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Wealth Plans

BIRLA SUNLIFE FORTUNE ELITE PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE FORTUNE ELITE PLAN Unit Linked A plan designed to provide insurance coverage with an opportunity of wealth preservation and enhancement. brochure
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Suitability For young and middle aged investors looking for life cover and investment in one plan.
Min Age 1 years
Max Age 55 years
Min Premium Rs. 40000
Min Term 20 years
Max Term 40 years
Min Sum Assured Rs. 400000
Max Sum Assured -
Maturity Benefit Fund Value
Death Benefit Refer policy brochure
Riders Not available
Premium Payment Options Yearly/ Half yearly/ Quarterly/ Monthly
Investment Options 3 Investment Options
Surrender Facility Available after 5 policy years
Loan on Policy Not available
Partial Withdrawal Available after 5 policy years.
Tax Benefit on Investment Available under section 80C of ther Income Tax Act, 1961
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961
Pros Guaranteed additions and flexibility to add top-ups whenever you have additional savings.
Cons -
BIRLA SUNLIFE GUARANTEE FUTURE PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE GUARANTEE FUTURE PLAN Traditional A plan that enables you to meet financial requirements at various stages of life with financial security to your family. brochure
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Suitability For individuals looking for financial security with guaranteed benefits.
Min Age 18 years
Max Age 50 years
Min Premium Rs. 10000
Min Term 8 years
Max Term 20 years
Min Sum Assured Rs. 100000
Max Sum Assured -
Maturity Benefit Guaranteed maturity benefit depends upon option, frequency of premium payment and annual premium payable.
Death Benefit Guaranteed death benefit plus maturity benefit plus guaranteed income (option B)
Riders Available
Premium Payment Options Yearly/Half-yearly/Quarterly/Monthly
Investment Options Not available
Surrender Facility Available after 3 policy years.
Loan on Policy Not available
Partial Withdrawal Not available
Tax Benefit on Investment Available under section 80C of the Income Tax Act, 1961
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961
Pros Both sum assured and maturity benefits available to family in case of death.
Cons -
BIRLA SUNLIFE INCOME ASSURED PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE INCOME ASSURED PLAN Traditional To provide assured income from the end of the premium-paying term till maturity and life insurance coverage. brochure
Apply
Suitability For middle aged people looking to invest for regular income
Min Age 8 years
Max Age 60 years
Min Premium -
Min Term 15 years
Max Term 25 years
Min Sum Assured Rs. 100000
Max Sum Assured -
Maturity Benefit Sum Assured+Guaranteed Additions+Increased Accrued Income(if opted)
Death Benefit Sum Assured+Guaranteed Additions+Increased Accrued Income(if opted)
Riders Waiver of Premium
Premium Payment Options Annual/Half Yearly/Quarterly/Monthly
Investment Options Not Applicable
Surrender Facility Available after 2/3 years premium has been paid
Loan on Policy Available upto 85% of surrender value
Partial Withdrawal Not Applicable
Tax Benefit on Investment Available under section 80C of Income Tax Act
Taxation on Income Tax free under section 10(10D) of Income Tax Act
Pros Assured Income of 8.0% of Sum Assured per annum payable monthly after the premium-paying term till maturity of the policy
Cons Guaranteed additions of 7-10% of sum assured every year after premium paying term till maturity of policy
BIRLA SUNLIFE REGULAR RETURNS PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE REGULAR RETURNS PLAN Traditional A plan is designed to offer liquidity, savings and financial protection. brochure
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Suitability For individuals looking for regular income with life cover.
Min Age 13 years
Max Age 45 years
Min Premium -
Min Term 20 years
Max Term -
Min Sum Assured Rs. 200000
Max Sum Assured -
Maturity Benefit Accrued bonuses minus non-guaranteed survival benefits.
Death Benefit Sum assured plus accrued bonuses.
Riders Available
Premium Payment Options Yearly/Half-yearly/Quarterly/Monthly
Investment Options Not available
Surrender Facility Available after 3 policy years.
Loan on Policy Available upto 85% of surrender value.
Partial Withdrawal Not available
Tax Benefit on Investment Available under section 80C & 80D of the Income Tax Act, 1961
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961
Pros Survival benefits from 5th Policy Year.
Cons -
BIRLA SUNLIFE SAVINGS PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE SAVINGS PLAN Traditional A plan that helps you save money regularly and enables its steady growth over time brochure
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Suitability For Individual looking to save money on regular basis for long duration
Min Age 18 years
Max Age 50 years
Min Premium -
Min Term 10 years
Max Term 20 years
Min Sum Assured Rs. 30000
Max Sum Assured Rs. 1000000
Maturity Benefit Sum Assured plus Accrued Guaranteed additions plus Accrued regular bonuses plus Terminal bonus(if any)
Death Benefit Guaranteed Death Benefit; plus Guaranteed Additions; plus Accrued regular bonuses plus Terminal bonus(if any)
Riders In built accidental death benefit
Premium Payment Options Annual/Half Yearly/Quarterly/Monthly
Investment Options Not Available
Surrender Facility Available after 3 years
Loan on Policy Available
Partial Withdrawal Not Available
Tax Benefit on Investment Available under section 80C of Income Tax Act
Taxation on Income Tax free under section 10(10D)
Pros Guaranteed Additions for the first 5 policy years, Auto Cover Continuation, Additional Sum Assured in case of Accident
Cons Conservative returns
BIRLA SUNLIFE VISION ENDOWMENT PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE VISION ENDOWMENT PLAN Traditional A limited pay period plan that offers growth in your savings with accrued bonuses starting from the first policy year brochure
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Suitability For Individuals looking for limited pay period traditional policy
Min Age 1 years
Max Age 55 years
Min Premium Rs. 10000
Min Term 20 years
Max Term 20 years
Min Sum Assured Rs. 100000
Max Sum Assured -
Maturity Benefit Maturity Sum Assured plus Accrued bonuses plus Terminal bonus(if any)
Death Benefit Sum Assured plus Accrued bonuses plus Terminal bonus(if any)
Riders In-built Accidental Death benefit
Premium Payment Options Annual/half Yearly/Monthly
Investment Options Not Available
Surrender Facility Available
Loan on Policy Available
Partial Withdrawal Not Available
Tax Benefit on Investment Available under section 80C of Income Tax Act
Taxation on Income Tax free under section 10(10D)
Pros Limited pay term of 7/10 years, Accidental Death benefit(with certain exclusions)
Cons Conservative returns
BIRLA SUNLIFE VISION ENDOWMENT PLUS PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE VISION ENDOWMENT PLUS PLAN Traditional A plan that offers growth in your savings in form of bonuses starting from first policy year with flexibility to choose death benefits option. brochure
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bonus.

