HDFC Life Sanchay Legacy

A lump sum death benefit is payable immediately upon death of the Life Assured during the policy term. This Death benefit shall be the highest of:

• Sum Assured on Death or;
•  Accumulated Premium Value or;
• 105% of Total Premiums Paid or;
• Surrender Value on date of death.

Where,

Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Sum Assured on Death means an absolute amount of benefit which is guaranteed to become payable on death of the life assured in accordance with the terms and conditions of the policy.

Accumulated Premium Value shall be equal to the value of all Base Premiums paid, accumulated at a rate that depends upon the age, plan option chosen/ benefits opted, premium payment term, premium & policy year, less the accumulated value of all survival benefits received, as on date of death.

Base Premium means total of all the premiums received, excluding any extra premium, any rider premium, taxes, loadings for modal premiums and premiums paid for additional benefits mentioned below, if any.

Upon the payment of  Death benefit as explained above, the policy and the cover shall terminate and no further benefits shall be payable.

100% of Death Benefit shall be paid on being diagnosed on first occurrence of any of the 19 Critical Illnesses covered. This benefit is available only after the end of 10th policy year or Premium Paying Term, whichever is later.

Please refer to the product brochure for the definitions and exclusions of the 19 Critical Illnesses covered.

Upon the payment of Acceleration of Death Benefit as explained above, the policy and the cover shall terminate and no further benefits shall be payable.

Please note that Acceleration of Death Benefit is not an additional benefit it only facilitates an earlier payout of Death Benefit on diagnosis of Critical Illness covered.