How can the Retired Life Income (RLI) be exercised?
You can get regular payment through systematic partial withdrawal in the RLI option. You can opt to obtain RLI at any policy anniversary after tenth policy year or when you turn 55, whichever is later. Here, a percentage of your fund value (ranging from 0 to 12% per annum), as opted by you is paid yearly, half-yearly, quarterly or monthly. The instalment is paid by redeeming units from the funds in the same proportion as the fund value in each fund and will be redeemed at the unit price applicable on the date of each RLI instalment. RLI payment is through Systematic Partial Withdrawal and the percentage can be changed anytime during the policy term or even after starting RLI. However, the fund value after payment of the instalment of RLI should not drop below 105% of total premiums paid till date.
What is Periodical Return of Life Cover Charge (PROMC)?
The PROMC enhances your returns by periodically adding back the mortality charges to the fund value. The first addition is when the policyholder attains 60 years of age or at the end of the 15th policy year, whichever is later. The next additions are at the end of each subsequent 10th year, and the last addition is on the date of maturity. However, PROMC is not applicable in case of a surrendered, discontinued or paid-up policy and will be payable provided all due premiums under the policy have been paid up to date.