LIC All Plans Available

8/9/2019 LIC All Plans Available

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LIC POLICY LIST

Name of Policy Page no.

Jeevan Anand Lic Policy 2

Jeevan Anurag Lic Policy 4

Jeevan KishoreLic Policy 6

Jeevan ChhayaLic Policy 8

Jeevan SaralLic Policy 10

Jeevan Mitra Double cover Lic Policy 13

Jeevan Mitra Tripple CoverLic Policy 15

Jeevan Tarang Lic Policy 17

Komal Jeevan Lic Policy 20

Child Career Plan Lic Policy 22

Child Future Plan Lic Policy 24

Jeevan Bharati Lic Policy 26

Bima Bachat Lic Policy 28

Money Back Policy-20 30

Money Back Policy-25 32

Jeevan Surbhi 34
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JEEVAN ANAND LIFE INSURANCE POLICY BY LIC (table: 149)

Features of plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the

plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover

on the life continues till death. This policy is suitable for the people of all ages and social groups.

The policyholder will be benefited by giving protection to their families from a financial setback

that may occur owing to their demise The amount assured if not paid by reason of his death

earlier will be payable at the end of the endowment term where it can be invested in an annuity

provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity,

saving oriented.

Premiums are usually payable for the selected term of years or until death if it occurs during the

term period. Accident benefit is available during engaged in hazardous occupations attracting

occupational extra.

Plan parameters

Age at entry: Min.18 yrs Max. 65 yrs.

PPT maturity age: Max. 75 yrs

Sum assured: Min. 1,00,000 Max. No. Limit

S.A. in multiples: 5000

Term: Min.5 yrs Max. 57 yrs

Mode of payment: YLY/HLY/QLY/SSS/MLY

Accident benefit: Incl. in. T.P.

Policy loan: yes

Housing loan: yesAssignment: yes

Revival: yes

Surrender of policy: yes

Term rider: N.A.

CIR: yes

UNDERWRITING CNDITION

Form no: 300 (rev.)

Age proof: std/ NSAP- 1,2,3

Female lives category: I/II/III

Non-medical (Gen): AllowedNon-medical (Prof): Allowed

Non-medical (special): Allowed

Actual sum assured: Basic SA

Risk coverage: SA+ Bonus

Dating back @ 8%: Allowed

BENEFITS


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Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and

premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after

the premium paying term. No bonus is paid on death after the premium paying term.

Accident benefit:The double accident benefit is available during the premium paying term and

thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Example:Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1

Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get

Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become

43 x 100 x 20 = 86,000/-). Even after the premium paying term is over, risk cover continues till

the death of Mr. Sharad Pawar.

But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amountequal to the S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his

nominee will receive Rs. 1Lac + accumulated Bonus.


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JEEVAN ANURAG LIFE INSURANCE POLICY BY LICWith profits plan (Table No. 168)

Feature of plan:Jeevan Anurag is a with profit plan specifically designed to take care of the

educational needs of children. The plan can be taken by a parent on his or her own life benefits

under the plan are payable at pre-specified duration irrespective on whether the life assured

survives to the end of the policy tremor dies during the term of the policy. In addition, this plan

also provides for an immediate payment of basic S.A amount on the life assured during the term

of the policy. This plan is not allowed when occupation extra chargeable and to pregnant ladies.

15 - days cooling-of period: if you are not satisfied with the "term and conditions of the policy

you may return the policy to us within 15 days.

Paid up value: if at least three full year's premiums have been paid in respect of this policy, any

subsequent premium be not duly paid, this policy shall not be wholly void, but the S.A. by it shall

be reduced to such a sum, called the paid-up value, as shall bear the same ration to the full S.A.

as the number of premium actually paid shall bear to the total number of premium originally

stipulated in the policy. The policy so reduced shall thereafter be free from all liabilities for

payment of the within mentioned premium, but shall not entitled to the future bonuses.

Guaranteed surrender value: this policy can be surrender for cash after the policy is kept in

force by payment of premiums for at least three years. The guaranteed surrender value

allowable under this plan for all modes, except the premium mode will be equal to

30% of the premium paid excluding the premiums paid for the first year and all extra premiums

and the premiums paid for optional / rider benefits. In case of single premium mode, the

guaranteed surrender value will be 90% of the premiums paid excluding all extra premiums and

the premiums paid for optional/ rider benefits.

Critical illness rider benefit:critical illness rider benefit will be available for an amount not

excluding the S.A. under the basic plan subject to overall cover of 5lakh under all polices of the

life assured with the corporation taken together.

If premium waiver benefit is opted for then in case of diagnosis by any of the critical illnesses

condition covered under the policy, the total future premiums in respect of the policy will be

waived S.A under such polices will not exceed Rs.5lakh.

Plan parameters

Age at entry: Min.20 yrs (NBD) Max.60yrs (NBD)

Maturity age: Max.70 yrs. (NBD)

Term: Min.5 yrs for S.P & 10 yrs for regular Max. 25 yrs

Sum assured: Min.50,000 Max. No Limit

S.A in multiples: 5000

Premium paying: policy term or

Term (PPT): policy term-3

Mode of payment: YLY/ HLY/QLY/SSS/MLY and single premium

Accident benefit: Allowed (with extra premium)


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Policy loan: yes @ 10.5%

Housing loan: yes

Assignment: yes

Revival: yea


Term rider: yes

CIR: yes

Underwriting condition

Form no: 300

Age proof: std/ NSAP-1 (WR 5Lac)


Non-medical (Gen): Allowed

Non-medical (Prof): Allowed


Actual sum assured: 1.5 times of S.A


BENEFIT

Maturity benefit: payment of the basic S.A at the start of every year during last 3 policy years

before maturity. At maturity 40% of the along with reversionary bonus declared from time to the

full term and the terminal bonus if any shall be payable

Death benefit: payment of an amount equal to S.A. under the basic plan immediately on the life

assured is paid to the nominee. No. Premiums are payable thereafter. An amount equal to 20%

of the basic S.A. at the start of every year during last 3 policy years is paid to the nominee. In

addition he will also get 40% of the basic S.A + Accured Reversionary bonus for the full term &

terminal bonus, is any is also paid.

Accident benefit : accident death and disability benefit will be available for an amount not

exceeding the S.A under the basic plan subject to overall cover of 50 lac under all policy of the

life assured with the corporation taken together.

Example:Mr. Tushar Kapoor aged 35 years opted for jeevan anuurag plan, S.A 2 Lac, for a term

of 15 years. He pays an annual premium of Rs.15,323/- if the policy is in full force, Mr. Tushar

Kapoor Will get 20% of S.A i.e. Rs.40,000/- at the start of 31th, 14th & 15th policy year and the

balance 40% of S.A i.e. Rs.80,000 will be given at the end of 15th year along with reversionary

bonuses declared from time to time for the full term, plus terminal bonus, if any shall be

payable. in case Mr. Tushar Kapoor dies during 10th year his nominee will receive Rs.2 lac.

