LIC’s New Jeevan Amar is a Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan, which provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term.

This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers and Insurance Marketing Firms.

Key features of LIC’s New Jeevan Amar:

• Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.

• Flexibility to

  • Choose from Single Premium, Regular Premium and Limited Premium Payment

  • Choose the Policy Term/Premium Paying Term

  • Opt for payment of benefit in instalments.

• Special rates for women.

• Benefit of attractive High Sum Assured Rebate.

• Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.

• Option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

1. Benefits:

Benefits payable under an in-force policy shall be as under:

• Death Benefit:

  Death benefit payable on death of the Life Assured during the policy term after the date of commencement of risk but before the date of maturity, provided the policy is inforce and claim is admissible shall be “Sum Assured on Death”.

  For Regular premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:

  • 7 times of Annualised Premium; or

  • 105% of “Total Premiums Paid”upto the date of death; or

  • Absolute amount assured to be paid on death.

  For Single premium policy, “Sum Assured on Death” is defined as the higher of:

  • 125% of Single Premium.

  • Absolute amount assured to be paid on death.

  Where,

  • “Annualized Premium” shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any, and
  • “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  • Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under:

    • Option I: Level Sum Assured

      Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.

    • Option II: Increasing Sum Assured

      Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. This increase will continue under an inforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death remains constant i.e. twice the Basic Sum Assured till the policy term ends.

      For example, Absolute amount assured to be paid on death under a policy with Basic Sum Assured of Rs. X will be ₹ X till the end of fifth policy year, ₹1.1X during the sixth policy year, 1.2X during seventh policy year, increasing so on by 10% of Basic Sum Assured each year till it becomes 2X in fifteenth policy year. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death will be 2X.

      The Death Benefit Option once chosen cannot be changed later.

• Maturity Benefit:

  On survival of the life assured to the end of the policy term, no maturity benefit is payable.

2. Eligibility Conditions and Other Restrictions:

3. Available Options:

• Optional Riders:

  The policyholder has an option of availing LIC’s Accident Benefit Rider under Regular Premium and Limited Premium payment mode by payment of additional premium during the Premium Paying Term, provided the outstanding premium paying term is atleast five years. The benefit cover under this Rider shall be available during the Premium Paying Term only or up to the policy anniversary on which age nearest 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 Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan.

  The premium under this Rider shall not exceed 100% of the premium under the Base plan. The Accidental Benefit Sum Assured shall not exceed the Basic Sum Assured under the policy.

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

• Option to take Death Benefit in instalments:

  This is an option to receive Death Benefits in instalments over a period of 5 years instead of lump sum amount under an inforce policy. This option can be exercised by Life Assured during his/her lifetime; for full or part of Death benefits payable under the policy. The amount opted for 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.

  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	₹5,000/-
  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.

  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 the 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 Life Assured can exercise this option during his/her lifetime while in currency of the policy, specifying the 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.

4. Payment of Premiums:

Regular Premium, Limited Premium or Single Premium payment options are available under this plan. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment Yearly or Half Yearly.

The premium payable will depend on the age at entry of the life to be assured, smoking status, gender, policy term, Premium Paying Term and Sum Assured Option chosen. Under Single Premium, minimum premium shall be ₹30,000/. Under Regular and Limited Premium mode, the minimum premium shall be ₹3,000/-.

5. Grace Period:

A grace period of 30 days shall be allowed for payment of yearly or half-yearly premiums 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.

All the benefits shall cease after the expiry of grace period from the date of First Unpaid Premium under such policies and nothing shall be payable.

6. Sample Illustrative Premium:

The sample illustrative premiums for both Option I (Level Sum Assured) and Option II (Increasing Sum Assured) for Basic Sum Assured of ₹50 Lakh for Non-Smoker, Male, Standard lives under different Premium Payment options are as under:

Option I (Level Sum Assured):

The above premiums are exclusive of taxes.

Option II (Increasing Sum Assured):

The above premiums are exclusive of taxes.

7. Rebates/Loading:

The following rebates/loadings shall be applicable:

• High Sum Assured Rebate

  (Applicable for Regular, Limited & Single Premium payment:)

  The High Sum Assured rebates are as under:

  • Under Option I: Level Sum Assured

    Age Band (Last Birthday)	High SA rebate as a % of Tabular Annual/Single Premium
    	Less than ₹50 Lakh	₹50 Lakh to less than ₹1 Crore	₹1 Crore and above
    Up to 30 years	Nil	13%	25%
    31 to 50 years	Nil	11%	21%
    51 years and above	Nil	6%	11%

  • Under Option II: Increasing Sum Assured

    Age Band (Last Birthday)	High SA rebate as a % of Tabular Annual/Single Premium
    	Less than ₹50 Lakh	₹50 Lakh to less than ₹1 Crore	₹1 Crore and above
    Up to 30 years	Nil	11%	23%
    31 to 50 years	Nil	9%	19%
    51 years and above	Nil	5%	10%

• Modal Loading (applicable for Regular and Limited Premium payment):

  Mode	Loading as a % of tabular annual premium
  Yearly	Nil
  Half-Yearly	2%

8. Revival:

If the 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 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 the 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 product 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 Non-Participating Fund plus 1% whichever is higher. For the 12 month’s 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 is subject to change.

If a lapsed policy is not revived within the revival period but before the Date of Maturity, the policy will automatically terminate. In case of Regular Premium policies, nothing shall be payable. However, in case of Limited Premium Payment policies, the amount as payable in case of surrender shall be refunded and the policy will terminate.

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

9. Surrender:

No surrender value will be available under this Plan. However on surrender of policy in the following cases (for both Level Sum Assured (Option I) as well as Increasing Sum Assured (Option II) options), an amount shall be refunded as under:

• Regular Premium policies: Nothing shall be refunded.

• Single Premium Policies: The applicable refund shall be payable anytime during the Policy Term.

• Limited Premium Payment: The applicable refund shall only be payable if full premiums have been paid for at least:

  • Two consecutive years in case of premium paying term less than 10 years.

  • Three consecutive years in case of premium paying term of 10 years or more.

In case of a lapsed policy, refund shall be payable only during the revival period on request by the policyholder. However, on expiry of revival period, the policy shall terminate and refund shall be paid to the policyholder.

10. Policy Loan:

No loan will be available under this plan.

11. 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 any applicable taxes, as per the prevailing rates, shall be payable by the policyholder on premium(s) (for Base Policy and Rider, if any) including extra premiums, if any. 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.

12. 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 Document, 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 Policy and Rider(s), if any) for the period of cover, expenses incurred on medical examination, special reports, if any, and for stamp duty charges.

13. Suicide Exclusion:

• Under Single Premium Policy:

  If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of the risk, the Nominee or beneficiary of the Life Assured shall be entitled to 90% of the Single Premium paid.

• Regular /Limited Premium Payment Policy:

  If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, provided the policy is in force or within 12 months from the date of revival, 80% of the premiums paid till the date of death shall be payable. The Nominee or beneficiary of the Life Assured shall not be entitled to any other claim under the policy.

  This clause shall not be applicable for a lapsed policy as nothing is payable under such policies.

Note: Single Premium/ Premium referred above shall not include any taxes, extra premium and rider premium, if any.

LIC’s New Tech-Term is a Non-Linked, Non-participating, Individual, Pure Risk Premium Life Insurance Plan. This Online plan provides financial protection to the insured’s family in case of his/her unfortunate death during the policy term. This plan shall be available Online only directly through website www.licindia.in.

Key features of LIC’s New Tech-Term:

• Flexibility to choose from two benefit options: Level Sum Assured and Increasing Sum Assured.

• Flexibility to

  • Choose from Single Premium, Regular Premium and Limited Premium Payment

  • Choose the Policy Term/Premium Paying Term

  • Opt for payment of benefit in instalments.

• Special rates for women.

• Benefit of attractive High Sum Assured Rebate.

• Two categories of premium rates namely (1) Non-Smoker rates and (2) Smoker rates. The application of Non-Smoker rates shall be based on the findings of the Urinary Cotinine test. In all other cases, the Smoker rates will be applicable.

• Option to enhance coverage by opting for Accident Benefit Rider on payment of additional premium for the rider benefit.

1. BENEFITS:

Benefits payable under an in-force policy shall be as under:

• Death Benefit:

  Death benefit payable on death of the life assured during the policy term after the date of commencement of risk but before the date of maturity provided the policy is inforce and claim is admissible shall be “Sum Assured on Death”.

  For Regular premium and Limited premium payment policy, “Sum Assured on Death” is defined as the highest of:

  • 7 times of Annualised Premium; or

  • 105% of “Total Premiums Paid” upto the date of death; or

  • Absolute amount assured to be paid on death.

  For Single premium policy, “Sum Assured on Death” is defined as the higher of:

  • 125% of Single Premium.

  • Absolute amount assured to be paid on death.
    where,

  • “Annualized Premium” shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any, and

  • “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  • Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under:

  • Option I: Level Sum Assured

    Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term.

  • Option II: Increasing Sum Assured

    Absolute amount assured to be paid on death shall remain equal to Basic Sum Assured till completion of fifth policy year. Thereafter, it increases by 10% of Basic Sum Assured each year from the sixth policy year till fifteenth policy year till it becomes twice the Basic Sum Assured. This increase will continue under an inforce policy till the end of policy term; or till the Date of Death; or till the fifteenth policy year, whichever is earlier. From sixteenth policy year and onwards, the Absolute amount assured to be paid on death remains constant i.e. twice the Basic Sum Assured till the policy term ends.

    For example, Absolute amount assured to be paid on death under a policy with Basic Sum Assured of Rs. X will be Rs. X till the end of fifth policy year, Rs. 1.1X during the sixth policy year, 1.2X during seventh policy year, increasing so on by 10% of Basic Sum Assured each year till it becomes 2X in fifteenth policy year. From the sixteenth policy year and onwards, the Absolute amount assured to be paid on death will be 2X.

