Life cover: Amortized outstanding principal balance at the time of demise of the policyholder is paid to the lending institution to clear the outstanding debt.
In case both expire due to same accident then two times the AB cover plus double Sum Assured plus Accrued Bonus will be paid if the policy has AB cover.
The survivor will be paid Sum Assured and future premiums are waived in event of demise of spouse.
Maturity Benefit of Sum Assured plus Guaranteed Additions
Insurance payout due to accident: Sum Assured plus Accident benefit (if Accident Benefit cover is availed) plus accured Guaranteed Additions on passing away of proposer
Life cover payout: Sum Assured plus Accrued Bonus on demise of the policyholder.