No premiums are payable thereafter Moreover the nominee will get Rs.40,000/- at the start of

31th, 14th & 15th policy year and on maturity Rs.80,000 + Reversionary Bonus + terminal

bonus, if any.


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JEEVAN KISHORE LIFE INSURANCE POLICY BY LICWith profits plan (Table no. 102)

Features of plan

High bonus from day one child becomes owner of the policy automatically at the age of 18 yrs

child's age should be between 0 & 12 yrs (LBD) risk commences after 2 years of age policy or on

completion of 7 years of age, whichever is later. No medical examination of the child if age less

then 10 yrs. Else medical examination is necessary. Premium waiver benefit is available on

payment of extra premium along with standard age proof and medical examination up up to 50

yrs of proposer's age.

Parents of children who want provide a lump sum amount at a particular age of the child can also

propose. If both parents are not alive, legal guardian can propose. Grand parents can also

propose (w. e. f. 1- 12- 2003) provide premium are paid by grand parents from their own

income and consent letter is given from parents. This amount can be used for any particular

need of the child like marrige or start in life.

This policy is issued with profit, but bonus for waiting period will vest immediately on the policy

anniversary from which risk is covered or at the end of 5 years from commencement of the

policy whichever is later, provided the policy is in force.

If children aged 5yrs. & above, not going to school, this plan is not allowed to them.

W. e. f. 23-03-2005 this plan is allowed with single premium mode also.

Plan parameters

Age at entry: Min.0, Max. 12 yrsMaturity age: Max. 45 yrs.

Sum Assured: Min.5000

Term: Min15yrs, Max. 35 yrs

Mode of payment: YLY/HLY/QLY/SP

Accident benefit: after 18 yrs. Age of child

(Max. 50lac inclusive Re.1 extra per

All plans)

Policy loan: N. A.

Housing loan: N. A.

Assignment: N. A,

Revival: yesSurrender of policy: yes

Term rider: N.A.

CIR: N.A.

UNDERWRITING CONDITION

Form no.: 300/340

Age proof 0 - 4 yrs: standard


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5 yrs. & above: school certificate

Female lives category: I/II

Non-medical (Gen): N. A.

Non-medical (Prof): N. A.

Non-medical (special): N. A.


Risk coverage: SA + Bonus


If aged at entry is less then 10 yrs. Then Max. S.A. will be Rs.15 Lac

BENEFIT

Maturity benefit:on maturity the policy will get, the full S.A. + Accrued bonus + FAB, if any.

Death benefit:if death occurs after life risk has been commenced then the S.A.+ vested bonus

+ FAB, if any, will be payable on death. In case death occurs before commenced of risk, onlydeposited premiums will be given to the nominee.

Example:Mr. Anil Kapoor aged 35 years takes a Jeevan kishor policy for his 3 years old son

master sunny for S.A. 2 lac to be matured at the age of 22 of him son. He also opts for premium

waiver benefit.

Life risk will commenced from the policy anniversary after completion of 7 yrs. Of sunny's age.

On maturity master sunny will get Rs.3,89,000+FAB , if any (2 lac S.A. +Bonus as per bonus

rates of 2005 i.e. Rs.45 per 1000 .S.A. per annum 45 x 200 x 21 = 1,89,000 + FAB if any).

In case of master sunny dies at the age of 12 after commencement of risk cover, then thenominee will get 2,81,000 (2 lac S.A. + Bonus i.e. 45 x 200 x 9 = 81,000).

On attaining the age of 18 master sunny has the option to opt for accident benefit by paying Re.

1 extra per thousand S.A


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JEEVAN CHHAYA LIFE INSURANCE POLICY BY LIC: 103

Features of plan:

This policy is beneficial for partner having less then a year old child (not an adopted child). It

makes provision for higher education / marriage of the child. In case of death of the policyholder

at any time during the term of the policy one additional S.A. will be payable in addition to the

above fixed benefits. This plan is not allowed when occupational extra is chargeable and to

pregnant ladies. Joint declaration by the husband and wife is must, if child is less then one year

old.

One fourth of the S.A. is given every year during the last 4 years of maturity to the policyholder.

Bonus for the full term on the full S.A. is given on maturity.

Plan parameter

Age at entry: Min. 18 yrs, Max. 45 yrs

Maturity age: Max: 65 yrs.

Sum assured: Min. 50,000, Max. No Limit

S.A. in multiples: 5000

Term: Min.18 yrs, Max. 25 yrs


Accident benefit: Re. 1extra per

(Max. 50 Lac inclusive 1000 S.A.

All plan)

Policy loan: yes

Housing loan: yes

Assignment: yesRevival: yes


Term rider: N.A.

CIR: N.A.

UNDERWRITING CONDITIONS

Form no.: 300

Age proof: std/ NSAP-1



Non-medical (Prof): AllowedNon-medical (special): Allowed

Actual sum assured: 1.5 times of SA

Risk coverage: SA & prem. Waived


BENEFIT

Survival benefit: 25% S.A. during last 3 yrs. Before maturity


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Maturity benefit: on maturity balance 25% of S.A. + Bonus on full S.A.+ FAB, if any.

Death benefit:S.A. is immediately paid to the nominee. Future premiums are waived.

Moreover, during last 4 yrs. Of term 25% of S.A. is payable. In addition bonus for full term +

FAB, if any will be paid.

Example: Mr. Sachin Tendulkar aged 30 years, opts for jeevan chhaya policy for S.A 2 Lac and

term 18 years with DAB. His daughter baby Tanya aged 5 years is nominee and Mrs. Tendulkar

meets with an accident, his wife will get Rs.2 Lac on behalf of her daughter. Further more at the

end of 15th year, baby Tanya will receive 50,000/- (i.e. one further of S.A) again , at the and of

16th and 17th year of the policy she will receive Rs.50,00/- finally, at the end of 18th year she

will get Rs.50,000 + 1,62,000 = 2,12,000 (bonus as per bonus rate of 2005 i.e. Rs.45 per

thousand per annum)


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JEEVAN SARAL LIFE INSURANCE POLICY BY LIC(Table No. 165)

Feature of plan:This plan contains good feature of the conventional plans and the flexibility of

unit linked plans. It provides higher cover, smooth return, liquidity and considerable flexibility. Inthis plan one has to choose the premium he wants to pay whereas in normal plans one chooses

the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum

payable at maturity however differs for different entry age and terms. This plan is very

appropriate for employees seeking life cover through salary savings schemes.

Surrender value:the policy can be surrender after it has been in force for at least 3 full years.

The surrender value will be the greater then guaranteed surrender value or special surrender

value as given below:

Guaranteed surrender value (GSV):the GSV will be equal to the 30% of the total amount of

premium paid excluding the premium for the first year and all the extra premiums and premium

for accident / term riders.