Suitability For individuals looking for growth in savings with life cover.
Min Age 30 days
Max Age 60 years
Min Premium Rs. 7000
Min Term 7 years
Max Term 20 years
Min Sum Assured Rs. 100000
Max Sum Assured -
Maturity Benefit Sum assured plus accrued bonuses plus terminal bonus.
Death Benefit Sum assured plus accrued regular bonuses plus terminal
Riders Available
Premium Payment Options Yearly/ Half-yearly/ Quarterly/ Monthly
Investment Options Not available
Surrender Facility Available after 3 policy years.
Loan on Policy Available upto 85% of surrender value.
Partial Withdrawal Not available
Tax Benefit on Investment Available under section 80C of the Income Tax Act, 1961.
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961.
Pros Regular bonus from first policy year.
Cons -
BIRLA SUNLIFE VISION LIFE INCOME PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE VISION LIFE INCOME PLAN Traditional A whole life plan that provides you with a steady yearly income and whole life cover brochure
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Suitability For individuals looking for regular income and whole life cover
Min Age 1 years
Max Age 60 years
Min Premium Rs. 18000
Min Term 15 years
Max Term 100 years
Min Sum Assured Rs. 200000
Max Sum Assured -
Maturity Benefit Sum Assured Plus Terminal Bonus(if any)
Death Benefit Sum Assured plus accrued bonuses plus terminal bonus(if any)
Riders Available
Premium Payment Options Annual/Half Yearly/Quarterly/Monthly
Investment Options Not Available
Surrender Facility Available
Loan on Policy Available
Partial Withdrawal Not Available. However, 5% of the Sum Assured guaranteed plus bonus paid every year
Tax Benefit on Investment Available under section 80C of Income Tax Act
Taxation on Income Tax free under section 10(10D)
Pros 5% of the Sum Assured guaranteed plus bonus every year after premium paying term, Whole Life cover
Cons Minimum payment tenure is 15 years
BIRLA SUNLIFE VISION LIFE SECURE PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE VISION LIFE SECURE PLAN Traditional A plan is designed to provides for lump sum payouts at regular intervals to meet interim financial requirements alongwith life cover. brochure
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Suitability For Individuals looking for long term savings and security to family with whole life risk cover
Min Age 1 years
Max Age 60 years
Min Premium Rs. 12000
Min Term 15 years
Max Term 35 years
Min Sum Assured Rs. 200000
Max Sum Assured -
Maturity Benefit Sum Assured plus Accrued Bonuses plus Terminal Bonus(if any)
Death Benefit Guaranteed Death Benefit plus Accrued Bonuses plus Terminal Bonus(if any)
Riders Available
Premium Payment Options Annual/Half Yearly/Quarterly/Monthly
Investment Options Not Available
Surrender Facility Available
Loan on Policy Available
Partial Withdrawal Not Available
Tax Benefit on Investment Available under section 80C of Income Tax Act
Taxation on Income Tax free under section 10(10D)
Pros Death Benefit continues even after Maturity Benefit is paid
Cons Conservative returns
BIRLA SUNLIFE VISION MONEYBACK PLUS PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE VISION MONEYBACK PLUS PLAN Traditional A plan is designed to provides for lump sum payouts at regular intervals to meet interim financial requirements alongwith life cover. brochure
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Suitability For indiviuals looking for payouts at regular intervals with life cover.
Min Age 13 years
Max Age 45 years
Min Premium -
Min Term 10 years
Max Term 25 years
Min Sum Assured Rs. 100000
Max Sum Assured -
Maturity Benefit Accrued bonuses plus terminal bonus.
Death Benefit Sum assured plus accrued bonuses plus terminal bonus.
Riders Available
Premium Payment Options Yearly/ Half-yearly/Quarterly/ Monthly
Investment Options Not available
Surrender Facility Available after 3 policy years.
Loan on Policy Available upto 85% of surrender value.
Partial Withdrawal Not available
Tax Benefit on Investment Available under section 80C of ther Income Tax Act, 1961
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961
Pros On 4th or 5th policy year, receive survival benefit.
Cons -
