•You can apply for this product through a hassle free complete online process.
•Income Proof (copy of last 3 months salary slip, copy of latest ITR or Form 16).
These document images can be e-mailed or uploaded on our website for faster processing
•The payment can be made by the proposer/policyholder only by his/her credit card. The payment by credit card of any third party will result in decline of the proposal/payment.
Know More About This Plan
What are the deductions in case of policy cancellation?
•If a cancellation is requested before the issuance of the policy, the Company shall refund the application money after deduction of the expenses incurred on medical examination, if applicable
•If a cancellation is requested post the issuance of the policy, the Company shall refund the premium amount after deduction of the expenses incurred on medical examination and/or stamp duty, as applicable
What will happen if the policy goes into the grace period?
•A grace period of 30 days from the due date for payment of each premium will be allowed unless the premium mode is monthly where the grace period shall be 15 days only.
•During the grace period the Company will accept the premium without interest and proof of insurability.
•The insurance coverage continues during the grace period
•If the Life Insured dies during the grace period, the Company shall pay the death benefit after deducting the unpaid premium till the next policy anniversary from such death.
What will happen in case premiums are paid for less than three policy years?
•In case a due premium is not received before the expiry of the grace period, the policy shall lapse without any benefits.
•You will have two years from the date of first unpaid due premium (FUP) to reinstate the lapsed policy.
•If the lapsed policy is not reinstated, the policy shall terminate at the end of reinstatement period without any benefit.
•Nothing is payable in case of death or survival under a lapsed policy
What will happen in case premiums are not paid after the first three policy years?
•In case a due premium is not received before the expiry of grace period, the policy shall become a paid-up policy.
•You will have two years from the date of first unpaid due premium (FUP) to reinstate the policy.
•If the paid-up policy is not reinstated, the policy shall continue with reduced benefits as defined below:
Death Benefit for a paid-up policy will be equal to:
Policy Year in which death happens
|1st - 10th
||11th - 20th
||21st - 25th
Amount of Death Benefit
||SA X No. of Premium
Paid / Total
No. of Premiums Payable
|11 to 20 years
||110% X SA X No. of Premiums
Paid / Total No. of Premiums Payable
|21 to 25 years
|| 120% X SA X No. of Premiums
Paid / Total No. of Premiums Payable
Maturity Benefit for a paid-up policy will be 110% of Premiums Paid (excluding taxes and extra premium, if any)
What is the Reinstatement/Revival period in i-Shield?
•Reinstatement/Revival of a lapsed/paid-up policy is allowed within 2 years from the date of first unpaid premium.
•Reinstatement/Revival is subject to proof of continued insurability of the Insured to the satisfaction of the Company as per the Company’s Board approved underwriting guidelines. Cost of medical examination, if any, at the time of reinstatement shall be borne by you.
•All due premiums will be payable along with along with reinstatement/revival fee of Rs. 250 and interest @9% per annum compounding monthly on unpaid due premiums for the delayed period.
•Company reserves the right to decline a reinstatement/revival request as per the Company’s Board approved underwriting guidelines.
What is the surrender benefit in i-Shield?
You can surrender your policy anytime after completion of three policy years provided at least three full policy years’ premiums have been paid.
•Surrender Value payable is greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
•GSV = GSV factor X sum of premiums paid till date. Please refer product brochure for GSV factors.
•SSV = 110% of premiums paid x Special Surrender Value (SSV) Factor.
•Taxes and extra premiums, if any, will be excluded from premiums paid for calculating GSV and SSV
•The Special Surrender Value Factors (SSV) can be amended by the Company from time to time after getting IRDA clearance.
•You can contact nearest branch or customer services team of the Company to know the prevailing Special Surrender Value of your policy.
What is the freelook period?
You have the right to review the policy terms and conditions, within 30 days, from the date of receipt of the policy document and where you disagree to any of those terms or condition, you have option to return the policy stating the reason for your objection, on which you shall be entitled to a refund of the premium paid subject only to a deduction of expenses incurred on medicals and stamp duty charges.
What are the exclusions?
In case of death of life insured due to suicide within 12 months:
a) from the date of inception of the policy, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid excluding any payment for taxes and extra premiums, provided the policy is in force or
b) from the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to an amount which is higher of 80% of the premiums paid excluding any payment for taxes and extra premiums or the Surrender Value as available on the date of death.
In accordance with Section 41 of the Insurance Act, 1938, “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees”.
In accordance with Section 45 of the Insurance Act, 1938, “No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.”