Benefits

Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.

 

Product summary

Benefits

Eligibility Conditions And Other Restrictions Under This Plan

For Basic Benefit

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

 

For Term Assurance Rider Option

Minimum age at entry	18 years (completed)
Maximum age at entry	50 years
Maximum age at vesting	60 years
Policy terms	6 to 35 years under Single Premium mode and 10 to 35 years under regular premium mode
Minimum Sum Assured	Rs.1,00,000/-
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.
Multiples of Sum Assured	Rs.25,000/-

 

For Critical Illness Rider Option

Minimum age at entry	20 years (completed)
Maximum age at entry	50 years
Maximum age at vesting	60 years
Policy terms	10 to 35 years
Minimum Sum Assured	Rs.50,000/-
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
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	-	-	-	-	-