  The Death Benefit Option once chosen cannot be changed later.

• Maturity Benefit:

  On survival of the life assured to the end of the policy term, no maturity benefit is payable.

2. Eligibility Conditions and Other Restrictions:

3. Available Options:

• Optional Riders:

  The policyholder has an option of availing LIC’s Accident Benefit Rider under Regular Premium and Limited Premium payment mode by payment of additional premium during the Premium Paying Term, provided the outstanding Premium Paying Term is atleast five years. The benefit cover under this Rider shall be available during the Premium Paying Term only or up to the policy anniversary on which age nearest 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 Rider Sum Assured will be payable as lumpsum along with the death benefit under the base plan.

  The premium under this Rider shall not exceed 100% of the premium under the Base plan. The Accidental Benefit Sum Assured shall not exceed the Basic Sum Assured under the policy.

  For more details on this rider, refer to the Rider brochure on our website www.licindia.in.

• Option to take Death Benefit in instalments:

  This is an option to receive Death Benefits in instalments over a period of 5 years instead of lump sum amount under an inforce policy. This option can be exercised by Life Assured during his/her lifetime; for full or part of Death benefits payable under the policy. The amount opted for 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.

  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	₹5,000/-
  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.

  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 the 5 year semiannual 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 Life Assured can exercise this option during his/her lifetime while in currency of the policy, specifying the 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.

4. Payment of Premium:

Regular Premium, Limited Premium or Single Premium payment options are available under this plan. In case of Regular and Limited Premium payment, the premium can be paid regularly during the Premium Paying Term with modes of premium payment Yearly or Half Yearly.

The premium payable will depend on the age at entry of the life to be assured, smoking status, gender, policy term, Premium Paying Term and Sum Assured Option chosen. Under Single Premium, minimum premium shall be ₹30,000/-. Under Regular and Limited Premium mode, the minimum premium shall be ₹3,000/-.

5. Grace Period:

A grace period of 30 days shall be allowed for payment of yearly or half-yearly premiums 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.

All the benefits shall cease after the expiry of grace period from the date of First Unpaid Premium under such policies and nothing shall be payable.

6. Sample Illustrative Premium:

The sample illustrative premiums for both Option I (Level Sum Assured) and Option II (Increasing Sum Assured) for Basic Sum Assured of Rs. 1 Crore for Non-Smoker, Male, Standard lives under different Premium Payment options are as under:

Option I (Level Sum Assured):

The above premiums are exclusive of taxes.

Option II (Increasing Sum Assured):

The above premiums are exclusive of taxes.

7. Rebates/Loading:

The following rebates/loadings shall be Applicable:

• High Sum Assured Rebate:

  (Applicable for Regular, Limited & Single Premium payment):

  The high sum assured rebates are as under:

  • Under Option I: Level Sum Assured

    Age Band (LBD)	High SA rebate as a % of Tabular Annual/Single Premium
    	Less than ₹1 Crore	₹1 Crore to less than ₹2 Crore	₹2 Crore and above
    Upto 30 years	Nil	13%	22%
    31 to 50 years	Nil	11%	17%
    51 years and above	Nil	6%	9%

  • Under Option II: Increasing Sum Assured

    Age Band (LBD)	High SA rebate as a % of Tabular Annual/Single Premium
    	Less than ₹1 Crore	₹1 Crore to less than ₹2 Crore	₹2 Crore and above
    Upto 30 years	Nil	11%	20%
    31 to 50 years	Nil	9%	15%
    51 years and above	Nil	5%	8%

• Modal Loading (applicable for Regular and Limited Premium payment):

  Mode	Loading as a % of tabular annual premium
  Yearly	Nil
  Half-Yearly	2%

8. Revival:

If the 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 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 the 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 product for every 12 months’ period from 1st May to 30th April shall not exceed 10 year G-Sec rate p.a. compounding half yearly as at the last trading day of previous financial year plus 3% or the yield earned on the Corporation’s Non-Linked Non-Participating Fund plus 1% whichever is higher. For the 12 month’s period commencing from 1st May, 2022 to 30th 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 is subject to change.

If a lapsed policy is not revived within the revival period but before the date of Maturity, the policy will automatically terminate. In case of Regular Premium policies, nothing shall be payable. However, in case of Limited Premium Payment policies, the amount as payable in case of surrender shall be refunded and the policy will terminate.

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

9. Surrender:

No surrender value will be available under this Plan. However on surrender of policy in the following cases (for both Level Sum Assured (Option I) as well as Increasing Sum Assured (Option II) options), an amount shall be refunded as under:

• Regular Premium policies: Nothing shall be refunded.

• Single Premium Policies: The applicable refund shall be payable anytime during the Policy Term.

• Limited Premium Payment: The applicable refund shall only be payable if full premiums have been paid for at least:

  • Two consecutive years in case of premium paying term less than 10 years.

  • Three consecutive years in case of premium paying term of 10 years or more.

In case of a lapsed policy, refund shall be payable only during the revival period on request by the policyholder. However, on expiry of revival period the policy shall terminate and refund shall be paid to the policyholder.

10. Policy Loan:

No loan will be available under this plan.

11. 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 any applicable taxes, as per the prevailing rates, shall be payable by the policyholder on premium(s) ( for Base Policy and Rider, 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.

12. 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 Document , 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 Policy and Rider(s), if any) for the period of cover, expenses incurred on medical examination, special reports, if any, and for stamp duty charges.

13. Suicide Exclusion:

• Under Single Premium Policy:

  If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of the risk, the Nominee or beneficiary of the Life Assured shall be entitled to 90% of the Single Premium paid.

• Regular /Limited Premium Payment Policy:

  If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, provided the policy is in force or within 12 months from the date of revival, 80% of the premiums paid till the date of death shall be payable. The Nominee or beneficiary of the Life Assured shall not be entitled to any other claim under the policy.

  This clause shall not be applicable for a lapsed policy as nothing is payable under such policies.

Note: Single Premium/ Premium referred above shall not include any taxes, extra premium and Rider premium, if any.

LIC's New Endowment Plus is a Unit Linked, Non-Participating, Regular Premium, Individual Life Insurance plan which offers investment cum insurance cover during the term of the policy. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.

You have a choice of investing premiums in one of the four types of investment funds available. Premiums paid after deduction of Premium Allocation Charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on Net Asset Value (NAV).

1. Premiums

• Payment of Premiums:

  You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through NACH only) intervals over the term of the policy.

  The mode of premium payment has to be chosen at commencement although the same can be changed (between various regular premium payment modes) at any subsequent policy anniversary during the term of the policy.

• Grace Period:

  A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (NACH) premiums.

2. Benefits Payable under an In-Force Policy:

• Death Benefit:

  On death before the Date of Commencement of Risk:

  An amount equal to the Unit Fund Value shall be payable.

  On death after the Date of Commencement of Risk:

  An amount equal to the highest of the following shall be payable

  • Basic Sum Assured reduced by Partial Withdrawals made during the two years period immediately preceding the date of death; or

  • Unit FundValue; or

  • 105% of the total premiums received upto the date of death reduced by Partial Withdrawals made during the two years period immediately preceding the date of death

  Where, 'Basic Sum Assured' is equal to '10 times of Annualized Premium'. The death benefit shall be paid either in lump sum as specified above or in instalments, if Settlement Option is opted for, as mentioned in Para 3.D below as peroption exercised by the Policyholder/Life Assured.

• Maturity Benefit:

  On Life Assured surviving the stipulated date of maturity, an amount equal to the Unit Fund Value shall be payable.

3. Optional Benefits:

• Rider Benefit:

  You have an option of availing LIC's Linked Accidental Death Benefit Rider.

  This rider can be opted for at any policy anniversary within the policy term but on or before the policy anniversary on which the age nearer birthday of the Life Assured is 55 years, subject to minimum rider term of 5 years. The benefit cover under this rider shall be available provided the Policy is in force as on date of accident. If this rider is opted for, in case of accidental death, the Accident Benefit Rider Sum Assured will be payable in lump sum. This Rider will not be available under a policy on the life of minor, during minority of the Life Assured. The Accident Benefit Rider Sum Assured cannot exceed the Basic Sum Assured.

  For more details on the above Rider, refer to the Rider Brochure or contact LIC's nearest Branch Office.

• Partial Withdrawals:

  You may withdraw the units partially at any time after the fifth policy anniversary provided all due premiums till the date of Partial Withdrawal have been paid subject to the following:

  • In case of minors, partial withdrawals shall be allowed only after Life Assured is aged 18 years or above.

  • Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.

  • Partial withdrawal will be allowed subject to a minimum balance of:

    • From 6^th to 10^th policy year: 3 annualized premiums or 50% of Unit Fund value, whichever is higher

    • From 11^th to 20^th policy year: 3 annualized premiums or 25% of Unit Fund value, whichever is higher

    If partial withdrawal has been made then for two years' period immediately from the date of withdrawal, the Basic Sum Assured or Paid-up Sum Assured, whichever is applicable, shall be reduced to the extent of the amount of partial withdrawals made. On completion of two years' period from the date of withdrawal, the original Basic Sum Assured/Paid-up Sum Assured shall be restored.

• Switching:

  You have an option to switch between the four fund types for the entire Fund Value during the policy termsubject to Switching Charges, as specified in Para 7.D.iii below. On switching the entire Fund Value shall be switched to the new Fund opted for.

• Settlement Option:

  This is the option to receive the Death Benefit in instalments. This option can be exercised during the life-time while in currency of the policy, specifying the mode of instalment and period in years (not more than 5 years). The death claim amount shall then be paid to the nominee as per the option exercised and no alteration what so ever shall be allowed to be made by the nominee.

