Most of the LIC plans are closing for sell

LIC's Most of the plans are closing on 30 September 2013. According to sources most of the plans will not be available after 30 September 2013. Some important plans like Jeevan Saral, Jeevan Anand etc will available including service tax. that means premium amount will increase.

LIC Agents are having most of the target till September month.

This step is taken because of IRDA.

Lic's New Jeevan Nidhi Table No. 812

LIC’s New Pension Plan NEW JEEVAN NIDHI is expected to launch on 24th December 2012. It is a deferred pension plan from LIC.

Age at Entry : 20 to 60 Years
Vesting age: 55 to 65
Minimum Sum Assured: 1,50,000 INR in Single and 1,00,000 INR for Non Single

Life Cover in New Jeevan Nidhi : There will be life insurance cover in this plan up to the vesting date of the policy.

Guaranteed Addition for New Jeevan Nidhi : Bonus is guaranteed Rs 50 per 1000 of basic sum assured for first five years and then reversionary bonus every year after fifth year.

Mode allowed in New Jeevan Nidhi: Single premium, Yearly, Half yearly, Quarterly and Monthly (ECS/SSS)

Death Benefits of New Jeevan Nidhi:

1) If Death occurs with in first 5 years of starting LIC JEEVAN NIDHI, Sum assured along with guaranteed accrued bonus will be paid

2) If Death occurs after 5 years, Sum assured, Guaranteed bonus and vested reversionary bonus*1 and final additional bonus*2.


Maturity Benefit of New Jeevan Nidhi:
1) Pension: Option to purchase pension on maturity
2) Reinvest: Maturity proceed can be reinvested into single premium deferred pension plan.

Back  dating – Allowed within same Financial year.

Revival of New Jeevan Nidhi - A policy may be revived within a period of 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.

Surrender-The policy can be surrendered at any time on payment of     at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable shall be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

*1: Reversionary Bonus shall be added from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation.

*2:Final Additional Bonus shall be payable either on vesting or on earlier death at the rates declared by the Corporation.

Jeevan Ankur Plan 807 LIC for Your Child

LIC Launched New Plan For Your Child "Jeevan Ankur"
Plan No. 807 or Table No. 807
Jeevan Ankur is a LIC new policy for your child.
This Plan is for Taking Care of your Child's all requirement.
Jeevan Ankur New LIC Policy for you Child