BIRLA SUNLIFE WEALTH ASPIRE PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE WEALTH ASPIRE PLAN Unit Linked A plan that enables you to achieve specific goals at different stages of life alongwith growth in your investment and life cover. brochure
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Suitability For individuals looking for growth in their investment with life cover.
Min Age 30 days
Max Age 50/55/60 years
Min Premium Rs. 30000
Min Term 10 years
Max Term 20/35/40 years
Min Sum Assured Rs. 300000
Max Sum Assured -
Maturity Benefit Fund value
Death Benefit Refer policy brochure
Riders Not available
Premium Payment Options Yearly/ Half yearly/ Quarterly/ Monthly
Investment Options 4 Investment Options
Surrender Facility Available after 5 policy year.
Loan on Policy Not available
Partial Withdrawal Available after 5 policy years.
Tax Benefit on Investment Available under section 80C of the Income Tax Act, 1961
Taxation on Income Tax free under section 10(10D) of the Income Tax Act, 1961
Pros Guaranteed additions and wide range of options for fund management.
Cons -
BIRLA SUNLIFE WEALTH ASSURE PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE WEALTH ASSURE PLAN Unit Linked A plan that enables your wealth to grow steadily over time providing you a secure financial future to meet your needs at different stages of life brochure
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Suitability For young and middle aged individuals looking for insurance and investment in one plan
Min Age 8 years
Max Age 65 years
Min Premium Rs. 100000
Min Term 10 years
Max Term 30 years
Min Sum Assured -
Max Sum Assured -
Maturity Benefit Fund Value
Death Benefit Basic Sum Assured plus Fund Value
Riders Available
Premium Payment Options Annual/Monthly
Investment Options 3 Investment Options
Surrender Facility Available
Loan on Policy -
Partial Withdrawal Available
Tax Benefit on Investment Available under section 80C(subject to conditions)
Taxation on Income Taxfree under section 10(10D) (subject to conditions)
Pros Guaranteed Additions, Sum Assured plus Fund Value as Death Benefit, Wide choice of Investment Options
Cons Minimum premium to invest is 1 Lac
BIRLA SUNLIFE WEALTH MAX PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE WEALTH MAX PLAN Unit Linked A single pay unit linked plan that allows you to choose how your money is invested in 13 different funds brochure
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Suitability For businessmen, individuals who wish to invest lumpsum without future payment liability
Min Age 3 years
Max Age 60 years
Min Premium Rs. 5 Lacs for 7 year term, 1 Lac for 10 & 15 yr term
Min Term 7 years
Max Term 15 years
Min Sum Assured -
Max Sum Assured -
Maturity Benefit Fund Value
Death Benefit Sum Assured or Fund Value, whichever is higher
Riders Not Available
Premium Payment Options Single Premium
Investment Options 13 Investment Options
Surrender Facility Available
Loan on Policy Not Available
Partial Withdrawal Available after 5 policy years
Tax Benefit on Investment As per chosen plan
Taxation on Income As per chosen plan
Pros Single Premium Plan, 13 Fund options, Guaranteed Additions from 6th year onwards
Cons Limited flexibility of chossing policy term
BIRLA SUNLIFE WEALTH SECURE PLAN
PLAN NAME TYPE OBJECTIVE BROCHURE
BIRLA SUNLIFE WEALTH SECURE PLAN Unit Linked A plan that provides whole life coverage and long term savings growth brochure
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Suitability For individuals looking for regular pay policy and whole life risk cover
Min Age 1 years
Max Age 60 years
Min Premium Rs. 20000
Min Term -
Max Term -
Min Sum Assured -
Max Sum Assured -
Maturity Benefit Fund Value
Death Benefit Sum Assured or Fund Value, whichever is higher
Riders Available
Premium Payment Options Yearly/Half yearly/Quarterly/Monthly
Investment Options 3 Investment Options
Surrender Facility Available
Loan on Policy Not Available
Partial Withdrawal Available after 5 policy years
Tax Benefit on Investment Available under section 8C of Income Tax Act
Taxation on Income Tax free under section 10(10D)
Pros Limited Pay Term, Whole Life Cover, Guaranteed Additions
Cons -
Endowment Plan
LICS JEEVAN SHIKHAR

