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INFORMATION TO BE PROVIDED IN SALES BROCHURE
LICs JEEVAN SHAGUN (UIN: 512N290V01)
(Since discontinued w.e.f. 29.11.2014)
LICs Jeevan Shagun is a participating, non-linked, savings cum
protection single premium planwherein the risk cover is a multiple
of single premium.The proposer will have an option to choose the
Maturity Sum Assured. The single premiumpayable (exclusive of
service tax) shall depend on the chosen amount of Maturity Sum
Assuredand age of the life assured.A percentage of Maturity Sum
Assured shall be payable on surviving to the end of the
specifieddurations and on maturity. This plan also takes care of
liquidity need through its loan facility.The plan will be open for
sale for a maximum period of 90 days from the date of launch.
1. BENEFITS:
a) Death Benefit:Ondeathduringfirstfivepolicyyears:Basic Sum
assured i.e. 10 times the tabular single premium shall be
payable.
Ondeathaftercompletionoffivepolicyyears:Basic Sum assured i.e.
10 times the tabular single premium along with Loyalty Addition,
ifany, shall be payable.
b) Survival Benefit: On Life Assured surviving to the end of the
specified durations, thefollowing Survival benefit shall be
payable.
At the end of 10th policy year: 15% of the Maturity Sum Assured.
At the end of 11th policy year: 20% of the Maturity Sum
Assured.
c) Maturity Benefit:On maturity, 65% of the Maturity Sum Assured
along with Loyalty Addition, if any, shallbe payable.
d) Loyalty Addition:Depending upon the Corporations experience,
a policy shall participate in the profits inthe form of Loyalty
Addition. The Loyalty Addition, if any, shall be payable on death
orsurrender, provided the policy has run for atleast five policy
years, or on policyholder
surviving to the maturity, at such rate and on such terms as may
be declared by theCorporation.
2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:a) Minimum
Entry Age : 8 years (completed)b) Maximum Entry Age : 45 years
(nearest birthday)c) Minimum/Maximum Basic Sum Assured : 10 times
of tabular single premium paid
d) Minimum Maturity Sum Assured : Rs. 60,000/-e) Maximum
Maturity Sum Assured : No Limit
Maturity Sum Assured shall be available in multiples of Rs.
5,000/-. f)
Policy Term : 12 yearsg) Premium payment mode : Single premium
only
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3. SAMPLE PREMIUM RATES:Specimen tabular Single Premium rates
for some of the ages per Rs.1000/- Maturity SumAssured are as
under:
Age at entry(Nearest Birthday)
Tabular Single PremiumRates (Rs.)
10 494.95
20 508.20
30 521.25
40 595.40
Note: Tabular premiums do not include any extra premium or taxes
and is before applyinghigh Maturity Sum Assured rebate.
4. REBATE FOR HIGH MATURITY SUM ASSURED:
Maturity Sum Assured Reduction in Tabular premium per1000/-
Maturity Sum Assured
Below Rs.150,000 NilRs.150,000 to Rs. 395,000 Rs. 15
Rs.4,00,000 and above Rs. 20
5. LOAN:Loan can be availed under this plan any time after
completion of one policy year and subject to terms and conditions
as the Company may specify from time to time.
6. SURRENDER VALUE:The policy can be surrendered for cash at any
time during the policy term. The minimumGuaranteed Surrender Value
allowable shall be as under:
o First year: 70% of the Single premium excluding extra premiums
and taxes, if any. o Thereafter: 90% of the Single premium
excluding taxes, any extra premium paid and
survival benefits, if paid earlier.
The Corporation shall pay Special Surrender Value as applicable
as on date of surrenderprovided the same is higher than Guaranteed
Surrender Value.
If the policy is surrendered after completion of five policy
years Loyalty Addition, if any,based on surrender value, shall also
be payable.
7. Tax:Taxes, including Service Tax, shall be as per the Tax
laws and the rate of tax shall be asapplicable from time to
time.The amount of tax as per the prevailing rates shall be payable
by the policyholder on singlepremium including extra premium, if
any. The amount of Tax paid shall not be considered forthe
calculation of benefits payable under the plan.
8. COOLING- OFF PERIOD:If the Policyholder is not satisfied with
the Terms and Conditions of the policy, the policymay returned to
the Corporation within 15 days from the date of receipt of the
policy stating
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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 riskpremium for the period on cover, stamp duty
charges and any charges incurred on medicalexamination and special
reports.
9. EXCLUSIONS:
The policy shall be void if the Life Assured (whether sane or
insane at the time) commits suicide at any time within 12 months
from the date of commencement of risk and theCorporation will not
entertain any claim under this policy except to the extent of 90%
of thesingle premium paid excluding taxes and any extra premium
paid.