Special surrender value (SSV):the special surrender value under the policy shall be paid as

the sum of (a) and (b) gives as under:

Discounted value or accumulated value, as the case may be, of the following: 80% of

maturity S.A. if 4 years premium have been paid, 90% of the maturity S.A. if or more

years but less then 5 years premiums have been paid and 100% of the maturity S.A. if 5

or more years premium have been paid.

The loyalty additions, if any as announced while declaring the results of the corporation's

valuation as on 31st march, immediately preceding the date of surrender.

Auto cover:the plan offers auto cover of 12 month after the policy has been in force for a

period of 3 years or more.

Flexible term:the policyholder can choose a maximum term but can surrender at any time

without any surrender penalty or loss.

Partial surrenders:the plan will allow partial surrender from 4th year onwards subject to

certain conditions for which please refer to policy document. Due to existence of the flexible term

and partial surrender the policyholder will enjoy a lot of liquidity under the plan. The plan also

provides for 15 days free look period".

Optional rider: term assurance rider, accidental death and disability benefit rider is available by

the payment of an addition premium.

Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode

rebate & death accident benefit.

Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to


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calculate death benefit S.A. e.g. if yearly premium is Rs.6000

The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be @ Re.1per thousand

which come out to be Rs.125

Plan parameters

Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD)

Maturity age: Min.70 yrs

Term: Min.10 yrs Max. 35 yrs

Min. premium

Age 12 to 49:Rs.250 P.M

Age 15 to 60: Rs.400 P.M

Max. Premium: No. Limits

Premium in

Multiples: Rs.50 p.m.

Mode of payment: YLY/ HLY/ OLY/ SSS

Accident benefit: Re. 1extra per

(max. 50 Lac inclusiveall plan)

Policy loan: yes @ 10.5%

Housing loan: yes

Assignment: yes

Revival: yes


Term: yes


Form no: 300/340

Age proof: Std/ NSAP-1Female lives category: I/II/III





Risk coverage: Death benefit S.A. + return of premium paid + LA (if any)


Benefit

Maturity benefit:Maturity sum assured (MSA) + Loyalty additions, if any

Death benefit:250 times the monthly premium + Return of premiums

(Excluding extra/rider premium and first year premium),+ the Loyalty Addition, if any

Example: Mr. ashok is 25 years old and is working in auto industry. He opts for jeevan saral plan

for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of

Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive

Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the


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corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium

paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty

Addition, if any.


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Death benefit:double the S.A. +bonus on the basic SA+FAB, if any

Accident benefit:3 time of the S.A.+ Bonus + FAB, if any.

Example: Mr. Shekhar Suman, aged 40 invests Rs.2lac in a annual premium. (T. No-88 with

profit) for a term of 20 years, He pays Rs.12332/- as annual premium. On maturity he will get

Rs.3,84,000/- [basic S. A . i. e. Rs.2lac+ (accrued bonus i. e. Rs.46 per thousand for 20lac years

i.e. 46 x 200 x 20=1,84,000)].

In case he dies due to heart attack after 5 years his nominee will get Rs.4,46,000 (2 time basic

S. A. i. e. 4,00,000 + bonus @ 46 per thousand per. As per bonus rate of 2005 i.e. 46 x 200 x 5

= 46,000)

In case he dies to accident after 5 years his nominee will get Rs.6,46,000/- (3 time basic S.A.

i.e. 6,00,000 + bonus @ 46 per thousand S.A. p.a. as per bonus rate of 2005 i.e. 46 x 200 x 5 =

46,000.


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JEEVAN MITRA TRIPPLE COVER LIFE INSURANCE POLICY BY LIC

Features of plan

This plan is suitable for those who want to provide a big S.A. to protect their family in case ofunfortunate death. It is persons by marketing executive, sales representatives and traveling

person. It cannot be allowed for people engaged in hazardous occupation. This plan is not

allowed to non-earning majors including students.

Besides the usual benefits offered by any endowment insurance plan, this policy provides an

additional insurance cover equal to the S.A. in the event of a policyholder's death during the

term of the policy. In other words, the death claim under this policy is twice the basic S.A.

Plan parameters

Age Entry : Min. 18 yrs L0BD, Max. 50yrs

Maturity age: At entryMax.70 yrs.

in multiples:: Min. 50,000, Max. No Limit

Term: Min.15 yrs, Max.30 yrs


Accident benefit: Re.1 extra per

(Max. 50Lacs 1000 S.A.

Inclusive all plan)

Policy lone: yes

Housing loan: yes

Assignment: yes

Revival: yes

Surrender of policy: N.A.

Term rider: N.A.CIR: Yes

Under writing condition

Form no: 300

Age proof: std./NSAP-1





Actual sum assured: Twice of SARisk coverage: SA+ bonus

Dating back@ 8%: Allowed

BENEFIT

Maturity benefit:S.A.+ bonus + FAB, if any


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Death benefit:Triple the S.A. +bonus on the basic SA+FAB, if any

Accident benefit:3 times of the S.A.+ Bonus + FAB, if any.

Example: Mr. Salman Khan, aged 40 invests Rs.2lac in a annual premium. (T. No-88 with profit)

for a term of 20 years, He pays Rs.12332/- as annual premium. On maturity he will get

Rs.3,84,000/- [basic S. A . i. e. Rs.2lac+ (accrued bonus i. e. Rs.46 per thousand for 20lac years

i.e. 46 x 200 x 20=1,84,000)].

In case he dies due to heart attack after 5 years his nominee will get Rs.6,46,000 (3 time basic

S. A. i. e. 6,00,000 + bonus @ 46 per thousand per. As per bonus rate of 2005 i.e. 46 x 200 x 5

= 46,000)

In case he dies to accident after 5 years his nominee will get Rs.6,46,000/- (3 time basic S.A.

i.e. 6,00,000 + bonus @ 46 per thousand S.A. p.a. as per bonus rate of 2005 i.e. 46 x 200 x 5 =

46,000.


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JEEVAN TARANG LIFE INSURANCE POLICY BY LICWith profits (Table. No 178)

Features of plan:jeevan tarang plan (plan No.178) is introduced w. e. f 17th march 2006. the

plan is a whole life plan, which provides annual survival benefit at a rate of 5.5 %

Of the sum assured for life time after the chosen accumulation period

Accumulation period:

The plan offer three accumulation periods - 10, 15 and 20 years. A proposer may choose.

Plan parameters

Age at entry: min.0 yrs. (LBD) max 60 yrs. (NBD)

Premium payment

Ceasing age: 70 yr. (NBD)

Age up which

Life cover available: 100 yrs. (completed)

Min. age at the and

Of accumulation period: 18 yrs. (completed)

Sum assured: min. 1 Lac max. no. limit

Premium

In multiples: Rs.5000

Accumulation period: 10,15,20, yrs

Mode of payment: YLY/ HLY/ QLY/ SSS/ MLY/ SP

Accident benefit: Re. 1 extra per

(max. 50Lacs inclusive 1000 S.A.

all plan)

Policy loan: yesHousing loan: yes

Assignment: yes

Revival: yes


Term rider: yes

CIR: yes


Form no: 300/340/360

Age proof: std./ NSAP- 1.2.3

Female lives category: I/II/IIINon-medical (gen): allowed

Non-medical (prof): allowed

Non-medical (special): allowed

Actual sum assured: basic SA

Dating back: allowed @ 9% p.a

BENEFITS:


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Survival benefit

The vested simple reversionary bonuses will be payable in one lump sum on survival to

the end of the selected accumulation period.

