LIC Aadhaar Shila Yojna

(A Non-Linked, Participating, Individual, Life Assurance Savings Plan)

LIC’s Aadhaar Shila is a Non-Linked, Participating, Individual, Life Assurance plan designed exclusively for female lives, 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.

In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.

Death Benefit-

Death benefit: payable On death of the Life Assured during the policy term provided the policy is in-force  (i.e. all due premiums have been paid) then On death during first five years “Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death” is defined as the higher of

• 7 times of annualized premium; or
• 110% of Basic Sum Assured.

The death benefit shall not be less than 105% of total premiums paid up to the date of death.

Premiums referred above shall not include any taxes, extra premium and rider premium, if any.

Maturity Benefit-

On Life assured surviving to the end of the policy term, provided all due premiums have been paid (i.e. the policy is in-force) , “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Loyalty Addition-

Provided the policy has completed five policy years and at least 5 full years premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in-force.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and at least 5 full years’ premium have been paid.

Eligibility Conditions and Other Restrictions-

The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed ₹3 lakh.

Date of commencement of risk-

Under this plan the risk will commence immediately from the date of acceptance of the risk.

Date of vesting under the plan-

The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Rider Benefits-

The policyholder has an option of availing LIC’s Accident Benefit Rider under this plan at any time under an in-force policy within the policy term of the Base plan provided the outstanding policy term of the base plan is at least 5 years. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum.

The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

Payment of Premiums-

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

Grace Period-

A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of first unpaid premium. During this period the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premium which is payable along with premium for base policy.

Rebates-

Revival-

If premiums are not paid within the grace period then the policy will lapse. A lapsed policycan be revived within a period of 5 consecutive years from the date of first unpaid premium but before the date of Maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured.

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 discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

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

The Revival Period and Auto Cover Period (as mentioned in Para 9 below) shall run concurrently i.e. Auto Cover period does not extend period of revival.

Paid-up Policy-

If less than two years’ premiums have been paid and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable.

If, after at least two full years’ premiums have been paid and any subsequent premiums be

not duly paid, the policy shall not be void but shall continue as a paid-up policy till the end of the policy term. However, if at least three full year’s premiums have been and any subsequent premiums be not duly paid, under such policies Auto Cover Period as mentioned below shall be applicable.

Auto Cover Period-

“Auto Cover Period” under a paid-up policy shall be the period from due date of first unpaid premium (FUP). The duration of Auto Cover Period shall be as under-

• If at least three full years’ but less than five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be available.

• If at least five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid- Auto Cover Period of two years shall be available.

The benefits payable under a paid-up policy during Auto Cover Period shall be as follows-

On death-

Death benefit, as payable under an in-force policy, shall be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon up to the date of death, and (b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.

On maturity-

The Sum Assured on Maturity under 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 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

The benefits payable under a paid-up policy before the start of Auto Cover Period and after the expiry of Auto Cover Period shall be as follows.

On death-

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 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [Sum Assured on Death* (Number of premiums paid / Total number of premiums payable)]. In addition to the Death Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on death after the expiry of Auto Cover Period.

On maturity-

The Sum Assured on Maturity under 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 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)].In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

Under a Paid-up policy, Loyalty Addition , if any, shall be payable for the completed policy years for which the policy was in-force, provided the premium have been paid for at least 5 full years and after completion of 5 policy years.

 LIC Aadhaar Stambh Yojna

(A Non-Linked, Participating, Individual, Life Assurance Savings Plan)

LIC’s Aadhaar Stambh is a Non-Linked, Participating, Individual, Life Assurance plan designed exclusively for male lives, 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.

In addition, this plan also takes care of liquidity needs through its Auto Cover as well as loan facility.

Death Benefit-

Death benefit payable On death of the Life Assured during the policy term provided policy is in-force (i.e. all due premiums have been paid) then-

On death during first five years: “Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the date of maturity: “Sum Assured on Death” and Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Death” is defined as the higher of

• 7 times of annualized premium; or
• 100% of Basic Sum Assured

The death benefit shall not be less than 105% of total premiums paid up to the date of death.

Premiums referred above shall not include any taxes, extra premium and rider premium, if any.

Maturity Benefit-

On Life assured surviving to the end of the policy term, provided all due premiums have been paid (i.e. the policy is in–force), “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable.

Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Loyalty Addition-

Provided the policy has completed five policy years and atleast 5 full years’ premium have been paid, then depending upon the Corporation’s experience the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation. Under a paid-up policy, Loyalty Addition shall be payable for the completed policy years for which the policy was in-force.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, provided the policy has completed five policy years and at least 5 full years’ premium have been paid.

Eligibility Conditions and Other Restrictions-

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

Date of commencement of Risk-

Under this plan the risk will commence immediately from the date of acceptance of the risk.

Date of Vesting under the Plan-

If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed ₹ 3 lakh.

Rider Benefits-

The policyholder has an option of availing LIC’s Accident Benefit Rider under this plan at any time under an in-force policy within the policy term of the Base plan provided the outstanding policy term of the base plan is at least 5 years. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum.

The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

Payment of Premiums-

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

Grace Period-

A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of first unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy.If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premium which is payable along with premium for base policy.

Rebates-

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 5 consecutive years from the date of first unpaid premium but before the date of Maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured.

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 discontinued policy shall take effect only after the same is approved accepted and revival receipt is issued by the Corporation.

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

The Revival Period and Auto Cover Period (as mentioned in para 8 below) shall run concurrently i.e. Auto Cover period does not extend period of revival.

Paid-up Policy-

If less than two years’ premiums have been paid and any subsequent premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable.

If, after at least two full years’ premiums have been paid and any subsequent premiums be

not duly paid, the policy shall not be void but shall continue as a paid-up policy till the end of the policy term. However, if at least three full year’s premiums have been and any subsequent premiums be not duly paid, under such policies Auto Cover Period as mentioned below shall be applicable.

Auto Cover Period-

“Auto Cover Period” under a paid-up policy shall be the period from due date of first unpaid premium (FUP). The duration of Auto Cover Period shall be as under-

• If at least three full years’ but less than five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid: Auto Cover Period of six months shall be available.

• If at least five full years’ premiums have been paid under a policy and any subsequent premium is not duly paid- Auto Cover Period of two years shall be available.

The benefits payable under a paid-up policy during Auto Cover Period shall be as follows-

On death-

Death benefit, as payable under an in-force policy, shall be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon up to the date of death, and (b) the balance premium(s) for the base policy falling due from the date of death and before the next policy anniversary, if any.

On maturity-

The Sum Assured on Maturity under 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 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)]. In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

The benefits payable under a paid-up policy before the start of Auto Cover Period and after the expiry of Auto Cover Period shall be as follows.

On death-

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 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [Sum Assured on Death* (Number of premiums paid / Total number of premiums payable)]. In addition to the Death Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on death after the expiry of Auto Cover Period.

On maturity-

The Sum Assured on Maturity under 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 multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable i.e. [(Number of premiums paid / Total Number of premiums payable) x (Sum Assured on Maturity)].In addition to the Maturity Paid-up Sum Assured, Loyalty Addition, if any, shall also be payable on maturity.

Under a Paid-up policy, Loyalty Addition , if any, shall be payable for the completed policy years for which the policy was in-force, provided the premium have been paid for at least 5 full years and after completion of 5 policy years.

 LIC Jeevan Labh Yojna (Plan No. 936)

(A Non- Linked, Participating, Individual Life Assurance Savings Plan)

LIC's Jeevan Labh is an unconnected, participating, individual, life insurance savings plan. It offers an attractive combination of savings and safety features. The plan provides financial support for the family of the deceased policyholder in case of unfortunate death of the policyholder before maturity and a lump sum amount on maturity for the survival of the policyholder. The scheme also meets the liquidity requirements through its loan facility.

Death Benefit-

Death benefit payable in case of death of the Life Assured before the stipulated Date of Maturity provided the policy is in-force, shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium.

This Death Benefit shall not be less than 105% of the total Premiums paid (excluding any extra premium, any rider premium and taxes) upto the date of death.

Maturity Benefit-

On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Eligibility Conditions And Other Restrictions-

Rider Benefits-

The following five riders are available under this policy-

• Accidental Death and Disability Benefit Rider
• LIC’s New Term Assurance Rider
• LIC’s Accident Benefit Rider 
• New Critical Illness Benefit Rider 
• Premium Waiver Benefit Rider

However, the eligible Life Assured can opt between either of the LIC’s Accidental Death and Disability Rider or LIC’s Accident Benefit Rider.

