Specified Major Surgical Benefit was announced for the first time in 1992 Actuarial Valuation. This benefit has been retained in 2007 Valuation. This benefit is available to all with profit policies, which have been in full force as at 31st December 2007 and have been continuously in force for at least five complete policy years at the date of surgery. The maximum benefit for such policies is Rs. 250,000/-. However, if with-profit policies have been in full force as at 31st December, 2007 and have been continuously in force for at least ten complete policy years at the date of surgery then the maximum benefits for these policies will be Rs.500,000/-.
Under such policies, if the life assured undergoes specified major surgery during the inter-valuation period i.e. from 1st January 2008 to 31st December 2008 on account of a specified dread disease, the Corporation would pay 50% of the basic sum assured [in case of Anticipated Endowment plan, 50% of the remaining sum assured after deducting any due survival benefit(s)], subject to the above given maximum payment. The amount payable will be adjusted against future payments under the policy such as Survival Benefits, Maturity Claims or Death Claims.
Explanation:This benefit is free of cost and provides valuable relief to the life insured if he/ she undergoes specified major surgery from 1st January 2008 to 31st December 2008. The cost of the benefit will be met out of the actuarial surplus revealed by the 31st December 2007 Actuarial Valuation. The following questions provide details regarding the benefit:
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