Sum assured is payable either on survival to the term or on death happening within the term. If two years premiums are paid under the policy, the policy will automatically extend for 3 more years even if further premiums are defaulted. This facility is available for any number of times. Built in accident benefit. That is to say one does not have to pay extra premium to have an accident cover.
Premiums cease at death or on expiry of term whichever is earlier.
Under this policy after every 2 years of premium being paid, the policy is continued for next 3 yrs uninterrupted even if premiums are defaulted. This facility is available throughout, any number of times. To get the cover extended, one has to pay the defaulted installments within three years and with interest.