Common use of Terminal Bonus Clause in Contracts

Terminal Bonus. i. Under this Policy, We may at Our discretion pay an additional 1 (One) time Terminal Bonus on the earlier of the death of the Life Insured or on the survival of the Life Insured till the Maturity Date or on surrender of this Policy, provided this Policy is in force for at least 10 (Ten) complete Policy Years from the Effective Date. ii. Upon surrender of this Policy after completion of 10 (Ten) Policy Years from the Effective Date, only the cash value of the Terminal Bonus will be payable by Us. The cash value of the Terminal Bonus, if any, will be determined using the Paid Up Addition purchase rates which are not guaranteed and can be revised by Us, subject to the prior approval of the Authority.

Terminal Bonus. i. Under this Policy, We may at Our discretion pay an additional 1 (One) time Terminal Bonus on the earlier of the death of the Life Insured or on the survival of the Life Insured till the Maturity Date or on surrender of this Policy, provided this the Policy is in force for at least 10 (Ten) complete Policy Years from the Effective Date. ii. Upon surrender of this Policy after completion of 10 (Ten) Policy Years from the Effective Date, only the cash value of the Terminal Bonus will be payable by Us. The cash value of the Terminal Bonus, if any, will be determined using the Paid Paid-Up Addition purchase rates which are not guaranteed and can be revised by Us, subject to the prior approval of the Authority.