5 % of the sum assured will be payable on survival to the and each year after the

accumulation period. The first survival benefit will be payable on survival to one year

after the accumulation period is over.

Maturity benefit:

The sum assured, along with vested reversionary bonus is payable in case of death of the

life assured during the accumulation period.

In case of death before commencement of risk when the life assured is aged less then or

equal to 12 years, the premiums paid will be retuned without any interest. There will be

no death benefit either for the basic sum assured or for simple reversionary bonuses

since, in such case, the risk for life cover commences after 2 years from the death oftaking of the policy anniversary coinciding with or immediately following the date on

which life assured completes 7 years of age , whichever is later. After the

commencement of risk, the normal death benefit as stated above is payable.

The sum assured along whichever along with loyalty addition, if any payable in case of

death of the life assured any time after the accumulation period.

Optional riders (available during the accumulation period only)

Accident benefit rider option (allowed for regular premium policies only):

Accident benefit option will be available under the plan by the payment of conditional premium.

Accident benefit rider shall be available for an amount not exceeding the sum assured under the

basic plan subject to an overall limit of Rs.50Lakh taking all existing policies of the life assuredunder individual as will as group schemes including those with in- built accident benefit taken

with the corporation and other insurance companies and the accident benefit rider sum assured

the new proposal into consideration. This benefit is available under regular premium policies only

and it is available under premium policies.

Term assurance rider option:term assurance as optional rider will be available under this plan

during the accumulation period. The premium for this option are payable during the premium

paying term and an amount equal to term assurance sum assured will be payable on death

during the accumulation period. The maximum cover for rider will be Rs.25Lakh under all policies

of the life assured with the corporation taken together. The terms and condition applicable to this

rider will be as mentioned in circular Ref: Actl/1909/4 dated 24th October 2003.

Critical illness rider option:an amount equal to critical illness rider sum assured will be

payable in case of diagnosis of defined categories of critical illness during the accumulation

period subject to certain term and conditions. The maximum cover for this rider will be Rs.5Lakh

under all policy all policy of the life assured with the corporation taken together. The term and

conditions applicable to this rider will be as mentioned in circular Ref: Actl/1906/4 dated 8th

October 2003 and Actl/2034/4 dated 13th September 2005.


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Premium waiver benefit option under critical illness rider: this is an optional Benefit under regular

premium policy which may be opted in case of the following.

1. The critical illness under has been opted for, and

2. The sum assured under the basic plan is equal to the critical Illness rider sum assured

3. The chosen accumulation period is such that the premium payment ceases on or before

the policy anniversary at which the life assured completes 60 years (nearest birthday) of

age in case the life assured is diagnosed with any of the critical IIInesses covered under

the policy, the life total future premium (i. e. premium for sum assured under the basic

plan and the premium policy is in full force. All there optional rider benefit mentioned

above shall be available during accumulation period only.

Occupation extra:paln can be allowed to persons employed in hazaedous occupation subject to

charging appropriate occupation extra for basic sum assured, TA and CI rider sum assured the

factor to be applied to each Re.1/- per annum occupation extra premium under single premium

policies will be the same as applying to single premium policies Table 48, ie., 8.30, 11.15 and13.35 for accumulation period 10,15 and 20 years respectively.

Paid-up & surrender vales (GSV SSV):In case of regular premium policies, if after at lest

there full year's premium have been paid and any subsequent premium be not duly paid, this

policy shall not be wholly viod, but the sum assured by it shall be reduced to such a sum, called

paid-up sum assured, as shall bear to the total number of premiums originally stipulated in the

policy. The policy so reduced shall thereafter be fore from all liabilities for payment of the within

mentioned premium, but shall not be entitled to the future bonuses. The existing vested

reversionary bonuses, if any, shall remain attached to the reduced paid-up policy.

In the event of death of life assured during the accumulation period, the reduced paid-up sumassured as defined above, along with vested reversionary bonus, if any, shall be payable. No

survival benefit will be payable for a reduced paid-up policy. Provided the life assured is then

alive, the vested bonuses and the reduced paid-up sum assured as defined above shall be

payable at the end of the accumulation period.


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KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC (table:159)

Features of plan

This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above

policy has been introduced to provide the best education which can be very expensive for the

proposer's children. The payment of premium ceases on policy anniversary immediately after the

child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in

installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26.

Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs.

From the commencement of the policy, whichever is later.

POLICY AS A GIFT:the close relation such as grandparents, elder brothers or sister, uncles

both from paternal or maternal side can gift single premium policy for love and affection under

this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No

medical examination is required for the child

Premium waiver benefit:Premium waiver benefit can be availed by the proposer under this

plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are

eligible, subject to normal underwriting requirements like production of proposer's standard age

proof and medical exam. Of the proposer is must.

Term rider benefit:term rider benefit can be availed by the proposer to the extent of 20% of

the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the

proposer dies before the policy anniversary on which the child completes 18 years.

Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal

underwriting requirements.

Plan parameters

Age at entry: Min.0 yrs. LBD Max.10 yrs LBD

Maturity age: 26 yrs. LBD

PPT: Min. 8 yrs. Max.18 yrs

Sum assured: min. 1Lac Max. 25Lac

S.A. in multiples: 25,000

Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium

Accidents benefit: N.A.

Policy loan: N.A.

Housing loan: N.A.Revival: yes


P.W.B.: yes

Term rider: yes

CIR: N.A.

Underwriting


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Form no: 360

Age proof:

Child 5 yrs. & above: school certificate

If not5yrs. And above: Birth certificate with parent joint declaration


Non-medical: Not required for L.A.

When PWB + TRB is: Medical exam. Is necessary with

Opted by the proposer, Standard age proof and form no.300


Risk coverage: SA+GA+LA


BENEFIT

Maturity benefit:at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of

age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example:Mr. Rahul Gandhi aged 32 yrs. Takes a komal jeevan policy for his daughter akanksha

aged 4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby akanksha starts from the

policy anniversary after completion of 7th year.

Akanksha will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000

respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @

75/- per thousand + loyally addition, if any if akanksha dies after commencement of the risk i.e.

7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given

to the nominee without deducting earlier paid installments


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CHILD CAREER INSURANCE POLICY BY LIC(table:184 With profits)

Feature of plan Life Insurance Corporation has introduced a new with profit 'child career plan

(table no184) w. e .f. 8th February 2007. this plan meets the increasing educational and otherneed of growing children providing the risk cover on the child's life during the policy term as will

as extended term (i.e. 7 years after the expiry of policy term) child's father or mother of female

category I and II having his/her own income can be proposer. In the absence of parents legal

guardian can be the proposer. If the consent of parents are alive

Premium is payable regularly during the policy term with yearly, half-yearly or quarterly.

