Guaranteed Maturity Benefit definition
Examples of Guaranteed Maturity Benefit in a sentence
The Guaranteed Maturity Benefit is specified in the Policy Schedule.
For Limited Pay Policies where the Policy has become a Reduced Paid-Up Policy/is in RPU status, the benefits payable will be amended as mentioned below: The RPU Sum Assured, RPU Sum Assured on Death and RPU Guaranteed Maturity Benefit shall be equal to the Sum Assured, Sum Assured on Death and Guaranteed Maturity Benefit respectively multiplied by the RPU Factor.
In the event of death of the Life Insured any time up to the 25th policy year, the RPU Death Benefit will be: • RPU Sum Assured on Death In the event of death of the Life Insured any time after the 25th policy year, the RPU Death Benefit shall be: • Higher of RPU Sum Assured on Death or RPU Guaranteed Maturity Benefit The RPU Death Benefit shall be subject to the minimum of 150% of Total Premiums Paid up to the date of death of the Life Insured.
On Survival of the Life Insured till the end of the Policy Term provided the Policy is in-force and all due Instalment Premiums under the Policy have been paid, the Accrued Loyalty Additions plus Guaranteed Maturity Benefit shall be payable to You at the Maturity Date.
Guaranteed Maturity Benefit is defined as a % of Total Premiums Payable over the Premium Payment Term, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
On survival of the Life Insured until the end of the Policy Term, the RPU Maturity Benefit i.e. the RPU Guaranteed Maturity Benefit shall be payable as a lump sum and the Policy shall immediately and automatically terminate.
In case Joint Life Protection Option is taken, the RPU Guaranteed Maturity Benefit shall be payable on Maturity Date irrespective of survival of Life Insured/s.