Sentences with phrase «loyalty addition i.e.»
At the time of the maturity, insured receives sum insured plus loyalty addition i.e. after completion of 12 years.
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These bonuses can be of different types like Simple Reversionary bonus, Loyalty addition, Final Additional bonus etc., So, traditional plans have two components i.e. i) Life cover & ii) Investment Component.
If Policy holder survives 15 years, then the Maturity amount (i.e., the combined total of Maturity Sum Assured plus the Loyalty Additions) will be provided as mentioned below:
If both lives die simultaneously, the Sum Assured paid on first death, i.e. 125 % of the Single Premium plus higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105 % of all premiums paid till death is payable.
On successful completion of the term policy while the assured is alive i.e. when all the due premiums have been paid, Sum Assured on Maturity along with Loyalty Addition is paid.
At maturity, you will receive Guaranteed Maturity Benefit i.e. Sum of Basic Sum Assured (BSA), Accrued Guaranteed Yearly Additions (GYA) and Guaranteed Loyalty Addition (GLA).
On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.
Understanding Following Table: Suppose if Death happens in Year 2023, then nominee will get death claim amount as 10 times of single premium i.e. 2624500 + Loyalty Addition (LA) of year 2023 in case of normal death and in case of accidental death, an additional amount eqaul to sum assured (50000) will also paid along with normal death claim.
On survival of policy holder i.e. completion of 12 year term, Maturity Sum Assured (MSA) + Loyalty Addition shall be paid.