Life Insurance Corporation of India Product List | LIC POLICIES | LIC Plan List

Product list updated as on 27-Jun-11
Financial Year Name of the Product Product UIN  In operation
From (opening date*) To (closing date)
1956-57 Anticipated Endowment - 15 years
512N001V01
01-Sep-56
01-Apr-80
1956-57 Anticipated Endowment - 20 years
512N002V01
01-Sep-56
01-Apr-80
1956-57 Anticipated Endowment - 25 years
512N003V01
01-Sep-56
01-Apr-80
1956-57 Capital  Redemption Plan
512N004V01
01-Sep-56
23-Dec-02
1956-57 Children Deferred Assurance Endowment - 18 years
512N005V01
01-Sep-56
1956-57 Children Deferred Assurance Endowment - 19 years
512N006V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Endowment - 20 years
512N007V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Endowment - 21years
512N008V01
01-Sep-56
1956-57 Children Deferred Assurance Endowment - 22 years
512N009V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Limited Whole Life - 18 years
512N010V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Limited Whole Life - 19 years
512N011V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Limited Whole Life - 20 years
512N012V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Limited Whole Life - 21 years
512N013V01
01-Sep-56
31-Dec-62
1956-57 Children Deferred Assurance Limited Whole Life - 22 years
512N014V01
01-Sep-56
31-Dec-62
1956-57 Convertible Whole Life - with profits
512N015V01
01-Sep-56
01-Apr-80
1956-57 Convertible Whole Life - without profits
512N016V01
01-Sep-56
30-Aug-03
1956-57 Deferred Annuity - without profits
512N017V01
01-Sep-56
16-Jun-00
1956-57 Double Endowment 
512N018V01
01-Sep-56
15-Feb-03
1956-57 Educational Annuity Plan 
512N019V01
01-Sep-56
01-Jan-87
1956-57 Endowment Assurance - with profits
512N020V01
01-Sep-56
1956-57 Endowment Assurance - without profits
512N021V01
01-Sep-56
14-Nov-02
1956-57 Pure Endowment 
512N022V01
01-Sep-56
01-Nov-89
1956-57 Endowment Assurance Limited.  Payment - with profits
512N023V01
01-Sep-56
14-Feb-07
2006-07 Endowment Assurance Limited.  Payment - with profits
512N023V02
14-Feb-07
1956-57 Endowment Assurance Limited.  Payment - without profits
512N024V01
01-Sep-56
14-Nov-02
1956-57 Endowment Assurance Policy - with profits
512N025V01
01-Sep-56
1956-57 Endowment Assurance policy - without profits
512N026V01
01-Sep-56
08-Nov-62
1956-57 Fixed Term Marriage Endowment 
512N027V01
01-Sep-56
01-Jan-87
1956-57 Guaranteed Triple Benefit - 15 years
512N028V01
01-Sep-56
01-Jan-87
1956-57 Guaranteed Triple Benefit - 20 years
512N029V01
01-Sep-56
01-Jan-87
1956-57 Guaranteed Triple Benefit - 25 years
512N030V01
01-Sep-56
01-Jan-87
1956-57 Immediate Annuity - without profits
512N031V01
01-Sep-56
16-Jun-00
1956-57 Immediate Annuity Certain
512N032V01
01-Sep-56
01-Nov-02
1956-57 Joint Life Endowment - without profits
512N033V01
01-Sep-56
01-Jan-87
1956-57 Joint Life Endowment - with profits
512N034V01
01-Sep-56
11-May-98
1956-57 Limited payment life policy- with profits
512N035V01
01-Sep-56
1956-57 Limited payment life policy- without profits
512N036V01
01-Sep-56
15-Feb-03
1956-57 Limited Payment Whole Life SP - with profits
512N037V01
01-Sep-56
1956-57 Limited Payment Whole Life SP - without profits
512N038V01
01-Sep-56
15-Feb-03
1956-57 Multipurpose Policy - with profits
512N039V01
01-Sep-56
01-Apr-80
1956-57 Multipurpose Policy - without profits
512N040V01
01-Sep-56
01-Apr-80
1956-57 Special Whole Life Policy - with profits
512N041V01
01-Sep-56
08-Nov-62
1956-57 Special Whole Life Policy - without profits
512N042V01
01-Sep-56
08-Nov-62
1956-57 Special Whole Life Policy - without profits
512N043V01
01-Sep-56
08-Nov-62
1956-57 Two year Temporary Assurance Policy
512N044V01
01-Sep-56
1956-57 Whole Life Assurance - with profits
512N045V01
01-Sep-56
1956-57 Whole Life Assurance - without profits
512N046V01
01-Sep-56
01-May-98
1956-57 Whole Life Limited payment - with profits
512N047V01
01-Sep-56
08-Nov-62
1956-57 Group Term Insurance Scheme
512N048V01
01-Sep-56
1956-57 Group Immediate Annuities
512N049V01
01-Sep-56
1957-58 Group Endowment
512N050V01
01-Apr-57
1957-58 Group Superannuation Deferred Annuity Scheme
512N051V01
01-Apr-57
31-Dec-02
1957-58 Individual Deferred Annuity Scheme
512N052V01
01-Apr-57
31-Dec-02
1957-58 Janata Endowment - with profits
512N053V01
22-Jun-57
31-Dec-74
1957-58 Janata Endowment - without profits
512N054V01
22-Jun-57
31-Dec-74
1958-59 Mortgage Redemption Policy
512N055V01
01-Sep-58
31-Dec-02
1965-66 Retirement Annuity 
512N056V01
19-Mar-66
15-Jan-85
1970-71 Convertible Term Assurance
512N057V01
10-Mar-71
1971-72 Centenary Policy
512N058V01
12-May-71
15-Jan-85
1972-73 Group Gratuity(Pure Endowment) Scheme
512N059V01
01-Apr-72
31-Dec-02
1972-73 Group Equalisation Account
512N060V01
01-Apr-72
1975-76 Girha Laxmi 
512N061V01
24-Jan-76
01-Apr-80
1976-77 Money Back - 12 Years 
512N062V01
01-Sep-76
01-Sep-94
1976-77 Money Back - 15 Years 
512N063V01
01-Sep-76
15-Jan-98
1976-77 Cash and Cover Policy - 20 years
512N064V01
01-Sep-76
01-Apr-80
1976-77 Progressive Protection Policy 
512N065V01
01-Sep-76
01-Nov-89
1978-79 Money Back - 20 Years
512N066V01
01-Sep-78
1978-79 Money Back - 25 Years 
512N067V01
01-Sep-78
01-Sep-86
1978-79 Cash and Cover Policy - 25 years
512N068V01
01-Sep-76
01-Apr-80
1978-79 Children's Anticipated Policy - 18 years
512N069V01
01-Jan-79
01-Dec-97
1978-79 Children's Anticipated Policy - 21 years
512N070V01
01-Jan-79
01-Dec-97
1980-81 Multipurpose Policy - with profits
512N071V01
01-Apr-80
01-Nov-89
1980-81 Anticipated Whole Life - 20 years
512N072V01
01-Apr-80
01-Nov-89
1980-81 Anticipated Whole Life - 25 years
512N073V01
01-Apr-80
01-Nov-89
1980-81 Multipurpose Policy - without profits
512N074V01
01-Apr-80
01-Jan-87
1980-81 Deposit/ Fund Administation Scheme
512N075V01
25-Nov-80
1981-82 Janraksha Policy
512N076V01
30-May-81
01-Nov-89
1981-82 Group Superannuation (Cash Accumulation) Scheme
512N077V01
13-Aug-81
1981-82 Group Gratuity (Cash Accumulation) Scheme
512N078V01
17-Nov-81
1981-82 Group Saving Linked Insurance
512N079V01
31-Jan-82
1981-82 Jeevan Mitra
512N080V01
01-Jul-85
1985-86 Jeevan Saathi
512N081V01
01-Jul-85
1985-86 Marriage Endowment/ Educational Annuity
512N082V01
01-Jul-85
1985-86 New Jana Raksha Plan
512N083V01
01-Jul-85
1985-86 New Children Deferred Assurance Policy 
512N084V01
01-Jul-85
01-Dec-97
1985-86 New Money Back - 25 years
512N085V01
01-Sep-86
1986-87 Bhavishya Jeevan
512N086V01
01-Sep-86
15-Jul-04
1986-87 Bima Sandesh 
512N087V01
01-Sep-86
30-Mar-02
1986-87 Jeevan Dhara 
512N088V01
03-Oct-87
16-Jun-00
1987-88 Jeevan Akshay 
512N089V01
05-Feb-88
16-Jun-00
1987-88 Jeevan Balya
512N090V01
19-Jan-89
15-Jul-04
1988-89 Group Insurance - Single Premium
512N091V01
01-Apr-89
1989-90 Deferred Annuity - with return of notional price
512N092V01
01-Oct-89
16-Jun-00
1989-90 Immediate Annuity - with return of purchase price
512N093V01
01-Oct-89
16-Jun-00
1989-90 Jeevan Kishor
512N094V01
15-Dec-90
1990-91 Jeevan Sarita 
512N095V01
15-Dec-90
16-Jun-00
1990-91 Jeevan Chhaya
512N096V01
01-Mar-91
1990-91 Jeevan Griha Double Cover 
512N097V01
01-Sep-91
14-Nov-02
1991-92 Jeevan Griha Triple Cover 
512N098V01
01-Sep-91
14-Nov-02
1991-92 Voluntary Retirment Scheme
512N099V01
01-Apr-92
31-Dec-02
1992-93 Jeevan Surabhi - 15 years
512N100V01
01-Nov-92
1992-93 Jeevan Surabhi - 20 years
512N101V01
01-Nov-92
1992-93 Jeevan Surabhi - 25 years
512N102V01
01-Nov-92
1992-93 Jeevan Sukanya
512N103V01
01-Nov-92
31-Jul-04
1992-93 Asha Deep 
512N104V01
07-Sep-93
30-Nov-93
1993-94 Bima Kiran 
512N105V01
15-Jul-94
30-Mar-02
1994-95 Jeevan Shree 
512N106V01
16-Jan-95
28-Feb-02
1994-95 Childrens' Money Back Policy 
512N107V01
16-Jan-95
31-Mar-02
1994-95 Asha Deep II
512N108V01
21-Nov-95
31-Jul-04
1995-96 Jeevan Aadhar
512N109V01
01-Jan-96
1995-96 Jeevan Suraksha 
512N110V01
15-Aug-96
24-Dec-01
1996-97 Jeevan Sneha 
512N111V01
16-Jan-97
31-Dec-01
1996-97 Jeevan Sanchay - 12 Years 
512N112V01
11-Feb-97
15-Mar-02
1996-97 Jeevan Sanchay - 20 Years 
512N113V01
11-Feb-97
15-Mar-02
1996-97 Jeevan Sanchay - 25 Years 
512N114V01
11-Feb-97
15-Mar-02
1996-97 Jeevan Asha 
512N115V01
09-Oct-97
16-Jan-98
1997-98 Group Leave Encashment Scheme
512N116V01
03-Nov-97
1997-98 Jeevan Sanchay - 15 Years 
512N117V01
15-Jan-98
15-Mar-02
1998-99 Jeevan Asha II
512N118V01
02-Jan-99
16-Oct-03
1998-99 Bima Nivesh
512N119V01
14-Jan-99
23-Jul-01
1999-00 Jeevan Mitra Triple Cover
512N120V01
06-Oct-99
1999-00 Bal Vidhya 
512N121V01
14-Nov-99
31-Mar-03
1999-00 Jeevan Vishwas
512N122V01
01-Dec-99
1999-00 Nav Prabhat 
512N123V01
01-Dec-99
31-Mar-01
2000-01 New Jeevan Akshay 
512N124V01
01-Jul-00
24-Dec-01
2000-01 New Jeevan Dhara - without profits
512N125V01
01-Jul-00
24-Dec-01
2000-01 LIC's Bima Plus -Unit Linked Insurance Policy
512L201V01
12-Jan-01
16-Oct-05
2001-02 Bima Nivesh 2001
512N202V01
20-Jul-01
15-Dec-01
2001-02 New Bima Nivesh
512N203V01
29-Nov-01
18-Sep-02
2001-02 New Jeevan Akshay-1
512N204V01
14-Dec-01
16-Oct-03
2002-03 New Jeevan Akshay-1
512N204V02
15-Nov-02
16-Oct-03
2001-02 New Jeevan Dhara/Jeevan Suraksha
512N205V01
11-Jan-02
2001-02 Jeevan Anand
512N206V01
17-Jan-02
2001-02 New Bima Kiran
512N207V01
01-Feb-02
17-Aug-05
2001-02 New Jeevan Shree
512N208V01
04-Feb-02
26-Mar-03
2003-04 New Jeevan Shree 1
512N209V01
08-Aug-03
2002-03 Bima Nivesh Triple Cover
512N210V01
18-Jun-02
01-Apr-04
2002-03 Jeevan Rekha
512N211V01
15-Jul-02
17-Mar-06
2002-03 Term Assurance Plan (Without Profit)-Anmol Jeevan
512N212V01
16-Jul-02
01-Nov-03
2003-04 Anmol Jeevan I
512N213V01
01-Sep-03
2002-03 Bima Nivesh 2002
512N214V01
03-Sep-02
01-Apr-03
2002-03 Jeevan Samriddi (New Jeevan Sanchay)
512N215V01
03-Sep-02
01-Mar-05
2002-03 Komal Jeevan
512N216V01
07-Nov-02
28-Feb-03
2002-03 Komal Jeevan
512N216V02
28-Feb-03
2002-03 Mortgage Redemption Plan
512N217V01
31-Dec-02
24-Feb-03
2002-03 Mortgage Redemption Plan
512N217V02
24-Feb-03
2002-03 Bima Nivesh 2003
512N218V01
15-Feb-03
26-Mar-04
2002-03 Group Mortgage Redemption Assurance Scheme
512N219V01
05-Mar-03
2002-03 Jeevan Bharti
512N220V01
06-Mar-03
30-Jul-08
2003-04 Jeevan Akshay - II
512N221V01
01-Oct-03
20-Dec-04
2003-04 Jeevan Saral
512N222V01
04-Feb-04
2003-04 Bima Nivesh 2004
512N223V01
26-Mar-04
21-Mar-05
2004-05 LIC's Jeevan Nidhi
512N224V01
29-Aug-04
2004-05 LIC's Jeevan Anurag
512N225V01
08-Sep-04
2004-05 Jeevan Pramukh
512N226V01
13-Oct-04
2004-05 Jeevan Akshay III
512N227V01
13-Dec-04
17-Mar-06
2004-05 LIC's Future Plus
512L228V01
11-Feb-05
01-Jul-06
2004-05 Bima Nivesh 2005
512N229V01
15-Mar-05
2005-06 LIC's Jeevan  Plus
512L230V01
21-Jul-05
01-Jul-06
2005-06 LIC's Golden Jubilee Policy-BIMA GOLD
512N231V01
16-Aug-05
31-Mar-06
2005-06 LIC's Bima Bachat
512N232V01
18-Aug-05
2005-06 LIC's Amulya Jeevan
512N233V01
14-Feb-06
18-Feb-08
2005-06 LIC's Jeevan Akshay - IV
512N234V01
07-Mar-06
20-Sep-06
2006-07 LIC's Jeevan Akshay - V
512N234V02
10-Aug-06
10-Sep-07
2007-08 LIC's Jeevan Akshay - VI
512N234V03
07-Aug-07
2005-06 LIC's Jeevan Tarang
512N235V01
07-Mar-06
2006-07 LIC's New Bima Gold 
512N236V01
04-Apr-06
2006-07 LIC's Gratuity Plus
512L237V01
02-Jun-06
31-Aug-10
2006-07 LIC's Market Plus
512L238V01
30-Jun-06
01-Apr-08
2006-07 LIC's Money Plus
512L239V01
01-Dec-06
15-Aug-07
2006-07 LIC's Jeevan Madhur
512N240V01
14-Sep-06
2006-07 LIC's Child Career Plan
512N241V01
25-Jan-07
2006-07 LIC's Child Future Plan
512N242V01
25-Jan-07
2007-08 LIC's Jeevan Amrit
512N243V01
09-Apr-07
2007-08 LIC's Fortune Plus
512L244V01
23-Jul-07
01-Apr-09
2007-08 LIC's Profit Plus
512L245V01
06-Aug-07
08-Dec-09
2009-10 LIC's Profit Plus
512L245V02
08-Dec-09
31-Aug-10
2007-08 LIC's Health Plus
512L246V01
18-Dec-07
01-Jan-10
2008-09 LIC's Jeevan Bharati - I
512N247V01
01-May-08
2008-09 LIC's money Plus -I
512L248V01
12-May-08
08-Dec-09
2009-10 LIC's money Plus -I
512L248V02
08-Dec-09
31-Aug-10
2008-09 LIC's market Plus -I
512L249V01
16-May-08
12-Dec-09
2008-10 LIC's market Plus -I
512L249V02
12-Dec-09
31-Aug-10
2007-08 LIC's Amulya Jeevan - 1 
512N250V01
20-Jan-08
2008-09 LIC's Child Fortune Plus
512L251V01
08-Oct-08
24-Dec-09
2009-10 LIC's Child Fortune Plus
512L251V02
24-Dec-09
31-Aug-10
2008-09 LIC's Jeevan Aastha
512N252V01
02-Dec-08
22-Jan-09
2008-09 LIC's Health Protection Plus
512L253V01
16-Dec-08
2008-09 LIC's  Jeevan Varsha
512N254V01
07-Feb-09
01-Apr-09
2008-09 LIC's Jeevan Saathi Plus
512L255V01
26-Mar-09
24-Dec-09
2009-10 LIC's Jeevan Saathi Plus
512L255V02
24-Dec-09
31-Aug-10
2009-10 LIC's  Superannuation Plus (Defined Contribution)
512L256V01
13-Apr-09
31-Aug-10
2009-10 LIC's Jeevan Mangal 
512N257V01
04-May-09
2009-10 LIC's Jeevan Nischay
512N258V01
12-Oct-09
31-Mar-10
2009-10 LiC's Wealth Plus
512L259V01
04-Feb-10
31-Aug-10
2010-11 LIC's Group Flexible Income Plan 
512N262V01
20-Jan-11
2010-11 LIC's Bima Account -I 
512N263V01
28-Jan-11
2010-11 LIC's Bima Account -II
512N264V01
28-Jan-11
2011-12 LIC's Jeevan Arogya
512N266V01
23-May-11
New ULIPs tobe offered for sale w.e.f.  01.09.2010
2010-11 LIC's Pension Plus
512L260V01
27-Aug-10
2010-11 LIC's Endowment Plus
512L261V01
27-Aug-10
2010-11 LIC's Samridhi Plus
512L265V01
24-Feb-11
25-May-11