Premiums may be paid either for 6 years or up to 5 years before the policy term. No premium

are payable during the extended term (i.e. 7 years after the expiry date).

Risk commencement:risk under this plan will commence either after 2 years from with or

commencement of the policy or from the policy anniversary coinciding with or immediately

following the completion of 5 years of age of the assured whichever is later, (if the life assured

age at entry is less then equal to 10 years).in case the age at entry is more then 10 years but

less then 12 years, the risk shall commencement from the policy anniversary coinciding with or

next following 12th birthday of the life assured. If the assured age is 12 years or more, the risk

will commence immediately.

Plan parameters

Age at entry: min. 0 yrs. (LBD) Max. 12 yrs (LBD)

Maturity age: min. 23 yrs (LBD) Max. 27 yrs. (LBD)

Sum assured: min. 1lac max. . 1cror

S.A in multiples of: Rs.5000

PPT: 6 yrs. & policy term - 5yrsMode of payment: YLY/ HLY/ QLY

Policy loan:

Housing loan:

Assignment: no by the proposer, but assignable after the policy has vested in the life assured

Revival: yes

Underwriting conditions

Form no: 340/360

Age proof: *

Actual sum assured: basic S.A

Risk coverage: SA+ BonusDating back: allowed @ 8% p.a.

*Age proof:

Aged 5 yrs. & above- school certificate

Aged less then 5 yrs.- certificate from municipal/local village panchayat Records.

Auto cover:after payment of two full year's premiums if any subsequent premium be not duly


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paid, full death cover shall continue for a period of two years from the due date of first unpaid

premium (FUP) PWB, any shall remain in force during the auto cover period

Benefit

Death benefit:on death after the date of risk commencement.

1. If death occurs within the period from the date of risk commencement to 5 years before

expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B. if

any, is payable.

2. If death occurs within 5 years before the expiry date of policy term: sum assured + F.A.B

if any, is payable.

3. on death during the extended term: sum assured is payable,

4. if death occurs bet fore the date of risk commencement: all the premium paid (excluding

premium for extra and PWB. If any) + interest @ 3% p.a. compounding yearly shall be

payable.

5. if death occurs during the auto cover period: death benefits after deducting unpaidpremium with interest as also the premiums falling due before the next anniversary of

the policy is payable along with the vested bonus, if any.

Survival benefit:on life assured survival till the end of the specified duration's amounts is

payable as survival benefit as under:

5 yrs. Before the expiry date of policy term

: 30% of the SA+ Vested simple reversionary bonuses

4 yrs. Before the expiry date of policy term: 15% of the SA

3 yrs. Before the expiry date of policy term: 15% of the SA

2 yrs. Benefit the expiry date of policy tern: 15% of the SA

1 yrs. Before the expiry date of policy term: 15% of the SAon the expiry date of policy term: 15% of the S.A + final additional bonus (FAB), if any.

Premium waiver benefit: under this plan (PWB) is available on payment of an addition premium

during the premium paying term or till death of the proposer, whichever occurs earlier

After the date of the propser the premium failing due shall be waived

during the auto cover period the premium waiver benefit shall remain in force.

The premium waiver benefit as sated in (i) shall be granted on the basic of proposer's

age personal health declaration and other requirements. In case any given information is

found to be untrue and incorrect, all clime to the benefit shall cease.

In the event of the death of the proposer by his own hands whether same or insane

within one year from the issuance of FPR the PWB described in (i) and (ii) shall not

operate.

Cooling off period:In case the policy holder is not satisfied with the 'terms and condition of the

policy, he /she may return the policy to the corporation within 15 days the date receipt of the

policy


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CHILD FUTURE INSURANCE POLICY BY LIC(Table no. 185, with profits)

Features of planLife Insurance Corporation has introduced a new with profit child future plan

(Table No.185) w. e. f. 8th February 2007. this plan meets the increasing educational and otherneed of growing children providing the risk cover on the child's life during the policy term as will

as extended term (i.e. 7 years after the expiry of policy term). Child's father or mother of female

category I and II having his/ her own income can be the proposer In the absence of parents legal

guarding can be the proposer. If the consent of parent is obtained, the grand parents can

propose even if the parents are alive.

Premium are payable regularly during the policy term with yearly, half- yearly or quareterly.

Premium may be paid either for 6 years or up to 5 years before the policy term. No premium are

payable during the extended term (i.e. 7 years after the expiry date).

Risk commencement: risk under this plan will commencement either after 2 years from the date

of commencement of the policy or from the policy anniversary coinciding with or immediately

following the completion of 5 years of age life assured, whichever is later, (if the life assured age

at entry is less then or equal to 10 years). In case the age at entry is more then 10 years but

less then 12 years, the risk shall commence from the policy anniversary coinciding with or next

following 12th birthday of the life assured, in the life assured age 12 years or more, the risk will

commence immediately.

Plan parameters

Age at entry: min. 0 yrs. (LBD) max. 12 yrs (LBD)

Maturity age: min. 23 yrs. (LBD) max. 27 yrs (LBD)

Sum assured: min. 1lac max.1cror

S.A in multiples of: Rs.5000

PPT: 6 yrs. & policy term- 5 yrsMode of payment: YLY/ HLY/QLY

Policy loan: No

Housing loan: No

Assignment: No by the proposer, but assignable after the policy has vested in the life assured

Revival: yes

Underwriting conditions

Form no: 340/360

Age proof: *


Dating back: allowed @ 8% p.a.

*Age proof:

aged 5 yrs. & above- school certificate

aged less then 5 yrs- certificate from

municipal/ local village panchayat records

Auto cover:after payment of two full year's premium, if any subsequent premium be not duly


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paid, full death cover shall continue for a two years from the due date of the first unpaid

premium (FUP). PWB, if any shall remain in force during the auto cover period.

Benefit

Death benefit:on death after the date of risk commencement.

1. if death occurs within the period from the date of risk commencement to 5 years before

expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B, if

any, is payable. I

2. if death occurs within 5 years before the expiry the date of policy term: sum assured +

F.A.B if any, is payable.

3. on death during the extended term: sum assured is payable.

4. if death occurs before the date of risk commencement: all the premium paid (excluding

premium for extra and PWB, if any) + interest @ 3% p.a. compounding yearly shall be

payable.

5. if death occurs during the auto cover period: death benefits after deducting unpaidpremium with interest as also the premium falling due before the next bonus, if any.

Survival benefit:on life assured survival till the end of the specified durations an amount is

payable as survival benefit as under:

5 yrs before the expiry date of policy term: 25% of the SA





on the expiry date of policy term:

50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.

