Smart Platina Plus Brochure - BR

Benefits
Maturity Benefit (For In-force policies)
For both the Income Plan options, on survival of the life assured till the end of the policy term, 110% of the Total Premiums
paid would be refunded at the end of the policy term.
Survival Benefit (For In-force policies)
For both the Income Plan options, Guaranteed income will be paid during the payout period depending on the payout
frequency chosen provided the Life assured is surviving.
Death Benefit (For In-force policies)
The death benefit under the two income options are as follows:
1. Life Income: On death of the life assured at any time during the policy term, Sum assured on death is payable as
lump sum to the nominee or legal heir of the life assured and the policy terminates.
2. Guaranteed Income: The death benefit payable before the commencement of the payout period and during the
payout period are different.
• On death of the life assured before the commencement of the payout period, Sum assured on death is
payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.
• On death of the life assured after the commencement of the payout period, Sum assured on death is payable
as lumpsum to the nominee or legal heir of the life assured and the nominee or legal heir shall continue to
receive the future Guaranteed Income during the payout period. The nominee or legal heir shall have an option to
receive the discounted value of the future Guaranteed Income, in the form of a lumpsum, anytime during the
Payout Period, discounted at 8.25% per annum.
Where sum assured on death is higher of the following:
• Basic Sum Assured = 11 times of annualized premium^ or
• 105% of total premiums paid# upto the date of death or
• Annual Guaranteed Income* Death Benefit Factor for Guaranteed Income + Maturity Benefit* Death
Benefit Factor for Maturity Benefit
^Annualized premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, underwriting extra premiums
and loadings for modal premiums, if any.
#
Total Premiums paid /received means total of all the premiums received, excluding any extra premium and taxes.
6
Who can avail this plan?
PLAN AT A GLANCE
Premium Payout Period Policy Term Minimum Age* Maximum Age* Maximum Age*
Payment Term ( in years) ( in years) at Entry at Entry at Maturity
(in years) ( in years) ( in years)
7 15/20/25/30 23/28/33/38
8 15/20/25/30 24/29/34/39 30 days^ 60 99
10 15/20/25 26/31/36
Minimum annualized Premium: Premium Modes :

`50,000 (in multiples of `1000) Yearly / Half-yearly/Monthly
Maximum annualized Premium : No limit, Premium for Non - Yearly Modes :
subject to Board approved underwriting policy Half-Yearly: 51.00% of annualized premium
Monthly: 8.50% of annualized premium
Basic Sum Assured (11* Annualized Premium)
Minimum : `5,50,000
Maximum : No limit, subject to Board approved
underwriting policy
*All the references to age are age as on last birthday

^If the life assured is minor, date of commencement of policy and date of commencement of risk shall be same and the
policyholder/proposer can be parents or legal guardian. This shall be as per our Board approved underwriting policy.
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Policy Loan
In emergency situations wherein the policyholders may require funds to meet some expenses etc. they may be allowed to
borrow against their policy. Such policy loan will be limited to a maximum of 50% of the surrender value offered by the
company. Such surrender value and the interest to be charged on the policy loan would be updated by the company from
time to time. The nominal interest rate per annum is 150 basis points greater than the 10 year benchmark government
security as on 1st April of each of the Financial Year and it will be compounding on a half-yearly basis. The 10 year benchmark
G-Sec rate as on 1st April 2021 is 6.15%.
The interest rate would be rounded to nearest multiple of 25 basis points and interest amount would be rounded nearest to Re 1.
Any change in basis of determination of interest rate for policy loan can be done only after prior approval of the Authority.
The interest rate applicable for Financial Year 2021-22 is 7.75%.
The loan facility would be made available only if the policy has acquired a surrender value and during the policy term.
For other than in-force and fully paid up policies: In case outstanding loan amount including interest exceeds the surrender value,
the policy would be foreclosed after giving intimation and reasonable opportunity to the policyholder to continue the policy.
For inforce and fully paid up policy: No policy would be terminated in case of outstanding loan amount including interest
exceeding surrender value.
Before any benefits are paid out, loan outstanding together with the interest thereon will be deducted and the balance
amount will be payable.
What Other Benefits do I get?

Free look Period
The policy holder has a free look period of 15 days (30 days in case policy is sold through distance mode and electronic
policies) from the date of receipt of the policy document to review the terms and conditions of the policy and where the
policyholder disagrees to any of those terms and conditions, the policyholder has an option to return the policy to the
company for cancellation stating the reasons for his objection, then the policy holder shall be entitled to a refund of
Premium paid subject only to a deduction of a proportionate risk premium for the period of cover and the expenses incurred
on medical examination of the proposer and stamp duty charges.
Grace period
A grace period of 30 days from the premium due date will be allowed for payment of yearly and half yearly premiums and 15
days for monthly premiums. The policy will remain in force during the grace period. In case of death of the life assured during
grace period, the balance of premiums, if any, till the next Policy anniversary, as on the date of death shall be deducted from
the benefits payable under the Policy.
Tax Benefit
You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to
change from time to time. You may visit our website for further details. Please consult your tax advisor for details.

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Benefits

Maturity Benefit (For In-force policies)

Survival Benefit (For In-force policies)

Death Benefit (For In-force policies)

Where sum assured on death is higher of the following:

• Basic Sum Assured = 11 times of annualized premium^ or

• 105% of total premiums paid# upto the date of death or

8 15/20/25/30 24/29/34/39 30 days^ 60 99

Minimum annualized Premium: Premium Modes :

*All the references to age are age as on last birthday

What Other Benefits do I get?

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