JEEVAN AROGYA Premium chart and brochure

Health has been a major concern on everybody’s mind, including yours. In these days of skyrocketing medical expenses, when a family member is ill, it is a traumatic time for the rest of the family. As a caring person, you do not want to let any unfortunate incident to affect your plans for you and your family. So why let any medical emergencies shatter your peace of mind.

LIC has launched LIC’s Jeevan Arogya, a unique non-linked Health Insurance plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.

Very easy to choose your plan

Step 1: Choose the level of Health cover you need:
You can choose the amount of Initial Daily Benefit (i.e. the daily Hospital Cash Benefit applicable in the first year of the policy) as per your need from out of the following choices:
` 1000 per day ` 2000 per day ` 3000 per day ` 4000 per day

This is the amount that will be payable to you in the event of hospitalisation in the first year on a per day basis. The Major Surgical Benefit that you will be covered for will be 100 times the Initial Daily Benefit you have chosen. Thus the initial Major Surgical Benefit Sum Assured will be ` 1 lakh, 2 lakh, 3 lakh, 4 lakh respectively. Other benefits such as Day Care Procedure Benefit, Other Surgical Benefit and Premium waiver Benefit (PWB) mentioned below shall also be payable depending upon the daily Hospital Cash Benefit chosen.

Step 2: Work out the premium payable along with our representative
Your premium will depend on your age, gender, the Health cover option you have chosen, whether you are Principal Insured or other insured life and the mode of payment.

Tables below give an indicative annual premium, payable yearly, for an Initial Daily Benefit of ` 1000 per day, for some of the ages in respect of various lives that can be covered under a single policy:

PRINCIPAL INSURED (Male)
Age at entry - Premium
20 - 1922.65
30 - 2242.90
40 - 2799.70
50 - 3768.00

SPOUSE (Female) / PARENT (of PI/Spouse) (Female)
Age at entry - Premium
20 - 1393.15
30 - 1730.65
40 - 2240.60
50 - 2849.10

CHILD
Age at entry - Premium
0 - 792.00
5 - 794.75
10 - 812.35
15 - 870.75

LIC’s Jeevan Arogya | Plan no 903

LIC’s Jeevan Arogya

A unique defined benefit Hospitalization Insurance Scheme

For you alone (Principal Insured) or all your family members including parents-in-law, from age 18 to 65 (75 for parents) and 3 months onwards for children
Cover up to 80 years for your family and 25 for dependent children

Hospital Cash Benefit (HCB) – for hospitalization = Initial Daily Benefit amount chosen by you (will increase by 5% every year and No Claim Bonus on completion of 3 years, and will be called Applicable Daily Benefit
Major Surgical Benefit – for major surgeries = 100 times of Applicable Daily Benefit
Day Care Procedure Benefit – for minor surgeries done within one day = 5 times of Applicable Daily Benefit
Other Surgical Benefit – for all surgeries not covered in above two benefits = 2 times of Applicable Daily benefit

Hospital Cash Benefit (HCB)

  • For hospitalization of more than one day where surgery may or may not be involved
  • Choose between Rs.1000 and Rs.4000 as initial daily cash benefit
  • Increases by 5% every year
  • Additional no claim bonus of 5% every fourth year
  • Less than or equal amount for every additional member as per choice
  • Can avail 30 days in year one, 90 days every year thereafter not to exceed 720 days total during the policy period
  • Double the cash benefit for treatment in ICU

Major Surgical Benefit (MSB)
  • For surgeries that require prolonged hospitalization
  • 100 times of applicable daily benefit (including 5% increase and no claim bonus)
  • Maximum annual benefit 100% of major surgical benefit per person insured
  • Maximum life time benefit 800% or 8 times of major surgical benefit per person insured
  • See annexure for full list of MSBs

Day Care Procedure Benefit (DCPB)
  • For surgeries that may nor require hospitalization of more than one day
  • 5 times of Applicable Daily Benefit
  • Maximum annual benefit = 3 surgical procedures per person insured
  • Maximum lifetime benefit = 24 surgical procedures per person insured

Other Surgical Benefits (OSB)
  • Where surgery is required but does not fall under the MSB and DCPB category
  • 2 times of Daily Benefit Amount for each person insured
  • Maximum annual benefit = 15 days in the 1st year and 45 days in subsequent years for each person insured
  • Maximum lifetime benefit = 360 days for each person insured

Other things to know:
  • Optional accident benefit and term insurance benefit
  • Initial premium fixed guaranteed for 3 years and revised every 3 years depending on age and health condition
  • All members to be added at the beginning except where new members are through childbirth (next policy anniversary), marriage new spouse and parents in law within 6 months and risk cover starts from next policy anniversary)

Emergency Cash Facility:
Only for instances where the treatment is from listed network hospitals and for Major Surgical Benefits alone – 50% of the MSB credited to the bank account to be treated as an advance from the claim amount

Exclusions
  • Pre-existing condition unless disclosed and accepted by the insurer
  • Routine check ups, cosmetic treatments, epidemics, dental treatment, non-allopathic treatments, reopening of former surgeries, self-inflicted injury, dangerous sports, war, participation in illegal and criminal activities
Premiums:
  • Yearly, Half-yearly, of monthly (ECS)
  • 30 days of grace for all modes except Monthly where it is 15 days
  • Cooling off cancellation 15 days
  • Nomination available
  • Approximate premium – Rs.1922/- (age 20) to Rs.3768/- (age 50) for males and Rs.1393 (age 20) to Rs.2849 (age 50) for females
What is different from Medi-claim
  • Pre defined benefit- No reimbursement, but lump sum paid based on pre-defined benefit
  • Not based on expenses incurred
  • This will tend to indirectly reduce the Health care cost, which is rising due to cash less mediclaim benefit
  • All benefit is dependent on HCB
Termination of Policy
  • If policy is issued on a single life
  1. Non Payment of premium within revival period
  2. On death
  3. On Date of cover expiry
  4. On exhausting all the life time maximum Benefits Limits as specified above
  • If policy is issued on more than one life
  1. Non Payment of premium within revival period
  2. On death or Date of cover expiry of the PI and if the Policy does not continue with the IS as the PI
  3. On death or Date of cover expiry of IS after Policy continues with the IS as the PI after the PI dies or reaches his/her Date of cover expiry
  4. On PI exhausting all the life time maximum Benefits Limits as specified above
Treatments in respect of Specific waiting period
  1. Treatment for adenoid or tonsillar disorders
  2. Treatment for anal fistula or anal fissure
  3. Treatment for benign enlargement of prostate gland
  4. Treatment for benign uterine disorders like fibroids, uterine prolapse, dysfunctional uterine bleeding etc
  5. Treatment for Cataract
  6. Treatment for Gall stones
  7. Treatment for slip disc
  8. Treatment for Piles
  9. Treatment for benign thyroid disorders
  10. Treatment for Hernia
  11. Treatment for hydrocele
  12. Treatment for degenerative joint conditions
  13. Treatment for sinus disorders
  14. Treatment for kidney or urinary tract stones
  15. Treatment for varicose veins
  16. Treatment for Carpal tunnel syndrome
  17. Treatment for benign breast disorders e.g. fibroadenoma, fibrocystic disease etc

Benefits Under Jeevan Arogya | Plan no 903

Hospital Cash Benefit (HCB)

  1. HCB (Within India only) is payable on per day basis. Double the cash benefit for ICU.
  2. Max 30 days hospitalization & not more than 15 days in ICU (2 times HCB) for 1st policy year for each one
  3. Max 90 days and incl not more than 45 days in ICU in the 2nd year onwards for each insured
  4. Limited to a max of 720 days (incl of 360 days for ICU) during entire policy term for each insured
  5. HCB to increase 5% till it reaches 1.5 times And arithmetic addition of an amount equal to “No Claim Benefit”
  6. Stay in Hospital exceeds a continuous period of 24 yrs or part thereof thereafter. Stay more than 7 days even for 1s 24 hours also payable.
Major Surgical Benefit(MSB)
  1. Quick Cash facility: 50% of eligible MSB amount subject to approval from TPA in select Hospitals
  2. MSB shall be a percentage of Sum Assured and is payable regardless of actual costs incurred
  3. Rs. 1000/- towards Ambulance expenses
  4. Premium Waiver benefit for next one year
  5. Surgery within India.
Day Care Procedure Benefit (DCPB)
  1. If a DCPB is performed, no HCB shall be paid
  2. DCPB is payable as one lump sum and proof of surgery is required
  3. All surgical procedures should be done by a Physician or Surgeon, to the satisfaction of the Corporation
  4. No transfer of left over benefit to other insured
  5. Surgery within India
Other Surgical Benefit (OSB)
  1. OSB is payable as daily benefit
  2. Proof of surgery done by a Physician or Surgeon, is subject to the satisfaction of the Corporation
  3. No transfer of left over benefit to other insured
  4. Surgery required but not listed under MSB or DCPB

LIC's Mediclaim plan - Jeevan Arogya 903

Jeevan Arogya is a unique non ULIP Health Insurance plan which provides health insurance cover against certain specified health risks and provides you with timely support incase of medical emergencies and helps you and your family remain financially independent in difficult times.