LIC’s JEEVAN SHIKHAR (UIN:512N305V01)

LIC’s Jeevan Shikhar is a participating, non-linked, saving cum protection single premium plan wherein the risk cover is ten times of Tabular Single Premium.

The proposer will have an option to choose the Maturity Sum Assured. The premium payable shall depend on the chosen amount of Maturity Sum Assured and age at entry of the life assured.

This plan also takes care of liquidity need through its loan facility.

The plan will be open for sale for a maximum period of 120 days from the date of launch.

1. BENEFITS :

a) Death Benefit:

On death during first five policy years:

Before the date of commencement of risk : Refund of Single Premium without interest.

Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.

After the date of commencement of risk : “Sum Assured on Death” equal to 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:

“Sum Assured on Death “equal to 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

b) Maturity Benefit:

On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

c) Loyalty Addition:

Depending upon the Corporation’s experience, the policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable on death or surrender, provided the policy has run for atleast five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.


1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:

a) Minimum Entry Age : 6 years (completed)

b) Maximum Entry Age : 45 years (nearer birthday)

c) Sum Assured on Death : 10 times of tabular single premium

d) Minimum Maturity Sum Assured : Rs. 100,000/-

e) Maximum Maturity Sum Assured : No Limit

(Maturity Sum Assured shall be in multiple of Rs. 20,000/- only.)

f) Policy Term : 15 years

g) Premium payment mode : Single premium only

Date of commencement of risk : In case the age at entry of the Life assured is less than 8 years, the risk under this plan will commence from one day before the policy anniversary coinciding with or immediately following the age of 8 years.

For those aged 8 years or more at entry, risk will commence immediately from the Date of issuance of policy.

2. SAMPLE PREMIUM RATES:

Specimen Tabular Single Premium rates for some of the ages per Rs.1000/- Maturity Sum Assured are as under:

Age at entry (Nearest Birthday) Tabular Single Premium Rates (Rs.)
10 398.55
20 410.25
30 425.80
40 514.80

Note: Tabular Single Premiums do not include any extra amount if charged under the policy due to underwriting decision or taxes and is before applying high Maturity Sum Assured rebate.

