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Why Choose This Plan

This plan is built around one core promise: securing your family's financial future no matter what happens to you. At its foundation, it provides a life insurance cover that ensures your loved ones are protected against the uncertainties of life. Beyond basic coverage, the plan is designed to serve multiple financial goals simultaneously, making it one of the more versatile guaranteed income products available.

A standout feature is the Family Income Benefit, which goes beyond a one-time payout. If you pass away or are diagnosed with a covered critical illness, this benefit ensures your family continues to receive a regular income, keeping their dreams and commitments on track even in your absence.

The plan also offers guaranteed returns, which means your financial obligations are covered with certainty. There is no market-linked risk. You know exactly what you will receive and when. To serve different life stages and financial goals, the plan lets you choose from four plan options: a Lump Sum payout for those who prefer one large amount at maturity, a Short Term Income stream for medium-range needs, a Long Term Income stream for extended financial support, and a Retirement Income option for those planning their post-working years.

Finally, you can strengthen your coverage further by adding riders on payment of additional premium, allowing you to customise the plan to match your specific protection needs.

How the Plan Works

The process of setting up this policy is straightforward and designed around your financial situation. In the first step, you select the premium amount you wish to pay, your preferred plan option from the four available, the premium paying term, and the frequency at which you want to make payments. You also choose the overall policy term and, if applicable, how frequently you want to receive your income benefit payouts. Based on all of these inputs combined with your age and gender, the insurer calculates your Sum Assured on Death and Sum Assured on Maturity.

In the second step, you decide whether you want to include the Family Income Benefit, which is an optional add-on that provides continued income support to your family in case of your death or critical illness diagnosis.

In the third step, you select any additional riders you want to attach to the base policy. These riders are optional but allow you to build a more comprehensive safety net around the core policy.

What Happens If You Stop Paying Premiums

The plan strongly recommends that you pay all premiums for the complete duration you have selected, as this is the only way to enjoy the full range of benefits. However, life is unpredictable, and the plan accounts for situations where you may not be able to continue payments.

If you have not paid all premiums for at least the first two full policy years within the grace period, the policy lapses immediately and automatically. Once lapsed, no benefits will be paid unless the policy is successfully revived within the allowed revival period.

If you have completed at least two full years of premium payments and then stop paying, the policy does not lapse outright. Instead, it moves to a Reduced Paid-Up status. This means your coverage continues, but at a proportionally reduced level based on what you have already paid. Benefits under this status are governed by the Reduced Paid-Up provisions defined in your policy document.

Surrender Benefit

You have the right to exit the policy before its maturity, provided you have paid all premiums for at least the first two complete policy years. At that point, the policy acquires a Surrender Value.

When you submit a written request to surrender, the insurer will pay you the higher of two calculated amounts. The first is the Guaranteed Surrender Value (GSV), which is calculated by applying a GSV factor to the total premiums you have paid, then subtracting any payouts already received. The GSV factor varies depending on which policy year you are surrendering in and the total policy term you originally chose. These factors are published in the sample policy document on the company website, and you can also contact the sales team or customer care for a personalised figure.

The second amount is the Special Surrender Value (SSV), which is calculated separately by the insurer. The SSV is not guaranteed and may vary at the time of surrender. You are encouraged to approach the company to know your SSV before submitting a surrender request. Whichever of the two values is higher will be paid to you, after which the policy terminates and all benefits cease.

Exclusions

Suicide Clause: If the life insured dies by suicide within 12 months from the date the policy risk commenced, or within 12 months from the date of revival if the policy had been revived, the nominee or beneficiary will receive at least 80% of the total premiums paid up to the date of death, or the surrender value available on that date, whichever is higher. This provision applies only if the policy is in-force at the time of death.

Waiting Period for Family Income Benefit: If you have opted for the Family Income Benefit, a waiting period of 90 calendar days applies from the date risk commences or the date of revival, whichever is later. During this waiting period, the Critical Illness Benefit is not payable. This is a standard clause designed to prevent adverse selection at the point of purchase.

Waiting Period for POS Channel Policies: If your policy has been purchased through a Point of Sale (POS) channel, there is a 90-day waiting period for all claims other than accidental death. If death occurs during this waiting period for a non-accidental reason, the benefit paid will be limited to 100% of the total premiums paid till the date of death. After the waiting period expires, or in the event of accidental death at any time, the full death benefit as defined in the policy will apply.

Family Income Benefit: Two Variants Explained

Family Income Benefit on Critical Illness and Death (FIB on CI and Death): Under this option, if you pass away while the policy is in-force, the death benefit is paid to your nominee. From that point on, no further premiums are required. The policy continues as in-force, income benefit payouts continue as scheduled, and on the maturity date, the Sum Assured on Maturity is paid if applicable. If instead you are diagnosed with a covered critical illness and survive for 30 days following the diagnosis, no future premiums are required. The policy remains active, and all income benefit payouts, death benefit, and maturity benefits continue till the end of the policy term.

Family Income Benefit on Critical Illness only (FIB on CI): Under this narrower option, the premium waiver and continuity of benefits apply only in the case of a covered critical illness diagnosis and 30-day survival. If diagnosed, no further premiums need to be paid. Income payouts, the death benefit, and the maturity benefit all continue till the end of the policy term or till the date of death, whichever comes first. Death alone does not trigger a premium waiver under this variant.

Minor Life Insured

If the life insured named in the policy is a minor at the time of policy commencement, the risk cover begins from the commencement date itself. Upon the minor attaining majority, ownership of the policy automatically transfers to the life insured. If the minor life insured passes away before attaining majority, the death benefit is paid to the proposer named in the policy.

Key Terms and Conditions

This document and any associated illustration are for information and illustration purposes only. They must always be read alongside the full sales literature and the official policy document. The plan name, Insurance Box: Premier Guaranteed Income, is solely a product identifier and carries no implication about quality, performance, or future returns.

Premiums are payable at the beginning of the chosen payment mode. For annual payments, this means the beginning of each policy year. For monthly payments, it means the beginning of each policy month. The amounts shown in illustrations represent total premiums payable in a given year, excluding underwriting extra premiums, frequency loadings, rider premiums, and Goods and Services Tax.

All income benefit payouts are made in arrears as per the selected payout frequency. The maturity benefit is paid at the end of the policy term, and the death benefit figures in any illustration represent the benefit as of the end of the respective policy year.

Applicable taxes will be levied on the premium as per prevailing tax laws and must be borne by the policyholder. Surrender value is payable at the end of the policy year and will be the higher of the GSV or SSV. Special Surrender Values shown in any illustration are not guaranteed and are subject to change.

Fraud Warning

IRDAI, the Insurance Regulatory and Development Authority of India, does not sell insurance policies, announce bonuses, or handle investment of premiums in any manner. If you receive phone calls making such claims, you are advised to lodge a police complaint immediately. Always verify offers and communications through the official insurer channels before making any decisions.