  The instalment shall be the total number of units as on the date of intimation of death divided by total number of instalments. The number of units arrived at in respect of each instalment will be multiplied by the NAV of the applicable fund type as on the date of instalment payment. The first payment will be made corresponding to the date of intimation of death and there after based on the mode opted.

  During the Settlement Option period, no charges other than the Fund Management Charge shall be deducted. The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.

  On death of the nominee after the commencement of the Settlement Option period, the value of the outstanding units held in the Unit Fund shall become payable to the legal heir in lump sum.

  No partial withdrawal or switching of fund shall be allowed by the nominee

4. Eligibility Conditions And Other Restrictions:

Premium Amount:

Date of Commencement of Risk under the Plan:

In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either on the completion of 2 years from the date of commencement of policy or on policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.

In case the age at entry of Life Assured is 8 years or more, risk will commence immediately from the date of underwriting acceptance of risk i.e. date of commencement of policy.

Date of vesting:

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

5. Investment of Funds:

Unit Fund:

The allocated premiums will be utilized to buy units as per the fund type opted by the Policyholder out of the four fund types options available. Various types of fund options and broadly their investment patterns are as under:

The Policyholder has the option to choose any one of the above 4 funds.

Discontinued Policy Fund:

The investment pattern of the Discontinued Policy Fund shall be a unit fund with the following asset categories:

• Money market instruments: 0% to 40%

• Government securities: 60% to 100%

6. Method of Calculation of Unit Price:

Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance and Fund Management Charge of each type of fund and shall be computed as:

Applicability of Net Asset Value (NAV):

• The allocation and redemption of units for various transaction will be at the NAV as described below:

  Type of Transaction	Applicable NAV (Where transaction is received before cutoff Time)
  First Premium received by way of a local cheque or a demand draft payable at par at the place where premium is received.	NAV of Date of underwriting acceptance of risk i.e. Date of commencement of policy.
  Renewal premium received through NACH or by any digital payment mode.	NAV of the date of our receipt of instruction or transaction realization date or the due date of premium whichever is later.
  Renewal premium received by way of a local cheque or a demand draft payable at par at the place where the premiumis received.	NAV of the date of our receipt of instrument or the due date of premium, whichever is later.
  Partial withdrawal, Switching between available Fund types, or Free-look cancellation	NAV of the date of our receipt of the request in writing.
  Surrender	NAV of the date of our receipt of surrender request in writing
  Death claim	NAV of the date of our receipt of the intimation of death in writing along with death certificate.
  Revival	NAV as on date of revival, where date of revival is the date of adjustment of all due premiums after underwriting acceptance has been received.
  Settlement Option	NAV of date of installment payment under settlement option.
  Maturity Benefit	NAV of the date of maturity.
  Discontinuance	NAV as on the date of discontinuance
  Termination	NAV of date of termination.
  Policy Alteration	NAV of date of alteration in the policy.

• Currently, the cut-off time is 3.00 p.m. as per the existing IRDAI guidelines and changes in this regard shall be as per the instructions from IRDAI.

• If the transaction request is received before the cut-off time in respect of:

  • Premium Payments, at any branch office of the Corporation or other authorized office for premium collection or by any digital payment mode or through NACH;

  • Other transaction, by servicing branch of the Corporation;

  • Successful Registration of Service Requests as and when made available on LIC's Customer Portal the closing NAV of that day shall be applicable.

• If the transaction request is received after the cut-off time in respect of:

  • Premium Payments, at any branch office of the Corporation or other authorized office for premium collection or by any digital payment mode or through NACH;

  • Other transaction, by servicing branch of the Corporation;

  • Successful Registration of Service Requests as and when made available on LIC's Customer Portal the closing NAV of the next business day shall be applicable.

• Premium paid by CTS 2010 cheque/demand draft drawn on a bank which is participating in local/CTS/speed clearing house shall only be accepted. Cheques /demand draft not coming under above category shall not be accepted.

7. Charges under the Plan:

• Premium Allocation Charge:

  This is the percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy. The Premium Allocation Charges are as below:

  Premium	Premium Allocation Charge
  1st Year	7.50%
  2nd to 5th Year	5.00%
  6th Year and Thereafter	3.00%

• Mortality Charge:

  This is the cost of life insurance cover, which is age specific, and this will be taken at the beginning of each policy month by cancelling appropriate number of units out of the Unit Fund. The monthly charges will be one twelfth of the annual Mortality Charges.

  This charge shall depend upon the Sum at Risk
  The Sum at Risk during the policy term=
  Highest of

  • Basic Sum Assured in case of in-force policies or Paid-up Sum Assured in case of reduced paid-up policies

  • Unit Fund Value

  • 105% of total Premium Received
    Less

  • Unit Fund Value

  Unit Fund value shall be taken as on the date of deduction of charge, after deduction of all other charges, and shall be deducted only if, the Basic Sum Assured/Paid-up Sum Assured, whichever is applicable, is more than the Unit Fund Value as on the date of deduction.

  In case of partial withdrawals, the 'Basic Sum assured or Paid-up Sum Assured, whichever is applicable', and '105% of the total premiums received' shall be reduced to the extent of all Partial Withdrawals made during the two years period immediately preceding the date of deduction of Mortality Charge.

  The rate of Mortality Charge per annum per ₹1000/- Sum at Risk for some of the ages in respect of a healthy life are as under:

  Age	25	35	45	50
  ₹	1.23	1.60	3.59	6.18

  In case where the Policy is converted into a reduced paid-up policy, the Mortality Charge in respect of Sum at Risk under a paid-up Policy shall be deducted from the following policy month. Similarly, on revival of policy, the Mortality Charge in respect of Sum at Risk under an in-force policy shall be deducted from the following month.

• Accident Benefit Charges:

  Accident Benefit Charge is the cost of LIC's Linked Accidental Death Benefit Rider, if opted for. This charge will be taken at the beginning of each month by cancelling appropriate number of units out of Unit Fund while the policy is inforce and shall be at the rate of ₹0.40 per thousand Accident Benefit Sum Assured per policy year. If the Life Assured is engaged in police duty in any police organization other than paramilitary forces and opted for this cover while engaged in police duty, then the level annual charge shall be at the rate of ₹0.80 per thousand Accident Benefit Sum Assured per policy year. The monthly charges will be one-twelfth of the annual Accident Benefit Charge.

• Other Charges:

  The following charges shall be deducted during the term of the policy:

  • Policy Administration Charge:

    This charge shall be deducted at the beginning of each month by cancelling appropriate number of units out of the Policyholder's Unit Fund.

    The Policy Administration Charge per month shall be as follows:

    Policy Year	Policy Administration Charge (per month)
    1st Year	(0.35% *Instalment Premium* K) OR (₹100/-), whichever is lower
    2nd Year	(0.25% * Instalment Premium* K) OR (₹70/-), whichever is lower
    3rd Year	2nd Year charge * 1.03
    4th Year	3rd Year charge * 1.03
    5th Year	4th Year charge * 1.03
    6th Year & Thereafter	₹52.17 in 6th year escalating at 3% p.a.

    thereafter Where, K is taken as in Table given below:

    Mode of Premium Payment	Yearly	Half-Yearly	Quarterly	Monthly
    Factor “K”	1	1.6	2.6	7

  • Fund Management Charge:

    This is a charge levied as a percentage of the value of assets and shall be appropriated by adjusting the Net Asset Value. Fund Management Charge (FMC) shall be as under:

    • p0.70% p.a. of Unit Fund for all the four fund types available under an in-force policy i.e. Bond Fund, Secured Fund, Balanced Fund and Growth Fund

    • 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”

    This is a charge levied at the time of computation of NAV, which will be done on daily basis. The NAV thus declared will be net of FMC.

  • Switching Charge:

    This is a charge levied on switching of monies from one segregated fund to another available within the product. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a Switching Charge of ₹100 per switch.

  • Partial Withdrawal Charge:

    This is a charge levied on the Unit Fund at the time of partial withdrawal of the fund during the contract period. A flat amount of ₹100/- shall be deducted by cancelling appropriate number of units out of the Unit Fund on the date on which partial withdrawal takes place.

  • Bid/Offer Spread:

    Nill

  • Discontinuance Charge:

    This charge will be levied by cancelling appropriate number of units out of Unit Fund as on the date of surrender/date of discontinuance of policy. The Discontinuance Charge shall be deducted by cancelling appropriate number of units out of the Unit Fund, if a policy is surrendered or discontinued and is as under:

    Where the policy is discontinued during the policy year	Discontinuance Charges for the policies having annualized premium up to ₹50,000/-	Discontinuance Charges for the policies having annualized premium above ₹50,000/-
    1	Lower of 20% * (AP or FV) subject to a maximum of ₹3000/-	Lower of 6% * (AP or FV) subject to maximum of ₹6000/-
    2	Lower of 15% * (AP or FV) subject to a maximum of ₹2000/-	Lower of 4% * (AP or FV) subject to maximum of ₹5000/-
    3	Lower of 10% * (AP or FV) subject to a maximum of ₹1500/-	Lower of 3% * (AP or FV) subject to maximum of ₹4000/-
    4	Lower of 5% * (AP or FV) subject to a maximum of ₹1000/-	Lower of 2% * (AP or FV) subject to maximum of ₹2000/-
    5 and onwards	NIL	NIL

    Where,
    AP– Annualised Premium
    FV – Unit Fund Value on the date of discontinuance

    “Date of discontinuance of the policy” shall be the date on which the insurer receives the intimation from the Life assured/Policyholder about the surrender of the policy or on the expiry of the Grace Period (in case of non-payment of contractual premium due during the Grace period), whichever is earlier.

  • Tax Charge:

    Tax Charge, if any, will be as per the Tax laws and rate of tax as applicable from time to time.

    Tax Charge shall be levied on all or any of the charges applicable to this plan as per the prevailing Tax laws/notification etc. as issued by Government of India or any other constitutional tax authority of India from time to time in this regard.