Benefit Illustration:Statutory warningSome benefits are
guaranteed and some benefits are variable with returns based on the
futureperformance of your life insurance company. If your policy
offers guaranteed returns then these will beclearly marked
guaranteed in the illustration table on this page. If your policy
offers variable returnsthen 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 getback as the value of
your policy is dependant on a number of factors including future
investmentperformance.
Benefit Illustration
LIC's Jeevan Shagun
Age At Entry 30
Policy Term 12
UIN :512N290V01
Mode Of premiumpayment
Single
Single Premium (Rs.) 31275
Maturity Sum
Assured60000
Basic Sum assured 312750
End Of Policy YearTotalPremiumPaid tillend ofyear
Amount Payable on Death
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 31275 312750 0 0 312750 3127502 31275 312750 0 0 312750
3127503 31275 312750 0 0 312750 3127504 31275 312750 0 0 312750
3127505 31275 312750 0 0 312750 3127506 31275 312750 0 0 312750
3127507 31275 312750 0 0 312750 3127508 31275 312750 0 0 312750
3127509 31275 312750 0 0 312750 31275010 31275 312750 0 0 312750
31275011 31275 312750 0 0 312750 31275012 31275 312750 0 0 312750
312750
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End Of Policy Year
TotalPremiumPaid tillend ofyear
Amount Payable on Maturity
Guaranteed Variable Total
Scenario 1 Scenario 2 Scenario 1 Scenario 2
1 31275 0 0 0 0 02 31275 0 0 0 0 03 31275 0 0 0 0 04 31275 0 0 0
0 05 31275 0 0 0 0 06 31275 0 0 0 0 07 31275 0 0 0 0 08 31275 0 0 0
0 09 31275 0 0 0 0 010 31275 9000 0 0 9000 900011 31275 12000 0 0
12000 1200012 31275 39000 0 0 39000 39000
Notes:
i) The single premium shown above is exclusive of service
tax.
ii) This illustration is applicable to a standard (from medical,
life style and occupation point of view) life.
iii) The non-guaranteed benefits (1) and (2) in above
illustration are calculated so that they are consistentwith 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
theProjected 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 notguaranteed.
iv) Under Scenario 1 and 2 where interest rate earned by the
Corporation is assumed to be 4% and 8% p.a. respectively throughout
the term, the projected Loyalty Addition is nil.
v) The main objective of the illustration is that the client is
able to appreciate the features of the productand 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
waseffected, be called in question by an insurer on the ground that
a statement made in theproposal 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 theinsurer shows that such statement was on a
material matter or suppressed facts which it wasmaterial to
disclose and that it was fraudulently made by the policyholder and
that thepolicyholder knew at the time of making it that the
statement was false or that it suppressedfacts which it was
material to disclose.
Provided that nothing in this section shall prevent the insurer
from calling for proof of age atany time if he is entitled to do
so, and no policy shall be deemed to be called in question
merelybecause the terms of the policy are adjusted on subsequent
proof that the age of the life assuredwas incorrectly stated in the
proposal.
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SECTION 41 OF INSURANCE ACT 1938(1) No person shall allow or
offer to allow, either directly or indirectly, as an inducement to
anyperson to take out or renew or continue an insurance in respect
of any kind of risk relating to lives orproperty in India, any
rebate of the whole or part of the commission payable or any rebate
of thepremium 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 ortables of the insurer: provided
that acceptance by an insurance agent of commission in connection
witha policy of life insurance taken out by himself on his own life
shall not be deemed to be acceptance of arebate of premium within
the meaning of this sub-section if at the time of such acceptance
the insuranceagent satisfies the prescribed conditions establishing
that he is a bona fide insurance agent employed bythe insurer.
(2) Any person making default in complying with the provisions
of this section shall be punishable withfine which may extend to
five hundred rupees.
Note: Conditions apply for which please refer to the Policy
document or contact our nearestBranch Office.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT
OFFERS
IRDA clarifies to public that
IRDA or its officials do not involve in activities like sale of
any kind of insurance orfinancial products nor invest premiums.
IRDA does not announce any bonus.
Public receiving such phone calls are requested to lodge a
police compliant along with details ofphone call, number.
Insurance is the subject matter of solicitation.
Registered Office:Life Insurance Corporation of IndiaCentral
Office, Yogakshema , JeevanBima Marg,Mumbai-400021
Website: www.licindia.inRegistration Number: 512
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INFORMATION TO BE PROVIDED IN SALES BROCHURE
LICs JEEVAN RAKSHAK (UIN: 512N289V01)
LICs Jeevan Rakshak Plan is a participating non-linked plan
which offers a combination of protectionand 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 survivingpolicyholder. This plan also
takes care of liquidity needs through its loan facility.
