The policy provides for payment of the Face Amount to the policy owner at the expiration of the Endowment period. Death at any time before the expiration of the Endowment period terminates the payment of premiums and the Face Amount with Accrued Bonus is paid to the beneficiary.
In Case Of Death Of Insured Child Before Maturity:
Death benefits are payable subject to Graded Death Benefit Endorsement*
Graded Death Benefit Endorsement*: In the event of Insured's death prior to his attaining the age of 3 years the amount payable under this policy shall be in accordance with the following schedule:
|Age at death||Amount Payable|
|Less than six months||25% of Face Amount|
|1 year nearest birthday||50% of Face Amount|
|2 years nearest birthday||75% of Face Amount|
|3 years nearest birthday & over||Full Face Amount|
In case of death benefits exceeds 25 percent of Face Amount, 25 percent of Face Amount shall be paid immediately and remaining payable benefits including bonus accrued till the date of death shall be paid at maturity.