LIC's NEW BIMA BACHAT-Insurance Plans

LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.
a) BENEFITS:Death benefit:

On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any.

b)Survival Benefits:

Payable as given below in case of Life Assured surviving to the end of the specified durations:

For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year

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

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

c) Maturity Benefit:
Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term.
d) Loyalty AdditionDepending upon the Corporation's experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.


Click here for ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”










Notes:

1.  The Single Premium shown above is exclusive of tax.



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



3. 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 4% p.a.(Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LIC will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.



4. 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.



5. v) The amount shown under benefit payable on survival at the end of the policy term is the Maturity Benefit.

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.
(SECTION 41 OF INSURANCE ACT, 1938):

1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

1. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

LIC’s NEW BIMA BACHAT-ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
 
a) Minimum entry age : 15 years (completed)

b) Maximum entry age : 66 years (nearest birthday) for term 9 years
63 years (nearest birthday) for term 12 years
60 years (nearest birthday) for term 15 years

c) Maximum maturity age: : 75 years (nearest birthday)

d) Policy Term : 9, 12 or 15 years.

e) Minimum Sum Assured : Rs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years

f) Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.


g) Premium payment mode : Single Premium only



2. SAMPLE PREMIUM RATES:

The sample premium rates (exclusive of taxes) are as under: -

Single Premium per 1000 Sum Assured (Rs)
Age (Nearest birthday)	Term
	9	12	15
15	767.95	771.00	771.55
25	768.95	772.00	772.70
35	771.70	775.35	776.80
45	782.65	787.15	789.25
55	803.80	808.10	810.70
65	836.85	-	-

3. REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates (As percentage of Tabular Premium) :

Term = 9 years
Less than Rs. 75,000 : NIL
Rs. 75,000 and Less than Rs.150,000 : 6 %
Rs. 150,000 and above . : 8 %
Term =12 years
Less than Rs. 100,000 : NIL
Rs. 100,000 and Less than Rs. 200,000. : 4 %
Rs. 200,000 and above : 6 %

Term =15 years
Less than Rs. 150,000 : NIL
Rs. 150,000 and Less than Rs.300,000 : 3 %
Rs. 300,000 and above : 5 %

4. LOAN :
Loan can be availed under this plan any time after completion of one policy year. The loan shall be equal to 60% of the surrender value as on date of sanction of loan.
5. SURRENDER VALUE:
Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
The Guaranteed Surrender Value allowable shall be as under:
- First year: 70% of the Single premium excluding taxes and extra premium, if any.
- Thereafter: 90% of the Single premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
6. TAXES:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Life Assured on the single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
7. COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.
8. EXCLUSIONS:
The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 90% of the single premium paid excluding taxes and any extra premium paid.

LIC's JEEVAN TARUN

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Option	Survival Benefit	Maturity Benefit
Option 1	No survival benefit	100% of Sum Assured
Option 2	5% of Sum Assured every year for 5 years	75% of Sum Assured
Option 3	10% of Sum Assured every year for 5 years	50% of Sum Assured
Option 4	15% of Sum Assured every year for 5 years	25% of Sum Assured

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.
The chosen option shall become a part of the policy contract and no further change in option shall be allowed.
In addition, this plan also takes care of liquidity needs through its loan facility.
The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

1. Benefits available under an inforce policy:

Death Benefit:

On death during the policy term (before commencement of risk):
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.
On death during the policy term (after commencement of risk):
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.
This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival Benefit: A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:

Policy Anniversary coinciding/ following completion of ages	Percentage of Sum Assured to be paid as Survival Benefit
	Option 1	Option 2	Option 3	Option 4
20 to 24 years	Nil	5% each year	10% each year	15% each year

Policyholder has to opt for any one of the options above at the proposal stage only.
 
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Maturity Age	Option 1	Option 2	Option 3	Option 4
25 year	100%	75%	50%	25%

In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.
        Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

1. Optional Rider:

LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01), on the life of proposer may be opted for by payment of additional premium.
For more details on the above Rider, refer to the Rider brochure or contact LIC’s nearest Branch Office.

Click here for Eligibility Conditions and Other Restriction

Statutory warning:

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”
LIC’s JEEVAN TARUN



Notes:

•  This illustration is applicable to a standard (from medical) 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 4% p.a. (Scenario 1) and 8% 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 4% p.a. or 8% p.a., as the case may be.  The Projected Investment Rate of Return is not guaranteed.
• 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.