1. 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 aftercompletion of 5
thpolicy 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 theCorporations experience the policies under
this plan will be eligible for Loyalty Addition. TheLoyalty
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 thematurity.
2. Optional Benefit:LICs 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 bepayable as lumpsum along with the death
benefit under the basic plan
3. Eligibility Conditions and Other Restrictions :For Basic
plan(This plan is only available for standard healthy lives without
undergoing any medical
examination)a) Minimum Basic Sum Assured per life* : Rs.
75,000
b) Maximum Basic Sum Assured per life* : Rs. 200,000(The Basic
Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry : 8 years (completed)
d) Maximum Age at entry : 55 years (nearest birthday)
e) Minimum Policy Term : 10 yearsf) Maximum Policy Term : 20
yearsg) 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.
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For LICs Accident Benefit Rider
(a) Minimum Accident Benefit Sum Assured : Rs. 75,000
(b) 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 theLife 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.(c) Minimum Entry Age : 18 years (completed)
(d) Maximum Entry Age : The cover can be opted for at any policy
anniversaryduring the policy term
(e) Maximum Cover Ceasing Age : Same as under the Basic
Plan.
4. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly
or monthly mode (through ECSonly) 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 ofyearly or half-yearly or quarterly
premiums and 15 days for monthly premiums.
5. 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 35.2020 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
6. Mode and High Basic Sum Assured Rebates:Mode Rebate:
Yearly mode - 2% of Tabular PremiumHalf-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 SA7. Revival:
If premiums are not paid within the grace period then the policy
will lapse. A lapsed policy can berevived within a period of 2
consecutive years from the date of first unpaid premium and before
thedate 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.
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Revival of Accident Benefit rider, if opted for, will be
considered along with revival of the Basic
Policy, and not in isolation.
8. 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 Assuredunder 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 ofpremiums 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 Assureds 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.
9. 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 asbelow:
Corporation may, however, pay Special Surrender value, if it is
more favorable to the Policyholder.
10. Policy Loan:Loan can be availed under the policy provided
the policy has acquired a surrender value andsubject to the terms
and conditions as the Corporation may specify from time to
time.
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11. Taxes:Taxes including Service Tax, if any, shall be as per
the Tax laws and the rate of tax shall be asapplicable 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 thecalculation of benefits payable under the
plan.
12. Cooling-off period:
If the Policyholder is not satisfied with the Terms and
Conditions of the policy, the policy maybe returned to the
Corporation within 15 days from the date of receipt of the policy
bond statingthe 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 planand Accident Benefit
rider, if any) for the period on cover and stamp duty charges.
13. Exclusion:
Suicide: - This policy shall be void(i) 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.
(ii) If the Life Assured (whether sane or insane) commits
suicide within 12 months from date ofrevival, an amount which is
higher of 80% of the premiums paid till the date of death
(excludingany 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.
BENEFIT ILLUSTRATION:
Statutory warning:Some benefits are guaranteed and some benefits
are variable with returns based on the future performance ofyour
Insurer carrying on life insurance business. If your policy offers
guaranteed returns then these will beclearly marked guaranteed in
the illustration table on this page. If your policy offers variable
returns then theillustrations on this page will show two different
rates of assumed future investment returns. These assumedrates of
return are not guaranteed and they are not the upper or lower
limits of what you might get back, as thevalue of your policy is
dependent on a number of factors including future investment
performance.
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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
ProjectedInvestment 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.
iii) The main objective of the illustration is that the client
is able to appreciate the features of the product and theflow of
benefits in different circumstances with some level of
quantification.
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SECTION45 OF INSURANCEACT,1938:No policy of life insurance shall
after the expiry of two years from the date on which it was
effected,becalled in question by an insurer on the ground that a
statement made in the proposal for insurance orin
any report of a medical officer, or referee, or friend of the
insured, or in any other document leadingto the issue of the
policy, was inaccurate or false, unless the insurer shows that such
statement wason 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 merelybecause the terms of the policy are
adjusted on subsequent proof that the age of the life assured
was
incorrectly stated in the proposal.
PROHIBITION OFREBATES(SECTION 41OFINSURANCE ACT, 1938):1) No
person shall allow or offer to allow, either directly or
indirectly, as an inducement to anyperson
to take out or renew or continue an insurance in respect of any
kind of risk relating to lives orproperty in India, any rebate of
the whole or part of the commission payable or any rebate of
thepremium 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.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT
OFFERS
IRDA clarifies to public that
IRDA or its officials do not involve in activities like sale of
any kind of insurance orfinancial products nor invest premiums.
IRDA does not announce any bonus.
Public receiving such phone calls are requested to lodge a
police complaint along with detailsof phone call, number.