Premium waiver benefit:under this plan (PWB) is available on payment of an additional

premium during the premium payable term or till death of the proposer, whichever occurs

earlier.

i) after the date of death of the proposer the premium falling due shall be waived.

ii) during the auto cover period the premium waiver benefit shall remain in force.

iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer

age personal health declaration and other requirements. In case any given information is

found to be untrue and incorrect, all clime to the benefit shall cease.

iv) in the event of the proposer by his own hands whether sane or insane within one

yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate.

Cooling off period:in case the policyholder is not satisfied with the 'terms and condition' of the

policy, he/she may return the policy to the corporation within 15 days from date of the policy.


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JEEVAN BHARATI INSURANCE POLICY BY LIC (table: 192)

Features of plan

This is an exclusive Money back policy for women only with female critical Illness (FCI) andcongenital disability benefit (CDB). This plan encourages women to save for safety. it provides

free insurance cover for three years if first two years premium has been paid. It has an option to

en cash the survival benefit as and when needed. Flexibility to pay premium in advance and avail

premium rebate of 4% per annum option to receive maturity proceed in the form of an annuity.

This plan is not allowed for pregnant ladies and the proposers who already have children with

congenital disabilities. Waiting period will be 6 months for FCI Benefits & 1 years for CDB Benefit.

Lives attracting EMR class II (by build only) will be accepted female lives with physical disability

attracting std. extra of Rs.2 per 1000 S.A. under group "A" only will be eligible.

Female critical (FCI) benefit:a benefit equal to the S.A. (subject to a maximum of Rs.2Lacs,

will be available on the occurrence of any of the following critical Illnasses. Breast cancer;

ovarian/ fallopian tube cancer; cervical cancer; uterine cancer; vaginal/ vulval cancer

Congenital disability benefit (CDB):if a child born to the policyholder, suffers from any of the

congenital disabilities listed below, a benefit equal to 50 % of the S.A. (subject to a maximum of

Rs.1Lac) will be available for two children. Conditions apply. The list of congenital disabilities:

downs syndrome; spina bifida; Tetralogy of fallot; oesophageal atresia & tracheo-oesaphageal

Fistula, anal atresia, imperforate anus, cleft palate with or with or without cleft Lip.

Paid-up/ Guaranteed special surrender value:it is eligible after the expiry of 3 yrs. If the

premium have been paid fully.

Plan parametersAge at entry: Min.18 yrs Max. 50 yrs

Maturity age: Max. 70 yrs

Term allowed: 15 & 20 yrs

Sum assured: Min.50,000 Max.25 Lac

S.A. in multiples: 5,000

Mode of payment: YLY only

Accident benefit: Rs.1 extra per

(Max. 50 Lac inclusive 1000 SA

All plans)

Policy loan: N.A.

Housing loan: N.A.Assignment: yes

Revival: yes


Term rider: N.A.

CIR: N.A.



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Form no: 300+ addendum

Age proof: std/NSAP-1


Medical exam: must (female medical examiner only)

Actual sum assured: 1.5 times SA

Risk coverage: SA+GA +Bonus (bonus after 1st 5 yrs)


BENEFIT

Survival benefit:20% of the S.A. at the and of 5/10/15 years for 20 years term (balance

payable on maturity plus guaranteed addition plus bonus if any)

Maturity benefit:for policy term of years: 60% of the S.A. + G.A and bonus after 1st yrs. As

declared, will be paid.

Death benefit:on death within the 1st policy years S.A.+G.A will be paid on death after 5 policy

years S.A.+ G.A.+ Bonus, if any irrespective of all earlier survival benefit paid is payable.

Example: Mrs. Ambani aged 30 yrs. Is a working woman. she opts for jeevan bharati plan for

term 20 yrs. And SA Rs.2 Lac She pays an annual premium of Rs.14910. after 5,10,15 years

each she will get 20% of S.A. i.e. Rs.40,000. at the end of 20 yrs. She will get Balance S.A. +

G.A Bonus if any i.e. Rs.80,000 +50 x 20 x 200 (bonus assured as 50 per 1000 SA)

= 80,000 +1000 SA terminal bonus, if any

= 2,80,000+ terminal bonus, if any

on death after 4 years her nominee will get S.A + G.A

= 2,00,000 + 50 X 4X 200

= 2,00,000 + 40,000= 2,40,000 + Terminal Bonus, if any.


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BIMA BACHAT INSURANCE POLICY BY LIC ((Table no. 175))

Features of plan: Bima bachat is a single premium money back plan where single premium paid

under the policy shall be paid back to the policyholder along with loyalty additions, if any, onmaturity. In addition, the survival benefit instalments are payable on survival of the policyholder

till the specified durations. The plan also provides the payment of sum assured in case of death

during the term of the policy irrespective of whether of not any survival benefits, have been paid

earlier. No rider benefits shall be available.

Loyalty additions: this is a participating plan and the policy shall participate in the profits of the

corporation's with-profit assurance business. The policy shall, however not be eligible for

reversionary bonus and all shall participate to a share of profits in the form of loyalty addition

(one time) only payable on maturity. On the life assured surviving the stipulated date of

maturity, the policy may be eligible for payment loyalty addition, if any, depending upon the

experience of the corporation at such rate and on such terms as may be declared the

corporation.

Plan parameters

Age at entry: Min.15 yrs Completed Max 66 yrs

Maturity age: Max. 75 yrs (NBD)

Term: 9,12 or 15 yrs.

Sum assured: Min. 20,000 Max. No. Limit

S.A in multiples: 5,000

Mode of payment: Single premium

Policy loan: yes

Housing loan: yes

Assignment: yesSurrender of policy: yes


Form no: 300/340

Age proof: Std/Non Std

Medical exam: Not required for any S.A

Risk coverage: SA


High premium rebate (per 1000 S.A)

Less then Rs.50,000 Nil

Rs.50,000 & Less then Rs.1Lac 5%Rs.1 Lac & Less then Rs.2 Lac 7%

Rs.2 Lac and above 8%

Surrender values (GSV) (SSV):the policy can be surrendered for after completion of at least

one policy year. The guaranteed value is equal to 90 percent of the single premium paid

excluding extra premium paid and the survival benefits paid earlier. Special surrender value

(SSV) is given below:


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Benefits

Maturity benefit: single premium excluding extra premium with loyalty addition if any, shall be

payable in case of life assured surviving to the end of the term.

Survival benefit:in case the life assured is surviving to the specified durations the following

benefits shall be payable.

For policy term 9 years:15% of the sum assured at the end of each 3rd & 6th policy year. For

policy term12 year: 15% of the sum assured at the end of each 3rd, 6th & 9th policy year.

For policy term 15 years: 15% of the sum assured at the end of each 3rd, 6th,9th & 12th

policy year.

Death benefit:on death of the assured during the term of the policy an amount equal to the

sum assured shall be payable.


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MONEY BACK 20 YEARS INSURANCE POLICY BY LIC

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the

end of the endowment period, this scheme provides periodic payments of partial survival benefitsas follows during the term of the policy. Of course so long as the policyholder is alive this plan is

best suitable for businessmen and professionals.