  • Miscellaneous Charge:

    This is a charge levied for any alteration within the contract, such as, change in premium mode and Grant of Accident Benefit Rider after the issue of the policy, and shall be a flat amount of ₹50/- which will be deducted by cancelling appropriate number of units out of the Unit Fund and the deduction shall be made on the date of alteration in the policy.

• Right to Revise Charges:

  The Corporation reserves the right to revise all or any of the above charges except the Mortality Charge and Accident Benefit Charge. The modification in charges will be done with prospective effect with the prior approval of IRDAI after giving the policyholders a notice of 3 months which shall be notified through our website.

  Although the charges are reviewable, they will be subject to maximum charges as declared by IRDAI from time to time.The current cap on charges is as under:

  • The Policy Administration Charge per month shall not exceed ₹500 per month

  • Premium Allocation charges shall not exceed 12.5% of Annualized Premiumin any year

  • Fund Management Charge: The Fund Management Charge shall not exceed the following:

    • 1.35% p.a. of Unit Fund for each segregated fund.

    • 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”

  • Partial Withdrawal Charge shall not exceed ₹500/- on each withdrawal.

  • Switching Charge shall not exceed ₹500/- per switch.

  • Discontinuance charges shall not exceed the limits specified by IRDAI, which are currently same as specified under Para 7.D.vi above.

  • Miscellaneous Charge shall not exceed ₹500/- each time when an alteration is requested.

In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Unit Fund Value. If such revision in charges is made during the lock-in-period of 5 years, withdrawal shall be allowed only after the expiry of 5 years' lock-in period.

8. Surrender:

If all due premium have been paid and the policy is surrendered anytime during the policy term, the surrender value, if any, shall be payable as under:

• If the policy is surrendered during the 5 years' lock-in-period:

  If you apply for surrender of the policy during the 5 years' lock-in period, then the Unit Fund Value after deducting the Discontinuance Charge shall be converted into monetary terms as specified in Para 10.A below. This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Para 10.B below. The proceeds of the Discontinued Policy Fund in respect of the Policy shall be payable at the end of lock-in-period.

  In case of death of Life Assured after the date of surrender but before the expiry of the 5 years' lock-in-period, the Proceeds of the Discontinued Policy Fund in respect of the Policy shall be payable to the nominee/ legal heir immediately.

• If the policy is surrendered after the 5 years' lock-in-period:

  If you apply for surrender of the policy after lock-in-period, then the Unit Fund Value as on the date of surrender shall be payable. There will be no Discontinuance Charge under the policy.

9. Discontinuance of Premiums:

If you fail to pay premiums under the policy before the expiry of Grace Period, then the policy shall be in a state of discontinuance.

During the Grace period the policy shall be treated as in-force and the charges for Mortality and Accident Benefit cover, if any, shall be deducted in addition to other charges, by cancelling appropriate number of units out of the Unit Fund. Partial Withdrawal shall not be allowed if due premiums have not been paid.

• If the policy is discontinued during the 5 years' lock-in-period:

  Upon expiry of the grace period, the Unit Fund Value after deducting the Discontinuance Charge as specified in Para 7.D.(vi) shall be converted into monetary terms as specified in Para 10.A below. This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Para 10.B below and the risk cover and rider cover, if any, shall cease.

  On such discontinuance, a communication shall be sent to the policyholder within three months of the date of first unpaid premium, communicating the status of the policy and the option of revival available during the revival period of three years from the date of First Unpaid Premium. Under such cases:

  • If you exercise the option to revive the policy at any time during the revival period of 3 years then the policy shall be revived as specified in Para 12.ii below.

  • In case you opt to revive but do not revive the policy during the Revival Period of 3 years , then the proceeds of the Discontinued Policy Fund, as specified in Para 10.C , shall be payable to you at the end of the revival period or lock-in period, whichever is later and the policy shall terminate.

  • In case you do not exercise the option to revive the policy as set out above, the policy shall continue without any risk cover and rider cover, if any, and the policy fund shall remain invested in the Discontinued Policy Fund. The Proceeds of the Discontinued Policy Fund in respect of the Policy as specified Para 10.C below shall be paid to you at the end of lock-in period and the policy shall terminate.

  • However, you have an option to surrender the policy any time and proceeds of the Discontinued Policy Fund in respect of the Policy shall be payable at the end of lock-in period or date of surrender, whichever is later.

    Irrespective of what is stated above, in case of death of the Life Assured during the revival period / 5 years' lock-in-period, as the case may be, the Proceeds of the Discontinued Policy fund of the Policy, as per Para 10.C below, shall be payable immediately.

• If the policy is discontinued after the expiry of 5 years' lock-in-period:

  Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the policy shall be converted into a reduced paidup policy. The Basic Sum Assured under the policy shall be reduced to such a sum called Paid-Up Sum Assured and shall be equal to { Basic Sum Assured multiplied by the ratio of Total of number of premiums paid to the original number of premiums payable as per terms and conditions of the Policy}. The policy shall continue to be in reduced paid up status without rider cover, if any i.e. no Accident Benefit cover shall be available under reduced paid up policy. The reduced risk cover and hence the mortality charges in respect of the paid-up policy shall be applicable from the next policy month following the date of first unpaid premium. Further, all other charges (except Accident Benefit Charge) as specified in Para 7 shall also continue to be deducted.

  Under a paid-up policy, in case of death of the Life Assured, highest of the following shall be payable

  • Paid up Sum Assured reduced by Partial Withdrawal made during the two year period immediately preceding the death of the Life Assured; or

  • Unit Fund Value; or

  • 105% of total premiums received reduced by Partial Withdrawals made during the two year period immediately preceding the death of the Life Assured.

  On such discontinuance, a communication shall be sent to you within three months of the date of first unpaid premium, communicating the status of the policy and the options available during the revival period of three years.

  You have following options available to exercise during the revival period

  Option	Description
  1	Revive the policy (along with the rider, if opted for) within the revival period of 3 years from the date of first unpaid premium or upto the date of maturity, whichever is earlier
  2	Surrender the Policy
  No Option selected	Policy shall continue to be in reduced paid up status till the end of the revival period or upto the date of maturity, whichever is earlier

• If you exercise Option (1) i.e. revive the policy during the Revival Period of 3 years from the date of first unpaid premium or up to the date of maturity, whichever is earlier, then during the revival period , the policy shall continue to be as a reduced paid up policy.

  In case you revive the policy within the revival period, the policy shall be revived as per as per Para 12.ii below and if you do not revive the policy within this revival period, then the policy shall be terminated on the completion of this revival period or date of maturity, whichever is earlier and the balance amount in the Unit Fund shall be refunded.

• If you exercise Option (2) i.e. surrender the policy, then the policy shall be terminated on the date of intimation of surrender and the balance amount in the Unit Fund shall be refunded to you.

• If you do not exercise any of the above options then the policy shall continue as a reduced paid up policy till the end of revival period or upto the date of maturity, whichever is earlier. At the end of the revival period or on the date of maturity, whichever is earlier, the policy shall be terminated and the balance amount in the Unit Fund shall be refunded to you.

10. Treatment of the policy while the policy money is in Discontinued Policy Fund:

If the policy is surrendered or discontinued on or before 5 years' lock-in-period, then the policy money shall undergo following procedure:

• Conversion of Unit Fund Value into monetary amount:

  The NAV as on the date of application for surrender ( if surrendered during the 5 years' lock-in period) or as on the date of expiry of grace period, as the case may be, multiplied by the number of units in the Unit Fund (i.e. after deduction of Discontinuance Charge, if any) as on that date, will be the monetary amount.

• Transferring the monetary amount into the Discontinued Policy Fund:

  The monetary amount as calculated under (A) above shall be transferred to the Discontinued Policy Fund by converting the monetary amount into the units. The number of units transferred to the Discontinued Policy Fund shall be the monetary amount divided by the NAV of the Discontinued Policy Fund as on the date of transfer.

• Calculation of Proceeds of the Discontinued Policy Fund:

  The Proceeds of the Discontinued Policy Fund of the Policy shall be higher of Discontinued Policy Fund Value or the Guaranteed Monetary Amount. The Guaranteed Monetary Amount is the accumulation of monetary amount transferred into the Discontinued Policy Fund at the guaranteed interest rate. The guaranteed interest rate shall accrue from the date when the monetary amount is transferred to the Discontinued Policy Fund to the date when the policy exits from the Discontinued Policy Fund either by death, surrender, revival, complete withdrawal at the end of 5 years' lock-in-period or on completion of 3 years revival period (if revival period extends beyond the 5 years' lock-in-period), whichever is applicable.

  Currently this guaranteed interest rate is 4% p.a. and shall be subject to change from meto meas declared by IRDAI.

11. Compulsory Termination:

If the policy has run for at least 5 years provided 5 full years' premiums have been paid and the balance in the Unit Fund is not sufficient to recover the relevant charges, the policy shall be compulsorily terminated and the balance amount in the Unit Fund, if any, shall be refunded to the Policyholder. This shall be applicable irrespective of whether the policy is in-force or paid-up during the revival period.

12. Other Features:

• Increase / Decrease of Risk Covers:

  No increase / decrease of benefits will be allowed under the plan. Under an in-force policy, the policyholder can, however, cancel the LIC's Linked Accidental Benefit Rider at any time during the policy term. However, once the rider is cancelled, the same cannot be subsequently restored.

• Revival of Discontinued Policies:

  A discontinued policy shall be revived within a revival period of three years from the date of first unpaid premium or upto the date of maturity, whichever is earlier.

  If you exercise option to revive the policy at any time within a period of 3 years from the date of First unpaid Premium, then the policy shall be revived subject to the following:

  • On payment of all due and unpaid premiums without interest.