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Insurance is the subject matter of solicitation Registered
Office:
Life Insurance Corporation of India
Central Office, Yogakshema,Jeevan Bima Marg,
Mumbai 400021.Website: www.licindia.in
Registration Number: 512
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INFORMATION TO BE PROVIDED IN SALES BROCHURE OF
LICs SINGLE PREMIUM ENDOWMENT PLAN (UIN: 512N283V01)
LICs Single Premium Endowment Plan is a participating non-linked
savings cum protection
plan, where premium is paid in lump sum at the outset of the
policy. This combination providesfinancial protection against death
during the policy term with the provision of payment oflumpsum at
the end of the selected policy term in case of his/her survival.
This plan also takescare of liquidity needs through its loan
facility.
1. BENEFITS :
Death Benefit:
a) On death during the policy term before the date of
commencement of risk: Return ofsingle premium excluding service tax
and extra premium, if any, without interest.
b) On death during the policy term after the date of
commencement of risk: SumAssured along with vested Simple
Reversionary Bonuses and Final Additional Bonus, if
any.
Maturity Benefit: 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.
Final (Additional) Bonus may also be declared under the policy
in the year when the policyresults into a claim either by death or
maturity on such terms and conditions as may bedeclared by the
Corporation from time to time.
2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
a)b)
Minimum entry ageMaximum entry age
: 90 days (completed): 65 years (nearest birthday)
c) Maximum maturity age: : 75 years (nearest birthday)
d)e)
Minimum policy termMinimum age at maturity
: 10 years: 18 years (completed)
f)g)
Maximum policy termMinimum Sum Assured
: 25 years: Rs.50,000
h) Maximum Sum assured : No limitSum Assured will be in
multiples of Rs.5,000 /- only.
i) Premium payment mode : Single Premium only
Date of Commencement of risk: In case the age of Life Assured at
entry is less than 8 years, riskunder this plan will commence
either 2 years from the date of commencement or from the policy
anniversary coinciding with or immediately following the
attainment of 8 years of age, whicheveris earlier. For those aged 8
years or more, risk will commence immediately.
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3. SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of taxes) are as under:
-
Single Premium per 1000 Sum Assured
Age
(Nearest
birthday)
Term
10 15 25
10 756.90 640.30 463.10
20 757.60 641.55 465.85
30 757.95 642.60 470.90
40 759.75 647.65. 488.35
50 766.05 662.25 527.35
60 777.50 688.60 -
4. REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates:
Sum Assured (S.A) Rebate (Rs.)50,000 to 95,000 Nil
1, 00,000 to 1, 95,000 18%o S.A.
2, 00,000 to 2, 95,000 25%o S.A.3, 00,000 and above 30%o
S.A.
5. LOAN :Loan can be availed under this plan any time after
completion of first policy year and subjectto terms and conditions
as the company may specify from time to time.
6. SURRENDER VALUE:
Buying a life insurance contract is a long term commitment.
However, surrender value isavailable 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 service tax
and extra premium, if any
- Thereafter: 90% of the Single premium excluding service tax
and extra premium, if any.
In addition, the surrender value of vested simple reversionary
bonuses, if any, shall also bepayable, 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 the
policy is surrendered and specified as below:
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The Corporation may, however, pay Special Surrender Value as
applicable as on date ofsurrender provided the same is higher than
Guaranteed Surrender Value.
7. TAXES:Taxes, if any, shall be as per the Tax laws and the
rate of tax as applicable from time to time.
The amount of tax payable 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 consideredfor the calculation of benefits payable
under the plan.
8. COOLING-OFF PERIOD:If the policyholder is not satisfied with
the Terms and Conditions of the policy, the policymay be returned
to the Corporation within 15 days from the date of receipt of the
policystating 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.
9. EXCLUSIONS:The policy shall be void if the Life Assured
(whether sane or insane) commits suicide at anytime within 12
months from the date of commencement of risk and the Corporation
will not
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entertain any claim under this policy except to the extent of
90% of the single premium paidexcluding taxes and any extra premium
paid.
BENEFIT ILLUSTRATION:
Statutory warning:
Some benefits are guaranteed and some benefits are variable with
returns based on the future performance of the corporation. 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.
LICs Single Premium Endowment Plan
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Notes :
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 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 thecase may be. The Projected Investment
Rate of Return isnot 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 ofquantification.
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 proposalfor 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 todisclose 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 anytime 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 withinthe 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.
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Note : Conditions apply for which please refer to the Policy
document or contact our nearest
Branch Office.
Insurance is the subject matter of solicitation
Registered Office:Life Insurance Corporation of India
Central Office, Yogakshema,Jeevan Bima Marg,
Mumbai - 400021. Website:www.licindia.in
Registration Number : 512
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INFORMATION TO BE PROVIDED IN SALES BROCHURE
LICs NEW JEEVAN ANAND (UIN: 512N279V01)
LIC's New Jeevan Anand Plan is a participating non-linked plan
which offers an attractivecombination of protection and savings.
