Javascript is not currently enabled in your browser.
You must enable Javascript to run this web page correctly.

Benefit

Eligibility Conditions And Other Restrictions Under This Plan:

For Basic Benefit
:

a) Minimum age at entry: 18 years (completed)
b) Maximum age at entry: 65 years
c) Minimum age at vesting: 40 years
d) Maximum age at vesting 75 years
e) Policy terms: 6 to 35 years under Single Premium policies and 5 to 35 years under Regular Premium policies
f) Modes of premium payment: Yearly, Half-yearly, Quarterly, SSS & Single Premium
g) Sums Assured allowed: Rs.50,000/- and in multiples of Rs.5,000/- thereafter, with no upper limit.
h) Minimum Annual Premium: Rs.3,000/-
i) Minimum Single premium: Rs.10,000/-


For Term Assurance Rider Option:

a) Minimum age at entry: 18 years (completed)
b) Maximum age at entry: 50 years
c) Maximum age at vesting 60 years
d) Policy terms: 6 to 35 years under Single Premium mode and 10 to 35 years under regular premium mode
e) Minimum Sum Assured: Rs.1,00,000/-
f) Maximum Sum Assured:  An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs.25,00,000/- taking all Term Assurance Rider Sum Assured under all policies of a life assured.
g) Multiples of Sum Assured:   Rs.25,000/-


For Critical Illness Rider Option:

a) Minimum age at entry: 20 years (completed)
b) Maximum age at entry: 50 years
c) Maximum age at vesting 60 years
d) Policy terms: 10 to 35 years
e) Minimum Sum Assured: Rs.50,000/-
f) Maximum Sum Assured:  An amount equal to the Sum Assured under the Basic plan subject to a limit of Rs.5,00,000/- taking all Critical Illness Rider Sum Assured under all policies of a life assured
g) Multiples of Sum Assured:   Rs.10,000/-


Rebates:
Rebate for Mode of Premium Payment:

Yearly 2% of tabular premium
Half-Yearly 1% of tabular premium
Quaterly Nil
Monthly 5% extra of tabular premium


Large Sum Assured Rebates:

For Regular Premium Policies
Sum Assured Rebate
50,000 to 1,00,000 Nil
1,05,000 to 3,00,000 1%o S.A.
3,05,000  and above 2%o S.A.


 

For Single Premium Policies
Sum Assured Rebate
50,000 to 1,00,000 Nil
1,05,000 to 3,00,000 5%o S.A.
3,05,000  and above 10%o S.A.


f. Grace Period:
A grace period of 30 days will be available for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

g. 15 – days Cooling-off period:
If policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to us within 15 days.

h. Paid-up Value:
The policy will acquire paid-up value after at least 3 full year’s premiums have been paid.

i. Guaranteed Surrender Value:
Before the annuity vests, the policy can be surrendered at any time after the completion of 3 policy years. For a regular premium policy, the Guaranteed Surrender value is available provided 3 years’ premiums are paid, and it is 30% of the premiums paid excluding premiums paid in the first year. For a Single Premium policy, the Guaranteed Surrender Value available after completion of 3 policy years is 90% of the Single Premium. Any extra premiums and premiums for Term Assurance Rider Option, Critical Illness Rider option and Accident Benefit, if any will be excluded.

j. Revival: The policyholder can revive his lapsed policy by paying arrears of premium together with interest within a period of five years from the date of first unpaid premium subject to satisfactory evidence of health. The rate of interest for this purpose will be decided by the Corporation from time to time. The present rate of interest is 9% pa.

k. Options:
Accidental Death and Disability Benefit:

In case of death due to accident (within 180 days) an additional amount equal to the Accident Benefit Sum assured will be payable. In case of Total and Permanent disability arising due to accident an amount equal to accident benefit sum assured will be payable over a period of 10 years in monthly instalments. However, the payment of accident benefit will be subject to an overall limit of Rs.25 lakh under all policies of the Life Assured with the Corporation taken together.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn a living. Following disabilities due to accident are also covered -

a) irrevocable loss of the entire sight of both eyes or
b) amputation of both hands at or above the wrists or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle. 

No benefit will be paid in case of accidental death or disability due to accident in case of

a) intentional self-injury, attempted suicide, insanity or immorality or the Life Assured is under the influence of intoxicating liquor, drug or narcotic,
b) engagement in aviation or aeronautics other than that of a passenger in any air craft,
c) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting, mountaineering, steeple chasing or racing of any kind,
d) accident resulted from committing any breach of law.
e) accident arising from employment in armed forces or military services or police organisation.
Term Assurance Rider Option: Term Assurance as optional rider will be available under this plan. Premiums 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 policy term. The maximum cover for this rider will be Rs.25 lakh under all policies of the Life Assured with the Corporation taken together.
Critical Illness Rider Option: An amount equal to the Critical Illness Rider Sum Assured as optional rider will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions. The maximum cover for this rider will be Rs.5 lakh under all policies of the Life Assured with the Corporation taken together. 
If opted for Premium Waiver Benefit, then in case the Life Assured is diagnosed with any of the Critical Illnesses covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under all such policies with the Corporation taken together will not exceed Rs.5 lakh.

 

Loan / Assignment:


No Loan/Assignment will be available by the Corporation to the policyholders under this plan.

EXCLUSIONS:

Suicide:  This policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office in which the policy is being serviced, at least one calendar month prior to death.

Specimen Premium Rates per Rs.1000/- Sum Assured

Single Premium

Age at entry Policy Term
10 15 20 25 30 35
20 - - 616.40 523.40 446.50 384.35
25 - 727.30 617.30 525.35 450.30 390.70
30 856.45 728.05 619.25 529.40 457.45 401.85
35 857.10 730.10 623.70 537.50 470.35 420.80
40 858.40 733.85 631.60 550.95 490.95 450.35
45 860.70 740.35 644.15 571.80 522.35 -
50 864.55 750.40 663.30 603.10 - -
55 869.95 764.85 691.20 - - -
60 878.30 787.25 - - - -
65 892.25 - - - - -

Annual Premium

Age at entry Policy Term
5 10 15 20 25 30 35
20 - - - 52.45 40.30 32.35 26.90
25 - - 72.75 52.55 40.55 32.75 27.45
30 - 113.05 72.90 52.90 41.05 33.45 28.40
35 231.90 113.40 73.45 53.60 42.05 34.80 30.15
40 232.35 114.05 74.40 54.95 43.80 37.05 33.05
45 233.05 115.25 76.10 57.15 46.65 40.70 -
50 234.45 117.40 78.85 60.75 51.30 - -
55 236.55 120.45 83.05 66.40 - -  
60 239.55 125.40 90.15 - - - -
65 245.00 134.55 - - - - -
 
 
 
Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
Top