1. For which Plans can change in Sum Assured be made?

1. Modified Flexi Products (Policy issued on or after January 22, 2004, Policy # 178537 onwards)
2. Flexi Save Plus
3. Flexi Cash Flow
4. Flexi Life Line
5. Classic Life
6. Pension Plan with Life Cover (Pension Modified-Guaranteed)
7. Pension II (Non-guaranteed)
8. Classic Life Premier
9. Dream Plan
10. Children Dream Plan
11. Supreme Life
12. Gold Plus

2. For which Plans can change in Sum Assured cannot be made?

1. Old Flexi Plans (Policies issued before January 22, 2004)
2. Term
3. TROP
4. Single Premium Bond
5. Pension without Life Cover
6. Life Companion
7. Prime Life
8. Prime Life Premier
9. Simply Life
10. Saral Jeevan

3. What documents are required for change in face amount?

1. Reduction in Face Amount
   • A request letter duly signed by the Policy Owner
   • Original Policy Document
2. Increase in Face Amount
   • A letter written and signed by the Policy Owner
   • Fresh Application copy
   • Premium amount
   • All medical and other applicable Underwriting Requirements

1. When can the change in Sum Assured be effected

Change in Sum Assured can be effected only on the policy anniversary

2. How often can I change my Sum Assured?

It is allowed once in every five-policy year and first such change is allowed only on the completion of one policy year subject to administrative rules of the company.

Ps: The Company reserves the right to accept or reject any proposal for increase in the Coverage Sum Assured. Increase is subject to Underwriting. This change may result in a change in the coverage premiums to be paid. A fee would be charged to cover the costs of any medical underwriting requirements and administrative expenses.

3. Is there any minimum amount of change permitted?

hange in Sum Assured can be effected only on the policy anniversary

4. When can the change in Sum Assured be effected

The minimum amount of change permitted is Rs.50, 000/-.

5. What is the minimum Sum Assured allowed?

The minimum Sum Assured for various premium bands is as per the table below:

6. What is the maximum Sum Assured allowed?

The maximum Sum Assured should be multiple of the regular premium chosen by you. The multiplier table is as detailed for the respective ages:

7. What are the provisions applicable to a Pension Plan Policy

1. The change in face amount is effected only on the policy anniversary and first such change is allowed only on the completion of two policy years subject to administrative rules then in force. The minimum amount of change permitted is Rs.50, 000. For pension policies issued under the new IRDA guidelines the increase of Face Amount is permitted after completion of two policy years. After the first two policy years, the increase can be effected once in every policy year.
2. Increase in Face Amount will be subject to underwriting & allowed once in each policy year. The company reserves the right to accept or reject any proposal for increase in the Coverage Face Amount. This may result in change in coverage premiums to be paid.
3. No decrease in the Coverage Face Amount is permitted during the two Policy Years subsequent to any increase in Coverage Face Amount. Further, no decrease in the Coverage Face Amount below Rs.50000 for Regular Premium Policies and below Rs.22000 for Single Premium Policies will be permitted.

8. What are the provisions applicable to a Classic Life Premier Policy

1. This change can be made after five policy years and once in five years can be done only on the policy anniversary date. This increase will be subject to then prevailing administrative rules. After the first five policy years this change would be allowed once every five-policy years. This facility is not available for policies issued as per the new IRDA guidelines effective July 01, 2006
2. Any increase would be subject to underwriting guidelines. The new annual premium will be 1/10th of the new face amount.

9. What are the provisions applicable to Children's Dream Plan and Dream Plan Policy

The face amount can be increase any time in the policy year, by opting for more Enhanced Sum Assured provided the following criteria are met:

• Minimum amount of Increase should be Rs 50,000.
• Increase should be during the lifetime of the original Life Insured only (Applicable only for Children Dreams Plan).
• Subject to evidence of insurability satisfactory to us with respect to the Life Insured (Subject to Underwriting decision).

Policy premiums will be increased to reflect the increase in Enhanced Sum Assured.
Reduction in Face Amount is not permissible for this plan.

10. What are the provisions applicable to a Gold Plus Plan

1. The plan offers the option to reduce the premiums from the 2nd year onwards, however the client needs to give the request for the same atleast 30 days prior to the next renewal due.
2. The sum Assured cannot be Increase during the policy term. However the same will be increased if the Top-Up premium amount paid till date exceeds 25% of the total premium pail till date (As per administrative guidelines).

11. What are the provisions applicable to a Supreme Life Policy

1. Reduction in Face Amount is not permissible for this plan.
2. Increase in face amount is not permissible except client had chosen Death Benefit "B". In this option the Sum Assured increases automatically by 25% on the policy date every five years on the Sum Assured at the inception.