3. REBATE FOR HIGH MATURITY SUM ASSURED:

Maturity Sum Assured (M.S.A) Reduction in Tabular premium per Rs.1000/- Maturity Sum Assured
Below Rs.2,00,000 Nil
Rs.2,00,000 to Rs. 4,80,000 Rs. 15.00
Rs.5,00,000 and Rs. 9,80,000 Rs. 20.00
Rs.10,00,000 and above Rs. 25.00

4. LOAN:

Loan facility shall be available under the plan at any time during the policy term after. 3 months from the Date of issuance of policy or after expiry of the free-look period, whichever is later. Depending on the age at entry, the maximum loan that can be granted as a percentage of surrender value for different policy terms are as under:

Policy year Maximum Loan Amount as a % of surrender value for age at entry <=35 Maximum Loan Amount as a % of surrender value for age at entry >35 years.
* 3 month to 3rd 55% 35%
4th to 6th 65% 50%
7th to 9th 75% 70%
10th to 12th 80% 80%
13th to 15th 85% 85%

*3 month means loan can be availed after three months from Date of issuance of policy or after expiry of the Free-look period, whichever is later.

5. SURRENDER VALUE :

The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:

o First year: 70% of the Single Premium.

o Thereafter: 90% of the Single Premium.

Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.

The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

If the policy is surrendered after completion of five policy years applicable Loyalty Addition, if any, shall also be payable.

6. Tax:

Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on single premium including extra amount if charged under the policy due to underwriting decision, which shall be collected separately over and above in addition to the premium payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.

7. Free Look Period :

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of Total Premium paid (being sum of single premium and any extra amount if charged under the policy due to underwriting decision) after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.

8. Exclusions:

Suicide: The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of the risk, an amount which is higher of 90% of the Single Premium or Surrender Value shall be payable. The Corporation will not entertain any other claim under this policy.

This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years i.e. if age of the Life assured is below 8 years, refund of Single Premium without interest shall be payable.

Note: Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.

Benefit Illustration :

Statutory warning

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”

* Single Premium shown above is exclusive of service tax and extra amount if charged under the policy due to underwriting decision, if any.

Notes:

i) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

ii) Under Scenario 1 where interest rate earned by the Corporation is assumed to be 4%p.a. throughout the term, the projected Loyalty Addition is nil.

iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938:

The provision of Section 45 of the Insurance Act, 1938 shall be applicable as amended from time to time. The simplified version of this provision is as under:

Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 are as follows:

1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from

a. the date of issuance of policy or

b. the date of commencement of risk or

c. the date of revival of policy or

d. the date of rider to the policy

whichever is later.

2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from

a. the date of issuance of policy or

b. the date of commencement of risk or

c. the date of revival of policy or

d. the date of rider to the policy

whichever is later.

For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.

3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:

a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;

b. The active concealment of a fact by the insured having knowledge or belief of the fact;

c. Any other act fitted to deceive; and

d. Any such act or omission as the law specifically declares to be fraudulent.

4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.

5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.

6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.

7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.

8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.

9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.

[Disclaimer: This is not a comprehensive list of Section 45 of the Insurance Act, 1938, as amended by Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to the Insurance Laws (Amendment) Act, 2015, for complete and accurate details. ]

PROHIBITION OF REBATES SECTION 41 OF INSURANCE ACT, 1938 as amended by Insurance Law (Amendment) Act, 2015 :

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

Note : “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

LIC's JEEVAN LABH

LIC’s JEEVAN LABH(UIN: 512N304V01)

 Policy Document

LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

  1. Benefits:

Death benefit:

In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of “Sum Assured on Death“, vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit:

“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

  1. Optional Benefit:

The policyholder has an option of availing the following Rider benefit(s):

  1. i) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
  2. ii) LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider sum assured cannot exceed the basic sum assured.

For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.


  1. Eligibility Conditions and Other Restrictions :
  2. a) Minimum Basic Sum Assured :Rs. 2,00,000
  3. b) Maximum BasicSum Assured :No Limit

(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)

  1. c) Policy Term/Premium Paying Term : (16/10), (21/15)(25/16)years
  2. d) Minimum Age at entry :[8] years (completed)
  3. e) Maximum Age at entry:[59] years (nearest birthday) for Policy Term 16 years
[54] years (nearest birthday) for Policy Term 21 years &

[50] years (nearest birthday) for Policy Term 25 years

  1. f) Maximum Maturity Age : [75] years (nearest birthday)

2.    Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode during the Premium Paying Term of the policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode of premium payment.

