LIC Jeevan Umang

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

LIC's Jeevan Umang is a non-linked, Participating, individual, whole life assurance plan which offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.

In addition, this plan also takes care of liquidity needs through loan facility.

Death Benefit-

On death of the Life Assured before the stipulated Date of maturity provided the policy is in-force then-

On death before the Date of commencement of Risk-

An amount equal to the total amount of premiums paid without interest 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 the sum of “Sum Assured on Death”, vested Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable.

Where “Sum Assured on Death” is higher of 7 times of Annualized Premium or Basic Sum Assured.

This death benefit shall not be less than 105% of the total premiums paid (excluding taxes, Extra Premium and Rider(s) premiums, if any), up to the date of death.

Survival Benefit-

On the life assured surviving to the end of the premium paying term, provided the policy is in-force , a survival benefit equal to 8% of Basic Sum Assured shall be payable each year. The first survival benefit payment is payable at the end of premium paying term and thereafter on completion of each subsequent year till the Life Assured survives or till the policy anniversary prior to the date of maturity, whichever is earlier.

Maturity Benefit-

On the Life Assured surviving to 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.

Participation in profits- 

Depending upon the Corporation’s experience with regard to policies issued under this plan, the policy shall participate in profits during the policy term.

Profit distribution during premium paying term-

Policies will be eligible for Simple Reversionary Bonus during premium paying term at such rate and on such terms as may be declared by the Corporation. These Reversionary Bonuses shall be declared annually on the Basic Sum Assured at the end of each financial year provided the policy is in-force.

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

Final Additional Bonus may also be declared under an in-force policy in the year when such policy results into a claim by death.

Final Additional Bonus shall not be payable under paid-up policy or on surrender of a policy during the premium paying term.

Profit distribution after premium paying term (applicable only for fully paid-up policies or for paid-up policies with Maturity Paid-up Sum Assured of ₹ 2 lakhs or more)-

Under a fully paid-up policy (where all premiums payable during the term of the policy stand paid) or in a paid-up policy with Maturity Paid-up Sum Assured of ₹ 2 lakhs or more, the terms for participation of profits after the premium paying term may be in a different form and on a differential scale depending on the Corporation’s experience under this plan at that time.

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

Under a paid-up policy with Maturity Paid-up Sum Assured of less than ₹ 2 lakhs, the policy shall not participate in any future profits.

Eligibility Conditions and Other Restrictions-

Date of Commencement of Risk-

If 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 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 at entry, risk will commence immediately from the date of issuance of 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.

Rider Benefits-

The following five riders are available under this policy-

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

However, the eligible Life Assured can opt between either of the Accidental Death and Disability Rider or 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 as well as the rider 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.

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.

Premium Waiver Benefit Rider-

Under an in-force policy, this rider can be opted for on the life of Proposer of the 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 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 not exceed (25 minus age of the minor Life Assured at the time of opting this rider).

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 premiums the policy would become paid-up.

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

Payment of Premiums-

The policyholder has to pay the Premium on the due dates during the premium paying term as specified in the Schedule of this Policy Document along with applicable taxes, if any, from time to time.

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-

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. 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.

If revival period falls beyond the premium paying term and the policy is revived after the due date of survival benefit(s), then-

1. the unpaid survival benefit(s) (applicable in case of paid-up policy wherein the Maturity Paid-up Sum Assured is less than 2 lakhs) or
2. the difference between Survival benefits on full Basic Sum Assured and Survival benefits on Maturity Paid-up Sum Assured (applicable in case of paid-up policy wherein the Maturity Paid-up Sum Assured equal to or greater than 2 lakhs) shall be paid to the policy holder.

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. If loan is availed during the premium paying term-
• The maximum loan as a percentage of surrender value shall be as under:
1. For in-force policies – up to 90%
2. For paid-up policies – up to 80%
• If loan is availed after the premium paying term: The maximum permissible amount of new loan (where no previous loan taken earlier is outstanding) for policies which are entitled for survival benefits shall be arrived at in such a way that the effective annual interest amount payable on loan does not exceed 50% of the annual survival benefit payable under the policy. 
• However, the Corporation reserves the right to determine the loan amount to be granted.
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. The Policy shall be assigned absolutely to and held by the Corporation as security for the repayment of Loan and of the interest thereon;
4. If loan is availed during the premium paying term: Interest on Loan during the premium paying term 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.
5. In case if the loan is not repaid during the premium paying term and if there is default in the interest payment, then due Interest on the loan shall be recovered from survival benefits due or any other amount payable under the policy;
6. If loan is availed after the premium paying term: Interest on the loan shall be recovered from the survival benefits and at the rate which shall be specified by the Corporation when the loan is made;
7. In the event of default in payment of loan interest on the due date as herein mentioned above and when the outstanding loan amount 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 outstanding loan amount along with interest, if any ;
8. Corporation is entitled to recover or recall the amount of the Loan with all due interest by giving 3 months’ notice;
9. In case the policy shall mature or is surrendered or becomes a claim by death, the Corporation shall become entitled to deduct the amount of outstanding Loan, together with all interest from the policy moneys.

 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 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 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 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.

 LIC New Money Back Plan-20 years

LIC's New Money Back Plan-20 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 (i.e. all due premiums have been paid) 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 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, 20% of the Basic Sum Assured shall be payable at the end of each of 5th, 10th & 15th 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.

• 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 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.