What happens if I stop paying my premiums?

If you stop paying premiums

The Guaranteed Addition under a paid-up policy shall be sum of the following: (i) The Guaranteed Additions accrued under the policy for the period for which full years' premiums have been paid. (ii) For the policy year for which the full years' premiums have not been paid (the year in which the policy becomes paid-up), Guaranteed Additions for that year shall be sum of proportionate Guaranteed Additions for in-force period with the rate as applicable under an in- force policy and proportionate Guaranteed Additions for the period policy is paid-up in that policy year with the Reduced Guaranteed Additions rate as applicable (as mentioned below). (iii) For subsequent policy years, the Reduced Guaranteed Additions (as mentioned below) shall accrue at the end of each policy year till the end of the policy term. 13 The Reduced Guaranteed Additions (per thousand Basic Sum Assured)under a Paid-up policy shall depend on the Premium Paying Term and the Number of Policy year for which full years' premiums have been paid and are as under: Number of Reduced Guaranteed Additions per ₹ 1000 policy year of Basic Sum Assured (in ₹) for which full PPT (5 years) PPT (6 years) PPT (7 years) years' pre- miums have been paid 2 15.00 9.00 6.00 3 33.00 23.00 16.00 4 54.00 39.00 28.00 5 - 57.00 42.00 6 - - 58.00 In case of Surrender or on Death under the paid-up policy, the Reduced Guaranteed Additions

If you stop paying premiums

If less than one full year's premium(s) has been paid in respect of this policy and any subsequent premium be not duly paid, all the benefits under this policy shall cease after the expiry of grace period from the date of First Unpaid Premium and nothing shall be payable. If, after at least one full year's premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year, this policy shall not be wholly void, but shall subsist as a paid-up policy till the end of policy term. The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called 'Death Paid-up Sum Assured' and shall be equal to Sum Assured on Death 13 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Death Benefit payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-up Sum Assured along with Guaranteed Additions accrued up to the date of First Unpaid Premium. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. However, in case of minor life, wherein the policy becomes Paid-up before the date of commencement of risk, the Death Benefit payable under such policy shall be the Return of Total Premiums paid (excluding taxes, any extra amount chargeable under the policy due to unde

If you stop paying premiums

The Survival Benefits payable under a paid-up policy shall be equal to Survival Benefit payable under in-force policy multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. These Survival Benefits shall be payable on Life Assured surviving to each of the specified durations during the policy term as per the chosen Option. However, if Survival Benefit Deferment Option has been exercised and payment of such Survival Benefit(s) has 17 not yet been made, the accumulated Survival Benefits as specified in Para 4.IV above shall be payable along with the benefit payable on termination of the policy in the form of death, surrender or maturity whichever is earlier. Guaranteed Additions for Paid-up policy: The Guaranteed Addition under a Paid-Up policy shall accrue at the end of each policy year throughout the Policy Term. The Guaranteed Addition under a paid-up policy shall be sum of the following: a) For the period for which full years' premiums have been paid: The Guaranteed Additions accrued under the policy with the rate as applicable under an in-force policy shall remain attached under the policy. b) For the policy year for which the full years' premiums have not been paid (the year in which the policy becomes paid-up) and for subsequent years: The Guaranteed Additions shall be as

If you stop paying premiums

If less than one full years' premium(s) has been paid, 11 and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If after at least one full years' premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year, the policy shall not be wholly void, but shall subsist as a paid-up policy till the end of the Policy Term. The benefit payable in case of death under a paid-up policy called “Death Paid-up Sum Assured”, shall be equal to the sum of: • 110% of Basic Sum Assured multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable which shall be payable on the date of maturity; and • Reduced Income Benefit i.e. 10% of Basic Sum assured multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable, shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to date of maturity. The vested Simple Reversionary Bonuses and Final Additional Bonus, if any shall also be payable on due date of Maturity. This Death Benefit shall not be less than

If you stop paying premiums

If less than one full year's premium(s) has been paid, and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. 11 If after at least one full year's premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term. The Sum Assured on Death under the paid–up policy shall be reduced to such a sum called “Death Paid- up Sum Assured” and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Death Benefit payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. However, in case of minor life, wherein the policy becomes paid-up before the commencement of risk, the Death benefit payable under such policy shall be return of Total premiums paid (excluding taxes, any extra amount chargeable under the policy due to underwriting decisions and rider premium, if any) without inter

If you stop paying premiums

If less than one full year's premiums have been paid in respect of this policy and any subsequent premium be not duly paid, all the benefits under this policy shall cease after the expiry of grace period from the date of First Unpaid Premium and nothing shall be payable and the Premiums paid thitherto are also not refundable. If, after at least one full year's premiums have been paid and any subsequent premiums be not duly paid, on completion of first policy year this policy shall not be wholly void, but shall subsist as a paid-up policy till the life assured survives or policy terminates, whichever is earlier. The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called 'Death Paid-up Sum Assured' and shall be equal to 'Sum Assured on Death' multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Basic Sum Assured under a paid-up policy shall be reduced to such a sum, called 'Paid-up Sum Assured' and shall be equal to 'Basic Sum Assured' multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Guaranteed Addition accrued under the policy for the period for which premiums have been paid will remain attached where the policy becomes paid-up by no