In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after

5,10,15 year, and the balance 40% plus the accrued should have attained majority.

An important feature of this type of policies is that in the event of death at any time within the

policy term, the death claim comprises full S.A. without deducting any of the survival benefit

amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.

Plan parameters

Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)

Maturity age: Max.70 yrs.

Sum. in Multiples: 5000, Min. Max No Limit

Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)

Mode of Payment: YLY/HLY/QLY/SSS/MLY

Accident Benefit: Re.1 Extra per


All plan)

Policy loan: yes,@ 10.5%

Housing loan: yes



Term rider: yes

CIR: yes


Form no.: 300/340

Age proof: std /NSAP-1,2,3


Non-medical (Gen): allowedNon-medical (pro): allowed



Rusk coverage: SA + bonus



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Benefits

Death benefits:payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee

The survival benefit already paid, if any is not deducted.

Maturity benefit:balance survival benefit + bonus on full S.A. + FAB, if any

Example: Ms. Sania Mirza, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an

annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each

5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate of 2005

i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB if Ms. Sania dies after 8 year, his nominee will

receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms.

Sania


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MONEY BACK 25 YEARS INSURANCE POLICY BY LIC

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the

end of the endowment period, this scheme provides periodic payments of partial survival benefitsas follows during the term of the policy. Of course so long as the policyholder is alive this plan is

best suitable for businessmen and professionals.

For money back policy of 25 year (table 93), 15% of the S.A. become payable each after 5,10,15

and 20 year, and the balance 40% plus the accrued bonus become payable at 25th year.

An important feature of this type of policies is that in the event of death at any time within the

policy term, the death claim comprises full S.A. without deducting any of the survival benefit

amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.

Plan parameters

Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)

Maturity age: Max.70 yrs.

Sum. in Multiples: 5000, Min. Max No Limit

Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)

Mode of Payment: YLY/HLY/QLY/SSS/MLY

Accident Benefit: Re.1 Extra per


All plan)

Policy loan: yes,@ 10.5%

Housing loan: yes



Term rider: yes

CIR: yes


Form no.: 300/340

Age proof: std /NSAP-1,2,3


Non-medical (Gen): allowedNon-medical (pro): allowed



Rusk coverage: SA + bonus



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Benefits

Death benefits:payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee

The survival benefit already paid, if any is not deducted.

Maturity benefit:balance survival benefit + bonus on full S.A. + FAB, if any


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Jeevan Surabhi Money Back Plan Table 106-15(12), 107-20(15), 108-25(18)

Jeevan Surabhi plan is similar to other money back plans.However main differences in regularmoney back plans and Jeevan Surabhi are as under

Maturity term is more than premium paying term.

Early and higher rate of survival benefit payment.

Risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.

Planno.

PolicyTerm

Premium PayingTerm

106 15 years 12 years



Full sum assured is paid back as survival benefit by the end of premium paying term.However, the risk cover and additional risk cover continue and the policy participates in profitstill the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5lakhs on a single life.

Suitable For:This plan holds special interest to people who besides wishing to provide for their old age andfamily feel the need for lump sum benefits at periodical intervals.

IntroductionInsurance Regulatory & Development Authority (IRDA) requires all life insurancecompanies operating in India to provide official illustrations to their customers. Theillustrations are based on the investment rates of return set by the Life InsuranceCouncil (constituted under Section 64C(a) of the Insurance Act 1938) and is notintended to reflect the actual investment returns achieved or may be achieved in futureby Life Insurance Corporation of India (LICI).

For the year 2004-05 the two rates of investment return declared by the Life InsuranceCouncil are 6% and 10% per annum.

Product summaryThis is a with-profits plan available for three different terms of 15, 20 and 25 years withcorresponding premium paying terms of 12, 15 and 18 years. The plan provides aspecified percentage of Sum Assured on survival up to specified durations. A lifeinsurance cover is available throughout the term of the plan which increases after everyfive yearly intervals.

Premiums :Premiums are payable yearly, half-yearly, quarterly, monthly or through salarydeductions as opted by you throughout the premium paying term of the policy or till the


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earlier death.

Bonuses :This is a with-profit plan and participate in the profits of the Corporation s life insurancebusiness. It gets a share of the profits in the form of bonuses. Simple ReversionaryBonuses are declared per thousand Sum Assured annually at the end of each financialyear. Once declared, they form part of the guaranteed benefits of the plan. A Final(Additional) Bonus may also be payable provided policy has run for certain minimumperiod.

Death Benefit:The Sum Assured alongwith the additional cover, if any, plus all bonuses declared tilldeath is payable in a lump sum upon the death of the life assured during the policyterm. The survival benefits paid prior to death will not be deducted from the claimamount.

If death occurs at anytime during the term of a policy (provided the policy has beenkept in force by payment of all premiums that had fallen due), the basic sum assuredalong with the vested bonus will be paid. The survival benefits already paid, if any, willnot be deducted from this claim amount. An additional amount (depending on the

duration of the policy) will also be paid on death under such a policy. The additionalamounts payable, at various stages are shown in the table given below.

Policy1styear

Policy

policyyear

6th-10th

11th-15th

policyyear

16th-20thpolicyyear

21st-26thpolicy year

106 NIL 500 1000 NIL NIL

107 NIL 500 1000 1500 NIL

108 NIL 500 1000 1500 2000

Survival Benefits:A percentage of sum assured as mentioned below will be paid on your survival to the

end of specified durations:

Percentage of Sum Assured payable at the end ofspecified duration

Plan and Term ( Premium Paying Term )

DurationPlan

106/15(12) 107/20(15) 108/25(18)

4 30% 25% 20%

5 - -

8 30% 25% 20%

10 - - -

12 40% 25% 20%

15 - 25% 20%

18 - 20%


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Plan no Survival Benefits% of basic

SumAssured.

Risk Coverupto

106

at the end of 4 years 30

15 yearsat the end of 8 years 30


at the end of 15 years Bonus

107


20 years




at the end of 20 years Bonus

108


25 years




at the end of 18years 20

at the end of 25years Bonus

Maturity Benefit :The policy matures on your survival to the end of the policy term. All bonuses declaredup to maturity date will be paid in a lump sum.

Supplementary/Extra Benefits :

These are the optional benefits that can be added to your basic plan for extraprotection/option. An additional premium is required to be paid for these benefits.

Surrender Value :Buying a life insurance contract is a long-term commitment. However, surrender valuesare available under the plan on earlier termination of the contract.

Guaranteed Surrender Value :The policy may be surrendered after it has been in force for 3 years or more. Theguaranteed surrender value is 30% of the basic premiums paid excluding the first yearspremium in case no survival benefit payment has already fallen due. Where one ormore survival benefits have fallen due, the guaranteed surrender value will be 30% ofthe premiums paid on or after the due date of payment of latest survival benefit.