This combination provides financial protection against death
throughout the lifetime of the policyholder with the provision
of payment of lumpsum at the end ofthe selected policy term in case
of his/her survival. This plan also takes care of liquidity
needsthrough its loan facility.
1. Benefits:Death benefit:Provided all due premiums have been
paid, the following death benefit shall be paid:
On Death during the policy term: Death benefit, defined as sum
of Sum Assured onDeath and vested Simple Reversionary Bonuses and
Final Additional bonus, if any, shallbe payable. Where, Sum Assured
on Death is defined as higher of 125% of Basic SumAssured or 10
times of annualised premium. This death benefit shall not be less
than 105%
of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium
and rider premiums, ifany.
On death of policyholder at any time after policy term: Basic
Sum Assured
Benefits payable at the end of Policy Term: Basic Sum Assured,
along with vested SimpleReversionary Bonuses and Final Additional
Bonus, if any, shall be payable in lump sum onsurvival to the end
of the policy term provided all due premiums have been paid.
Participation in Profits: The policy shall participate in
profits of the Corporation and shall beentitled to receive Simple
Reversionary Bonuses declared as per the experience of the
Corporation
during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in
the year when the policy resultsinto death claim during the policy
term or due for the survival benefit payment provided thepolicy is
in full force and has run for certain minimum term.
2. Optional Benefit:LICs Accidental Death and Disability Benefit
Rider: LICs Accidental Death and DisabilityBenefit Rider is
available as an optional rider by payment of additional premium
during the policyterm. In case of accidental death during the
policy term, Accident Benefit Sum Assured will bepayable as lumpsum
along with the death benefit under the basic plan. In case of
accidentalpermanent disability arising due to accident (within 180
days from the date of accident), an amountequal to the Accident
Benefit Sum Assured will be paid in equal monthly installments
spread over10 years and future premiums for Accident Benefit Sum
Assured as well as premiums for theportion of Basic Sum Assured
which is equal to Accident Benefit Sum Assured under the
policy,shall be waived.
3. Eligibility Conditions and Other Restriction :For Basic
plana) Minimum Basic Sum Assured : Rs. 100,000b) Maximum Basic Sum
Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
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Policy Term (in years)
Age (inyears)
15 25 35
20 79.05 44.30 29.9530 82.45 46.75 32.3040 88.20 51.40 37.10
50 97.70 59.65
c) Minimum Age at entry : 18 years (completed)d) Maximum Age at
entry : 50 years (nearest birthday)e) Maximum Maturity Age : 75
years (nearest birthday)f) Minimum Policy Term : 15 yearsg) Maximum
Policy Term : 35 years
For LICs Accidental Death and Disability Benefit Ridera) Minimum
Accident Benefit Sum Assured : Rs. 100,000b) Maximum Accident
Benefit Sum Assured :
An amount equal to the Basic Sum assured under the Basic Plan
subject to the maximum ofRs.50 lakh overall limit taking all
existing policies of the Life Assured under individual as wellas
group schemes including policies with inbuilt accident benefit
taken with Life InsuranceCorporation of India and the Accident
Benefit Sum Assured under the new proposal intoconsideration.(The
Accident Benefit Sum Assured shall be in multiples of Rs.
5000/-)
c) Minimum Age at entry : 18 years (completed)
d) Maximum Age at entry : The cover can be opted for at any
policy anniversaryduring the policy term but before the
policyanniversary on which the age nearer birthday of theLife
Assured is 70 years.
e) Maximum cover ceasing age : 70 years (nearest birthday) or
till the end of the PolicyTerm, whichever is earlier.
4. Payment of Premiums:Premiums can be paid regularly at yearly,
half-yearly, quarterly or monthly intervals (throughECS only or
through salary deductions) over the Policy Term.
However, 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 premiums.
5. Sample Premium Rates:Following are some of the sample tabular
premium rates (exclusive of service tax) per Rs. 1000/-Basic Sum
Assured:
6. Mode and High S.A. Rebates:ModeRebate:
Yearly mode - 2% of Tabular PremiumHalf-yearly mode - 1% of
Tabular premiumQuarterly & Monthly mode - NIL
HighSumAssuredRebate:BasicSumAssured(B.S.A) Rebate(Rs.)
1, 00,000 to 1, 95,000 - Nil
2, 00,000 to 4, 95,000 - 1.50%o B.S.A.
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5, 00,000 and 9, 95,000 - 2.50%o B.S.A.10, 00,000 and above -
3.00%o B.S.A.