Accidental Death and Disability Benefit Rider / Accident Benefit Rider-

Under an in-force policy either of these riders can be opted for at any time within the Premium Paying Term of the Base Policy provided, the outstanding Premium Paying Term of the Base Policy is at least five years. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request.

Premium Waiver Benefit Rider-

Under an in-force policy, this Rider can be opted for on the life of Proposer of policy ( as the Life Assured is minor) at any time coinciding with the Policy Anniversary but within the Premium Paying Term of the Base Policy provided, the outstanding premium paying term of the Base Policy and rider is at least five years. Further this rider shall only be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be outstanding premium paying term of Base policy as on date of opting this rider or (25 minus age of the minor Life Assured at the time of opting this rider), whichever is lower.

If this rider is opted for, on death of proposer, payment of premiums in respect of Base Policy falling due after the date of death till the expiry of Rider Term shall be waived. However, in such case, if the Premium Paying Term of the Base Policy exceeds the rider term , all the further premiums due under the Base Policy from the date of expiry of this Premium Waiver Benefit Rider Term shall be payable by the Life Assured. On non- payment of such premium the policy would become paid-up.

New Term Assurance Rider/New Critical Illness Benefit Rider-

These riders are available only at the inception of the policy on payment of additional premium.

Conditions of rider(s), if opted, are enclosed as endorsement to this policy.

Vesting of Policy on the Life of a Minor-

If the Life Assured is alive on the Date of Vesting and if a request in writing for surrendering the policy has not been received by Corporation before such Date of Vesting from the person entitled to the policy moneys, this policy shall automatically vest in the Life Assured on such date of vesting.

Participation in Profits-

Provided the policy is in-force, depending upon the Corporation’s experience the policy shall participate in profits in accordance with the applicable provisions of LIC Act, 1956, as amended from time to time and shall be eligible for a Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation.

Simple Reversionary Bonuses shall be declared annually at the end of each financial year provided the policy is in-force. Once declared, they form part of the guaranteed benefit of the plan. Simple Reversionary Bonuses will be added from the date of commencement of policy until the selected policy term or till death, if it occurs earlier.

In case the premiums are not duly paid, the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value.

In the event of policy being surrendered, the Surrender Value of vested bonuses, if any, as applicable on the date of surrender, will be payable as specified in Condition 4 of Part D of this Policy Document.

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.

Final Additional Bonus shall not be payable under paid up policies.

Payment of Premiums-

1. The policyholder has to pay the Premium on the due dates as specified in the Schedule of this Policy Document along with applicable taxes, if any from time to time.
2. In case of death of Life Assured under an in-force policy wherein all the premiums due till the date of death have been paid and where the mode of payment of premium is other than yearly, balance premium(s), if any, falling due from the date of death and before the next policy anniversary shall be deducted from the claim amount.

The Corporation does not have any obligation to issue a notice that premium is due or for the amount that is due.

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium as also the balance premium (s), if any, falling due from the date of death and before the next policy anniversary.

The above grace period will also apply to rider premiums which are payable along with premium for base policy.

Rebates-

Revival of Lapsed Policies-

An Insurance Policy would lapse on non payment of due premium within the days of grace. A policy in lapsed condition may be revived during the life time of the Life Assured, but within the Revival period and before the Date of Maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for) on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer.

The Corporation however, reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

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

Policy Loan-

Loan shall be available under the Policy subject to the following terms and conditions, within the surrender value of the policy for such amounts and on such further terms and conditions as the Corporation may fix from time to time-

1. Loan can be availed provided at least two full years’ premiums have been paid.
2. The maximum Loan that can be granted shall be as under
• For in-force policies : upto 90% of Surrender Value
• For paid-up policies : upto 80% of Surrender Value
3. The loan during the minority of Life Assured can be availed by the Proposer provided the loan is raised for the benefit of the minor Life Assured.
4. The Policy shall be assigned absolutely to and held by the Corporation as security for the repayment of Loan and of the interest thereon.
5. Interest on Loan shall be paid on compounding half-yearly basis to the Corporation at the rate to be specified by the Corporation at the time of taking loan under this policy. The applicable interest rate shall be based on the method approved by IRDAI. The first payment of interest is to be made on the next Policy anniversary or on the date six months before the next Policy anniversary whichever immediately follows the date on which the Loan is sanctioned and every half year thereafter.
6. In the event of default in payment of loan interest on the due dates as herein above mentioned above, and when the outstanding loan along with interest is to exceed the surrender value, the Corporation would be entitled to foreclose such policies. Such policies when being foreclosed shall be entitled to payment of the difference of surrender value and the loan outstanding amount along with interest, if any.
7. In case the policy shall mature or surrendered or become a claim by death, the Corporation shall become entitled to deduct the amount of the Loan or any portion thereof which is outstanding, together with all interest from the policy moneys.
8. Corporation is entitled to recover or recall the amount of the Loan with all due interest by giving 3 month notice.

