- Benefits payable under an inforce policy:
- Death benefit
- On death of the Life Assured during the policy term provided 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 highest of 10 times of annualized premium; or Sum Assured on Maturity as defined in 1. b); or Absolute amount assured to be paid on death, i.e. 110% of Basic Sum Assured. The death benefit shall not be less than 105% of all the premiums paid as on date of death.Premiums referred above shall not include any taxes, extra amount chargeable under the policydue to underwriting decision and rider premiums, if any.
- Survival Benefit :On the life assured surviving to the end of the premium paying term, provided all due premiums have been paid, 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 end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses (as mentioned in 2 below) and Final Additional bonus, if any, shall be payable.Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
- Death benefit
- 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.
During the premium paying term :
Policies shall be eligible to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during the premium paying term, provided the policy is in force.
Final Additional Bonus may also be declared under an inforce policy in the year when such policy results into a claim by death. However, Final Additional Bonus shall not be payable under paid-up policy or on surrender of a policy during the premium paying term.
In case the premiums are not duly paid, the policy shall cease to participate in future profits during premium paying term.
After the premium paying term (applicable only for fully paid-up policies or for paid-up policies with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more):
Under a fully paid-up policy (where all premiums payable during the term of the policy are paid) or in a paid-up policy with Maturity Paid-up Sum Assured of Rs. 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 the policy in the year when a policy results into a claim either by death or maturity. In addition, applicable Final Additional Bonus for surrendering policies, if any, shall also be included in Special Surrender Value calculation.
Under a paid-up policy with Maturity Paid-up Sum Assured of less than Rs. 2 lakhs, the policy shall not participate in future profits.
- Optional Benefit:
The policyholder has an option of availing following Rider benefit(s):
- LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01).
- LIC’s Accident Benefit Rider (UIN:512B203V02)
- LIC’s New Term Assurance Rider (UIN: 512B210V01)
- LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
Rider sum assured cannot exceed the Basic Sum Assured.
For more details on the above riders, refer to the rider brochure or contact LIC’s nearest Branch Office.
- Eligibility Conditions and Other Restriction :
|Minimum Basic Sum Assured||Rs. 2,00,000|
|Maximum Basic Sum Assured
(The Basic Sum Assured shall be in multiples of Rs. 25,000/-)
|Premium Paying Term||15, 20, 25 and 30 years)|
|Policy Term||(100 – age at entry) years|
|Minimum Age at entry||90 days (completed)|
|Maximum Age at entry||55 years (completed)|
|Minimum Age at the end of premium paying term||30 years (nearest birthday)|
|Maximum Age at the end of premium paying term||70 years (nearest birthday)|
|Age at maturity||100 years (nearest birthday)|
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 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.
Date of vesting under this plan: 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 Life Assured.