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.

1. Benefits:

• 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

  • 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 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.

2. Eligibility Conditions And Other Restrictions:

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 ₹ 5 lakh.

3. Available Options:

• Rider Benefits:

  The policyholder has an option of availing LIC’s Accident Benefit Rider under this plan at any time under an inforce policy within the policy term of the Base plan provided the outstanding policy term of the base plan is atleast 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 premium under this rider cannot exceed 100% of the premium under the Base plan. The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

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

• Settlement Option for Maturity Benefit:

  Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 years instead of lumpsum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lumpsum only.

  For all the instalment payment options commencing during the 12 months’ period from 1^st May to 30^th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than 5 year semi-annual G-Sec rate minus 2%; where, the 5 year semi-annual G-Sec rate shall be as at last trading day of previous financial year.

  Accordingly, for the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023, the applicable interest rate for the calculation of the instalment amount shall be 4.84% p.a. effective.

  For exercising the Settlement Option against Maturity Benefit, the Policyholder/Life Assured shall be required to exercise option for payment of net claim amount in instalments at least 3 months before the due date of maturity.

  The first payment will be made on the date of maturity and thereafter, based on the mode of instalment payment opted for by the policyholder, every month or three months or six months or annually from the date of maturity, as the case may be.

  After the commencement of Instalment payments under Settlement Option:

  • If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured. In such case, the lump sum amount which is higher of the following shall be paid and policy shall terminate.

    • discounted value of all the future instalments due; or

    • (the original amount for which settlement option was exercised) less (sum of total instalments already paid).

  • The applicable interest rate that will be used to discount the future instalment payments shall be annual effective rate not exceeding 5 year Semi-annual G-Sec rate p.a. ; where, the 5 year Semi-annual G-Sec rate shall be as at last trading day of previous financial year during which Settlement Option was commenced.

    Accordingly, for the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023, the maximum applicable interest rate used for discounting the future instalments shall be 6.33% p.a.

    After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration, whatsoever, shall be allowed to be made by the nominee.

• Option to take Death Benefit in Instalments:

  This is an option to receive death benefit in instalments over the chosen period of 5 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lumpsum only.

  For all the instalment payment options commencing during the 12 months’ period from 1^st May to 30^th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than 5 year semi-annual G-Sec rate minus 2%; where, the 5 year semi-annual G-Sec rate shall be as at last trading day of previous financial year.

  Accordingly, for the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023, the applicable interest rate for the calculation of the instalment amount shall be 4.84 % p.a. effective. For exercising option to take Death Benefit in instalments, the Policyholder during minority of the Life Assured or the Life Assured, if major, can exercise this option during his/her lifetime while in currency of the policy, specifying the period of Instalment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Policyholder/Life Assured and no alteration, whatsoever, shall be allowed to be made by the nominee.

4. 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.

5. 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.

6. Sample Illustrative Premium:

The sample illustrative annual premiums for Basic Sum Assured of ₹ 2 Lakh for Standard lives are as under:

The above premium is exclusive of taxes.

7. Rebates:

8. 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.

The rate of interest applicable for revival under this plan for every 12 months’ period from 1^st May to 30^th April shall not exceed 10 year G-Sec Rate p.a. compounding half-yearly as at the last trading day of previous financial year plus 3% or the yield earned on the Corporation’s Non-Linked Participating fund plus 1%, whichever is higher. For the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023 the applicable interest rate shall be 9.50% p.a. compounding half-yearly. The basis for determination of interest rate for policy revival are subject to change.

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.

9. 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 inforce policy, shall be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon upto 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 inforce, provided the premium have been paid for atleast 5 full years and after completion of 5 policy years.

    Rider shall not acquire any paid-up value and rider benefit cease to apply if policy is in lapsed condition.

10. Surrender:

The policy can be surrendered at any time provided premiums have been paid for atleast two consecutive years. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.

The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender Value payable during the policy term shall be equal to the total premiums paid (excluding extra premiums, taxes and premium for rider, if opted for) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid under the policy.

These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered.