7. Revival:If premiums are not paid within the grace period then
the policy will lapse. A lapsed policy can berevived within a
period of 2 consecutive years from the date of first unpaid premium
but beforethe end of policy term on payment of all the arrears of
premium together with interest(compounding half-yearly) at such
rate as fixed by the Corporation from time to time, subject
tosubmission of satisfactory evidence of continued
insurability.
The Corporation reserves the right to accept at original terms,
accept at revised terms or declinethe revival of a discontinued
policy. The revival of discontinued policy shall take effect only
afterthe 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 inisolation.
8. Paid-up Value:If at least three full years premiums have been
paid and any subsequent premiums be not dulypaid, this policy shall
not be wholly void, but shall continue as a paid-up policy. The
Basic SumAssured under the policy shall be reduced to such a sum,
called Paid-up Sum Assured and shallbear the same ratio to the
Basic Sum Assured as the premiums paid bears to the total number
ofpremiums payable i.e. Basic Sum Assured *(number of premiums paid
/ number of premiumspayable).
This Paid-up Sum Assured along with vested simple reversionary
bonuses, if any, is payable onthe expiry of policy term or in case
of prior death. The reversionary bonuses already accrued to
thepolicy as on the date of paid-up will remain attached to the
policy. A paid-up policy will not
accrue any further bonuses. In case of death after the policy
term Paid-up Sum Assured will bepaid.
Rider(s) do not acquire any paid-up value and the rider benefits
cease to apply, if policy is inlapsed condition.
9. Surrender Value:The policy can be surrendered for cash
provided atleast three full years premiums have beenpaid. The
Guaranteed Surrender value during policy term shall be a percentage
of total premiumspaid (net of service tax) excluding extra premiums
and premiums for riders, if opted for. Thispercentage will depend
on the policy term and policy year in which the policy is
surrendered and
specified as below:
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In addition, the surrender value of any vested simple
reversionary bonuses, if any, shall also bepayable, which is equal
to vested bonuses multiplied by the surrender value factor
applicable tovested bonuses. These factors will depend on the
policy term and policy year in which the policy issurrendered and
specified as below:
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Corporation may, however, pay Special Surrender value, if it is
more favorable to the Policyholder.
10. Policy Loan:Loan can be availed under the policy provided
the policy has acquired a surrender value andsubject to the terms
and conditions as the company may specify from time to time.
11. Taxes:Taxes including Service Tax, if any, shall be as per
the Tax laws and the rate of tax shall be asapplicable from time to
time.
The amount of tax as per the prevailing rates shall be payable
by the Policyholder on premiumsincluding extra premiums, if any.
The amount of tax paid shall not be considered for thecalculation
of benefits payable under the plan.
12. Cooling-off period:If the Policyholder is not satisfied with
the Terms and Conditions of the policy may be returnedto 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 premiumdeposited after deducting the
proportionate risk premium (for basic plan and rider(s), if any)
forthe period on cover, expenses incurred on medical examination,
special reports, if any and stampduty.
13. Exclusion:Suicide: - This policy shall be voidi. 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 thispolicy except to the extent of 80% of
the premiums paid excluding any taxes, extra premiumand rider
premiums, if any, provided the policy is inforce.
ii. If the Life Assured (whether sane or insane) commits suicide
within 12 months from date ofrevival, 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 otherclaim under this
policy.
BENEFIT ILLUSTRATION:
Statutory warning:Some benefits are guaranteed and some benefits
are variable with returns based on the future performance ofLife
Insurance Corporation of India. If your policy offers guaranteed
returns then these will be clearly markedguaranteed 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 arenot guaranteed
and they are not the upper or lower limits of what you might get
back, as the value of your policyis dependent on a number of
factors including future investment performance.
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Notes:i) This illustration is applicable to a standard (from
medical, life style and occupation point ofview) life.ii) The
non-guaranteed benefits (1) and (2) in above illustration are
calculated so that they areconsistent 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
theProjectedInvestment Rate of Return that LICI will be able to
earn throughout the policy term of the policywill be4% 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 theflow 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
waseffected,be called in question by an insurer on the ground that
a statement made in the proposal forinsurance or in any report of a
medical officer, or referee, or friend of the insured, or in any
otherdocument leading to the issue of the policy, was inaccurate or
false, unless the insurer showsthat such statement was on a
material matter or suppressed facts which it was material
todisclose and that it was fraudulently made by the policyholder
and that the policyholderknew at the time of making it that the
statement was false or that it suppressed facts which itwas
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 merelybecause the terms of the policy are
adjusted on subsequent proof that the age of the life assuredwas
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 inducementto any
person to take out or renew or continue an insurance in respect
of any kind of risk relating tolives or property in India, any
rebate of the whole or part of the commission payable orany rebate
of the premium shown on the policy, nor shall any person taking out
or renewingor 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 aninsurance agent of commission in
connection with a policy of life insurance taken out byhimself on
his own life shall not be deemed to be acceptance of a rebate of
premium withinthe meaning of this sub-section if at the time of
such acceptance the insurance agent satisfiesthe prescribed
conditions establishing that he is a bona fide insurance agent
employed by theinsurer.