3.    Sample Premium Rates:

Following are some of the sample annual tabular premium rates (in Rs.) (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

Age(in years) Policy Term/Premium Paying Term (in Years)
16 (10) 21 (15) 25 (16)
20 85.20 54.50 45.95
30 85.50 54.95 46.60
40 86.80 56.80 48.90
50 90.95 61.85 54.80

 

4.    Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode 2% of Tabular Premium

Half-yearly mode 1% of Tabular premium

Quarterly, Monthly & SSS – NIL

High Sum Assured Rebate:

Basic Sum Assured (B.S.A)Rebate (Rs.)

2,00,000 to 4,90,000 Nil

5,00,000 to 9,90,000 1.25%o B.S.A.

10,00,000 to 14,90,000 1.50%o B.S.A.

15,00,000 to and above 1.75%o B.S.A.

  1. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revivedwithin a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of a discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Life Assured.

Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation.

  1. Paid-up Value:

If after atleast three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy.

The Sum Assured on Death under a paid-up policy shall be reduced to such a sum called ‘Death Paid-up Sum Assured’ and shall be equal to [Sum Assured on Death * (number of premiums paid / number of premiums payable during the premium paying term)].

The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called ‘Maturity Paid-up Sum Assured‘ and shall be equal to [Sum Assured on Maturity * (number of premiums paid / number of premiums payable during the premium paying term)].

If a policy continues as a paid up policy the same shall not be entitled to participate in future profits. However, the vested simple reversionary bonuses, if any, shall remain attached to the reduced paid up policy.

Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

 

  1. Surrender Value:

The policy can be surrendered provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid. This percentage will depend on the policy term and policy year in which the policy is surrendered and are specified as below:

Premiums referred above shall not include any taxes, extra amount if charged under the policy due to underwriting decision and rider premium(s), if any.

In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered and are specified as below:

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

  1. Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions that the Corporation may specify from time to time.

  1. Taxes:

Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

 

The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

  1. Free-look period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty.

  1. Exclusion:

Suicide: – This policy shall be void

  1. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim except for 80% of the premiums paid, provided the policy is inforce.
  1. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, shall be payable. The Corporation will not entertain any other claim. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.

Premiums referred above shall not include any taxes, extra amount if charged under the policy due to underwriting decision and any rider premium(s) other than Term Assurance Rider.

 

BENEFIT ILLUSTRATION:

 

Statutory warning:

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Notes:

  1. i) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively.In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be.The Projected Investment Rate of Return is not guaranteed.
  2. ii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF THE INSURANCE ACT, 1938:

The provision of Section 45 of the Insurance Act, 1938 shall be applicable as amended from time to time. The simplified version of this provision is as under:

Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 are as follows:

  1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
  2. the date of issuance of policy or
  3. the date of commencement of risk or
  4. the date of revival of policy or
  5. the date of rider to the policy

whichever is later.

  1. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
  2. the date of issuance of policy or
  3. the date of commencement of risk or
  4. the date of revival of policy or
  5. the date of rider to the policy

whichever is later.

For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.

  1. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
  2. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
  3. The active concealment of a fact by the insured having knowledge or belief of the fact;
  4. Any other act fitted to deceive; and
  5. Any such act or omission as the law specifically declares to be fraudulent.
  1. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.
  1. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured /beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
  1. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.
  1. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.
  1. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.
  1. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.

[Disclaimer: This is not a comprehensive list of Section 45 of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to the Insurance Laws (Amendment) Act, 2015, for complete and accurate details.]

PROHIBITION OF REBATES SECTION 41 OF THE INSURANCE ACT, 1938 AS AMENDED BY INSURANCE LAWS (AMENDMENT) ACT, 2015:

 

1)    No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

2)    Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDAI clarifies to public thatIRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.IRDAI does not announce any bonus.Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
LIC'S SINGLE PREMIUM ENDOWMENT PLAN

LIC’s SINGLE PREMIUM ENDOWMENT PLAN (UIN: 512N283V01)

LIC’s Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.


Death Benefit:

a) On death during the policy term before the date of commencement of risk: Return of single premium excluding service tax and extra premium, if any, without interest.

b) On death during the policy term after the date of commencement of risk: Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Maturity Benefit:

Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Corporation from time to time.


Benefit Illustration

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of the corporation.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”
LIC’s Single Premium Endowment Plan
Single_Premium_Endowment_Plan_illustration_clip_image002
Notes :

  1. This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
  2. The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a.(Scenario 1) and 8% p.a. (Scenario 2) respectively.  In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.
  3. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938:

No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

SECTION 41 OF INSURANCE ACT, 1938:

  1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
  1. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Note : “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

LIC'S NEW ENDOWMENT PLAN

LIC’s NEW ENDOWMENT PLAN (UIN: 512N277V01)

LIC’s New Endowment Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

  1. Benefits:

Death benefit:
In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Where premiums exclude service tax, extra premium and rider premiums, if any.