  • On satisfaction of Continued Insurability of the Life Assured on the basis of the 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/ Proposer/ Life Assured.

  • If policy was discontinued during the 5 years' lock-in period, the Discontinuance Charge deducted from the Unit Fund, if any, at the time of discontinuance of the policy, along with the proceeds of the Discontinued Policy Fund in respect of the Policy shall be added back to the Unit Fund.

  • All outstanding applicable Policy Administration Charges (if discontinued during the 5 years' lock-in period), Premium Allocation Charges and Tax Charges due since the date of discontinuance shall be deducted from the Unit Fund.

  • Units of the segregated fund originally chosen by you or as chosen in the last switch, or the fund chosen at the time of revival, as the case may be, shall be allotted based on the NAV as on the date of revival.

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

Irrespective of what is stated above, if the Unit Fund Value is not sufficient to recover the charges during the revival period, the policy shall terminate and thereafter revival will not be allowed.

LIC's Linked Accidental Death Benefit Rider, if opted for, can be revived along with the Base Policy and not in isolation.

13. Reinstatement:

Reinstatement of a surrendered policy shall not be allowed.

14. Risk factors and Disclaimers:

• LIC's New Endowment Plus is a Unit Linked Life Insurance product, which is different fromthe traditional insurance products.

• The premiums paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.

• Life Insurance Corporation of India is only the name of the Insurance Company and LIC's New Endowment Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.

• Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.

• The various fund types offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

• All benefits under the policy are also subject to the Tax Laws and other financial enactments as applicable from time to time.

• The actual value of the units under your policy in the IRDAI prescribed form D02 can be viewed through a secured login on the Corporation's website (www.licindia.in)

15. Free Look Period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days fromthe date of receipt of the policy stating the reason of objections. On receipt of the same, the Corporation shall cancel the policy and the amount to be refunded in case the policy is returned shall be determined as under:

Value of units in the Unit Fund

16. Loan:

No loan shall be allowed under this plan.

17. Nomination and Assignment:

Nomination shall be as per Section 39 of the Insurance Act, 1938, as amended from time to time.

Assignment shall be as per Section 38 of the Insurance Act, 1938, as amended from time to time.

LIC’s Index Plus is a Unit Linked, Non-Participating, Regular Premium, Individual Life Insurance plan which offers life insurance cover cum savings throughout the term of the policy.

LIC’s Index Plus is a non-participating product and hence the policy is not entitled for any share in surplus (profits) during the term of the policy. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms as well as Online directly through website www.licindia.in.

Key Features:

• Benefits:

  • Life insurance cover throughout the policy term.

  • Refund of mortality charges in respect of life insurance cover excluding any extra amount chargeable under the policy due to underwriting decision and tax charges levied on the mortality charges on survival till maturity as specified in Para 2 below.

  • Guaranteed Additions as a percentage of Annual Premium shall be added to the Unit Fund at the end of specified policy durations and shall be utilized to purchase units.

• Flexibility to choose:

  • Type of investment fund to invest the premiums as per your risk appetite.

  • Basic Sum Assured as 7 or 10 times of Annualized Premium subject to Age at entry as specified in Para 1 below.

  • Amount of Premium payable, Policy Term subject to minimum and maximum limits of Premium, Policy Term and Maturity Age as specified in Para 1 below.

  • Method of settlement of death benefits either in lump sum or in instalments.

• Partial withdrawals allowed to take care of liquidity needs as specified in Para 4 below.

• Option to enhance coverage by opting for LIC’s Linked Accident Benefit Rider.

1. 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, the risk under this plan will commence either on the completion of 2 years from the date of commencement of policy or on policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. In case the age at entry of Life Assured is 8 years or more, risk will commence immediately from the date of underwriting acceptance of risk i.e. date of commencement 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 such vesting date i.e. on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such date of vesting be deemed to be a contract between the Corporation and the Life Assured.

2. Benefits Payable Under the Policy:

• Death Benefit:

  On death of the Life Assured before the Date of Maturity (including during Grace Period), provided policy is in-force, then

  On death of Life Assured before the Date of Commencement of Risk:

  An amount equal to the Unit Fund Value as on date of intimation of death shall be payable.

  On death of Life Assured after the Date of Commencement of Risk:

  An amount equal to the highest of the following shall be payable

  • Basic Sum Assured reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the date of death; or,

  • Unit Fund Value as on date of intimation of death; or

  • 105% of the total premiums received upto the date of death reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the date of death.

  Where Basic Sum Assured and Partial Withdrawal are as specified in Para 1.i and Para 4.II respectively.

  Mortality charge, Accident Benefit charge, Policy Administration charges and Tax charges thereon recovered subsequently to the date of death shall be added back to the Unit Fund Value available on the date of intimation of death and shall be paid back to the nominee or beneficiary along with death benefit.

  Any Guaranteed Addition added subsequent to the date of death shall be recovered from the Unit Fund.

  The death benefit shall be paid either in lump sum as specified above or in instalments, if Settlement Option is opted for, as mentioned in Para 4.IV below as per option exercised by the Policyholder/Life Assured.

• Maturity Benefit:

  On Life Assured surviving the date of maturity, an amount equal to Unit Fund Value as on date of maturity shall be payable.

• Refund of Mortality Charges:

  On Life Assured surviving the stipulated date of maturity provided all due premiums under the policy have been paid, an amount equal to the total amount of mortality charges deducted in respect of life insurance cover shall be payable along with the Maturity Benefit. The total amount of Mortality charges shall not include any extra amount chargeable under the policy due to underwriting decision and tax charges levied on the mortality charges, if any.

  Refund of Mortality Charge shall not be payable in case of surrendered or discontinued policy.

3. Guaranteed Additions:

Guaranteed additions shall be payable only under an in-force policy i.e. if all due premiums have been paid. Guaranteed Additions as a percentage of one Annualized Premium, as mentioned in the table below shall be added to the Unit fund on completion of specific duration of policy years provided all due premiums have been paid and the policy is in-force.

The ‘Annual Premium’ or ‘Annualized Premium’ for all modes of premium payment shall be calculated as installment (periodic) premium amount multiplied by frequency of premium payment in a policy year.

The allocated Guaranteed Additions shall be converted to number of units and shall be credited to the opted fund type on the due date of payment of Guaranteed Additions. For policies which are not in-force but revived subsequently, the Guaranteed Additions from the date of Discontinuance till the date of Revival shall be credited on the date of revival of the policy.

However, any Guaranteed Additions added subsequent to the date of death shall be recovered from the Unit Fund.

Note: Guaranteed Additions shall not be payable if the policy is in reduced paid-up status.

Special cases where the Guaranteed Additions shall be reduced on pro-rata basis:

In case of an in-force policy where Partial Withdrawal(s) have been availed by you as specified in Para 4.II, the Guaranteed Additions to be attached after the date of Partial Withdrawal(s) shall be reduced on pro-rata basis. The modified rate of Guaranteed Additions in each of the future policy years under such polices shall be calculated by using the formula:

4. Optional benefits:

• Rider Benefits:

  You have an option of availing LIC’s Linked Accidental Death Benefit Rider.

  This rider can be opted for at any policy anniversary provided the outstanding policy term is at least 5 years but on or before the policy anniversary on which the age nearer birthday of the Life Assured is 65 years. The benefit cover under this rider shall be available till the Date of Maturity or till the policy anniversary on which the age nearer birthday of the Life Assured is 70 years, whichever is earlier, provided the Policy is in force as on date of accident. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum. This Rider will not be available under the policy on the life of minor, during minority of the Life Assured. The Accident Benefit Sum Assured cannot exceed the Basic Sum Assured.

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

• Partial Withdrawals:

  You may partially withdraw the units at any time after the 5 years’ lock-in period (i.e. a period of 5 years from the date of commencement of policy) subject to the following:

  • In case of minors, partial withdrawals shall be allowed only after Life Assured is aged 18 years or above.

  • Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.

  • Maximum amount of Partial Withdrawal as a percentage of fund during each policy year shall be as under:

    Policy Year	Percent of Unit Fund
    6th to 10th	20%
    11th to 15th	25%
    16th to 20th	30%
    21st to 25th	35%

    The above Partial withdrawal shall be allowed subject to minimum balance remaining after allowing for partial withdrawal is not less than 4 Annualized Premiums for Annual Premium less than ₹48,000/- and in all other cases not less than 3 Annualized Premiums. The partial withdrawals which would result in termination of a contract shall not be allowed.

  • Partial withdrawal charge as specified in Para 9.G shall be deducted from the Unit Fund Value.

  • The Guaranteed Additions to be attached after the date of Partial Withdrawal shall be reduced on pro-rata basis as specified in Para 3.

  If partial withdrawal has been made then for two years’ period immediately preceding from the date of withdrawal, the Basic Sum Assured or Paid-up Sum Assured, whichever is applicable, shall be reduced to the extent of the amount of Partial Withdrawals made. On completion of two years’ period from the date of withdrawal the original Basic Sum Assured/Paid-up Sum Assured shall be restored.

• Switching:

  You have an option to switch between the two fund types as specified in Para.7 during the policy term. On switching, the entire Fund Value shall be switched to the new Fund opted for. During a given policy year, four switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of ` 100 per switch as specified in Para 9.F.

• Settlement Option:

  This is the option to receive the Death Benefit in instalments. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above during the lifetime while in currency of the policy, specifying the mode of paying the Death Benefit to the nominee (i.e. yearly, half yearly, quarterly or monthly) spread over a period of not more than 5 years from the date of intimation of death of Life Assured, in writing, along with the death certificate. The death claim amount shall then be paid to the nominee as per the option exercised and no alteration whatsoever shall be allowed to be made by the nominee.

  The Unit Fund under such policy will continue to be invested as per the fund type existing as on the date of intimation of death.