2) Any person making default in complying with the provisions of
this section shall bepunishable with fine which may extend to five
hundred rupees.
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Note: Conditions apply for which please refer to the Policy
document or contact our nearestBranch Offices.
Insurance is the subject matter of solicitation Registered
Office:
Life Insurance Corporation of
IndiaCentral Office, Yogakshema,
Jeevan Bima Marg,Mumbai 400021.Website
:www.licindia.inRegistration Number: 512
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INFORMATION TO BE PROVIDED IN SALES BROCHURE OF
LICs NEW BIMA BACHAT (UIN: 512N284V01)
LICs 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 whichprovides 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, onmaturity, the single premium shall be
returned along with Loyalty Addition, if any. This plan
also takes care of liquidity needs through its loan
facility.
1. BENEFITS :
a) 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 3 rd & 6th policyyearFor policy term 12 years: 15% of
the Sum Assured at the end of each of 3rd, 6th & 9thpolicy
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, ifany) along with Loyalty Addition, if any, in
case of Life Assured surviving to the end of
the policy term.
d) Loyalty Addition:
Depending upon the Corporations experience the policies shall be
participate in theprofits and shall be eligible for Loyalty
Addition. The Loyalty Addition, if any, is payableon 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.
2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
a) Minimum entry age : 15 years (completed)
b) Maximum entry age : 66 years (nearest birthday) for term 9
years63 years (nearest birthday) for term 12 years60 years (nearest
birthday) for term 15 years
c) Maximum maturity age: : 75 years (nearest birthday)
d) Policy Term : 9, 12 or 15 years.
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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
3. SAMPLE PREMIUM RATES:
The sample premium rates (exclusive of taxes) are as under:
-
Single Premium per 1000 Sum Assured (Rs)
Age (Nearestbirthday)
Term
9 12 15
15 767.95 771.00 771.5525 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 - -
4. 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 yearsLess than Rs. 150,000 : NIL
Rs. 150,000 and Less than Rs.300,000 : 3 %
Rs. 300,000 and above : 5 %
5. LOAN :
Loan can be availed under this plan any time after completion of
one policy year. The loanshall be equal to 60% of the surrender
value as on date of sanction of loan.
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6. SURRENDER VALUE:Buying a life insurance contract is a long
term commitment. However, surrender value isavailable 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 ofsurrender provided the same is higher than
Guaranteed Surrender Value.
7. TAXES:
Taxes including Service Tax, if any, shall be as per the Tax
laws and the rate of tax asapplicable from time to time.
The amount of tax as per the prevailing rates shall be payable
by the Life Assured on thesingle premium including extra premium,
if any. The amount of Tax paid shall not beconsidered for the
calculation of benefits payable under the plan.
8. COOLING-OFF PERIOD:
If you are not satisfied with the Terms and Conditions of the
policy, you may return thepolicy 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 forthe period on cover, charges for
medical examination, special reports, if any, and stamp duty.
9. EXCLUSIONS:The policy shall be void if the Life Assured
(whether sane or insane) commits suicide at anytime within 12
months from the date of commencement of risk and the Corporation
will notentertain any claim under this policy except to the extent
of 90% of the single premium paid
excluding taxes and any extra premium paid.
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BENEFIT ILLUSTRATION :
Statutory warning:Some benefits are guaranteed and some benefits
are variable with returns based on the future
performance of the corporation. If your policy offers guaranteed
returns then these will beclearly 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.
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Notes :
i) The Single Premium shown above is exclusive of tax.
ii) This illustration is applicable to a non-smoker male/female
standard (from medical, life styleand occupation point of view)
life.
iii) 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 isnot guaranteed.
iv) 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.
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 waseffected, 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 insurershows 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 anytime 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 assuredwas 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 inducementto 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 ofthe 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.
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(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.
Insurance is the subject matter of solicitation
Registered Office:
Life Insurance Corporation of IndiaCentral Office,
Yogakshema,Jeevan Bima Marg,
Mumbai - 400021.
Website: www.licindia.in
Registration Number : 512
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INFORMATION TO BE PROVIDED IN SALES BROCHURE OF
LICs New Jeevan Nidhi (UIN: 512N271V02)
LICs New Jeevan Nidhi Plan is a conventional with profits
pension plan with a combination of
protection and saving features. This plan provides for death
cover during the deferment periodand offers annuity on survival to
the date of vesting.