1. What are the mandatory requirements for Cash Withdrawal request?

Cash Withdrawal Form duly filled by the Policy owner.

2. Which are the plans eligible for a cash withdrawal?

Flexi Save Plus, Flexi Cash Flow, Flexi Life Line, Life Companion, Classic Life, Classic Life Premier, Prime Life, Supreme Life , Children's Dream Plan, Dream Plan and Gold Plus.

Provisions for Flexi Save Plus, Flexi Cash Flow, Flexi Life Line and Life Companion

3. When can I apply for a cash withdrawal?

After 3 Policy Years (conditions apply). However for Life Companion - Survival benefit option is available after 4 years

4. What is the Maximum limit for a cash withdrawal?

Lower of holding account or policy fund cash value

4. What is the Maximum limit for a cash withdrawal?

Lower of holding account or policy fund cash value

5 .What is the Minimum limit for a cash withdrawal?

For Pre ULIP policies, the minimum limit is Rs. 2,000.00 and for post ULIP policies, the minimum limit is Rs. 5,000.00.

6. Is there any charge for a Cash Withdrawal?

2 withdrawals are free in a policy year. However, more than 2 withdrawals will be at a fee of Rs.100/- per withdrawal (subject to change)

Provisions for Classic Life, Classic Life Premier, Prime Life, Prime Life Premier and Supreme Life

7. When can I apply for a cash withdrawal?

After 1 Policy Year for Classic Life

After 3 Policy Years for Classic Life Premier, Prime Life, Prime Life Premier and Supreme Life

8. What is the Maximum limit for a cash withdrawal?

Max. limit subject to surrender charges & Rs.25,000/- remaining in policy fund post withdrawal

9. What is the Minimum limit for a cash withdrawal?

Rs. 25,000/- for Classic Life/ Premier & Prime Life Premier and Rs. 10,000/- for Prime Life

10. Is there any charge for a Cash Withdrawal?

2 free withdrawals & maximum 4 withdrawals allowed in a policy year. However, more than 2 withdrawals will be at a fee of Rs.100/- per withdrawal (subject to change). Classic Life Premier/Prime Life - 0.5% of amt withdrawn shall not exceed 0.5% of amount withdrawn. The charges should not be less than Rs.100/- and more than Rs.500/-

Provisions for Children's Dream Plan and Dream Plan

11. When can I apply for a cash withdrawal?

After completion of 3 Policy Years

12. What is the Maximum limit for a cash withdrawal?

Can withdraw excess of fund value over the guaranteed fund value

After 3 Policy Years for Classic Life Premier, Prime Life, Prime Life Premier and Supreme Life

13. What is the Minimum limit for a cash withdrawal?

The minimum limit is Rs.5, 000.00

14. Is there any charge for a Cash Withdrawal?

2 free withdrawals & maximum 4 withdrawals allowed in a policy year. However, more than 2 withdrawals will be at a fee of Rs.100/- per withdrawal (subject to change)

Provisions for Gold Plus

15. When can I apply for a cash withdrawal?

After completion of 3 Policy Years

16. What is the Maximum limit for a cash withdrawal? 

Fund value over the higher of Rs. 30,000 or Top up premiums paid during three years preceding the partial withdrawal date

17.What is the Minimum limit for a cash withdrawal ?

The minimum limit is Rs.5, 000/-

18. Is there any charge for a Cash Withdrawal?

2 free withdrawals & maximum 4 withdrawals allowed in a policy year. However, 2 partial withdrawals allowed in a policy year free of cost. All additional partial withdrawals would be levied a charge of Rs.100/- and should not be more than Rs.500/-

Provisions for Pension Modified [Guaranteed only]

19. When can I apply for a cash withdrawal?

3 policy years, before vesting date and after policy owner is 55 years of age

20. What is the Maximum limit for a cash withdrawal? 

Maximum limit subject to surrender charges & Rs.50, 000/- remaining in policy fund post withdrawal

21. What is the Minimum limit for a cash withdrawal? 

The minimum limit is Rs. 5,000/- and thereafter in multiples of Rs 1,000/-

22. Is there any charge for a Cash Withdrawal?

2 free withdrawals & maximum 4 withdrawals allowed in a policy year. However, in the case of a Pension Modified (with life) cover, upon withdrawal, the death benefit will be changed correspondingly – that is the higher of the Policy Fund or the Life Insurance Coverage Face Amount reduced by all the partial surrenders made in the six months preceding the death of the Life Insured will be payable

23. What is a Survival Benefit feature?

This feature is applicable to our Flexi Cash Flow Plan / Money Back policies wherein, on completion of the 5 policy years, the policy owner is eligible to avail this benefit (only on the survival of the life insured)

1. What are the mandatory requirements for the Surrender of a policy ?

If the surrender value of the policy is payable, then a Discharge / Maturity form duly signed by the policy owner stating policy Id and reason for surrender and the original policy contract is required.    
If the surrender value of teh policy is Nil, then a letter duly signed by the policy owner stating policy Id and reason for surrender and the original policy contract is required.