  Each instalment (in number of units) shall be the total number of units as on the date of intimation of death divided by total number of instalments (i.e. 5, 10, 20 and 60 for yearly, half-yearly, quarterly and monthly instalments in 5 year period respectively). The number of units arrived at in respect of each instalment will be multiplied by the NAV of the applicable fund type as on the date of instalment payment to arrive at the amount paid out in each instalment. The instalment payment shall be made by redeeming the units from the Unit Fund. The first payment will be made corresponding to the date of intimation of death and thereafter based on the mode opted i.e. every month or three months or six months or annual from the date of intimation of death, as the case may be.

  During the Settlement Option period no charges other than the Fund Management Charge shall be deducted. The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund. The investment risk during the settlement period shall be borne by the Nominee/Beneficiary. There will not be any risk cover or guaranteed benefits during the settlement period.

  On death of the nominee after the commencement of the Settlement Option period, the value of the outstanding units held in the Unit Fund shall become payable to the legal heir in lump sum.

  No partial withdrawal or switching of fund by the nominee shall be allowed during the subsistence of the period of settlement period.

5. Payment of Premiums:

You may choose mode of premium payment as Yearly, Half-Yearly, Quarterly or Monthly (through NACH only) for premium payment over the term of the policy.

The mode of premium payment has to be chosen at commencement although the same can be changed (between various premium payment modes) at any subsequent policy anniversary during the premium paying term of the policy subject to the provisions of Minimum Premium and Premium multiples as mentioned under Para 1 above.

6. 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 (NACH) premiums from the date of first unpaid premium.

7. Investment of Funds:

Unit Fund:

You will have the option to choose any one of the following two funds to invest your premiums initially and at the time of switching. Each premium paid, after deduction of Premium Allocation Charge, shall be utilized to purchase units of the Fund type chosen. The Unit Fund shall be subject to deduction of various other charges either as cancellation of number of units or by adjusting the Net Asset Value (NAV). The value of units may increase or decrease, depending on Net Asset Value (NAV).

The details of the available funds and broadly their investment pattern available are as under:

Discontinued Policy Fund:

The investment pattern of the Discontinued Policy Fund shall be a unit fund with the following asset categories:

• Money market instruments: 0% to 40%

• Government securities: 60% to 100%

If any of the funds, which are attached to this Plan and are approved by the Board, do not comply with Regulation 8 of Schedule I of the IRDAI (Investment) Regulations, 2016 read with the Master Circular Investment issued there under, the policyholder will be given a free switch to the other available fund as detailed below.

• Flexi Growth Fund (Very High Risk):

  Free Switch shall be allowed to the following fund:

  Fund Name	SFIN	Risk Profile
  Flexi Smart Growth Fund	ULIF00610/11/23LICULIPFSG512	Very High Risk

• Flexi Smart Growth Fund (Very High Risk):

  Free Switch shall be allowed to the following fund:

  Fund Name	SFIN	Risk Profile
  Flexi Growth Fund	ULIF00510/11/23 LICULIPFLX512	Very High Risk

Fund Closure:

Although the Funds are open ended, we may close any of the existing funds with prior approval from the IRDAI. You will be notified at least 3 months prior to the closure of the Fund. You can switch to other existing Fund option without switching charges during these 3 months. In case you do not switch during this period, Corporation shall switch the units to any other Funds with similar asset allocation and risk profile considering NAV as on the date of Switch.

8. Method of calculation of Unit Price:

Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance and Fund Management Charge of each type of fund and shall be computed as:

Where, Valuation Date is the date of calculation of NAV.

The Unit Fund value will be subject to deduction of charges, as specified in Para 9 below

Applicability of Net Asset Value (NAV):

• The allocation and redemption of units for various transaction will be at the NAV as described below:

  Type of Transaction	Applicable NAV (Where transaction is received before cut off Time)
  First Premium received In case of Offline sale : by way of a local cheque or a demand draft payable at par at the place where premium is received. In case of Online sale : by any digital Payment Mode.	NAV of Date of underwriting acceptance of risk i.e.Date of commencement of policy.
  Renewal premium received through NACH or by any digital payment mode.	NAV of the date of our receipt of instruction or transaction realization date or the due date of premium which ever is later.
  Renewal premium received by way of a local cheque or a demand draft payable at par at the place where the premiumis received.	NAV of the date of our receipt of instrument or the due date of premium, whichever is later.
  Partial withdrawal , Switching between available Fund types, or Free-look cancellation	NAV of the date of our receipt of the request in writing.
  Surrender	NAV of the date of our receipt of surrender request in writing
  Death claim	NAV of the date of our receipt of the intimation of death in writing along with death certificate.
  Revival	NAV as on date of revival, where date of revival is the date of adjustment of all due premiums after underwriting acceptance has been received.
  Settlement Option	NAV of date of installment payment under Settlement Option.
  Maturity Benefit	NAV of the date of maturity.
  Discontinuance	NAV as on the date of Discontinuance.
  Termination	NAV of date of Termination.
  Policy Alteration	NAV of date of alteration in the policy.
  Guaranteed Addition	NAV of the date of allocation

• Currently, the cut-off time is 3.00 p.m. as per the existing IRDAI guidelines and changes in this regard shall be as per the instructions from IRDAI. In case of new business the cut- off time of 3 p.m. for determination of NAV shall be in reference to the date of acceptance of risk i.e. date of commencement of Policy.

• If the transaction request is received before the cut-off time in respect of:

  • Premium Payments, at any branch office of the Corporation or other authorized office for premium collection or by any digital payment mode or through NACH;

  • Other transaction, by servicing branch of the Corporation;

  • Successful Registration of Service Requests as and when made available on LIC's Customer Portal. The closing NAV of that day shall be applicable.

• If the transaction request is received after the cut-off time in respect of:

  • Premium Payments, at any branch office of the Corporation or other authorized office for premium collection or by any digital payment mode or through NACH;

  • Other transaction, by servicing branch of the Corporation;

  • Successful Registration of Service Requests as and when made available on LIC's Customer Portal. the closing NAV of the next business day shall be applicable.

• In case of offline sale, Premium paid by CTS 2010 cheque/demand draft drawn on a bank which is participating in local/CTS/speed clearing house shall only be accepted. Cheques /demand draft not coming under above category shall not be accepted.

9. Charges under the Plan:

The details of charges: subject to taxes as mentioned in Para 9.I below are as under:

• Premium Allocation Charge:

  This is the percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units of the chosen fund in the policy.

  The premium allocation charges as a % of Instalment Premium are as below:

  Premiums	Offline sale	Online sale
  1st Year	8.00%	3.00%
  2nd to 5th Year	5.50%	2.00%
  Thereafter	4.00%	1.50%

  Instalment Premium is a Premium to be paid by Policyholder as per the premium payment frequency opted by the Policyholder.

  The cap on Premium Allocation Charge shall be as per Para 9.L below

• Mortality Charge:

  Mortality Charge is the cost of life insurance cover, which is age specific and this will be taken at the beginning of each policy month by canceling appropriate number of units out of the Unit Fund Value. The monthly charge will be one twelfth of the annual Mortality Charges. This charge shall depend upon the Sum at Risk.

  The Sum at risk during the policy term shall be
  Highest of

  • Basic Sum Assured in case of in-force policies or Paid-up Sum Assured in case of reduced paid-up policies

  • Unit Fund Value

  • 105% of total Premium Received
    Less

  • Unit Fund Value

  The Unit Fund value shall be taken as on the date of deduction of charge, after deduction of Accident Benefit charges, Policy Administration Charges and Tax charge on Accident Benefit Charges and Policy Administration Charges. The Mortality Charges shall be deducted only if, the Basic Sum Assured/Paid-up Sum Assured, whichever is applicable, is more than the Unit Fund Value as on the date of deduction. The total premiums received shall be reckoned as on date of deduction of Mortality Charge.

  In case of partial withdrawals, the Basic Sum assured or Paid up Sum Assured, whichever is applicable and 105% of the total premiums received, shall be reduced to the extent of all Partial Withdrawals made during the two years period immediately preceding the date of deduction of Mortality Charges.

  The rate of Mortality Charge per annum per ₹1000/- Sum at Risk for some of the ages in respect of a healthy life are as under:

  Age	25	35	45	50	60
  ₹	1.26	1.62	3.48	5.99	15.07

  In case where the Policy is converted into a reduced paid-up policy, the Mortality Charge in respect of Sum at Risk under a paid-up Policy shall be deducted from the policy month following the due date of first unpaid premium. On revival of policy, the risk cover under the policy shall be restored immediately and the Mortality Charge in respect of Sum at Risk under an in-force policy shall be deducted from the policy month following the date of revival along with proportionate mortality charge for the period from the date of revival to the following policy month.

• Accident Benefit Charges ( if LIC’s Linked Accidental Death Benefit Rider( is opted for)):

  Accident Benefit Charge is the cost of LIC’s Linked Accidental Death Benefit Rider if opted for. This charge will be taken at the beginning of each policy month by canceling appropriate number of units out of Unit Fund Value while the policy is in-force (i.e. all due premiums have been paid) and shall be at the rate of ₹0.40 per thousand Accident Benefit Sum Assured per policy year. If the Life Assured is engaged in police duty in any police organization other than paramilitary forces and opted for this cover while engaged in police duty, then the level annual charge shall be at the rate of ₹0.80 per thousand Accident Benefit Sum Assured per policy year. The monthly charges will be one-twelfth of the annual Accident Benefit Charge.

• Fund Management Charge:

  This is a charge levied as a percentage of the value of the assets and shall be appropriated by adjusting the Net Asset Value. Fund Management Charge (FMC) shall be as under:

  • 1.35% p.a. of Unit Fund for both fund types available under an in- force policy i.e. Flexi Growth Fund and Flexi Smart Growth Fund.