1. Benefits:
a. Benefit on Vesting: Provided the policy is in full force, on
vesting an amount equal to theBasic Sum Assured along with accrued
Guaranteed Additions, vested SimpleReversionary bonuses and Final
Additional bonus, if any, shall be made available to theLife
Assured.
The following options shall be available to the Life Assured for
utilization of the benefitamount.
1. To purchase an immediate annuityThe Life Assured shall have a
choice to commute the amount available on vesting tothe extent
allowed under Income Tax Act. The entire amount available on
vesting orthe balance amount after commutation, as the case may be,
shall be utilized topurchase immediate annuity at the then
prevailing annuity rates. Commutation shallonly be allowed provided
the balance amount is sufficient to purchase a minimumamount of
annuity as per the provisions of section 4 of Insurance Act,
1938.
In case the total benefit amount is insufficient to purchase the
minimum amount ofannuity, then the said amount shall be paid as a
lump sum to the Life assured.
The annuity shall only be purchased from Life Insurance
Corporation of India.or
2. To purchase a new Single Premium deferred pension product
from LifeInsurance Corporation of IndiaUnder this option the entire
proceeds available on vesting shall be utilized to purchasea single
premium deferred pension product provided the policyholder
satisfies theeligibility criteria for purchasing single premium
deferred pension product.
The Life Assured will have to intimate his / her intention to go
for a particular optionavailable on the date of vesting atleast six
months prior to the date of vesting.
b. Death Benefit:Death during first five policy years: Provided
the policy is in full force, Basic Sum Assuredalong with accrued
Guaranteed Addition shall be paid as lump sum or in the form of
anannuity or partly in lump sum and balance in the form of an
annuity to the nominee.
Death after first five policy years: Provided the policy is in
full force, Basic Sum Assuredalong with accrued Guaranteed
Addition, Simple Reversionary and Final Additional Bonus,if any,
shall be paid as lump sum or in the form of an annuity or partly in
lump sum andbalance in the form of an annuity to the nominee.
In any case, provided all due premiums have been paid, the total
death benefit at any timeshall not be less than 105% of the total
premiums paid (excluding taxes, extra premiumand rider premium, if
any).
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The amount of annuity will depend on the payable lump sum and
the then prevailingimmediate annuity rates.
c. Guaranteed Additions: The policy provides for Guaranteed
Additions @ Rs.50/- perthousand Basic Sum Assured for each
completed year, for the first five years.
d. Participation in profits: Provided the policy is in full
force, depending upon theCorporations experience the policies shall
participate in profits from 6 th year onwards for aSimple
Reversionary Bonus at such rate and on such terms as may be
declared by theCorporation.
Final (Additional) Bonus may also be declared under the policy
in the year when the policyresults into a claim either by way of
death or on vesting, provided the policy has run forcertain minimum
term.
2. Optional Benefit:
LICs Accidental Death and Disability Benefit Rider: LICs
Accidental Death and DisabilityBenefit Rider is available as an
optional rider by payment of additional premium under
regularpremium policies. In case of accidental death, the Accident
Benefit Sum Assured will bepayable as lumpsum along with the death
benefit under the basic plan. In case of accidentaldisability
arising due to accident (within 180 days from the date of
accident), an amount equalto the Accident Benefit Sum Assured will
be paid in equal monthly instalments spread over 10years and future
premiums for Accident Benefit Sum Assured as well as premiums for
theportion of Basic Sum Assured which is equal to Accident Benefit
Sum Assured under thepolicy, shall be waived. If the policy becomes
a claim either by way of death or the policy vestsbefore the expiry
of the said period of 10 years, the disability benefit instalments
which havenot fallen due will be paid in lump sum.
The Accident Benefit Sum Assured may be opted for an amount upto
the Basic Sum Assuredsubject to minimum of Rs. 1,00,000 and maximum
of Rs. 50 lakh (under individual as well asgroup policies with LIC
of India). This benefit will be available only till the vesting
age.
3. Eligibility Conditions and Other Restrictions :
a) Minimum Basic Sum Assured : Rs.1,00,000 under Regular Premium
policiesRs.1, 50,000 under Single Premium policies
b) Maximum Basic Sum Assured : No Limit(The Basic Sum Assured
shall be in multiples of Rs.5000/-)
(in years)c) Minimum Entry Age : 20 (nearest Birthday)d) Maximum
Entry Age : 60 (nearest Birthday) under Single Premium
58 (nearest birthday) under Regular Premiume) Deferment period :
5 to 35 under Single Premium &
7 to 35 under Regular Premiumf) Minimum Vesting Age : 55
(nearest birthday)g) Maximum Vesting Age : 65 (nearest
Birthday)
4. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly
or monthly (through ECS only)or through SSS mode over the term of
policy. