A) Death Benefit:
In case of death of the Life Assured when the cover is in full force, the nominee shall get the Sum Assured under the Basic Plan together with the Bid Value of units held in the Policyholder’s Unit Account.*

*For the Life Assured of age less than and equal to 12 years before the commencement of risk, the Bid Value of units held in the Policyholder’s Unit Account would be paid in case of death.

B) Maturity Benefit:
On the Life Assured surviving the policy anniversary on which the age nearer birthday is 100 years, an amount equal to the Bid value of the units held in the Policyholders Unit Account is payable.

3. Options:

A) Accident Benefit Option:
Accident Benefit can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50p for every Rs.1000/- of the Accident Benefit Sum Assured per policy year by cancellation of appropriate number of units out of the Policyholder’s Unit Account every month.  On Accidental death of the Life Assured 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 including policies with in-built accident benefit taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration.

B) 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. The Critical Illness Rider Sum Assured shall also not exceed the Sum Assured under the Basic Plan. Further, this benefit shall be available so long as no claim for Critical Illness Benefit arises. Once a claim under Critical Illness Benefit has been admitted, the benefit ceases and no subsequent charge shall be deducted.

Statutory warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company.  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 investment returns.  These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.” 

i) This illustration is applicable to a non-smoker male/female 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 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. 

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 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 rebates 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 taking 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 provision of this Section shall be punishable with a fine, which may extend to 500 rupees. 

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