11. Policy Loan:

Loan can be availed during the policy term 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 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 policy for every 12 months’ period from 1^st May to 30^th 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 3% or the yield earned on the Corporation’s Non-Linked Participating Fund plus 1%, whichever is higher. For loan sanctioned during 12 months’ period commencing from 1^st May, 2022 to 30th April, 2023 the applicable interest rate shall be 9.50% p.a. compounding half-yearly for entire term of the loan. The basis of determination of applicable loan interest for policy loan are subject to change.

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

• For inforce policies – upto 90%

• For paid-up policies – upto 80%

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

12. Taxes:

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

The amount of applicable taxes as per the prevailing rates, shall be payable by the policyholder on premiums payable for base policy and rider, if any including extra premiums, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Regarding, Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.

13. Free-Look Period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the policy bond, whichever is earlier, stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period of cover, charges for medical examination, special reports, if any and stamp duty charges.

14. Exclusion:

Suicide:

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the nominee or beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid, provided the policy is inforce.

• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the Surrender Value available as on date of death, shall be payable. The nominee or beneficiary shall not be entitled to any other claim under this policy.

  This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.

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

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.

1. Benefits:

• 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.

2. Eligibility Conditions And Other Restrictions:

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 ₹ 5 lakh.

3. Available Options:

• Rider Benefits:

  The policyholder has an option of availing LIC’s Accident Benefit Rider under this plan at any time under an inforce policy within the policy term of the Base plan provided the outstanding policy term of the base plan is atleast 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 premium under this rider cannot exceed 100% of the premium under the Base plan. The Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

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

• Settlement Option for Maturity Benefit:

  Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 years instead of lumpsum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lumpsum only.

  For all the instalment payment options commencing during the 12 months’ period from 1^st May to 30^th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than 5 year semi-annual G-Sec rate minus 2%; where, the 5 year semi-annual G-Sec rate shall be as at last trading day of previous financial year.

  Accordingly, for the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023, the applicable interest rate for the calculation of the instalment amount shall be 4.84% p.a. effective.

  For exercising the Settlement Option against Maturity Benefit, the Policyholder/Life Assured shall be required to exercise option for payment of net claim amount in instalments at least 3 months before the due date of maturity.

  The first payment will be made on the date of maturity and thereafter, based on the mode of instalment payment opted for by the policyholder, every month or three months or six months or annually from the date of maturity, as the case may be.

  After the commencement of Instalment payments under Settlement Option:

  • If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured. In such case, the lump sum amount which is higher of the following shall be paid and policy shall terminate.

    • discounted value of all the future instalments due; or

    • (the original amount for which settlement option was exercised) less (sum of total instalments already paid).

  • The applicable interest rate that will be used to discount the future instalment payments shall be annual effective rate not exceeding 5 year Semi-annual G-Sec rate p.a. ; where, the 5 year Semi-annual G-Sec rate shall be as at last trading day of previous financial year during which Settlement Option was commenced.

    Accordingly, for the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023, the maximum applicable interest rate used for discounting the future instalments shall be 6.33% p.a.

    After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration, whatsoever, shall be allowed to be made by the nominee.

• Option to take Death Benefit in Instalments:

  This is an option to receive death benefit in instalments over the chosen period of 5 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lumpsum only.

  For all the instalment payment options commencing during the 12 months’ period from 1^st May to 30^th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than 5 year semi-annual G-Sec rate minus 2%; where, the 5 year semi-annual G-Sec rate shall be as at last trading day of previous financial year.

  Accordingly, for the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023, the applicable interest rate for the calculation of the instalment amount shall be 4.84 % p.a. effective. For exercising option to take Death Benefit in instalments, the Policyholder during minority of the Life Assured or the Life Assured, if major, can exercise this option during his/her lifetime while in currency of the policy, specifying the period of Instalment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Policyholder/Life Assured and no alteration, whatsoever, shall be allowed to be made by the nominee.

4. 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.

5. 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.

6. Sample Illustrative Premium:

The sample illustrative annual premiums for Basic Sum Assured of ₹ 2 Lakh for Standard lives are as under:

The above premium is exclusive of taxes.