SECTION 45 OF THE INSURANCE LAWS (AMENDMENT) ACT, 2015:
The provision of Section 45 of the Insurance Laws (Amendment) Act, 2015 shall be as amended from time to time. The simplified version of this provision is as under:
Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Laws (Amendment) Act, 2015, are as follows:
1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based.
3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true;
b. The active concealment of a fact by the insured having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak.
5.No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured /  beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or that such mis-statement of or
suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based.
7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation.
8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured.
9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently.
[Disclaimer: This is not a comprehensive list of Section 45 of the Insurance Laws (Amendment) Act, 2015 and only a simplified version prepared for general information. Policy Holders are advised to refer to the Insurance Laws (Amendment) Act, 2015, for complete and accurate details. ]
PROHIBITION OF REBATES (SECTION 41 OF THE INSURANCE LAWS (AMENDMENT) ACT, 2015):

• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

• Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.

Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

“Insurance is the subject matter of solicitation”

LIC's JEEVAN TARUN-Eligibility Conditions and Other Restriction

Eligibility Conditions and Other Restriction:

1. Minimum Sum Assured                             : Rs. 75,000
2. Maximum  Sum Assured                           : No Limit

 (The Sum Assured shall be in multiples of Rs. 5,000 from Sum Assured Rs. 75,000 to Rs. 100,000 and Rs. 10,000/- for Sum Assured above Rs 100,000)

1. Minimum Age at entry                                    : [90] days  (last birthday)
2. Maximum Age at entry                                   : [12] years (last birthday)
3. Minimum/ Maximum Maturity Age         : [25] years (last birthday)      
4. Policy Term                                                       : [25 – Age at entry] years
5. Premium Paying Term (PPT)                        : [20 – Age at entry] years

Date of commencement of risk:                                             
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
Date of vesting:
The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the premium paying term of the policy.
However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

Sample Premium Rates: 

Following are some of the sample tabular premium rates (exclusive of service tax) under different Options per Rs. 1000/- Sum Assured:

AGE/OPTION	1	2	3	4
0	44.80	45.80	46.80	47.80
4	55.95	57.50	59.00	60.55
8	75.65	78.00	80.40	82.75
12	112.70	116.65	120.60	124.60

Mode and High S.A. Rebates:

Mode Rebate:
Yearly mode                                                -              2% of Tabular Premium
Half-yearly mode                                       -              1% of Tabular premium
Quarterly, Monthly, SSS                           -              NIL
High Sum Assured Rebate:
      Sum Assured (SA)                                                      Rebate (Rs.)
75,000 to 1,90,000                                      -              Nil
2,00,000 to 4,90,000                                   -              2 per thousand SA
5,00,000 and above                                    -              3 per thousand SA

1. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time, subject to submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.
Revival of rider, if opted for, will be considered along with revival of the Basic Policy and not in isolation and shall be subject to underwriting.

1. Paid-up Value

For policies with premium paying term less than 10 years if after at least two full years' premiums have been paid and for policies with premium paying term 10 years or more if after at least three full years' premiums have been paid, and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy.

The Sum Assured on Death under paid–up policy shall be reduced to such a sum called “Death Paid-up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death]
The Sum Assured on Maturity under paid-up policy called as “Maturity Paid-up Sum Assured”  shall be equal to [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy)] less Total amount of Survival Benefits already paid under the policy.
The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid up policy.
In the case of a paid up policy, no future survival benefits shall be payable and the applicable paid up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or on death of life assured, if earlier.
Rider shall not acquire any paid-up value and the rider benefit ceases to apply, if policy is in lapsed condition.

1. Surrender Value:

The policy can be surrendered at any time during the policy term provided premiums have been paid for atleast two consecutive years if PPT is less than 10 years and for atleast three consecutive years if PPT is 10 years or more.
The Guaranteed Surrender Value shall be equal to the total premiums paid (excluding taxes, extra premium and rider premium, if any) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid,  less any Survival Benefits already paid under the policy. These Guaranteed Surrender Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered and are specified as below: 

In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which policy is surrendered and are specified as below:

 Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

1. Policy Loan:

Loan can be availed under the policy provided the policy has acquired surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

1.  Taxes: 

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
       
        The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

1. Free Look period:

If the Policyholder is not satisfied with the “Terms and Conditions”, the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider, if any) for the period on cover, expenses incurred on medical examination and special reports (for basic plan), if any, and stamp duty charges.