  • 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”

  This is a charge levied at the time of computation of NAV, which will be done on daily basis. The NAV thus declared will be net of FMC.

• Policy Administration Charge:

  This Charge shall be levied at the beginning of each policy month from 6^th policy year till the end of policy term as mentioned below and shall be subject to maximum of ₹500 per month (i.e ₹6000 p.a) from the Unit Fund Value by cancelling units for equivalent amount.

  Policy Year	Policy Administration Charges
  First 5 Years	NIL
  Year 6	Minimum of [(One twelfth of 3.25% multiplied by Annualized Premium) or ₹125 per month
  Thereafter from 7th year onwards	Applicable Policy Administration Charges in 6th year escalating at the rate of 5% p.a

• Switching Charge:

  This is a charge levied on switching of monies from one segregated fund to another available within the product. The charge per switch, if any, shall be levied at the time of effecting a switch by cancelling appropriate number of units out of Unit Fund Value. Within a given policy year 4 switches shall be allowed free of charge. Subsequent switches in that year shall be subject to a Switching Charge of ₹100 per switch.

• Partial Withdrawal Charge:

  This is a charge levied on the Unit Fund Value at the time of each partial withdrawal of the fund. A flat amount of ₹100/- shall be deducted by canceling appropriate number of units out of the Unit Fund Value on the date on which partial withdrawal takes place.

• Discontinuance Charge:

  This is a charge levied by cancelling appropriate number of units out of the Unit Fund Value as on the date of discontinuance of Policy. The Discontinuance charge applicable is as under:

  Where the policy is discontinued during the policy year	Discontinuance Charges for the policies having Annualized Premium up to ₹50,000	Discontinuance Charges for the policies having Annualized Premium above ₹50,000
  1	Lower of 20% multiplied by (AP or FV) subject to maximum of ₹3,000/-	Lower of 6% multiplied by (AP or FV) subject to maximum of ₹6000/-
  2	Lower of 15% multiplied by (AP or FV) subject to maximum of ₹2,000/-	Lower of 4% multiplied by (AP or FV) subject to maximum of ₹5000/-
  3	Lower of 10% multiplied by (AP or FV) subject to maximum of ₹1,500/-	Lower of 3% multiplied by (AP or FV) subject to maximum of ₹4000/-
  4	Lower of 5% multiplied by (AP or FV) subject to maximum of ₹1,000/-	Lower of 2% multiplied by (AP or FV) subject to maximum of ₹2000/-
  5 and onwards	NIL	NIL

  Where,
  AP – Annualized Premium
  FV – Unit Fund Value on the date of discontinuance of policy

  “Date of discontinuance of the policy” shall be the date on which the intimation is received from the Life Assured / Policyholder about the surrender of the policy or on the expiry of the Grace Period (in case of non-payment of contractual premium due during the Grace period), whichever is earlier.

• Tax Charge:

  Tax charges, if any, shall be levied on all or any of the charges applicable to this plan at the rate of tax as per the prevailing Tax laws/notification etc. as issued by Government of India or any other Constitutional Tax Authority of India from time to time in this regard without any reference to the policyholder.

• Miscellaneous Charge:

  This is a charge levied for an alteration during the contract, such as change in premium mode and Grant of Accident Benefit Rider after the issue of the policy, and shall be a flat amount of ₹100/- which will be deducted by cancelling appropriate number of units out of Unit Fund Value and the deduction shall be made on the date of alteration in the policy.

  The Corporation reserves the right to accept or decline an alteration in the policy. The alteration shall take effect from the policy anniversary coincident with or following the alteration only after the same is approved and accepted by the Corporation and is specifically communicated in writing to the Policyholder.

• Bid Offer Spread:

  NIL

• Right to Revise charges:

  The Corporation reserves the right to revise all or any of the above charges except the Mortality Charge and Accident Benefit Charge. The modification in charges will be done with prospective effect with the prior approval of IRDAI and after giving the policyholders a notice of 3 months which shall be notified through our website.

  Although the charges are reviewable, they will be subject to the maximum charges as declared by IRDAI from time to time. The current cap on charges is as under:

  • Premium Allocation charges shall not exceed 12.5% of Annualized Premium in any year

  • Policy Administration Charge shall not exceed ₹500 per month.

  • The Fund Management charge shall not exceed the limit specified by IRDAI which are currently same as Para 9.(D) above

  • Partial withdrawal charge shall not exceed ₹500/- on each withdrawal.

  • Switching Charge shall not exceed ₹500/- per switch.

  • Discontinuance charges shall not exceed the limits specified by IRDAI, which are currently same as specified under Para 9.(H) above

  • Miscellaneous Charge shall not exceed ₹500/- each time when an alteration is requested.

  In case you do not agree with the revision of charges you shall have the option to withdraw the Unit Fund Value. If such revision in charges is made during the lock-in-period of 5 years, withdrawal shall be allowed only after the expiry of lock-in-period.

10. Surrender:

A policy can be surrendered anytime during the policy term. The surrender value, if any, shall be payable as under:

If the policy is Surrendered during the 5 years’ lock-in-period:

If you apply for surrender of the policy during the 5 years’ lock-inperiod, then the Unit Fund Value after deducting the applicable Discontinuance Charge shall be transferred to the Discontinued Policy Fund as specified in Para 12 below.

The policy shall continue to be invested in the Discontinued Policy Fund till the end of the lock-in period. Only Fund Management Charge (FMC) as specified in Para 9.D shall be deducted from this fund and no risk cover (including rider cover, if any) shall be available on such policy during this period.

The Proceeds of the Discontinued Policy Fund in respect of Policy as on the date of expiry of lock-in period, as specified in Para 12.B shall be payable to the Policyholder at the end of 5 years’ lock-in-period and the policy shall terminate.

However, in case of death of the Life Assured after the date of surrender but before the expiry of the 5 years’ lock-in-period, the Proceeds of the Discontinued Policy Fund in respect of the Policy shall be payable to the nominee/ Beneficiary and the policy shall terminate.

If the policy is Surrendered after the 5 years’ lock-in-period:

If you apply for surrender of the policy after lock-in-period, then the Unit Fund Value as on the date of intimation of surrender shall be payable to the Policyholder and the policy shall terminate. There will be no Discontinuance Charge under the policy.

Further, Reinstatement of a surrendered policy shall not be allowed even if a request for reinstatement is received from the policyholder during the 5 years’ lock-in-period.

11. Discontinuance of premiums:

If you fail to pay premiums under the policy before the expiry of Grace Period, then the policy shall be in a state of discontinuance.

During the Grace Period the policy shall be treated as in-force and the benefits payable under the policy during the grace period shall be same as that under an in-force policy. The charges for mortality and Accident Benefit cover, if any, shall be deducted in addition to other applicable charges as specified in Para 9.

The treatment of discontinued policy shall be as under:

• If the policy is discontinued during the 5 years’ lock-in-period:

  Upon expiry of the grace period, the Unit Fund Value after deducting the applicable Discontinuance Charge as specified in Para 9.H shall be transferred to the Discontinued Policy Fund as specified in Para 12. below and the risk cover and rider cover, if any, shall cease. Only Fund Management Charges of 50 basis points per annum shall be deducted from the Discontinued Policy Fund.

  On such discontinuance, a communication shall be sent to the you within three months of the date of first unpaid premium, communicating the status of the policy and the option to revive the policy during the revival period of three years from the date of First Unpaid Premium. Under such cases

  • If you opt to revive and thereafter exercise the Option to revive the policy at any time during the revival period of 3 years, then the policy shall be revived as specified in Para 14.iii below.

  • In case you opt to revive but do not revive the policy during the revival period of 3 years, then the Proceeds of the Discontinued Policy Fund in respect of the policy, as specified in Para 12.B, shall be payable to you at the end of the revival period or lock-in period, whichever is later and the policy shall terminate. In respect of Revival period ending after the lock-in period, the policy will remain in the Discontinued Policy Fund till the end of the Revival period.

  • In case you do not exercise the option to revive the policy, the policy shall continue without any risk cover and rider cover, if any, and the policy fund shall remain invested in the Discontinued Policy Fund. The Proceeds of the Discontinued Policy Fund in respect of the policy as on the date of expiry of lock-in period as specified in Para 12.B below shall be paid to you at the end of lock-in period and the policy shall terminate.

  • However, you have an option to surrender the policy anytime and Proceeds of the Discontinued Policy Fund in respect of the policy as on the date of expiry of lock-in period or as on the date of surrender as specified in Para 12.B shall be payable at the end of lock-in period or date of surrender whichever is later and the policy shall terminate.

  Irrespective of what is stated above, in case of death of the Life Assured during the revival period or lock-in-period, as the case may be, the Proceeds of the Discontinued Policy Fund in respect of the Policy as on the date of intimation of death, as specified in Para 12.B below, shall be payable to the Nominee or Beneficiary.

• If the policy is discontinued after 5 years’ lock-in- period:

  Upon expiry of the grace period, in case of discontinuance of policy due to non payment of premium, the policy shall be converted into a reduced paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum called Paid-Up Sum Assured and shall be equal to { Basic Sum Assured multiplied by the ratio of total number of premiums paid to the original number of premiums payable}. The policy shall continue to be in reduced paid up status without rider cover, if any i.e. no Accident Benefit cover shall be available under reduced paid up policy. The reduced risk cover and hence the mortality charges in respect of the paid up policy shall be applicable from the next policy month following the date of first unpaid premium. Further, all other applicable charges (except Accident Benefit Charge) as specified in Para 9 above shall also continue to be deducted.

  On such discontinuance, a communication shall be sent to you within three months of the date of first unpaid premium, communicating the status of the policy and the options (a) to revive the policy (along with the rider ,if opted for) within the revival period of three years from the date of first unpaid premium or upto the date of maturity, whichever is earlier; or (b) complete withdrawal of the Policy In such case, the following situations may arise:

  • If you opt to revive and thereafter exercise Option to revive the policy anytime during the Revival Period or upto the date of maturity, whichever is earlier, then the policy shall be revived as specified in Para 14.iii.

  • In case you opt to revive but do not revive the policy during the Revival period or upto the date of Maturity, whichever is earlier, or do not exercise any option, then the policy shall subsist as a reduced paid up policy till the end of the revival period or upto the date of maturity, whichever is earlier.

    In such case, the Unit Fund Value as on the date of expiry of Revival Period or as on the date of Maturity ,whichever is earlier, shall be payable at the end of the revival period or date of maturity, whichever is earlier, and the Policy shall be terminated.

  • If you opt for complete withdrawal or surrender the policy at any time, in such case the amount in the Unit Fund shall be refunded and the policy shall be terminated.

  • In case of death of the Life Assured before the end of Revival Period or date of Maturity, whichever is earlier, highest of the following shall be payable

    • Paid up Sum Assured reduced by Partial Withdrawal, if any, made during the two year period immediately preceding the death of the Life Assured, (Partial Withdrawal is as defined in Para 4.II above)

    • Unit Fund Value as on the date of intimation of death

    • 105% of total premiums received excluding Partial Withdrawals made during the two year period immediately preceding the death of the Life Assured.

12. Treatment of the policy while the policy money is in Discontinued Policy Fund:

During the 5 years’ lock-in-period if you apply for surrender or in case of non-payment of premium before the expiry of the Grace Period, the policy shall be in a state of discontinuance.

• Conversion of Unit Fund Value into monetary amount and allocation of units in Discontinued Policy Fund:

  On discontinuance of the policy, the Unit Fund Value as on the date of discontinuance of policy after deducting the applicable Discontinuance Charges as specified in Para 9.(H) shall be transferred to the Discontinued Policy Fund and the risk cover including rider cover, if any, shall cease. Where, Unit Fund Value shall be calculated by multiplying the NAV with the number of units in the Unit Fund as on the date of discontinuance.

  The number of units of Discontinued Policy Fund shall be allocated to the policy considering the NAV of the Discontinued Policy Fund as on the date of discontinuance.

• The Proceeds of the Discontinued Policy Fund :

  The Discontinued Policy Fund is a segregated unit fund and shall comprise of all the discontinued policy fund of all the policies offered under the Unit Linked Life Insurance plans. Only Fund Management Charges (FMC) as specified in Para 9.D shall be applicable on this fund.

  The Unit Fund Value which is transferred to the Discontinued Policy Fund as mentioned above shall continue to be invested therein from the date of discontinuance till the Policy exits from the Discontinued Policy Fund either by death, surrender, revival, policy termination at the end of 5 years’ lock-in-period or on completion of 3 years’ revival period (if revival period extends beyond the 5 years’ lock-in- period), whichever is applicable.

  The Proceeds of the Discontinued Policy Fund in respect of the Policy shall be higher of:

  • Unit Fund Value of the Discontinued Policy Fund; or

  • Guaranteed amount calculated using minimum guaranteed interest rate.

    Where, Unit Fund Value shall be calculated by multiplying the NAV with the number of units of Discontinued Policy Fund on the date of exit of the Policy from the Discontinued Policy Fund.

  The Guaranteed amount is the accumulation of amount transferred into the Discontinued Policy Fund at the guaranteed interest rate from the date of discontinuance till the Policy exits from the Discontinued Policy Fund.

  The minimum guaranteed interest rate applicable to the ‘Discontinued Policy Fund’ shall be as per the prevailing Regulations. Currently this guaranteed interest rate is 4% p.a. and shall be subject to change from time to time as declared by IRDAI.

13. Compulsory Termination:

If the policy has run for at least 5 years provided 5 full years’ premiums have been paid and the balance in the Unit Fund is not sufficient to recover the relevant charges, the policy shall be compulsorily terminated and the balance amount in the Unit Fund, if any, shall be refunded to the policyholder. This shall be applicable irrespective of whether the policy is in-force or paid-up during the revival period.

14. Other features:

• Top-up:

  No Top-up shall be allowed under the plan.

• Increase / Decrease in Benefits:

  No increase / decrease of Basic Sum Assured will be allowed under the plan. Under an in-force policy, the policyholder can, however, cancel the LIC’s Linked Accidental Death Benefit Rider at anytime during the policy term. However, once the rider is cancelled, the same cannot be subsequently restored

• Revival:

  • Revival of a Discontinued Policy during lock-in Period:

    In case you opt to revive the policy during the Revival Period of 3 years from the date of first unpaid premium, the policy shall be revived subject to the following:

    • On payment of all due and unpaid premium without interest. All outstanding applicable Premium Allocation Charges, and Tax charges thereon due since the date of discontinuance shall be deducted from the Unit Fund.

    • Discontinuance Charge deducted from the Unit Fund, if any, at the time of discontinuance of the policy along with the Proceeds of the Policy’s Discontinued Policy Fund, if any, shall be added back to the Unit Fund.

  • Revival of a Discontinued Policy after lock-in Period:

    In case you opt to revive the policy during the Revival Period of 3 years from the date of first unpaid premium or up to the date of Maturity, whichever is earlier, the policy shall be revived subject to the following:

    • On payment of all due and unpaid premium without interest.
    • All outstanding applicable Premium Allocation Charges, Policy Administration Charges and Tax charge thereon due since the date of discontinuance shall be deducted from the Unit Fund.

The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy as per the “Board Approved Underwriting Policy” of the Corporation. The Revival shall be subject to 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 “Board Approved Underwriting Policy” at the time of revival, being furnished by the Policyholder/Proposer / Life Assured. The revival of a discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.

Units of the segregated fund originally chosen by the Policyholder or as chosen in the last switch, or the fund chosen at the time of revival, as the case may be, shall be allotted based on the NAV as on the date of revival.

The Guaranteed Additions from the date of Discontinuance till the date of Revival shall be credited on the date of revival of the policy.

Irrespective of what is stated above, if the Unit Fund Value is not sufficient to recover the charges during the revival period, the policy shall terminate and thereafter revival will not be allowed.

LIC’s Linked Accidental Death Benefit Rider, if opted for, can be revived along with the Base Policy and not in isolation.

15. Reinstatement:

Reinstatement of a surrendered policy shall not be allowed even if a request for reinstatement is received from the policyholder during 5 years’ lock in period.

16. Risk factors and Disclaimers:

• LIC’s Index Plus is a Unit Linked Life Insurance product, which is different from the traditional insurance products.

• The premiums paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.

• Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Index Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.

• Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer

• It is recommended that you read and understand this brochure & customized benefit illustration and understand what the plan is, how it works and the risks involved before you purchase.

• The various fund types offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

• All benefits under the policy are also subject to the Tax Laws and other financial enactments as applicable from time to time.

• The actual value of units under your policy in the IRDAI prescribed FORM D02 can be viewed through a secured login on LIC’s Customer Portal provided on the Corporation’s website (www.licindia.in)

17. Policy Alteration:

During the contract, alteration in premium payment mode subject to provisions of Minimum Premium and Premium Multiples allowed as per terms and conditions of the plan and grant of Accident Benefit rider after the issue of policy may be allowed subject to a miscellaneous charge of ₹100/- which will be deducted by cancelling appropriate number of units out of the Unit Fund Value and the deduction shall be made on the date of alteration in the policy. The alteration will be effective from the policy anniversary coincident or following the alteration.

The Corporation reserves the right to accept or decline the alteration in the policy as per the Underwriting Policy of the Corporation. The alteration shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Proposer/Life Assured.

18. Loan:

No loan facility shall be available under this plan.

19. Termination of Policy:

The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events:

• The date on which death benefit is paid if Settlement Option for death is not exercised; or

• The date on which surrender benefits are settled under the policy; or

• The date of maturity ;or

• On payment of final installments under Settlement Option if opted in case of death; or

• On death of the Nominee/Beneficiary after the commencement of the Settlement Option Period; or

• On payment of free look cancellation amount; or

• On compulsory termination as specified in Para 13 above; or

• In case of discontinuance of policy as specified in Para 11 above; or.

• In the event of forfeiture as specified in Para 20.

20. Forfeiture in certain events:

In case it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and connected documents or any material information is withheld, then and in every such case the policy shall be void and all claims to any benefit in virtue of this policy shall be subject to the provisions of Section 45 of the Insurance Act, 1938, as amended from time to time.

21. Taxes:

Statutory Taxes, if any, imposed on charges of 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.

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

22. Free Look Period:

If you are not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to us within a period of 30 days from the date of receipt of the electronic or physical mode of Policy Document whichever is earlier, stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and the amount to be refunded shall be as under:

Value of units in the Unit Fund as on the date of receipt of request

23. Exclusions:

Suicide Clause:

Notwithstanding the provision of benefits payable on death mentioned in Para 2.A., the provisions related to claim payment in case of death due to Suicide shall be subject to the conditions as specified herein under:

• In case of death due to suicide, within 12 months from the date of commencement of the policy or from the date of revival of the policy, the Nominee or Beneficiary of the policyholder shall be entitled to the Unit Fund Value available on the date of intimation of death along with death certificate. The Corporation will not entertain any other claim by virtue of this policy and the policy shall terminate.

• Any charges and Tax levied thereon other than Fund Management Charges (FMC) and Tax charges levied on FMC recovered subsequent to the date of death shall be added back to the Unit Fund Value as available on date of intimation of death.

• Any Guaranteed Additions added subsequent to the date of death shall be recovered from the Unit Fund. This clause shall not be applicable in case age at entry/age at revival of the Life Assured is below 8 years and death benefit as mentioned in Para 2.A shall be payable.

This clause shall not be applicable in case age at entry/age at revival of the Life Assured is below 8 years and death benefit as mentioned in Para 2.A shall be payable.