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.

Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

  1. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider:  LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.


Benefit Illustration

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”
LIC’s New Endowment Plan
New_Endowment_Plan_benefits_clip_image002

Notes:

  1.  This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
  2. The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively.  In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.
  3. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938):

  1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
  1. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.
“Insurance is the subject matter of solicitation”


  1. Eligibility Conditions and Other Restrictions:

For Basic plan

  1. Minimum Basic Sum Assured                     :   Rs. 100,000
  2. Maximum Basic  Sum Assured                    :   No Limit

       (The Basic Sum Assured shall be in multiples of Rs. 5000/-)

  1. Minimum Age at entry                                :  8 years (completed)
  2. Maximum Age at entry                                :  55 years (nearest birthday)
  3. Maximum Maturity Age                              :  75 years (nearest birthday)
  4. Minimum Term                                              :  12 years
  5. Maximum Term                                             :  35 years

For LIC’s Accidental Death and Disability Benefit Rider

  1. Minimum Accident Benefit Sum Assured  :   Rs. 100,000
  2. Maximum Accident Benefit Sum Assured  :

An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

  1. Minimum Age at entry                                :  18 years (completed)
  2. Maximum Age at entry                                : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
  3. Maximum cover ceasing age                       :  70 years (nearest birthday)

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Sample Premium Rates:

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

AGE/TERM

15

25

35

20

71.20

40.10

28.10

30

71.50

40.75

29.40

40

72.85

43.25

33.15

50

77.10

49.40

Mode and High S.A. Rebates:

Mode Rebate:
Yearly mode                               –       2% of Tabular Premium
Half-yearly mode                       –       1% of Tabular premium
Quarterly & Salary deduction   –      NIL

High Sum Assured Rebate:
       Basic Sum Assured (B.S.A)                     Rebate (Rs.)
1, 00,000 to 1, 95,000             –           Nil
2, 00,000 to 4, 95,000             –           2.00 %o B.S.A.
5, 00,000 and above               –           3.00%o B.S.A.

  1. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revive within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

  1. Paid-up Value:

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).

This Paid-Up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses.

Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

  1. Surrender Value:

The policy can surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as below:
New_Endowment_Plan_eligibility_conditions_clip_image002

In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered and specified as below:
New_Endowment_Plan_eligibility_conditions_clip_image004

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

  1. Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

  1.  Taxes: 

        Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

      The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

  1. Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports if any and stamp duty.

  1. Exclusion:

Suicide: – This policy shall be void

  1. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.

If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

LIC'S NEW JEEVAN ANAND

LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:

Death benefit :

Provided all due premiums have been paid, the following death benefit shall be paid:

On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.

On death of policyholder at any time after policy term: Basic Sum Assured

Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.

Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.

2. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.


Benefit Illustration

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Notes:

i) This illustration is applicable to a standard (from medical, life style and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the policy term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938 :

No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938 ) :

1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

Note : “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

“Insurance is the subject matter of solicitation”


1. Eligibility Conditions and Other Restriction :

For Basic plan

a) Minimum Basic Sum Assured : Rs. 100,000

b) Maximum Basic Sum Assured : No Limit

(The Basic Sum Assured shall be in multiples of Rs. 5000/-)

c) Minimum Age at entry : 18 years (completed)

d) Maximum Age at entry : 50 years (nearest birthday)

e) Maximum Maturity Age : 75 years (nearest birthday)

f) Minimum Policy Term : 15 years

g) Maximum Policy Term : 35 years

For LIC’s Accidental Death and Disability Benefit Rider

a) Minimum Accident Benefit Sum Assured : Rs. 100,000

b) Maximum Accident Benefit Sum Assured :

An amount equal to the Basic Sum assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

c) Minimum Age at entry : 18 years (completed)

d) Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.

e) Maximum cover ceasing age : 70 years (nearest birthday) or till the end of the Policy

Term, whichever is earlier.

2. Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (through ECS only or through salary deductions) over the Policy Term.

