250 times the monthly premium + loyalty additions + return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum. (e.g This can come to more then Rs. 40 lakhs if you are investing Rs 5000 per month for 25 years at the rate of 10%)
surrender value will be the greater of the guaranteed surrender value and special surrender. The plan also allows for partial surrenders.
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Special Surrender Value:
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.