7. Rebates:

8. 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.

The rate of interest applicable for revival under this plan for every 12 months’ period from 1^st May to 30^th April shall not exceed 10 year G-Sec Rate p.a. compounding half-yearly as at the last trading day of previous financial year plus 3% or the yield earned on the Corporation’s Non-Linked Participating fund plus 1%, whichever is higher. For the 12 months’ period commencing from 1^st May, 2022 to 30^th April, 2023 the applicable interest rate shall be 9.50% p.a. compounding half-yearly. The basis for determination of interest rate for policy revival are subject to change.

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.

9. 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 inforce policy, shall be paid after deduction of (a) the unpaid premium(s) in respect of the base policy with interest thereon upto 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 inforce, provided the premium have been paid for atleast 5 full years and after completion of 5 policy years.

    Rider shall not acquire any paid-up value and rider benefit cease to apply if policy is in lapsed condition.

10. Surrender:

The policy can be surrendered at any time provided premiums have been paid for atleast two consecutive years. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.

The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender Value payable during the policy term shall be equal to the total premiums paid (excluding extra premiums, taxes and premium for rider, if opted for) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid under the policy.

These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered.

11. Policy Loan:

Loan can be availed during the policy term 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 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 policy for every 12 months’ period from 1^st May to 30^th 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 3% or the yield earned on the Corporation’s Non-Linked Participating Fund plus 1%, whichever is higher. For loan sanctioned during 12 months’ period commencing from 1^st May, 2022 to 30th April, 2023 the applicable interest rate shall be 9.50% p.a. compounding half-yearly for entire term of the loan. The basis of determination of applicable loan interest for policy loan are subject to change.

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

• For inforce policies – upto 90%

• For paid-up policies – upto 80%

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

12. Taxes:

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

The amount of applicable taxes as per the prevailing rates, shall be payable by the policyholder on premiums payable for base policy and rider, if any including extra premiums, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Regarding, Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.

13. Free-Look Period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the policy bond, whichever is earlier, stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for base plan and rider, if any) for the period of cover, charges for medical examination, special reports, if any and stamp duty charges.

14. Exclusion:

Suicide:

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the nominee or beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid, provided the policy is inforce.

• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the Surrender Value available as on date of death, shall be payable. The nominee or beneficiary shall not be entitled to any other claim under this policy.

  This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.

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

LIC's Jeevan Labh is a Non-Linked, Participating, Individual, Life Assurance saving plan which offers an attractive combination of protection and savings features. This combination provides financial support for the family of the deceased policyholder in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

2. 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.

3. Available Options:

• 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.

  • LIC's Accidental Death and Disability Benefit Rider:

    This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the base plan is atleast 5 years. The benefit cover under this rider shall be available during the policy term or before the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of the Basic Sum Assured under the base policy which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

  • LIC's Accident Benefit Rider:

    This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the base plan is atleast 5 years. The benefit cover under this rider shall be available only during the premium paying term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum.

  • LIC's New Term Assurance Rider:

    This rider is available at inception of the policy only. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.

  • LIC's New Critical Illness Benefit Rider:

    This rider is available at the inception of the policy only. The cover under this rider shall be available during the policy term. If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.

  • 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 atleast 5 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 Base policy 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 the rider term shall be waived. However, in such case, if the premium paying term of the base policy exceeds the rider term, all the future 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.

    The premium for LIC's Accident Benefit Rider or LIC's Accidental Death and Disability Benefit Rider and LIC's New Critical Illness Benefit Rider shall not exceed 100% of premium under the base plan and the premiums under all other life insurance riders put together shall not exceed 30% of premiums under the base plan.

    Each of above Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

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

• Settlement Option for Maturity Benefit:

  Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different mode of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lumpsum only.

  The interest rates applicable for arriving at the instalment payments under Settlement Option shall be as fixed by the Corporation from time to time.

  For exercising the Settlement Option against Maturity Benefit, the Policyholder/Life Assured shall be required to exercise option for payment of net claim amount in instalments at least 3 months before the due date of maturity.