A non unit linked health plan offering health cover up to 80 years.

Single Health policy for self, Wife, children, parents and parents-in-law.

Existing medi-claim policy holders can take this policy and claim according to their elegiblility.

Premium paid will be eligible for Tax exemption under section 80D up to 15,000/- (Rs. 30,000/- if parents are covered).

Valuable financial protection in case of hospitalisation, surgery etc.,

Increasing Health cover every year,

Lumpsum benefit irrespective of actual medical costs,

No claim benefit

Flexible premium payment options

LIC launches new health insurance plan - Jeevan Arogya

LIC’s Jeevan Arogya gives you

  • Valuable financial protection in case of hospitalisation, surgery etc
  • Increasing Health cover every year
  • Lump sum benefit irrespective of actual medical costs
  • No claim benefit
  • Flexible benefit limit to choose from
  • Flexible premium payment options

Benefits Under Jeevan Arogya
  • Hospital cash benefit (HCB)
  • Major Surgical Benefit (MSB)
  • Day Care Procedure Benefit
  • Other Surgical Benefit
Other Optional benefits(PWB)
  • Death Benefit:
No death benefit unless TA Rider benefit is opted for
  • On death of the Principal Insured(PI)
  1. Surviving Insured Spouse will become PI, if already option given at the beginning of contract
  2. If the Insured Spouse had predeceased the PI, Then the other Insured will have the option to take new policy on following conditions
  • The new policy will be issued without any underwriting if the new policy is bought within 90 days of the termination of the existing policy
  • The maximum entry age will not apply for the new policy
  • The outstanding Waiting periods and outstanding period of any Exclusion will however apply under the new policy
  • Other terms and conditions including premium rates will be as applicable for the new policy

  • Maturity Benefit: No benefits are payable at the end of the cover period

PENSION PLUS plan table No. 803 with guaranteed return

LIC New pension plus with minimum guarantee unit linked deferred pension plan

LIC has launched new PENSION PLUS plan table No. 803 with guaranteed return of 4.5%. On the occasion of its 54th anniversary, the Life Insurance Corporation of India on Friday launched a new scheme – LIC pension plus.The plan is without risk cover

This is basically a ULIP plan that gives you guarantee of minimum return. This plan is ideal for those who do not want to take risk but still want the investment benefits.

Minimum premium is Rs.15000 per year or 30,000 one time.

Min. Term 10 yrs

Min. age to start pension is 40 years.

The allocated premium will be utilized to purchase units as per the selected fund type. The Policyholder’s Fund Value will be subject to deduction of charges. Units will be allotted and cancelled based on the Net Asset Value (NAV) of the respective fund applicable to the date of allotment / cancellation. There is no Bid-Offer spread (both the Bid price and Offer price of units will be equal to the NAV). The NAV will be computed on daily basis and will be based on the investment performance, Fund Management Charges (FMC) and whether fund is expanding or contracting under each fund type.

There are 2 funds available depending upon investment pattern are as follows

1) Debt Fund: – It is a low risk fund with no investment in equity shares.

2) Mixed Fund: – It is a low to medium risk fund with investment in equity shares is between 15% to 35%.

Features of PENSION PLUS plan table No. 803 :

1) Guaranteed Maturity Proceeds: - If all due premiums are paid till maturity, a guaranteed interest shall accrue on the gross premium, including Top-up premium if any, at the end of each financial year. The guaranteed interest rate shall be 50 basis points above the average of the reverse repo rate prevailing as on the last working day of June, September, December and March of the preceding year. However, the guaranteed interest rate shall be Subject to a maximum of 6% and a minimum of 3%. This guaranteed interest rate is not applicable to a Discontinued policy.

2) The minimum guaranteed rate of 4.5% p.a. is applicable to all premiums received up to 31st March, 2011,
including any Top-up premiums paid.

3) Benefit on Vesting: - BID Value of units held in the policyholder’s unit account would be invested in Immediate Annuity. Investment can be either with LIC or with any other Insurance Company.

4) Death Benefit: - BID Value of Units as at the date settlement / Booking liability whichever is earlier is given to Nominee.

5) Conversion to annuity: The benefit amount, payable in case of surrender or on discontinuance of premium or on vesting, shall compulsorily be utilized to provide an annuity. However proposer can commute 1/3rd of the Maturity Proceeds.

6) TOP-UP facility is available.

7) Switching:- Switching to any Fund type is allowed. Within a given policy year 2 Switches will be free of charge i.e. after every policy Anniversary first 2 Switches are free. Switches more than 2 allowed subject to deduction of Rs.100/- per switch from the 3rd Switchover.

Jeevan Bharati 1 Table No. 192 Special Money Back Plan

Special Money Back Plan for WomenLIC Jeevan Bharati 1 Table No. 192
LIC’s Jeevan Bharati –I Plan no.192 has been designed exclusively for females. This is a money back plan having optional Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as Riders.

Benefits:
a) Death Benefit:
An amount equal to the Sum Assured under the basic plan along with Reversionary Bonuses, and Final Addition Bonus, if any, will be payable.

b) Survival Benefits:
Survival benefits will be payable as given below:

% Of SA under the Basic plan
Survival to end of 15-year plan 20-year plan
5 yrs 20% 20%
10 yrs 20% 20%
15 yrs 20%

c) Maturity Benefit:

For policy term of 15 years: 60% of the Sum Assured under the basic plan along with vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

For policy term of 20 years: 40% of the Sum Assured under the basic plan along with vested Reversionary Bonuses and Final Additional Bonus, if any, will be payable.

Optional Benefits:

a) Critical Illness Benefit Rider :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force. The maximum cover for this rider will be Rs.5 lakh under all policies of the Life Assured with the Corporation taken together including the new proposal under consideration. The Critical Illness Rider Sum Assured shall also not exceed the Sum Assured under the Basic Plan.

b) Accident Benefit Rider :
Accident Benefit as optional rider will be available under the plan for an amount equal to the Accident Benefit Rider Sum Assured subject to the maximum of Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing policies on the life of the Life Assured under individual and group policies including the policies taken from Life Insurance Corporation of India and other Insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.

c) Congenital Disability Benefit Rider : An Amount equal to 50% of the Congenital Disability Benefit Rider Sum Assured will be payable if the Life Assured gives birth to a child with specified congenital disabilities. This benefit is payable for a maximum of 2 such congenitally disabled children.

Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Riders under all policies of the life assured including the new proposal into consideration.

Special Features:

i. Encashment of survival benefits as and when needed:
A policyholder can take the survival benefits on or after the due dates, but before the date of maturity. In case of deferment of a due survival benefit, the Corporation will pay increased survival benefit and the increment will be at such rate as decided by the Corporation from time to time compounding yearly for complete number of months, a fraction of a month being ignored. This option shall be required to be exercised six months before the due date of the Survival Benefit. To start with, the rate of increment will be 4% p.a. compounding yearly for complete number of months, ignoring fraction of a month.

ii. Flexibility to pay premiums in advance:
A policyholder will have the flexibility to pay the next yearly premium in advance (in maximum three installments). The policyholder will be eligible for a premium rebate at such rate as may be decided by the Corporation from time to time. The premium mentioned above will also include premiums for Critical Illness Rider, Congenital Disability Benefit Rider and Accident Benefit Rider, if opted for. She will be eligible for a premium rebate of 5% p.a. for complete number of months on the portion of premium paid.

iii. Option to receive maturity benefits in the form of an annuity:
The policyholder will have the option (to be exercised 6 months before the date of maturity) to receive the maturity proceeds (including bonuses) in the form of an annuity. The immediate annuity rates prevalent at the time of maturity will be applicable.

iv. Auto cover :
Provided at least two years’ premiums have been paid under a policy, full death cover will be admissible for a period of three years from the date of first unpaid premium. If death of Life Assured occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest will be payable along with the vested bonuses and Final Additional Bonus, if any. However, claims under the Critical Illness Rider, Congenital Disability Benefit Rider and Accident benefit will not be admissible during Auto Cover period. Further,

(a) If Critical Illness Rider is not opted for:
If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest thereon until the due date of the survival benefit, provided it is more than the unpaid premiums with interest thereon. If the survival benefit is insufficient to cover the arrears of premiums with interest thereon up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest thereon, during the period of the aforesaid 3 years or on revival of the policy thereafter.

(b) If Critical Illness Rider is opted for:
If any survival benefit falls due during the above 3-year auto cover period the same will be paid only on revival of the policy.

Loans:
Loan facility will be available under this plan after the policy acquires paid up value. The rate of interest charged for this loan amount would be determined from time to time by the LIC Of India.

Eligibility Conditions and Restrictions Basic Plan
a) Minimum Sum Assured : Rs.50,000/-
b) Maximum Sum Assured : Rs 25,00,000/-
c) Minimum age at entry : 18 years completed.
d) Maximum age at entry : 55 years nearest birthday
e) Maximum age at maturity : 70 years nearest birthday
f) Policy Term : 15 & 20 years

The Sum Assured shall be in multiples of Rs. 5,000.

Accident Benefit Rider:
a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured: An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit considering the Accident Benefit Sum Assured in respect of all existing policies on the life of the Life Assured under individual and group policies including the policies taken from Life Insurance Corporation of India and other Insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.

The Sum Assured shall be in multiples of Rs. 5,000.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 55 years nearest Birthday
e) Policy Term : 15 & 20 years
f) Maximum Maturity Age : 70 years nearest Birthday.

