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 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 Bima Jyoti Yojna

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

LIC’s Bima Jyoti is a Non-Linked, Non-Participating, Individual, Life Assurance Savings Plan which offers an attractive combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term and guaranteed lumpsum payment to the surviving policyholder at the time of maturity. This plan also takes care of liquidity needs through loan facility.

Death Benefit-

On death during the policy term before the date of commencement of risk-

Return of premiums paid excluding taxes, extra premium and rider premium(s), if any.

On death during the policy term after the date of commencement of risk-

“Sum Assured on Death” and Accrued Guaranteed Additions. Where “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium

Death Benefit as mentioned in A(ii) above shall not be less than 105% of the total Premiums paid (excluding any extra premium, any rider premium(s) and taxes) up to 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 Guaranteed Additions, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Guaranteed Additions-

Provided the policy is in-force by payment of due premiums, Guaranteed Additions at the rate of Rs. 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year. In case of death under in-force policy, the Guaranteed Addition in the year of death shall be for full policy year. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.

In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

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

Date of vesting-

If the policy is issued on the life of a minor, the policy shall automatically vest on 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 five 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 and/or the remaining three riders.

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

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.

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 the premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived, but 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 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 a discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

The rate of interest applicable for revival under this plan for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec Rate as p.a. compounding half-yearly as at the last trading day of previous financial year plus 300 basis points. For the 12 months’ period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly.

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 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 this 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 rate of loan interest applicable for full loan term, for the loan to be availed under this product for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec Rate p.a. compounding half-yearly as at the last trading date of previous financial year plus 300 basis points. For loan sanctioned during 12 months period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan.

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

 LIC Bachat Plus

LIC’s Bachat Plus is a Non-Linked, Participating, Individual, Life Assurance, Savings plan which offers a combination of protection and savings. This 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. Proposer can choose to pay the premium either as Lumpsum (Single Premium) or for a Limited period of 5 years.

Death Benefit-

The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Single Premium and Limited Premium payment.

The options should be chosen carefully depending on the individual’s specific needs as the premium and benefits under the plan shall vary as per the option chosen and the same shall not be altered later.

The availability of above Options shall be subject to eligibility conditions as mentioned in Para 2 below.

Note: In the above mentioned table

1. “Tabular Premium” shall be the premium as applicable for Single Premium or Limited Premium for the chosen option and Basic Sum Assured based on the age of the Life Assured before allowing for any rebate or extra loadings. It does not include any taxes and Rider Premium, if any.
2. “Basic Sum assured” is the guaranteed amount that is payable on maturity.
3. “Modal Loadings” is an addition to the tabular premium where the premiums are paid more frequently than annually (i.e half-yearly or quarterly or monthly).

Death benefit payable in case of 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 during first five policy years-

Before the date of commencement of risk-

Refund of premium(s) paid without interest shall be payable. The premium(s) referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

On or after the date of commencement of risk- 

“Sum Assured on Death” shall be payable.

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

“Sum Assured on Death” along with Loyalty Addition, if any, shall be payable.

“Sum Assured on Death” shall be as per the Option selected as detailed in the Table above.

The death benefit under Limited Premium payment shall not be less than 105% of all the premiums paid as on the date of death excluding taxes, extra premium and rider premium, if any.

Maturity Benefit-

On Life Assured surviving the stipulated Date of Maturity, provided 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 all due premiums 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.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, under both single premium policy and limited premium payment policy, provided the policy has completed five policy years and all premiums due under the policy have been paid.

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 2 years from the date of commencement of the policy or from 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 at entry, risk will commence immediately from the date of acceptance of the risk i.e. from the Date of issuance of policy.

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.

Available Riders-

The following two optional riders are available under this plan by payment of additional premium at inception only.

• Accidental Death and Disability Benefit Rider
• New Term Assurance Rider

Payment of Premiums-

Premiums can be paid either in lumpsum or regularly during the Premium Paying Term at yearly, half-yearly, quarterly or monthly mode (through NACH only) or through salary deductions (SSS).

Grace Period-

Single Premium-

Not Applicable.

Limited Premium-

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.

Sample Illustrative Premium-

Single Premium-

The sample illustrative single premiums for Basic Sum Assured of ₹1 lakh for Standard lives are as under-

Limited Premium-

The sample illustrative annual premiums for Basic Sum Assured of ₹1 lakh for Standard lives are as under

Modal Loading under Limited Premium-

Following Modal loading is applicable for Limited Premium Payment

High Basic Sum Assured Rebate-

Revival-

If the premium is not paid before the expiry of the days of grace, then the policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but 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/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 a discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

The rate of interest applicable for revival under this plan for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec Rate as p.a. compounding half-yearly as at the last trading day of previous financial year plus 300 basis points. For the 12 months’ period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly.

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

Policy Loan-

Under Single Premium-

Loan can be availed under this plan at any time during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later subject to the terms and conditions as the Corporation may specify from time to time. The maximum loan that can be granted shall be 90% of the surrender value.

Under Limited Premium-

Loan shall be available 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 – 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 rate of loan interest applicable for full loan term, for the loan to be availed under this product for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec Rate p.a. compounding half-yearly as at the last trading date of previous financial year plus 300 basis points. For loan sanctioned during 12 months period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan.

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

 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.