If you stop paying premiums

If less than one full year's premium(s) has been paid in respect of this policy and any subsequent premium be not duly paid, all the benefits under this policy shall cease after the expiry of grace period from the date of First Unpaid Premium and nothing shall be payable. If, after atleast one full year's premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year, this policy shall not be wholly void, but shall subsist as a paid-up policy till the end of policy term. The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called 'Death Paid-up Sum Assured' and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Death Benefit payable under a paid-up policy, on death of the Life Assured shall be Death Paid-Up Sum Assured along with accrued Guaranteed Additions for a Paid-up policy (as specified below).This Death benefit shall not be less than 105% of total premiums paid up to the date of death. However, in case of minor life, wherein the policy becomes Paid-up before the date of commencement of risk, the Death Benefit payable under such policy shall be the Return of Total Premiums paid (excluding taxes, any extra amount chargeable under the policy due to underwrit

If you stop paying premiums

If less than one full year's premium(s) has been paid, and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If after at least one full year's premium (s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term The Sum Assured on Death under the paid–up policy shall be reduced to such a sum called “Death Paid-up Sum Assured “and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Death Benefit payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. However, in case of minor life, wherein the policy becomes paid-up before the commencement of risk, the Death benefit payable under such policy shall be 10 return of Total premiums paid (excluding taxes, any extra amount chargeable under the policy due to underwriting decisions and rider premium, if any) without intere

If you stop paying premiums

If less than one full year's premium(s) has been paid and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If, after atleast one full year's premium(s) has been paid and any subsequent premiums be not duly paid, on com- pletion of first policy year the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term. The Sum Assured on Death under the paid-up policy shall be reduced to such a sum, called Death Paid-up Sum Assured and shall be equal to Sum Assured on Death multiplied by the ratio of the total pe- riod for which premiums have already been paid bears to the maximum period for which premiums were original- ly payable. The Death Benefit payable under the paid-up 12 policy, on death of the Life Assured, shall be Death Paid- Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. The Sum Assured on Maturity under the paid-up policy shall be reduced to such a sum, called Maturity Paid-up Sum Assured and shall be equal to Sum Assured on Maturity multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were origina

If you stop paying premiums

If less than oneyear's premium(s) has been paid, and any sub- sequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If atleast one full year's premium(s)has been paid and any subsequent premiums be not duly paid, on completion of first policy year the policy shall not be wholly void, but shall continue as a paid-up policy. During the Policy Term: The “Sum Assured on Death” under the paid-up policy shall be reduced to such a sum, called “Death Paid-up Sum Assured” and shall be equal to Sum Assured on Death multiplied by the ratio of total period for which premiums have already been paid bears to the maximum period for 10 which premium were originally payable. The Death Benefit payable under the paid-up policy, on death of the Life As- sured during the Policy Term, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. This “Sum Assured on Maturity” under the paid-up policy shall be reduced to such a sum called “Maturity Paid –Up Sum Assured” and shall be equal to “Sum Assured on Maturity”multiplied by the ratio of total period for which premiums have already been paid bears to the maximum period for which premium were original

If you stop paying premiums

The Guaranteed Addition under a paid-up policy shall be sum of the following: a) For the period for which full years' premiums have been paid: The Guaranteed Additions accrued under the policy with the rate as applicable for an in-force policy, shall remain attached under the policy. b) For the policy year for which the full years' premiums have not been paid (the year in which the policy 15 becomes paid-up) and for subsequent policy years: The Guaranteed Additions shall be as under: (i)For the policy year for which the full years' premiums have not been paid, Guaranteed Additions shall accrue at the end of that policy year and shall be sum of proportionate Guaranteed Additions for in- force period, with the rate as applicable for an in- force policy and proportionate Guaranteed Additions for the period policy is paid-up, with the Rate of Guaranteed Additions applicable for paid-up policy (as mentioned below). (ii)For subsequent policy years during the policy term, the Guaranteed Additions shall accrue at the end of each completed policy year with the Rate of Guaranteed Additions applicable for paid-up policy (as mentioned below). The Rate of Guaranteed Additions applicable for paid-up policy shall be equal to applicable Rate of Guaranteed Additions for an in-force policy (as specified in Para 4) multiplied by ratio of total period for which premiums have already been paid to t

If you stop paying premiums

If less than one full years' premiums has been paid and any subsequent premium be not duly paid , all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If at least one full years' premiums has been paid and any subsequent premiums be not duly paid, on completion of first policy year, the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term. The Sum Assured on Death under the paid-up policy shall be reduced to such a sum, called Death Paid-up Sum Assured and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which the premiums were originally payable. The Death Benefit 10 payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. The Sum Assured on Maturity under the paid-up policy shall be reduced to such a sum, called Maturity Paid- up Sum Assured and shall be equal to [(Sum Assured on Maturity plus total amount of Survival Benefits payable under the policy) multiplied by the ratio of the total period for which premiums have already been paid be

If you stop paying premiums

If less than one full years' premiums has been paid and any subsequent premium be not duly paid , all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If at least one full years' premiums has been paid and any subsequent premiums be not duly paid, on completion of first policy year, the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term. The Sum Assured on Death under the paid-up policy shall be reduced to such a sum, called Death Paid-up Sum Assured and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which the premiums were originally payable. The Death Benefit 10 payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. The Sum Assured on Maturity under the paid-up policy shall be reduced to such a sum, called Maturity Paid- up Sum Assured and shall be equal to [(Sum Assured on Maturity plus total amount of Survival Benefits payable under the policy) multiplied by the ratio of the total period for which premiums have already been paid be