Critical Illness Rider:
a) Minimum Sum Assured : Rs. 50,000
b) Maximum Sum Assured: An amount equal to Critical Illness Rider Sum Assured subject to the maximum of Rs.5 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration.

The Sum Assured shall be in multiples of Rs.10,000/-.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 50 years nearest Birthday
e) Policy Term : Same as basic plan or till age 60 years nearest birthday whichever is earlier. If PWB is opted for, then the term of the rider should be same as that of the term of the basic plan.
f) Maximum Maturity Age : 60 years nearest Birthday. If PWB (under the Critical Illness Rider) is opted for, then the following conditions apply:
(i) The term of all the riders opted for must be same as that of the basic plan.
(ii) The Sum Assured of all the riders opted for must be same as that of the basic plan.

Congenital Disability Benefit Rider:
a) Minimum Sum Assured : Rs.50,000
b) Maximum Sum Assured : Rs 500,000
Rs.5 lakh is the maximum limit taking all Congenital Disability Benefit Rider under all policies of the life assured including the new proposal into consideration.
c) Minimum Entry Age : 18 years completed
d) Maximum Entry Age : 35 years nearest birthday
e) Maximum Benefit Ceasing Age : 40 years nearest birthday
f) Terms allowed : Same as the basic plan or till age 40 years (nearest birthday, whichever is earlier.)

Sum Assured will be in multiples of Rs 5000 only.

Mode of Premium Payment :
Only Yearly mode of Premium Payment is allowed under Jeevan Bharati 1 plan.

LIC Online Endowment Plus Plan 802

LIC Online Endowment Plus: Table number 802.

Entry age: 7 to 60 years.
Maturity Age: 18 to 70 years.
Term: 10 to 20 years.

Money Back plan-75 | plan-93

Presenting New Money Back -
LIC’s most popular money plan
in two variants –
Plan 75 : A 20-year policy
Plan 93 : A 25-year policy
The original, basic money back policy
High liquidity
Helps to fulfil your regular needs as well as
long term needs
Guaranteed survival benefit : 15%/20% of
basic sum assured paid at regular intervals
of 5 years.
Survival benefits already paid, are not deducted,
if claim arises in case of unfortunate death.
A with-profit policy, bonus calculated on full sum
assured, despite regular survival benefit payouts.
Now, loans available under the policy
Optional benefits include term assurance rider and
critical illness rider on payment of small additional
premium.
Who can avail of this plan?
Minimum age at entry : 13 years (completed)
Maximum age at entry under Plan 75 : 50 years (nearest birthday).
Maximum age at entry under Plan 93 : 45 years (nearest birthday).
For how many years is risk cover available?
Under Plan 75 : policy term is 20 years.
Under Plan 93 : policy term is 25 years.
For what amount is risk cover available?
Minimum Sum Assured is Rs. 50,000. There is no maximum limit for
Sum Assured but it depends on income.
Is there any limit on maximum age at maturity?
Yes, maximum age at maturity allowed: 70 years.
For how many years is premium payable?
Throughout the term.
On death of the Life Assured during the term of cover under the rider, an amount equal to the Term Assurance Sum Assured will be payable. This benefit is available on payment of small additional premium.
Eligibility
(A) Minimum & maximum age at entry: 18 years (lbd) & 50 years (nbd)
(B) Maximum age at maturity : 60 years
(C) Minimum Sum Assured for the Term Rider : Rs. 1,00,000
(E) Minimum S.A. of main plan on which Term Rider is given : Rs.1,00,000
(F) Maximum S.A. for Term Rider: An amount equal to the Basic S.A.
subject to a max Rs. 25 lakhs overall
limit on term riders on all plans).
(G) Term : 10 to 35 years under regular premium policies;
5 to 35 years under Single premium policies
&15, 20 and 25 years under limited premium paying term policies.
This rider shall be allowed only if age at maturity under the main policy is less than or equal to 60 years. The policy term and premium paying term of the rider should match with the policy term and premium paying term under the main policy.
The Critical Illness Sum Assured will be payable on the life assured surviving for a period of 28 days from the date of occurrence of any of the following critical illnesses-
Heart Attack (Myocardial Infarction)
Stroke (Cerebro-vascular Accident)
Cancer
Kidney Failure
Major Organ transplant
Paralysis
3rd Degree Burns
Blindness
Coronary Artery By-pass Surgery
Heart Valve Replacement or Repair
Aorta Graft Surgery
Critical Illness Rider : Eligibility
(A) Minimum entry age : 18 yrs (completed)
(B) Maximum entry age : 50 yrs (nearer birthday)
(C) Maximum maturity age : 60 years
(D) Minimum Sum Assured for the Critical illness Rider : Rs.50,000/=
(E) Minimum Sum Assured of the Main plan on which the Critical illness
Rider can be given: Rs.50,000
(F) Maximum Sum Assured : An amount equal to the Basic Sum for the
Critical Illness Rider Assured, subject to a maximum of Rs.5,00,000.
(G) Term : 10 to 35 years under regular premium
5 to 35 years under Single premium
and 15, 20 & 25 years under limited premium paying term policies.
This rider is allowed only if the maturity age under main policy is not greater than 60 years.
The policy term and premium paying term of the rider should match with the policy term and premium paying term under the main policy.

Death Cover :
Sum Assured + Vested Bonuses + Final Additional Bonus, if any, is payable in a lump sum on death of the life assured during the policy term.

Maturity Benefit:
40% of the Sum Assured + Vested Bonuses + Final Additional Bonus, if any, is payable in a lump sum on survival to the end of the policy term
This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.
The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they 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 preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI 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.
3. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
4. 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 is guaranteed.

Blma Bachat ( Plan 175 )

Introduction Df LlC's Blma Bachat ( Plan 175 )

It has been decided to introduce LIC's Bima Bachat (plan no.175) with effect from 14th November, 2005.

1. INTRODUCTlON:
This is a single premium money back type plan where Single Premium paid under the policy shall be paid back to the policyholder along with Loyalty Additions, if any, on maturity. In addition, the survival benefit installments are payable on survival of the policyholder till the specified durations. The plan also provides for the payment of Sum Assured in case of death during the term of the policy irrespective of whether or not any survival benefits have been paid earlier. No rider benefits shall be available.

2. BENEFITS:

Death Benefit: On death of the Life Assured during the term of the policy, an amount equal to the Sum Assured ¬shall be payable.

Survival Benefit: In case the life Assured is surviving to the end of the specified durations the following benefit shall be payable:
Policy term 9 years: 15% of the Sum Assured at the end of 3rd & 6th policy year
Policy term 12 years: 15% of the Sum Assured at the end of 3rd, 6th & 9th policy year.
Policy term 15 years: 15% of the Sum Assured at the end of 3rd, 6th, 9th & 12th policy
year

Maturity Benefit: Single Premium paid excluding extra premium along with Loyalty Additions, If any, shall be payable in case of Life Assured surviving to the end of the term.

3. LOYALTY ADDITIONS:

This is a participating plan and the policy shall participate In the proms of the Corporation’s with-profits assurance business. The policy shall, however not be eligible for reversionary bonuses and shall participate to a share of profits in the form of Loyally Addition (one time) only payable on maturity. On the Life Assured surviving, the stipulated date of maturity, the policy may be eligible for payment of Loyalty Addition, if any, depending upon the experience of the Corporation at such rate and on such terms as may be declared by the Corporation.


4. LOAN:

Loan facility is available under this plan. The rate of Interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

5. REBATES / INCENTIVE FOR HIGH SUM ASSURED:

High Sum Assured Rebates (As Percentage of Basic Tabular Premium):
Less than Rs.50,000 : NIL
Rs.50,000 to less than Rs.1,00,000 : 5%
Rs.1,00,000 to less than Rs.2,00,000 : 7%
Rs.2,00,000 and above : 8%

6. CEIS REBATE:
The rebate for eligible employees of the Corporation shall be @ 2% of the Tabular Premium for the basic plan.

7. MODES OF PREMIUM PAYMENTS:
Premium is payable once at the beginning of policy term.

8. ELIGIBILITY CONDITIONS AND RESTRICTIONS:

Minimum age at entry: 15 years (completed)
Maximum age at entry : 66 years nearer birthday
Maximum age at maturity: 75 years nearer birthday
Terms : 9, 12 or 15 years.
Minimum Sum Assured: Rs.20.000/-
Maximum Sum assured: No limit
Sum Assured will be in multiples of Rs.5,000I- only.

9. PREMIUM RATES:
As enclosed In Annexure 1.

10. EXTRA PREMIUM RATES:
As enclosed In Annexure 2.

11. CREDIT:
Commission to Agents, Corporate Agents and Brokers Is payable 0 2% of the Single Premium received. No Bonus Commission will be payable.'

Development Office’s Credit for Incentive: 5% of Single premium

12. UNDERWRITING, AGE PROOF AND MEDICAL REQUlREMENTS:
Same as Blma Nlvesh Plan.

13. SURRENDER VALUES (G8V,SSV):
The policy can be surrendered for cash after completion of at least one policy year. The Guaranteed Surrender Value is equal to 90 per cent of the Single Premium paid excluding extra premium paid and the survival benefits paid earlier.

For calculation of Special Surrender Value, the amount of Single Premium paid excluding any extra/optional premium shall be taken as paid-up value and Surrender Value Factors for quarterly elapsed durations are given In Annexure 3.

14. NORMAL REQUIREMENTS FOR CLAIM:

The normal documents which the claimant shall submit while lodging the claim in case of death of the policyholder shall be the claim forms, as prescribed by the Corporation, accompanied with the original policy document, proof of title, proof of death, proof of accident/disability, medical treatment prior to death, employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.
Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document besides proof of age, If the age Is not admitted earlier.

15. COOLING-OFF PERIOD:

If a policy holder is not satisfied with the "Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.

16. BACK DATING INTEREST:

The policies can be dated back within the financial year, as usual. Back- dating interest will be charged al the rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The Interest shall be charged even where the policy is beck dated to a lean month. .