2. What is Surrender value?

The fund value after deducting any surrender charges applicable and any outstanding loan taken on the policy is called surrender value.

3. Are there any charges deducted from my Policy fund in case I surrender my policy?

Depending on the type of the policy and the year in which surrender request is received a surrender value may be payable, if the fund is positive.

1. Flexi Policies
   • Policy Fund Cash Value - Policy fund value less surrender charge
   • Surrender charges
   • 1st two policy years - total of annual premium for Regular Pay
     1. 25th month - 24% of Annual Premium
     2. Reduces by 1% every month thereafter
     3. No charges post 48th month
2. Single Premium Bond
   • Surrender charges
     1. Fund value less 25% of premium in 1st year
     2. No surrender charges from 2nd year onwards
3. TROP
   • Subject to premiums paid for at least 3 consecutive policy years
   • Based on a % (provisions) depicted in the Policy Details page
   • Excludes premiums for Riders/Underwriting Extras
4. Pension Plan
   • Policy Fund Cash Value before vesting age
   • Surrender charges

   Policy year	% of annual premium (Single Pay)	% of annual premium (Regular Pay)
   Year 1	25%	75%
   Year 2	Nil	50%
   Year 3	Nil	25%
   Year 4 onwards	Nil	Nil

5. Classic Life & Classic Life II
   • Policy Fund Cash Value
   • Surrender charges

   Policy year	% of annual premium
   Year 1	75%
   Year 2	60%
   Year 3	40%
   Year 4	20%
   Year 5 onwards	Nil

6. Classic Life Premier

Policy year	% of annual premium
Year 1	25%
Year 2	15%
Year 3	10%
Year 4	7%
Year 5	5%
Year 6	3%
Year 7 onwards	Nil

7. Life Companion

Policy year	% of annual premium
Year 1	100%
Year 2	25%
Year 3	10%
Year 4 onwards	Nil

8. Prime Life

Policy year	% of annual premium
Year 1	2%
Year 2	1.50%
Year 3	1.25%
Year 4	1.00%
Year 5 onwards	Nil

9. Prime Life Premier

Policy Year	% of Life Insurance Coverage Premium
Year 1	2%
Year 2	1.50%
Year 3	1.25%
Year 4	1%
Year 5 onwards	Nil

10. SimplyLife

Policy year	% of annual premium
Year 1	15%
Year 2	14%
Year 3	11%
Year 4	9%
Year 5	7%
Year 6	4%
Year 7 onwards	Nil

11. Supreme Life

Policy year	% of annual premium
Year 1	30%
Year 2	25%
Year 3	20%
Year 4	18%
Year 5	15%
Year 6	12%
Year 7 onwards	Nil

12. Gold Plus

Policy year	% of annual premium chosen at inception
Year 1	15%
Year 2	12.50%
Year 3	10%
Year 4	Nil

13. Dream Plan

    The surrender charge is applied if and when the policy is surrendered in the first 3 policy years. The rate per 1000 of Basic Sum Assured. For further information refer the Table of surrender charges in Product FAQ.

14. Children's Dream Plan

    This charge is deducted from the fund value at the time of surrender. It is charged at the rate of per 1000 rupees of the basic Sum Assured and becomes nil after the third policy year onwards. This charge is guaranteed to never increase.

15. Saral Jeevan

    Surrender charge will be deducted from Fund Value at the time the policy is surrendered. The surrender charge per COVER is shown below :

    per COVER
    Policy Year	Policy Term
    	10 Years	15 Years	20 Years
    1	Rs. 1044	Rs. 936	Rs. 900
    2	Rs. 696	Rs. 624	Rs. 600
    3	Rs. 348	Rs. 312	Rs. 300
    4 onwards	nil	nil	nil

4. What will be the effective date of cancellation and the effective NAV of a surrender request?

If the request is received and accepted at the branch before 3.00 pm, the surrender will be affected at the unit price declared on the same day. Any request submitted and accepted at the branch after 3.00pm will be effected on the next day's unit price declared.