
The Sum Assured under this variant is the Lump sum Life cover amount chosen by the Policyholder
at policy inception.
Please note that Accelerated Critical Illness benefit and Life Stage Add on benefit options are not
available with this death benefit variant.

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