17. POLICY STAMPING:

Policy stamping charges will be 20 paise per thousand Sum Assured.

18. REINSURANCE:

There will be no reinsurance under this plan.

19. ASSIGNMENT / NOMINATIONS:

Notice of assignment or change of nomination should be submitted for registration to the office of the Corporation, where this policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.



20. PROPOSAL FORM: Proposal Form No. 300 or 340 will be used for the plan.

21. POLICY DOCUMENT: A specimen copy of the Policy Document is enclosed as
Annexure 4.

Chief (Actuarial)

ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
14 718.20 771.20 803.80 1.00 90.25
15 716.40 771.35 804.00 1.25 91.50
16 716.80 771. 50 804.10 1.50 92.75
17 718.80 771.60 804.20 1.75 94.00
11 716.95 771.70 804.25 2.00 95.25
19 717.05 771.80 804.35 2.25 95.50
20 717.20 771.85 804.40 2.50 97.75
21 717.30 771.95 804.50 2.75 99.00
22 717.35 772.00 804.50 3.00 84.00
23 717.40 772.05 804.65 3.25 85.25
U 717.50 772.15 804.80 3.50 86.50
25 717.55 772.25 804.95 3.75 87.75
26 717.65 772.40 805.10 4.00 89.00
27 717.75 772.55 805.30 4.25 90.25
28 717.95 772.75 805.55 4.50 91.50
29 718.15 773.00 805.80 4.75 92.75
30 718.45 773.35 806.10 5.00 94.00
31 718.80 730.70 806.45 5.25 95.25
32 719.25 774.10 808.90 5.50 96.50
33 719.75 774.60 807.40 5.75 97.75
34 720.40 775.156 807.95 6.00 83.00
35 721.05 775.75 808.55 6.25 84.25
36 721.80 776.45 809.25 6.50 85.50
37 722.85 777.25 810.05 6.75 86.75
38 723.60 778.15 810.95 7.00 88.00
39 724.85 779.15 811.90 7.25 89.25
40 725.80 780.25 812.95 7.50 90.50
41 727.15 781.50 814.10 7.75 91.75
42 728.80 782.80 815.35 8.00 93.00
43 730.25 784.25 816.65 8.25 94.25
44 732.10 785.90 818.10 8.50 95.50
45 734.10 787.60 819.60 8.75 95.75
46 736.30 788.45 821.20 9.00 82.00
47 738.85 791.40 822.95 9.25 83.00
ANNEXURE - 1 ANNEXURE - 3
Single Premium for 1000 SA S.S.V. Factors
Age / Term 9 12 15 Completed Duration in Years S.S.V. Factor As % of Paid-up Value
48 741.20 793.45 824.80 9.50 84.00
49 743.85 795.80 828.80 9.75 85.00
50 746.60 787.90 828.95 10.00 88.00
51 748.45 800.40 831.25 10.25 87.00
52 762.40 803.00 833.8O 10.50 88.00
53 755.60 805.85 836.10 10.75 89.00
54 758.00 808.90 838.80 11.00 90.25
55 762.65 811.95 841.75 11.25 91.50
56 768.85 816.20 844.90 11.50 92.75
57 770.85 818.75 848.20 11.75 94.00
58 775.10 822.65 851.75 12.00 81.00
59 779.75 828.85 855.50 12.25 82.50
60 784.80 831.30 859.35 12.58 84.00
61 790.50 838.15 - 12.75 85.50
62 798.45 841.10 - 13.00 87.00
63 802.70 - . 13.25 88.50
64 809.40 . . 13.50 90.00
65 816.25 . . 13.75 91.50
66 823.15 - . 14.00 93.00
14.25 94.50
14.50 96.00
14.75 97.50

MONEY PLUS - I (Plan No. 193)

INTRODUCTION OF LIC’S MONEY PLUS - I (Plan No. 193)


1. INTRODUCTION:
It has been decided to introduce LIC’s Money Plus - I Plan (Plan No. 193) with effect from
22nd May, 2008. The Unique Identification Number (UIN) for LIC’s Money Plus – I plan is 512L248V01.This number has to be quoted in all relevant documents furnished to the policyholders and other users (public, distribution channels).

This is a unit linked Endowment plan with regular premium paying term which offers investment-cum-insurance during the term of the policy. The policyholder can choose the level of cover within the limits, which will depend on amount of premium he desires to pay. The allocated premium will be utilized to purchase units as per the selected fund type. The Policyholder’s Fund Value will be subject to deduction of charges mentioned in para 3 of this circular. Units will be allotted and cancelled based on the Net Asset Value (NAV) of the respective fund applicable to the date of allotment / cancellation. There is no Bid-Offer spread (both the Bid price and Offer price of units will be equal to the NAV). The NAV will be computed on daily basis and will be based on the investment performance, Fund Management Charges (FMC) and whether fund is expanding or contracting under each fund type. Other details of this plan are as follows.

2. INVESTMENT FUND TYPES:
The premiums allocated to purchase units will be invested according to the investment pattern prescribed for different fund types. The types of fund and their investment pattern are as under:


Fund Type Investment in Government / Government Guaranteed Securities / Corporate Debt Short-term investments such as money market instruments
Investment in Listed Equity Shares Details and objective of the fund for risk / return
Bond Fund

Secured Fund

Balanced Fund

Growth Fund Not less than 60%

Not less than 45%


Not less than 30%


Not less than 20% Not more than 40%

Not more than 40%


Not more than 40%


Not more than 40% Nil

Not less than 15% &
Not more than 55%

Not less than 30% &
Not more than 70%

Not less than 40% &
Not more than 80% Low risk

Steady Income –Lower to Medium risk

Balanced Income and growth – Medium risk

Long term Capital growth – High risk

The Policyholder will have the option to choose any ONE of the above 4 Funds.

The NAV will be computed on a daily basis as under:

Appropriation price (when fund is expanding):
Market value of investment held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated).

Expropriation price (when fund is contracting):
Market value of investment held by the fund less the expenses incurred in the sale of the assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units are redeemed).

3. CHARGES AND FREQUENCY OF CHARGES:
i. 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 (Investment) units for the policy.

The allocation charges are as below:

Premium Band (per annum) Allocation charge
First year 2nd & 3rd year thereafter
5,000 to 75,000 26.50% 5.00% 2.50%
75,001 to 1,50,000 25.50% 5.00% 2.50%
1,50,001 to 3,00,000 24.00% 5.00% 2.50%
3,00,001 and above 23.00% 5.00% 2.50%





ii. Mortality Charge: This is the cost of life insurance cover. Mortality Charge will be taken every month by canceling appropriate number of units out of the Policyholder’s Fund Value.

Mortality charge, during a policy year, will be based on the age nearer birthday of the Policyholder as at the Policy anniversary coinciding with or immediately preceding the due date of cancellation of units and hence may increase every year on each policy anniversary. The Mortality charge shall depend upon the difference between the Sum Assured under the Basic plan and Policyholder’s Fund Value of units as on the date of deduction of charge, after deduction of all other charges and shall be deducted only if, the Basic Sum Assured is more than the Fund Value of the units on the date of deduction. Further, the charges will also depend on the underwriting decision at entry or subsequent revival of the policy.

The Mortality charge per Rs.1,000/- Sum at Risk (i.e. Sum Assured under Basic plan minus Policyholder’s Fund value) per annum for standard lives, are given in Annexure I.

The Class I extra charge for Life Cover shall be 25% of the Mortality charge for standard lives. Charge for higher EMR shall be multiples of the Class I extra charge as applicable in other plans. This extra charge will be included in the Mortality charges.

iii. Charges for optional rider covers:
Critical Illness Benefit Charge: Charges for Critical Illness Benefit rider, if any, will be taken every month by canceling appropriate number of units out of the Policyholder’s Fund Value as per the rate prevalent at the time of policy issue.

Critical Illness Benefit charges, during a policy year, will be based on the age nearer birthday of the Policyholder as at the Policy anniversary coinciding with or immediately preceding the due date of cancellation of units and hence may increase every year on each policy anniversary. Charges for Critical Illness rider shall be deducted only if this rider has been opted for.

Critical Illness cover charge per Rs.1,000/- Sum Assured for standard lives, at present, are also given in Annexure I.

Accident Benefit Charge: Charges for Accident Benefit rider, if any, will be taken every month by canceling appropriate number of units out of the Policyholder’s Fund Value as per the rate prevalent at the time of policy issue.

A level charge, at present, is at the rate of Rs.0.50 per thousand Accident Benefit Sum Assured per policy year and will be made for Accident Benefit cover by cancellation of appropriate number of units out of the Policyholder’s Fund Value every month along with the Mortality and Critical Illness Benefit charges. Charges for Accident Benefit rider shall be deducted only if this rider has been opted for.

iv. Other Charges:
a) POLICY ADMINISTRATION CHARGE - The Policy Administration charge of Rs. 60/- per month during the first policy year, Rs 20/- per month during the second year and thereafter, from the third year on wards till the end of the policy term Rs. 20/- per month escalating at 3% p.a. These charges will be deducted on monthly basis by canceling appropriate number of units out of Policyholder’s Fund Value.





b) FUND MANAGEMENT CHARGE – Fund Management Charges (FMC) are dependent on type of Fund and are deductible on the date of computation of NAV at the following rates:
0.60% p.a. of Unit Fund for “Bond” Fund
0.80% p.a. of Unit Fund for “Secured” Fund
1.00% p.a. of Unit Fund for “Balanced” Fund
1.20% p.a. of Unit Fund for “Growth” Fund
The NAV, thus declared, will be net of FMC.

c) SWITCHING CHARGE – This is a charge levied on switching of monies from one fund to another. This charge will be levied at the time of effecting switch at the rate mentioned in para 10 (a) below.

d) BID/OFFER SPREAD – Nil.

e) SURRENDER CHARGES – Nil.

f) SERVICE TAX CHARGE – A service tax charge, if any, shall be levied on the following charges
i)Policy Administration, Mortality, Accident Benefit and Critical Illness Benefit rider, if any - by canceling appropriate number of units out of the Policyholder’s Fund Value on a monthly basis as and when the corresponding Policy Administration, Mortality, Accident Benefit and Critical Illness Benefit rider charges are deducted.
ii) Premium allocation - at the time of allocation.
iii)Fund Management – at the time of deduction of Fund Management Charge.
iv)Switching - at the time of effecting switch and
v) Alteration ( as provided under Miscellaneous charge) - on the date of alteration in the policy.