However, a grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

3. Sample Premium Rates:

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

Policy Term (in years)

Age (in years)

15

25

35

20

79.05

44.30

29.95

30

82.45

46.75

32.30

40

88.20

51.40

37.10

50

97.70

59.65

4. Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode – 2% of Tabular Premium

Half-yearly mode – 1% of Tabular premium

Quarterly & Monthly mode – NIL

High Sum Assured Rebate:

Basic Sum Assured (B.S.A) Rebate (Rs.)

1, 00,000 to 1, 95,000 – Nil

2, 00,000 to 4, 95,000 – 1.50%o B.S.A.

5, 00,000 and 9, 95,000 – 2.50%o B.S.A.

10, 00,000 and above – 3.00%o B.S.A.

5. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time, subject to submission of satisfactory evidence of continued insurability.

The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.

Revival of rider(s), if opted for, will be considered along with revival of the basic policy and not in isolation.

6. Paid-up Value :

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured *(number of premiums paid / number of premiums payable).

This Paid-up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses. In case of death after the policy term Paid-up Sum Assured will be paid.

Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

7. Surrender Value:

The policy can be surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as below:

new_jeevan_anand_illustration_002

In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered and specified as below:

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

8. Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.

9. Taxes:

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

10. Cooling-off period :

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty.

11. Exclusion:

Suicide: – This policy shall be void

i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.

ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

LIC'S JEEVAN RAKSHAK

LIC’s Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

  • Benefits:

Death benefit:
In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of

  • Basic Sum Assured or
  • 10 times of annualized premium or
  • 105% of all the premiums paid as on date of death.

The premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.

In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.

Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.

  • Optional Benefit:

LIC’s Accident Benefit Rider:  Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan


Benefit Illustration

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”

Notes:

  •  This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
  • The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively.  In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.
  • The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938):

  • No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
  • Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.s

Eligibility Conditions and Other Restrictions:

For Basic plan
(This plan is only available for standard healthy lives without undergoing any medical examination)

  1. Minimum Basic Sum Assured per life*        :   Rs. 75,000
  2. Maximum Basic Sum Assured per life*       :   Rs. 200,000

       (The Basic Sum Assured shall be in multiples of Rs. 5000/-)

  1. Minimum Age at entry                                  :  8 years (completed)
  2. Maximum Age at entry                                 :  55 years (nearest birthday)
  3. Minimum Policy Term                                   :  10 years
  4. Maximum Policy Term                                  :  20 years
  5. Maximum Age at Maturity                            :  70 years (nearest birthday)

* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 2 lakh.

For LIC’s Accident Benefit Rider

  1. Minimum Accident Benefit Sum Assured    : Rs. 75,000
  1. Maximum Accident Benefit Sum Assured   : An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

      The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000.

  1. Minimum Entry Age                           : 18 years (completed)
  2. Maximum Entry Age                          : The cover can be opted for at any policy anniversary during the policy term
  3. Maximum Cover Ceasing Age            : Same as under the Basic Plan.

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.

However, a grace period of one month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Sample Premium Rates:

Following are some of the sample tabular annual premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

AGE/TERM

10

15

20

10

85.90

51.70

35.20

20

86.25

52.05

35.55

30

86.45

52.35

35.95

40

87.35

53.70

37.80

50

90.65

57.80

42.70

Mode and High Basic Sum Assured Rebates:

Mode Rebate:
Yearly mode                                                       –       2% of Tabular Premium
Half-yearly mode                                                –       1% of Tabular premium
Quarterly, Monthly (ECS) & Salary deduction  –       NIL

High Basic Sum Assured Rebate:
            Basic Sum Assured                        Rebate (Rs.)
75,000 to 1,45,000                  –           Nil
1,50,000 and above                 –           1.50%o SA

  1. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.

Revival of Accident Benefit rider, if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

  1. Paid-up Value:

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the no. of premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).

This Paid-Up Sum Assured is payable on expiry of the policy term or on Life Assured’s prior death.

Accident Benefit Rider does not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

  1. Surrender Value:

The policy can be surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for Accident Benefit rider, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as below:

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

  1. Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

  1.  Taxes: 

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

  1. Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objection. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and Accident Benefit rider, if any) for the period on cover and stamp duty charges.

  1. Exclusion:

Suicide: – This policy shall be void

  1. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and Accident Benefit rider premium, if any, provided the policy is inforce.

If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and Accident Benefit rider premium, if any,) or the surrender value, shall be payable. The Corporation will not entertain any other claim under this policy.

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