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Benefits

Benefits

Death Benefit :
An amount equal to Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus (if any) is payable in lump sum immediately on death of the Life Assured during the term of the policy.

Maturity Benefit :
Payment of total amount of premiums (excluding extra premiums, if any) paid along with vested Reversionary Bonuses and Final (Additional) Bonus, if any, in case of Life Assured surviving to the end of the term.

Premium Rates :
The total premium rates per Rs. 1000/- S.A. for some of the ages/ terms are as under:

Premium Paying Term = 3 years

Age Policy Term
  10 years 20 years 30 years
  1st Yr. Subsequent
Yr.
1st Yr. Subsequent
Yr.
1st Yr. Subsequent
Yr.
15 56.20 28.10 40.15 20.10 36.90 18.45
25 61.10 30.55 46.70 23.35 48.05 24.05
35 76.05 38.05 69.25 34.65 78.25 39.15
45 127.00 63.50 125.65 62.85 - -
55 220.40 110.20 - - - -
60 279.75 139.90 - - - -

Premium Paying Term = 4 years

Age Policy Term
  10 years 20 years 30 years
  1st Yr. Subsequent
Yr.
1st Yr. Subsequent
Yr.
1st Yr. Subsequent
Yr.
15 62.80 19.35 43.60 13.45 39.75 12.25
25 68.10 20.95 50.60 15.60 51.50 15.85
35 84.15 25.90 74.50 22.95 83.35 25.65
45 138.85 42.75 134.20 41.30 - -
55 238.75 73.50 - - - -
60 301.90 92.90 - - - -
60 222222 333333 444444 55555 666666 77777

Premium Paying Term = 5 years

Age Policy Term
  10 years 20 years 30 years
  1st Yr. Subsequent
Yr.
1st Yr. Subsequent
Yr.
1st Yr. Subsequent
Yr.
15 88.80 22.20 50.05 12.55 43.45 10.90
25 95.75 23.95 57.85 14.50 56.00 14.00
35 116.35 29.10 84.15 21.05 89.85 22.50
45 183.60 45.90 148.90 37.25 - -
55 296.55 74.15 - - - -
60 361.45 90.40 - - - -

Mode and High S.A. Rebates :

Mode Rebate:
Yearly mode -  2% of Tabular Premium
Half-yearly mode -  NIL

Sum Assured Rebate:

  Rebate per Rs. 1000 Sum assured ( Rs.)
  PPT 3 yrs PPT 4 yrs PPT 5 yrs
  F.Y Subsequent
Yr.
F.Y Subsequent
Yr.
F.Y Subsequent
Yr.
Less than Rs 2 lacs Nil Nil Nil Nil Nil Nil
Rs 2 lacs and above but less than Rs 3 lacs 7.50 3.75 7.50 2.50 7.50 1.85
Rs 3 lacs and above but less than Rs 5 lacs 10.00 5.00 10.00 3.30 10.00 2.50
Rs 5 lacs and above but less than Rs 10 lacs 12.50 6.25 12.50 4.15 12.50 3.10
Above Rs 10 lacs 15.00 7.50 15.00 5.00 15.00 3.75


Eligibility Conditions and Other Restrictions :

Minimum Entry Age :  12 years (last birthday)
Maximum Entry Age :  60 years (nearest birthday)
Maximum Maturity Age :  70 years (nearest birthday)
Minimum Sum Assured :  Rs. 1,00,000
Maximum Sum Assured :  No limit
Premium Paying term :  3 to 5 years
Policy term :  10 to 30 years


Grace Period :
A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
Participation in the Profits of the Corporation :
This is a with-profit plan and your policy shall participate in the profits of the Corporation at the end of each financial year. Simple Reversionary Bonuses shall be declared at the rate of per thousand total amount of premiums (excluding any extra premium) paid. Reduced paid-up policies shall also participate in the profits. Final (Additional) Bonus may also be declared provided all premiums have been paid and policy has run for certain minimum term.

Paid-up Value :
If at least one full year's premiums have been paid and any subsequent premium be not duly paid, the Policy shall not be wholly void, but the Sum Assured shall be reduced to such a sum, called the Paid-up Sum Assured, and will be equal to the total amount of premiums paid (excluding any extra premium). The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premium, but shall participate in the future profits of the Corporation declared in the form of simple reversionary bonuses payable at the rate of per thousand total amount of premiums paid (excluding any extra premium). The existing vested reversionary bonuses, if any, shall also remain attached to the reduced paid-up policy.

In the event of death of Life Assured during the policy term, the reduced Paid-up Sum Assured as defined above, along with vested reversionary bonuses, if any, shall be payable. 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 policy term.

If after at least one full year's premiums have been paid in respect of this policy any subsequent premium be not duly paid, in the event of death of the Life Assured within six months from the due date of first unpaid premium, the benefits will be paid as if the Policy had remained in full force after deduction of (a) the premium or premiums unpaid with interest thereon until the date of death, and (b) the unpaid premiums falling due before the next Policy anniversary.

Revival :
If the policy has lapsed, you can revive it by paying arrears of premium together with interest (rate fixed from time to time) within a period of five years, subject to the production of satisfactory evidence of continued insurability.
Surrender Value :
You may surrender the policy for cash after completion of at least one policy year provided premiums for one full year have been paid.

Higher of the following two will be payable in that case:

  • » Guaranteed Surrender Value being 30% of the total amount of premiums paid, excluding extra premium, if any, and
  • » Special Surrender value being the discounted value of Paid-up Sum Assured.

Cash value of any existing vested bonuses will be paid in addition.

Loan :
You may avail loan within the surrender value at the rate and terms determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

Nomination :
You may nominate a person to receive policy money on death as per Section 39 of Insurance Act 1938.
Cooling-off period :
If you are not satisfied with the "Terms and Conditions" of the policy you may return the policy to us within 15 days.

Exclusions :
Suicide is excluded for first year. No other exclusions.

Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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