Corporations policy on surrenders :In practice, the Corporation will pay a Special Surrender Value which is either equal toor more than the Guaranteed Surrender Value. The benefit payable on surrender is thediscounted value of the reduced claim amount that would be payable on death or atmaturity. This value will depend on the number of premiums paid and the duration atwhich surrender value is calculated. In some circumstances, in case of early terminationof the policy, the surrender value payable may be less than the total premium paid.

The Corporation reviews the surrender value under its plans from time to time


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depending on the economic environment, experience and other factors.

Note:The above is the product summary giving the key features of the plan. This is forillustrative purpose only. This does not represent a contract and for details please referto your policy document.

Benefit Illustration :

Statutory warning :Some benefits are guaranteed and some benefits are variable with returns based onthe future performance of your insurer carrying on life insurance business. If your policyoffers guaranteed returns then these will be clearly marked guaranteedin theillustration table on this page. If your policy offers variable returns then the illustrationson this page will show two different rates of assumed future investment returns. Theseassumed rates of return are not guaranteed and they are not the upper or lower limitsof what you might get back as the value of your policy is dependent on a number offactors including future investment performance.

Illustration 1:Age at entry : 35 yearsPolicy Term : 15 YearsPremium Paying Term : 12 YearsMode of premium payment : YearlySum Assured : Rs. 1,00,000 /-Annual Premium : Rs. 10963 /-

Endof

year

Totalpremiumspaid tillend ofyear

Benefit on death during the year

Guaranteed

Variable Total

Scenario1

Scenario2

Scenario1

Scenario2

1 10963 100000 2400 4800 102400 104800

2 21926 100000 4800 9600 104800 1096003 32889 100000 7200 14400 107200 114400

4 43852 100000 9600 19200 109600 119200

5 54815 100000 12000 24000 112000 124000

6 65778 150000 14400 28800 114400 178800

7 76741 150000 16800 33600 116800 183600

8 87704 150000 19200 38400 169200 188400

9 98667 150000 21600 43200 171600 193200

10 109630 150000 24000 48000 174000 198000

12 131556 200000 28800 57600 228800 257600

15 131556 200000 36000 72000 236000 272000


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Illustration 2:Age atentry : 35yearsPolicy Term

: 25 YearsMode ofpremiumpayment :

YearlySum Assured : Rs. 1,00,000 /-Annual Premium : Rs. 5507 /-

Endof

year


Benefit on survival / maturity

Guaranteed

Variable Total

Scenario1

Scenario2

Scenario1

Scenario2

1 10963 0 0 0 0 0

2 21926 0 0 0 0 0

3 32889 0 0 0 0 0

4 43852 30000 0 0 30000 0

5 54815 0 0 0 0 20000

6 65778 0 0 0 0 0

7 76741 0 0 0 0 0

8 87704 30000 0 0 30000 0

9 98667 0 0 0 0 0

10 109630 0 0 0 0 20000

12 131556 40000 0 0 40000 20000

15 131556 0 36000 72000 36000 72000

Endof

year


Benefit on Death during the year (Rs.)

Guaranteed

Variable Total

Scenario1

Scenario2

Scenario1

Scenario2

1 9581 100000 2100 4600 102100 104600

2 19162 100000 4200 9200 104200 109200

3 28743 100000 6300 13800 106300 113800

4 38324 100000 8400 18400 108400 118400

5 47905 100000 10500 23000 110500 123000

6 57486 150000 12600 27600 162600 177600

7 67067 150000 14700 32200 164700 182200

8 76648 150000 16800 36800 166800 186800

9 86229 150000 18900 41400 168900 191400

10 95810 150000 21000 46000 171000 196000

12 114972 200000 25200 55200 225200 255200

15 143715 200000 31500 69000 231500 269000

20 143715 250000 42000 92000 292000 342000


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39

Illustration 2:Age at entry : 35 yearsPolicy Term : 25 YearsMode of premium payment : YearlySum Assured : Rs. 1,00,000 /-

Annual Premium : Rs. 5507 /-

Endof

year


Benefit on survival / maturity at the end of year

Guaranteed

Variable Total

Scenario1

Scenario2

Scenario1

Scenario2

1 9581 0 0 0 0 0

2 19162 0 0 0 0 0

3 28743 0 0 0 0 0

4 38324 25000 0 0 25000 25000

5 47905 0 0 0 0 0

6 57486 0 0 0 0 0

7 67067 0 0 0 0 0

8 76648 25000 0 0 25000 25000

9 86229 0 0 0 0 0

10 95810 0 0 0 15000 15000

15 114972 25000 0 0 25000 25000

20 143715 25000 0 0 25000 25000

25 143715 0 56000 122000 56000 122000

Endof

year


Benefit on Death during the year (Rs.)

Guaranteed

Variable Total

Scenario1

Scenario2

Scenario1

Scenario2

1 8776 100000 2800 6500 102800 106500

2 17552 100000 5600 13000 105600 113000

3 26328 100000 8400 19500 108400 119500

4 35104 100000 11200 26000 111200 126000

5 43880 100000 14000 32500 114000 132500

6 52656 150000 16800 39000 166800 189000

7 61432 150000 19600 45500 169600 195500

8 70208 150000 22400 52000 172400 202000

9 78984 150000 25200 58500 175200 208500

10 87760 150000 28000 65000 178000 215000

12 105312 200000 33600 78000 233600 278000


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i) This illustration is applicable to a non-smoker male/female standard (from medical,life style and occupation point of view) life.

ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so thatthey are consistent with the Projected Investment Rate of Return assumption of 6%p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparingthis benefit illustration, it is assumed that the Projected Investment Rate of Return thatLICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a.,as the case may be. The Projected Investment Rate of Return is not guaranteed.

iii) The main objective of the illustration is that the client is able to appreciate thefeatures of the product and the flow of benefits in different circumstances with somelevel of quantification.

iv) Future bonus will depend on future profits and as such is not guaranteed. However,once bonus is declared in any year and added to the policy, the bonus so added isguaranteed.

15 131640 200000 42000 97500 242000 297500

18 157968 250000 50400 117000 300400 367000

20 157968 250000 56000 130000 306000 380000

25 157968 300000 70000 162500 370000 462500

Endof

year


Benefit on survival / maturity at the end of year

Guaranteed

Variable Total

Scenario1

Scenario2

Scenario1

Scenario2

1 9581 0 0 0 0 0

2 19162 0 0 0 0 03 28743 0 0 0 0 0

4 38324 20000 0 0 20000 20000

5 47905 0 0 0 0 0

6 57486 0 0 0 0 0

7 67067 0 0 0 0 0

8 76648 20000 0 0 20000 20000

9 86229 0 0 0 0 0

10 95810 0 0 0 20000 20000

15 114972 20000 0 0 20000 20000

20 143715 20000 0 0 20000 20000

25 143715 0 93000 220500 93000 220500

Date post:	01-Jun-2018
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