State Life offers a number of supplementary covers to enhance coverage under different plans. These supplementary covers can be attached with the main policy and are not available exclusively. Please click below for the details of these supplementary covers:
- Accidental Death & Indemnity Benefit (AIB)
- Accidental Death Benefit (ADB)
- Family Income Benefit (FIB)
- Waiver of Premium (WP)
- Special Waiver of Premium (SWP)
- Term Insurance (TI)
- Guaranteed Insurability (GI)
- Refund of Premium Rider (RPR)
- Hospital & Surgical Benefit (H&S)
Accident Death & Indemnity Benefit (AIB)
This supplementary cover provides for payment of additional amount equal to the sum insured under the policy in the event of death by accidental means, or in the event of loss of two or more limbs or loss of sight in both eyes. One-half of the sum insured will be paid for loss of one limb; one-third of sum insured in the event of loss of one eye and one-fourth of sum insured will be paid for loss of thumb and index finger. Moreover, weekly indemnities are also available for total and partial disability of the life insured as a result of the accident. If the life insured becomes permanent and total disable, an annuity of 10% of sum insured will be payable for a maximum period of ten years.
AIB is suitable for office commuters and individuals who travel and use different modes of transport. The rates of premium for this supplementary benefit range from Rs 4 to Rs10 per thousand sum insured depending upon the occupational rating of proposer for standard lives whose age should be between 18 to 55 years.
AIB can be attached with following plans:
- Whole Life Assurance
- Endowment Assurance
- Anticipated Endowment Assurance
- Jeevan Sathi Assurance
- Child Education & Marriage Assurance
- Shad Abad Assurance
- Shehnai Policy
- Child Protection Assurance (For adult life only)
- Muhafiz Plus Assurance
- Nigehban Plan
- Optional Maturity Plan
Accidental Death Benefit (ADB)
This supplementary cover will provide for payment of an additional amount equal to sum insured in the event of death by an accident as defined in the contract. On payment of a modest premium, a handsome accidental coverage is obtained through this supplementary cover. ADB is highly recommended for individuals who travel daily through road transport.
The cover is available to lives between 5 and 55 years of ages. Maximum term of this supplementary benefit is not allowed to exceed the premium paying term of the basic policy, or 60 years of age of the life proposed whichever is earlier.
ADB can be attached with following plans:
- Whole Life Assurance
- Endowment Assurance
- Anticipated Endowment Assurance
- Jeevan Sathi Assurance
- Child Education & Marriage Assurance
- Shehnai Policy
- Child Protection Assurance
- Muhafiz Plus Assurance
- Nigehban Plan
- Optional Maturity Plan
Family Income Benefit (FIB)
This supplementary cover provides that incase of death of the life insured during term of this cover, an annuity of 10% to 50% per annum of the basic sum insured will be payable till the completion of term of this cover. For instance, if a life insured has taken 25% FIB supplementary cover for 20 years on his policy having sum insured of Rs 1,000,000. If the life insured expires during term of FIB, say at the end of fourth year, an annual sum of Rs 250,000 will be payable for rest of 16 years.
While the basic plan provides a lump sum, FIB provides a regular stream of income to the dependents and helps in meeting the day to day expenses. This supplementary cover is available to lives between 18 and 55 years of ages. It can be attached with following plans:
- Whole Life Assurance
- Endowment Assurance
- Anticipated Endowment Assurance
- Jeevan Sathi Assurance
- Child Education & Marriage Assurance
- Shad Abad Assurance
- Shehnai Policy
- Child Protection Assurance (For adult life only)
- Muhafiz Plus Assurance
- Optional Maturity Plan
Waiver of Premium (WP)
This supplementary cover provides for waiver of due premiums in the event of the life insured’s Total and Permanent Disability caused by accident as defined in the contract. With the help of WP, the life insured gets relieved of vagaries of paying premiums incase of his or her being incapacitated as a result of accident. The rate of premium for standard risk will be Rs 0.50 to 1.00 per thousand of sum insured depending upon the age of life insured.
WP is available to lives between 18 and 55 years of ages. It can be attached with following plans:
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