 LIC Jeevan Tarun Yojana (Plan No. 934)

LIC’s JEEVAN TARUN is a Non-linked, Participating, Individual, Life Assurance savings plan for children which offers an attractive combination of protection and saving features. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, payable on maturity.

The chosen option shall become a part of the policy contract and no further change in option shall be allowed. In addition, this plan also takes care of liquidity needs through its loan facility.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Death Benefit-

On death of the Life Assured during the policy term provided the policy is in-force i. e. all due premiums have been paid shall be as under-

On death before the date of commencement of risk-

Refund of premium(s) paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death after the date of commencement of risk-

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 7 times of annualized premium or 125% of Sum Assured.

This Death Benefit shall not be less than 105% of the total premiums paid upto date of death. The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival Benefit-

A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below-

Policyholder has to opt for any one of the options above at the proposal stage only.

Maturity Benefit-

On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where Sum Assured on Maturity as a fixed percentage of Sum Assured for various Options is as below

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-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. Final Additional Bonus shall not be payable under paid-up policies.

The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Eligibility Conditions and Other Restrictions-

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 either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately from the date of issuance of policy.

Date of vesting-

If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

LIC’s Premium Waiver Benefit Rider-

Under an in-force policy, this rider can be opted for on the life of Proposer of the policy, at any time coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and the rider is at least five years. Further, this rider shall be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be either outstanding Premium Paying Term of the Base plan or (25 minus age of the minor Life Assured) at the time of opting this rider, whichever is lower. If the Rider term plus proposer’s age is more than 70 years, the Rider shall not be allowed.

If this rider is opted for, on death of proposer, payment of premiums in respect of base policy falling due after the date of death till the expiry of rider term shall be waived.

The premium for LIC’s Premium Waiver Benefit Rider shall not exceed 30% of premiums under the base plan.

Payment of Premiums-

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

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of first unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premiums which are payable along with premium for base policy.

Rebates-

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 5 consecutive years from the date of first unpaid premium. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for) on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer.

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 discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

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

Policy Loan-

Loan can be availed under the policy provided atleast two full years premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan as a percentage of Surrender Value shall be as under:

• For in-force policies – upto 90%
• For paid-up policies – upto 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI. Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

LIC's Jeevan Lakshya

(A Non-Linked, Participating, Individual, Life Assurance Savings Plan)

LIC’s Jeevan Lakshya is a Non-linked, Participating, Individual, Life Assurance plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

Death Benefit-

On death of the Life Assured during the policy term before the stipulated Date of Maturity provided the policy is in-force i.e. 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 higher of-

- 7 times of annualized premium or

- Sum of 110% of Basic Sum Assured, which shall be payable on date of maturity and Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of total premiums paid upto the date of death.

Premiums referred above exclude taxes, extra premium and rider premium(s), if any.

Maturity Benefit-

On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

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- force.

In case of death under a policy which is in-force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under in-force policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as in-force on death during the grace period.

Final Additional Bonus shall not be payable under reduced paid-up policies.

The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Eligibility Conditions and Other Restrictions-

Rider Benefits-

The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy.

• Accidental Death and Disability Benefit Rider
• Accident Benefit Rider
• New Term Assurance Rider
• New Critical Illness Benefit Rider

Payment of Premiums-

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

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of first unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premiums which are payable along with premium for base policy.

Rebates-

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 5 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured.

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, accepted and revival receipt is issued by the Corporation.