The level of this charge will be as per the rate of service tax as applicable from time to time. Currently, the rate of service tax is 12% with an educational cess at the rate of 3% thereon and hence effective rate is 12.36%.

g) MISCELLANEOUS CHARGE – This is a charge levied for an alteration within the contract, such as reduction in policy term, reduction in Sum assured, change in premium mode to higher frequency, Grant of Accident Benefit after the issue of the policy etc., may be allowed subject to a charge of Rs. 50/- which will be deducted by canceling appropriate number of units out of the Policyholder’s 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 with or following the alteration.

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 by the Corporation and is specifically communicated in writing to the policyholder.

v. Right to revise charges: The Corporation reserves the right to revise all or any of the above charges except Premium Allocation charge and Mortality Charge. The modification in charges will be done with prospective effect with the prior approval of IRDA and after giving the policyholders a notice of 3 months.




4. APPLICABILITY OF NET ASSET VALUE (NAV):
The allotment of units will be as per IRDA guidelines. The guidelines state as under:

The premiums received up to 3 p.m. by the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after 3 p.m. by the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.

The outstation cheque / Demand draft shall not be accepted.

In respect of the valid applications received for surrender, partial withdrawal, death claim, switches, death after maturity (in case of settlement option exercised) etc up to 3 p.m. by the Servicing Branch the same day’s closing NAV shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim, switches etc after 3 p.m. by the Servicing Branch the closing NAV of the next business day shall be applicable

In respect of maturity claim where no settlement option is opted for, NAV of the date of maturity shall be applicable.

5. BENEFITS:
a) Benefits payable on death:
In case of death of the policyholder when the cover is in full force, the nominee shall be eligible to get higher of Sum Assured under the Basic Plan or the Policyholder’s Fund Value as at the date of booking the liability. The liability shall be booked after receipt of intimation along with death certificate. Further, if partial withdrawal has been made during the last two years from the date of death the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.

If less than 3 years’ premiums have been paid and the policy is in lapsed condition, then the Policyholder’s Fund Value shall become payable to the nominee.

In case of death of the Life Assured aged less than 12 years before commencement of risk, only the Policyholder’s Fund Value shall be payable.

The risk in case of minors aged less than or equal to 10 years commences from the policy anniversary coinciding with or immediately following the completion of 7 years of age or 2 years after the date of commencement of the policy, whichever is later. In case age at entry is above 10 years but below 12 years, the risk commences from the policy anniversary coinciding with or next following the date on which life assured completes the age 12 years. In case of minors aged 12 years or more, risk will commence immediately.

b) Benefits payable on maturity:
On the policyholder surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

c) Options:
i. Accident Benefit Rider Option:
Accident Benefit (AB) can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50 for every Rs.1,000/- of the Accident Benefit Sum Assured per policy year by cancellation of appropriate number of units out of the Policyholder’s Fund every month. On Accidental death of the Policyholder during the term of the policy, a sum equal to the Accident Benefit Sum Assured will become payable, provided the Accident benefit cover is opted for and is in force. Further, it will be available up to the Sum Assured under the Basic Plan, subject to an overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes taken from Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.

If the age at entry of the Life Assured is less than 18 years, then Accident Benefit Rider can be opted for from the policy anniversary coinciding with or immediately following the completion of 18 or more years of age.

This benefit will be available only till the policy anniversary on which the age nearer birthday of the Policyholder is 70 years. No charges for this benefit shall be deducted from the Policy anniversary at which the benefit ceases.

ii. Critical Illness Benefit Rider Option:
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force. The maximum cover for this rider will be Rs.10 lakh under all policies of the Life Assured with the Corporation taken together including the new proposal under consideration. The Critical Illness Rider Sum Assured shall also not exceed the Sum Assured under the Basic Plan.

If the age at entry of the Life Assured is less than 18 years, then Critical Illness Benefit Rider can be opted for from the policy anniversary coinciding with or immediately following the completion of 18 years of age.

This benefit will be available only till the policy anniversary on which the age nearer birthday of the Policyholder is 60 years. No charges for this benefit shall be deducted from the Policy anniversary at which the benefit ceases.

Further, this benefit will be available only once during the term of the policy (i.e. till a critical illness claim, as per the conditions defined, arises under the policy). Once a claim under this Rider has been admitted, no subsequent charge towards Critical Illness Benefit Rider shall be deducted. Charges towards Life cover and Accident Benefit cover, if any, shall however continue to be deducted on a monthly basis, as usual.

d) Premium Waiver Benefit (PWB):
No PWB will be allowed under this plan.

e) Settlement Option:
When the policy comes for maturity, the policyholder may exercise “Settlement Option” one month prior to the date of maturity.

In case this option is exercised, the maturity claim under the policy shall not be paid in lump sum. The policyholder, in that case, shall encash the units held in Policyholder’s Fund in regular (half-yearly / yearly instalments) spread over a period of not more than five years from the date of maturity. He/she shall be required to inform how he/she shall receive the maturity proceeds. The instalment shall be the total number of units as on the date of maturity divided by total number of instalments (i.e 5 and 10 for yearly and half-yearly instalments in 5 year period respectively). The number of units arrived at in respect of each instalment will be multiplied by the NAV as on the date of instalment payment. The first payment will be made on date of maturity and there after based on the mode opted by the policyholder i.e. every six months from the date of maturity or every year from the date of maturity.

Settlement Option shall not be allowed under a lapsed policy.

During the Settlement Option period no charges other than the Fund Management Charge shall be deducted. There shall not be any life cover during this period. The value of installment 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 life assured after the commencement of Settlement Option period, the value of outstanding units held in Policyholder’s Fund shall become payable to the nominee/ legal heir in lumpsum.

No partial withdrawal or switching of fund shall be allowed after commencement of Settlement Option period.

6. DISCONTINUANCE OF PREMIUMS:
If premiums are payable yearly, half-yearly, quarterly or monthly (through ECS) and the same have not been paid within the days of grace under the Policy, the Policy will lapse.

The policyholder shall have an option to revive the policy within the specified period (described in para 17 below).

i. Where atleast 3 years’ premiums have been paid, the Life cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period.

During this period, the charges for Mortality, Accident Benefit and / or Critical Illness Benefit cover, if any, shall be taken, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for :
i. two years from the due date of first unpaid premium, or
ii. till the date of maturity, or
iii. till such period that the Policyholder’s Fund Value reduces to one annualized premium,
whichever is earlier.

The policyholder may opt for continuation of cover even beyond the revival period without reviving the policy and paying any further premiums. This option shall be required to be exercised atleast one month before the completion of the revival period. If this option is availed, the cover under the policy shall continue by deduction of relevant charges out of policy fund. This option shall continue till the Policyholder’s Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.

The benefits payable under the policy in different contingencies during this period shall be as under:

A. In case of Death: Higher of Sum Assured under the Basic Plan or the Policyholder’s Fund value. The Sum Assured shall be subject to provisions of Partial Withdrawals made, if any as per para 10 ( d ) below.

B. In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.

C. In case of Critical Illness claim: Critical Illness Rider Sum Assured, if Critical Illness Rider is opted for.

D. On maturity: The Policyholder’s Fund Value.

E. In case of Surrender: The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.

F. In case of Partial Withdrawals: For 2 years period from the date of withdrawal, the sum assured under the basic plan shall be reduced to the extent of the amount of partial withdrawals made.

G. Compulsory surrender: The policy shall be terminated compulsorily in following cases:
a. The balance in the Policyholder’s Fund Value, at all times, shall be subject to a minimum balance of one annualized premium. In case the Policyholder’s Fund Value falls below this limit, the policy shall compulsorily be terminated with a notice to the policyholder and the balance amount in the Policyholder’s Fund Value will be refunded to the Policyholder.
b. In case the policy is not revived during the period of revival and the policyholder has not opted for continuing the cover after the revival period then the policy shall be terminated on expiry of revival period or on maturity, whichever is earlier and the balance amount in the Policyholder’s Fund Value will be refunded to the policyholder.

ii. Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit / Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However deduction of all the other charges shall continue.
The benefits under such a lapsed policy shall be payable as under:

H. In case of Death: The Policyholder’s Fund Value.

I. In case of death due to accident: Only, the amount as under H above i.e. no additional amount.

J. In case of Critical Illness claim: Nil.

K. In case of Surrender: Policyholder’s Fund Value / monetary value of units (described in para 7 below), as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.

L. In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.

M. Compulsory Surrender: The policy shall be terminated compulsorily in following cases:
a. In case the policy is not revived during the period of revival, then the policy shall be terminated after completion of three years from the date of commencement of the policy or on expiry of revival period, whichever is later. In case the period of revival expires before the end of third policy year, then the Policyholder’s fund value, if any, shall be converted into monetary terms and no charges shall be deducted thereafter. This monetary amount (described in para 7 below), shall be paid to the policyholder after the end of third policy year.
b. In case premiums are paid for less than three years, if the balance in the Policyholder’s Fund Value, at any time is not sufficient to recover the relevant charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value, if any, will be refunded to the policyholder immediately.

7. SURRENDER VALUE AND SURRENDER CHARGE:
The surrender value, if any, is payable only after the completion of the third policy anniversary. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge.

If a policyholder applies for surrender of the policy within 3 years from the date of commencement of policy, then the Policyholder’s fund value shall be converted into monetary terms. No charges shall be made thereafter and this monetary amount shall be paid on completion of 3 years from the date of commencement of policy.

