The plan offers other benefits as follows:
A grace period
of one month but not less than 30 days will
be allowed for payment of yearly, half-yearly
or quarterly premiums and 15 days for monthly
premiums.If you are
not satisfied with the “Terms and
Conditions” of the policy you may
return the policy to us within 15 days.
If at least three full years' premiums have
been paid in respect of this policy, any
subsequent premium be not duly paid, this
policy shall not be wholly void, but the
Sum Assured by it shall be reduced to such
a Sum, called the paid-up value, as shall
bear the same ratio to the full Sum Assured
as the number of premiums actually paid
shall bear to the total number of premiums
originally stipulated in the policy. The
policy so reduced shall thereafter be free
from all liability for payment of the within
mentioned premium, but shall not be entitled
to the future bonuses. The existing vested
reversionary bonuses, if any, will remain
attached to the reduced paid-up Policy.
The Sum Assured so reduced along with existing
bonuses, if any, shall be paid in one single
instalment on maturity or on earlier death.
The rider benefits will cease to apply if
the policy is in lapsed condition.
Once the payment of assured benefit starts,
the policy shall be kept in force till maturity
and the unpaid premiums, if any, will be
deducted with interest at appropriate rate
out of the next benefit payment.
Policy Loan is permissible under the policy
after it acquires a paid-up value but before
starting of payment of assured benefits.
The terms and conditions of loan and the
rate of interest applicable will be as fixed
by the Corporation from time to time. At
present, the rate of interest is 9% p.a.
compounding half-yearly.
This policy
can be surrendered for cash after the policy
is kept in force by payment of premiums
for at least three years. The guaranteed
surrender value allowable under this plan
for all modes, except the single premium
mode will be equal to 30 per cent of the
premiums paid excluding the premiums paid
for the first year and all extra premiums
and the premiums paid for optional / rider
benefits. In case of single premium mode,
the guaranteed surrender value will be 90
per cent of the premiums paid excluding
all extra premiums and the premiums paid
for optional / rider benefits. The cash
value of any existing vested bonus additions
will also be payable on surrender.
Subject to
production of satisfactory evidence of continued
insurability, a lapsed policy can be revived
by paying arrears of premium together with
interest within a period of five years from
the due date of first unpaid premium. The
rate of interest applicable will be as fixed
by the Corporation from time to time. At
present the rate of interest is 8% p.a.
compounding half-yearly.
The plan offers following
optional riders on payment of additional
premium and subject to the eligibility conditions
mentioned below:
Accidental Death and Disability Benefit
will be available for an amount not exceeding
the sum assured under the basic plan subject
to overall cover of 25 lakh under all policies
of the life assured with the Corporation
taken together.Term assurance rider benefit will
be available for an amount not exceeding
the sum assured under the basic plan subject
to overall cover of 25 lakh under all policies
of the life assured with the Corporation
taken together.
Critical Illness Rider Benefit will
be available for an amount not exceeding
the sum assured under the basic plan subject
to overall cover of 5 lakh under all policies
of the life assured with the Corporation
taken together.
If Premium Waiver Benefit is opted for,
then in case of diagnosis by any of the
critical illness conditions covered under
the policy, the total future premiums in
respect of the policy will be waived. Sum
Assured under such policies will not exceed
Rs 5 lakh.
On death arising as
a result of accident an additional amount
equal to the Accident Benefit Sum Assured
is payable. On total and 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 over a period of 10 years in monthly
instalments.
The disability due to accident should
be total and such that the Life Assured
is unable to carry out any work to earn
the living. Following disabilities due to
accidents are covered:
(i) Irrevocable loss of the entire sight
of both eyes, or
(ii) amputation of both hands at or above
the wrists, or
(iii) amputation of both feet at or above
ankles, or
(iv ) amputation of one hand at or above
the wrist and one foot at or above the
ankle
(i) intentional self-injury, attempted
suicide insanity or immorality or the
Life Assured is under the influence of
intoxicating liquor, drug or narcotic
(ii) engagement in aviation or aeronautics
other than that of a passenger in any
air craft
(iii) injuries resulting from riots, civil
commotion, rebellion, war, invasion, hunting,
mountaineering, steeple chasing or racing
of any kind
(iv) accident resulting from committing
any breach of law
(v) accident arising from employment in
armed forces or military services or police
organisation
An amount
equal to Term Assurance Rider Sum Assured
will be payable on death of the life assured
during the policy term.
If Premium Waiver Benefit has been opted
for , then in case of diagnosis by any
of the critical illness conditions covered
under the policy, the total future premiums
payable (total instalment premium) will
be waived.
This policy shall be void if the
Life Assured commits suicide (whether sane
or insane at the time) at any time on or
after the date on which the risk under the
policy has commenced but before the expiry
of one year from the date of commencement
of risk. In case of death due to suicide
during this period, the Corporation will
not entertain any claim by virtue of this
policy except to the extent of a third party’s
bona-fide beneficial interest acquired in
the policy for valuable consideration of
which notice has been given in writing to
the office where this policy is serviced,
at least one calendar month prior to death.
“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.”
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: 25 years
Mode of premium payment: Yearly
Sum Assured: Rs. 1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs. 21 per thousand
S.A at 6% rate of return
Rs. 55
per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand
S.A at 6% rate of return
Rs.
450 per thousand S.A at 10% rate of return
Annual Premium : Rs. 4,606/-
| 22 |
1,01,332
|
21,000
|
0 |
0 |
21,000
|
21,000 |
| 23 |
1,05,938
|
21,000
|
0 |
0 |
21,000
|
21,000 |
| 24 |
1,10,544
|
21,000
|
0 |
0 |
21,000
|
21,000 |
| 25 |
1,15,150
|
42,000
|
72,975
|
1,91,625
|
1,14,975
|
2,33,625 |
Age at entry (Life Assured): 35 years
Policy Term: 25 years
Premium paying term: One
Sum Assured: Rs. 1,05,000/-
Bonus Assumptions:
Regular Bonus - Rs. 24 per thousand
S.A at 6% rate of return
Rs. 92
per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 200 per thousand
S.A at 6% rate of return
Rs. 760
per thousand S.A at 10% rate of return
Single Premium: Rs. 59,157 /-
| 1 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 2 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 3 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 4 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 5 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 6 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 7 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 8 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 9 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 10 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 15 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 20 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 25 |
59,157
|
1,05,000
|
0 |
0 |
1,05,000
|
1,05,000 |
| 22 |
59,157
|
21,000
|
0 |
0 |
21,000
|
21,000 |
| 23 |
59,157
|
21,000
|
0 |
0 |
21,000
|
21,000 |
| 24 |
59,157
|
21,000
|
0 |
0 |
21,000
|
21,000 |
| 25 |
59,157
|
42,000
|
84,000
|
3,21,300
|
1,26,000
|
3,63,300 |
Note:
(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.
(iv) 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.
The Maturity Benefit is the amount shown
at the end of the policy term.
(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 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 a fine which may extend
to Rs. 500 /-
Note: "Conditions
apply" for which please refer to
the Policy document or contact our nearest
Branch Office.
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