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

Policy Loan-

Loan can be availed under the policy provided atleast two full years premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan as a percentage of surrender value shall be as under:

• For in-force policies – 90%
• For paid-up policies – 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

In case of exit i.e. either by Surrender or Maturity, any loan outstanding along with interest shall be recovered from the claim proceeds. However, in case of death of the policyholder, until the loan is fully repaid, interest on such outstanding loan (principal amount with interest) as on the date of death shall be recovered from any immediate benefit(s) i.e. Rider Benefit(s) payable under the policy and Annual Income Benefits. The principal amount of loan outstanding shall be recovered from any rider benefit(s) if payable under the policy else from the final lumpsum payment.

 LIC New Children Money Back Policy

(A Non –Linked, Participating, Individual, Life Assurance Savings Plan)

LIC’s New Children’s Money Back Plan is a Non-linked ,Participating, Individual, Life Assurance money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified durations.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

Death Benefit-

On death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be as under-

On death before the date of commencement of risk-

An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any, shall be payable.

On death after the date of commencement of risk-

Death Benefit, defined as sum of “Sum Assured on Death” along with 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 7 times of annualized premium.

This death benefit shall not be less than 105% of the total premiums paid upto date of death.

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

Survival Benefit-

On the Life Assured surviving on each of the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in -force.

Maturity Benefit-

On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable; where Sum Assured on Maturity is equal to 40% of the Basic Sum Assured.

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 -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. Final Additional Bonus shall not be payable under paid-up policies.

The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Eligibility Conditions and Other Restrictions-

Date of commencement of risk under the plan-

In case the age at entry of the Life Assured is less than 8 years (last birthday), the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately from the date of issuance of policy.

Date of vesting under the plan-

The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Option to defer the Survival Benefit-

The policyholder will have option to take the Survival Benefit(s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due Survival Benefit (s) opted by the policyholder, the Corporation will pay increased Survival Benefit (s) equal to Survival Benefits % Sum Assured.

This option shall be required to be intimated in writing by the policyholder six months before the due date of the Survival Benefit to the servicing branch of policy.

LIC Premium Waiver Benefit Rider

Under an in-force policy, this rider can be opted for on the life of Proposer of the policy, at any time coinciding with the policy anniversary but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and the rider is at least five years. Further, this rider shall be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be (25 minus age of the minor Life Assured) at the time of opting this rider. If the Rider Term plus proposer’s age is more than 70 years, the rider shall not be allowed.

If this rider is opted for, on death of Proposer, payment of premiums in respect of base policy falling due on or after the date of death till the expiry of rider term shall be waived.

The premium for LIC’s Premium Waiver Benefit Rider shall not exceed 30% of premiums under the base plan.

Benefits arising under this Rider shall not exceed the Basic Sum Assured under the Base Plan.

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

Payment of Premiums-

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through NACH or through salary deduction (SSS) only) over the premium paying term of the policy.

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of first unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premiums which are payable along with premium for base policy.

Rebates-

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 5 consecutive years from the date of first unpaid premium . The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for) on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer.

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 discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

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

Policy Loan-

Loan can be availed under the policy provided, at least two full years premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as under-

• For in-force policies – upto 90%
• For paid-up policies – upto 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

 LIC New Money Back Policy for 25 years

LIC's New Money Back Plan-25 years is a Non-Linked Participating, Limited Premium, Individual, Life Assurance plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Death Benefit-

Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force shall be (i.e. all due premiums have been paid), “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid up to the date of death. 

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

Survival Benefits-

In case of Life Assured surviving to the end of the specified durations provided all due premiums have been paid, 15% of the Basic Sum Assured shall be payable at the end of each of 5th, 10th, 15th & 20th policy year.

Maturity Benefit-

On Life Assured surviving to the end of the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to 40% of the Basic Sum Assured.

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-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. Final Additional Bonus shall not be payable under paid-up policies.

The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Eligibility Conditions and Other Restrictions-

Date of commencement of risk under the plan-

Risk will commence immediately on acceptance of the risk.

Date of vesting under the plan-

If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Rider Benefits-

The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy.

1. Accidental Death and Disability Benefit Rider
2. Accident Benefit Rider
3. New Term Assurance Rider
4. New Critical Illness Benefit Rider

Payment of Premiums-

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

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

The above grace period will also apply to rider premiums which are payable along with premium for base policy.

Rebates-

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 5 consecutive years from the date of first unpaid premium but before the Date of Maturity. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer.

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 discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

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

Policy Loan-

Loan can be availed under the policy provided atleast two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as under:

• For in-force policies – up to 90%
• For paid-up policies – up to 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.