  The first payment will be made on the date of maturity and thereafter, based on the mode of instalment payment opted for by the policyholder, every month or three months or six months or annually from the date of maturity, as the case may be.

  After the commencement of Instalment payments under Settlement Option:

  • If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured. In such case, the lump sum amount which is higher of the following shall be paid and policy shall terminate.

    • discounted value of all the future instalments due; or

    • (the original amount for which settlement option was exercised) less (sum of total instalments already paid).

  • The interest rates applicable for discounting the future instalment payments shall be as fixed by the Corporation from time to time.

  • After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

• Option to take Death Benefit in instalments:

  This is an option to receive death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lumpsum only.

  The interest rates applicable for arriving at the instalment payments under this option shall be as fixed by the Corporation from time to time.

  For exercising option to take Death Benefit in instalments, the Policyholder during minority of the Life Assured or the Life Assured, if major, can exercise this option during his/her lifetime while in currency of the policy, specifying the period of Instalment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Policyholder/Life Assured and no alteration, whatsoever, shall be allowed to be made by the nominee.

4. Payment of Premiums:

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

5. Grace Period:

A grace period of 30 days will be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode of premium payment from the date of first unpaid premium.During this period, the policy shall be considered inforce 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.

6. Sample Illustrative Premium:

The sample illustrative annual premiums for Basic Sum Assured of ₹ 2 lakh/for standard lives are as under:

7 Rebates:

8. Revival:

If the premium is not paid before the expiry of the days of grace, the policy lapses. 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 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.

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

9. Paid-up Policy:

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

If after atleast two full years' premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall subsist as a paid-up policy till the end of the policy term.

The Sum Assured on Death under a paid-up policy shall be reduced to such a sum called 'Death Paid-up Sum Assured' and shall be equal to Sum Assured on Death 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. In addition to the Death Paid-Up Sum Assured, vested simple reversionary bonuses if any, shall also be payable on Life Assured's prior death.

The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called 'Maturity Paid-up Sum Assured' and shall be equal to Sum Assured on Maturity 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 In addition to the Maturity Paid-Up Sum Assured, vested simple reversionary bonuses if any, shall also be payable on the expiry of the policy term. A paid up policy shall not be entitled to participate in future profits. However, the vested simple reversionary bonuses, if any, shall remain attached to the reduced paid up policy.

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

10. Surrender:

The policy can be surrendered at any time provided two full years' premiums have been paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value or Special Surrender Value. The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender value during the policy term shall be equal to total premiums paid (excluding extra premiums, taxes and premiums for riders, if opted for) multiplied by the Guaranteed Surrender Value factors applicable to total premiums paid. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered and are specified as below:

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

11. 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-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.

12. Taxes:

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

The amount of applicable taxes, as per the prevailing rates, shall be payable by the policyholder on premium(s) (for base policy and rider(s), if any) including extra premium which shall be collected separately over and above in addition to the premium(s) payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.

Regarding Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.

13. Free-Look Period:

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

14. Exclusion:

Suicide: - This policy shall be void

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except for 80% of the total premiums paid, provided the policy is in-force.

• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death or the Surrender Value available as on the date of death, shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies

Note: Premiums referred above shall not include any taxes, extra amount and any rider premium(s) other than Term Assurance Rider, if any.

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.

1. Benefits:

• 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.

2. Eligibility Conditions And Other Restrictions:

3. Available Options:

• 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.

  • LIC’s Accidental Death and Disability Benefit Rider:

    This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the base plan is atleast 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. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the base policy which is equal to Accident Benefit Sum Assured, shall be waived.

  • LIC’s Accident Benefit Rider:

    This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the base plan is atleast 5 years. The benefit cover under this rider shall be available during the premium paying term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum.

  • LIC’s New Term Assurance Rider:

    This rider is available at inception of the policy only. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be payable on death of the Life Assured during the policy term.

  • LIC’s New Critical Illness Benefit Rider:

    This rider is available at the inception of the policy only. The cover under this rider shall be available during the policy term. If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the Critical Illness Sum Assured shall be payable.