1. Exclusion:

Suicide Clause:
This policy shall be void

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except for  80% of the premiums paid excluding any taxes and extra premium, if any, provided the policy is inforce. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years.
• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes and extra premium, if any,) or the surrender value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable:

• in case the age of the Life Assured is below 8 years at the time of revival; or
• for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.

LIC's NEW MONEY BACK PLAN - 20 YEARS

LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

1. Benefits:

Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
 The premiums mentioned above exclude tax, extra premium and rider premium, if any.
Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
      Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
      Final Additional Bonus may also be declared under the policy in the year when the policy results  into a claim either by death or maturity, provided the policy has run for certain minimum term.

1. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of additional premium charged in respect of cover after premium paying term shall be refunded.

 

Click here for Eligibility Conditions and Other Restrictions:

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”



Notes:

1.  This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
2. 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 4% p.a. (Scenario 1) and 8% 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 4% p.a. or 8% 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.

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938):

1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:   provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

1. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

LIC's NEW MONEY BACK PLAN-20 YEARS - Eligibility Conditions and Other Restrictions:

• Eligibility Conditions and Other Restrictions: 

For Basic plan


1. Minimum Basic Sum Assured                     :   Rs. 100,000
2. Maximum Basic  Sum Assured                    :   No Limit
       (The Basic Sum Assured shall be in multiples of Rs. 5000/-)

1. Minimum Age at entry for Life Assured       :  13 years (completed)
2. Maximum Age at entry for Life Assured      :  50 years (nearest birthday)
3. Maximum Maturity Age for Life Assured  :  70 years (nearest birthday)
4. Term                                                               :  20 years
5. Premium paying term            (PPT)                          :  15 years

For LIC’s Accidental Death and Disability Benefit Rider 


1. Minimum Accident Benefit Sum Assured  :   Rs. 100,000
2. Maximum Accident Benefit Sum Assured  :  An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.     
       (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

1. Minimum Age at entry for Life Assured    :  18 years (completed)
2. Maximum Age at entry for Life Assured: The cover can be opted for at any policy anniversary during the premium paying term.
3. Maximum cover ceasing age                        :  70 years (nearest birthday)

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
However, a grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.



Sample Premium Rates: 

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:


Age (in years)	Premium (Rs.)
20	78.00
30	79.10
40	82.95
50	92.05

Mode and High S.A. Rebates:

Mode Rebate:
Yearly mode                                    -       2% of Tabular Premium
Half-yearly mode                           -       1% of Tabular premium
Quarterly & Salary deduction         -     NIL
High Sum Assured Rebate:
       Basic Sum Assured (B.S.A)                     Rebate (Rs.)
1, 00,000 to 1, 95,000             -           Nil
2, 00,000 to 4, 95,000             -           2.00 %o B.S.A.
5, 00,000 and above               -           3.00%o B.S.A.

1. Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time subject to submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.
Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy and not in isolation.

1. Paid-up Value:
If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall be equal to [(Number of premiums paid / Total Number of premiums payable) x Basic Sum Assured] less Total amount of survival benefits already paid under the policy.
The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid-up policy.
Notwithstanding the benefits available under a fully inforce policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.
Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

1. Surrender Value:
The policy can surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for less any survival benefits already paid. This percentage will depend on the policy year in which the policy is surrendered and specified as below: 


Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to total premiums paid	0.00	0.00	30.00	50.00	50.00	50.00	50.00	52.50	55.00	57.50

Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to total premiums paid	60.00	62.50	65.00	67.50	70.00	72.50	75.00	77.50	80.00	80.00

In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy year in which the policy is surrendered and specified as below:


Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to vested bonuses	0.00	0.00	16.22	16.58	17.03	17.58	17.58	17.66	17.85	18.16

Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to vested bonuses	18.60	19.18	19.93	20.85	21.99	23.38	25.05	27.06	30.00	35.00

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

1. Policy Loan:
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

1.  Taxes: 
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
      The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

1. Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions”, policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any  and stamp duty charges.

1. Exclusion:
Suicide: - This policy shall be void

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce.
• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.

LIC's JEEVAN RAKSHAK- Insurance Plans

LIC's Jeevan Rakshak Plan is a participating non-linked plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.