In case of death of the life assured after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on completion of 3 years shall be payable to the nominee/ legal heir immediately on death.

The conversion in monetary amount shall be made as under:
The NAV on the date of application for surrender or on the date when revival period is over (in case of compulsory surrender), as the case may be, multiplied by the number of units in the Policyholder’s Fund as on that date will be the monetary amount.
Further this monetary amount shall be transferred to Non-Unit fund and the payment of surrender value, as and when due, shall be made from this fund only.

In case of policy where premiums are paid for less than three years, if the balance in the Policyholder’s Fund Value, at any time is not sufficient to recover the relevant charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value will be refunded to the policyholder. In case of a policy where premiums are paid for atleast three years, the balance in the Policyholder’s Fund Value, at all times, shall be subject to a minimum balance of one annualized premium. In case the Policyholder’s Fund Value falls below this limit, the policy shall compulsorily be terminated with a notice to the policyholder and the balance amount in the Policyholder’s Fund Value shall be refunded to the Policyholder.

Once a policy is surrendered it cannot be reinstated.

8. COMMENCEMENT OF RISK UNDER THE POLICY:
“Date of Commencement of Risk” is the date from which life assurance cover shall be available under the policy.

If the age of the Life to be Assured is 12 years or more, both the date of Commencement of risk and date of Commencement of Policy shall be the date of completion of proposal.

If the age of the Life to be Assured is less than 12 years, the date of Commencement of Policy will be the date of completion of the proposal. The date of commencement of Risk shall be as per the following rules –

Risk will commence either after 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 7 years of age, whichever is later in case the age at entry of the life assured is less than or equal to 10 years. Where the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. In case of minors aged 12 years or more risk will commence immediately.

9. ELIGIBILITY CONDITIONS AND FEATURES:
For Basic Plan
a) Minimum Sum Assured: 5 times the annualized premium
b) Maximum Sum Assured:
30 times of the annualized premium if age at entry is upto 45 years nearest birthday
20 times of the annualized premium if age at entry is 46 to 60 years nearest birthday
10 times of the annualized premium if age at entry is 61 years nearest birthday and above
c) Minimum Premium: Rs. 5,000 p.a. (other than monthly (ECS) mode)
Rs. 1,000 p.m. for monthly (ECS) mode, increasing
thereafter in multiples of Rs. 250.
d) Maximum Premium: No Limit
e) Minimum Entry Age: 0 years last birthday
f) Maximum Entry Age: 65 years nearest birthday
g) Policy Term: 5 to 30 years
h) Minimum Maturity Age: 18 years completed
i) Maximum Maturity Age: 75 years nearest birthday

Sum Assured shall be available in multiples of Rs. 5,000 and Annualized premiums shall be payable in multiples of Rs. 1,000. Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000.

For Accident Benefit
a) Minimum Sum Assured: Rs. 25,000
b) Maximum Sum Assured: Rs. 50,00,000 taking all existing policies of the Life Assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.
Under no circumstances Accident Benefit Sum Assured shall exceed the Sum Assured under the basic Plan.
c) Minimum / Maximum Premium: No separate Limit
d) Minimum Entry Age: 18 years completed
e) Maximum Entry Age: 65 years nearest birthday
f) Policy Term: 5 to 30 years
g) Maximum Maturity Age: 70 years nearest birthday

Sum Assured shall be available in multiples of Rs. 5,000

For Critical Illness Rider Benefit
a) Minimum Sum Assured: Rs. 50,000
b) Maximum Sum Assured: Rs. 10,00,000 taking Critical Illness riders availed under all existing policies of the Life Assured with the Corporation and the Critical Illness Rider Sum Assured under the new proposal under consideration.
Under no circumstances Critical Illness Rider Sum Assured shall exceed the Sum Assured under the basic Plan.
c) Minimum /Maximum Premium: No separate Limit
d) Minimum Entry Age: 18 years completed
e) Maximum Entry Age: 50 years nearest birthday
f) Policy Term: 10 to 30 years
g) Maximum Maturity Age: 60 years nearest birthday

Sum Assured shall be available in multiples of Rs. 10,000

10. ADDITIONAL FEATURES:
a) Switching: The policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.

On receipt of the policyholder’s valid application for a switch from one fund type to another, the Policyholder’s Fund Value after deducting switching charges, if any, shall be transferred to the New Fund opted by the policyholder and shall be utilized to allocate Fund Units at the NAV under the New Fund type on the said date of switch. If a valid application is received up to 3 p.m. by the servicing branch the closing NAV of the same day shall be applicable and in respect of the applications received after 3 p.m. by the servicing branch the closing NAV of the next business day shall be applicable

Switching shall not be allowed under a lapsed policy.

b) Top-up: No Top-up shall be allowed under the plan.

c) Increase / Decrease in Benefits: No increase of benefits will be allowed under the plan. The Policyholder can, however, decrease the risk covers once in a year during the Policy term, provided all due premiums under the Policy have been paid. The reduced levels of cover will be available within the limits specified in para 9. When the life cover is decreased then Accident Benefit and Critical Illness rider sum assured shall also be reduced to the extent of reduced cover under the main plan. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased/ restored.

d) Partial withdrawals: A Policyholder can partially withdraw the units at any time after the third policy anniversary subject to the following:

i. In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
ii. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
iii. For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
iv. Under policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
v. Under policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.

e) Option to continue the cover after the revival period: If atleast three years’ premiums have been paid under the policy, the policyholder may opt for continuation of cover even beyond the revival period without reviving the policy and paying any further premiums. This option shall be required to be exercised atleast one month before the completion of the revival period. If this option is availed, the cover under the policy shall continue by deduction of relevant charges out of policy fund. This option shall continue till the Policyholder’s Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.

All the benefits under such a policy shall be as available during the revival period as mentioned under para 6(i), (Discontinuance of premium where three years premiums are paid).

11. MODES OF PREMIUM PAYMENT:
Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments. The minimum Annualised Premium (other than monthly through ECS) will be Rs. 5,000/- increasing thereafter in multiples of Rs. 1,000/-. In case of monthly (ECS) the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.

There will be no mode specific charges/ rebates.

12. COMMISSION PAYABLE TO AGENTS/ CORPORATE AGENTS/ BROKERS & DEVELOPMENT OFFICER’S CREDIT:

Commission to Agents & Corporate Agents:
• Year Commission
First 10%
2nd & 3rd 4%
Thereafter 2%
• There will be 40% bonus commission on the first year commission under the policies.

Commission to Brokers:
• Year Commission
First 16%
2nd & 3rd 4%
Thereafter 2%
• No bonus commission shall be payable to brokers.

Development Officer’s credit:
• 30% of FY premium.
13. CEIS REBATE:
No rebate on premium is allowed to Corporation Employees.

However, for direct business in respect of Corporation Employees, the allocation charge will be as under:

Premium Band (per annum) Allocation charge
First year 2nd & 3rd year thereafter
5,000 to 75,000 4.50% Nil Nil
75,001 to 1,50,000 3.75% Nil Nil
1,50,001 to 3,00,000 2.50% Nil Nil
3,00,001 and above 1.75% Nil Nil

All other charges shall be as mentioned in para 3 (ii) to 3 (v).

14. LOANS:
No loan shall be granted under this plan.

15. UNDERWRITING:
Instructions will be issued separately by Underwriting and Reinsurance Department.

16. DAYS OF GRACE:
A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums. If the death of Life Assured occurs within the grace period but before the payment of premium then due, the policy will be treated as in-force and the death benefits shall be paid after deduction of all the relevant charges, if not recovered.
If premiums are not paid within the days of grace, the policy lapses.
17. REVIVALS:
A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.

If premiums have not been paid for atleast 3 full years, the policy may be revived within two years from the due date of first unpaid premium. The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.

If atleast 3 years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity, if earlier. No proof of continued insurability is required and all arrears of premium without interest can be paid.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Proposer / Life Assured.

Irrespective of what is stated above, if less than 3 years premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall be terminated and thereafter revival will not be allowed. If 3 years or more than 3 years premiums have been paid and the Policyholder’s Fund Value reduces to one annualized premium, the policy shall be terminated and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.

18. COOLING-OFF PERIOD:
If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:





Value of units in the Policyholder’s Fund
Plus unallocated premium.
Plus Policy Administration charge deducted
Less charges @ Rs.0.20%o Sum Assured under the Basic Plan
Less Actual cost of medical examination and special reports, if any.

In case the policy is returned during the cooling-off period, Commission shall be recovered from the concerned Agent and the Development Officer’s credit allowed shall be withdrawn.

19. BACK DATING:
Back dating of policy will not be allowed.

20. POLICY STAMPING:
Policy Stamping will be at the rate of Rs.0.20 per thousand Sum Assured under the Basic Plan.

21. ASSIGNMENTS / NOMINATION:
Notice of Assignment or Nomination should be submitted for registration to the office of the Corporation, where this policy is serviced. In registering an assignment or nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.

22. NORMAL REQUIREMENTS FOR CLAIM:
The normal documents which the claimant/s shall submit while lodging a claim in case of death of the policyholder shall be the claim forms as prescribed by the Corporation accompanied with the original policy document; proof of title; proof of death; proof of accident, if any; medical treatment prior to death; employer’s certificate, whichever is applicable together with the proof of age, if not already admitted under the policy.

On maturity or on earlier Surrender, the Life Assured shall submit the discharge form along with the original policy document besides the proof of age, if not admitted earlier.

In case the age is found to be higher from that on which premium has been charged under the policy, then the difference in the charges for the correct age shall be deducted with interest at such rate as determined by the Corporation from time to time.

23. REINSURANCE:
For reinsurance purposes, the retention limits will be those applicable to Term Assurance Plans for the Sum at Risk (i.e. Sum Assured under Basic plan minus Fund value). Initially for a new policy the Sum at Risk (SAR) at Date of Commencement of Risk shall be the Sum Assured under the policy. From first anniversary onwards, the SAR shall be Sum Assured less Policyholder’s Fund Value.