    The premium for LIC’s Accident Benefit Rider/LIC’s Accidental Death and Disability Benefit Rider and LIC’s New Critical Illness Benefit Rider shall not exceed 100% of premium under the base plan and the premiums under LIC’s New Term Assurance Rider shall not exceed 30% of premiums under the base plan.

    Each of the above Rider Sum Assured cannot exceed the Basic Sum Assured under the Base plan.

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

• Option to take Death Benefit in Installments:

  Under this option, the applicable lumpsum amount payable in case of death of the Life Assured, which shall be payable on date of maturity under an in-force or paid-up policy, can be received in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount. This option can be exercised only by the Life Assured during his/her life time; for full or part of the lumpsum amount payable in case of death, as specified above. The amount opted by the Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  This option shall not be applicable for the Annual Income Benefit payable on death of the Life Assured.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Life assured, the claim proceed shall be paid in lump sum only.

  The interest rates applicable for arriving at the instalment payments under this option shall be as fixed by the Corporation from time to time.

  For exercising option to take Death Benefit in instalments, the Life Assured can exercise this option during his/her lifetime while in currency of the policy, specifying the period of Instalment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

• Settlement Option (for Maturity Benefit):

  Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paidup policy. This option can be exercised by the Life Assured for full or part of Maturity proceeds payable under the policy. The amount opted for by the Life Assured (ie. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

  The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for subject to minimum instalment amount for different mode of payments being as under:

  Mode of Instalment Payment	Minimum Instalment Amount
  Monthly	₹ 5,00,000
  Quarterly	₹ 15,000
  Half-Yearly	₹ 25,000
  Yearly	₹ 50,000

  If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Life Assured, the claim proceed shall be paid in lumpsum only.

  The interest rates applicable for arriving at the instalment payments under Settlement Option shall be as fixed by the Corporation from time to time.

  For exercising the Settlement Option against Maturity Benefit, the Life Assured shall be required to exercise option for payment of net claim amount in instalments at least 3 months before the due date of maturity claim.

  The first payment will be made on the date of maturity and thereafter, based on the mode of instalment payment opted for by the Life Assured, every month or three months or six months or annually from the date of maturity, as the case may be.

  After the commencement of Instalment payments under Settlement Option:

  • If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured. In such case, the lump sum amount which is higher of the following shall be paid and policy shall terminate.

    • discounted value of all the future instalments due; or

    • (the original amount for which settlement option was exercised) less (sum of total instalments already paid);

  • The interest rate applicable for discounting the future instalment payments shall be as fixed by the Corporation from time to time.

  • After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

4. 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.

5. 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.

6. Sample Illustrative Premium:

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

The above premium is exclusive of taxes.

7 Rebates:

8. 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.

9. 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 wholly void, but shall subsist as a paid-up policy till the end of the Policy Term.

The benefit payable in case of death under a paid-up policy called “Death Paid-up Sum Assured”, shall be equal to the sum of:

• 110% of Basic Sum Assured 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 which shall be payable on the date of maturity; and

• Reduced Income Benefit i.e. 10% of Basic Sum assured 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, shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to date of 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.

A paid-up policy shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses, if any, shall remain attached to the reduced paid up policy and shall be payable only on the date of maturity.

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

10. Surrender:

The policy can be surrendered at any time provided atleast two full years’ premiums have been paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value or Special Surrender Value.

The Special Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI.

The Guaranteed Surrender value payable during the policy term shall be equal to the total premiums paid (excluding extra premiums, taxes and premiums for rider(s), if opted for) multiplied by the Guaranteed Surrender Value factors applicable to total premiums paid. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered.

11. 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.

12. Taxes:

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

The amount of applicable taxes as per the prevailing rates shall be payable by the Policyholder on premiums (for base policy and rider(s), if any) including extra premiums, if any which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

Regarding Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details.

13. Free Look Period:

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

14. Exclusion:

Suicide: - A policy shall be void

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under the policy except for 80% of the total premiums paid provided the policy is in-force.

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

Note: Premiums referred above shall not include any taxes, extra premiums and any rider premium(s), other than Term Assurance Rider, if any.