Dear Basu Sir,
In have purchased ICICI Pru iProtect Smart for Sum Assured of Rs.1 Crore and policy terms 29 years and in my policy documents it is written that “For Regular and limited pay-The death benefit payable by us is equal to the higher of A,B or C”. and the below lines are written:
Where the policy terms is greater or equal to 10 years – A=Sum Assured, B=10 times the Annualized premium,C=105% of the all premiums paid as on date of death.
In my case each sentence is applicable. Now I want to know that what amount my nominee will get after my death if my death happens excluding suicide. Is is not 1 Crore?
I think you confused about with wordings. It is clearly mentioned that the death benefit will be either EQUAL or HIGHER of A, B or C. So in all probability, whatever may be the case, your nominee will receive a minimum of Rs.1 Cr (in your case as the sum assured opted is Rs.1 Cr).