• Benefits:

Death benefit:
In case of death of the policyholder during the policy term provided all due premiums have been paid, “Sum Assured on Death” shall be payable, which is the highest of

• Basic Sum Assured or
• 10 times of annualized premium or
• 105% of all the premiums paid as on date of death.

The premiums defined above exclude service tax, extra premium and Accident Benefit rider premium, if any.
In addition to the above, Loyalty Addition, if any shall also be payable if death occurs after completion of 5th policy year.
Maturity Benefit: Basic Sum Assured, along with Loyalty Addition, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: Provided the policy is in full force, then depending upon the Corporation’s experience the policies under this plan will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable at such rate and on such terms as may be declared by the Corporation, on death after completion of 5th policy year or on Policyholder surviving to the maturity.
     

• Optional Benefit:

LIC’s Accident Benefit Rider:  Accident Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan

 

Click for :- Eligibility Conditions and Other Restrictions:

Statutory warning:

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”





Notes:
 
i) This illustration is applicable to a standard (from medical, life style and occupation point of view) life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% 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 policy term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification. 
 

SECTION 45 OF INSURANCE ACT, 1938 :
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.


PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938 ) :
1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Note : “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.

“Insurance is the subject matter of solicitation”

LIC's JEEVAN RAKSHAK- Eligibility Conditions and Other Restrictions:

Eligibility Conditions and Other Restrictions:


For Basic plan
(This plan is only available for standard healthy lives without undergoing any medical examination)

1. Minimum Basic Sum Assured per life*        :   Rs. 75,000
2. Maximum Basic Sum Assured per life*       :   Rs. 200,000

       (The Basic Sum Assured shall be in multiples of Rs. 5000/-)

1. Minimum Age at entry                                  :  8 years (completed)
2. Maximum Age at entry                                 :  55 years (nearest birthday)
3. Minimum Policy Term                                   :  10 years
4. Maximum Policy Term                                  :  20 years
5. Maximum Age at Maturity                            :  70 years (nearest birthday)

* The total Basic Sum Assured under all policies issued to an individual under this plan shall not exceed Rs. 2 lakh.
For LIC’s Accident Benefit Rider

1. Minimum Accident Benefit Sum Assured    : Rs. 75,000

1. Maximum Accident Benefit Sum Assured   : An amount equal to the Basic Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.

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

1. Minimum Entry Age                           : 18 years (completed)
2. Maximum Entry Age                          : The cover can be opted for at any policy anniversary during the policy term
3. Maximum Cover Ceasing Age            : Same as under the Basic Plan.

Payment of Premiums:

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the term of policy.
However, a grace period of one 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 premiums.

Sample Premium Rates: 

Following are some of the sample tabular annual premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

AGE/TERM	10	15	20
10	85.90	51.70	35.20
20	86.25	52.05	35.55
30	86.45	52.35	35.95
40	87.35	53.70	37.80
50	90.65	57.80	42.70

Mode and High Basic Sum Assured Rebates:

Mode Rebate:
Yearly mode                                                       -       2% of Tabular Premium
Half-yearly mode                                                -       1% of Tabular premium
Quarterly, Monthly (ECS) & Salary deduction  -       NIL
High Basic Sum Assured Rebate:
            Basic Sum Assured                        Rebate (Rs.)
75,000 to 1,45,000                  -           Nil
1,50,000 and above                 -           1.50%o SA

1. Revival:

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity, as the case may be by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation at the time of the payment, subject to submission of satisfactory evidence of continued insurability.
Revival of Accident Benefit rider, if opted for, will be considered along with revival of the Basic Policy, and not in isolation.

1. Paid-up Value:

If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the no. of premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable).
This Paid-Up Sum Assured is payable on expiry of the policy term or on Life Assured’s prior death.
Accident Benefit Rider does not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

1. Surrender Value:

The policy can be surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender Value shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for Accident Benefit rider, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as below: 

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

1. Policy Loan:

Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

1.  Taxes: 

Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

1. Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reasons of objection. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and Accident Benefit rider, if any) for the period on cover and stamp duty charges.

1. Exclusion:

Suicide: - This policy shall be void

1. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and Accident Benefit rider premium, if any, provided the policy is inforce.

If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes, extra premium and Accident Benefit rider premium, if any,) or the surrender value, shall be payable. The Corporation will not entertain any other claim under this policy.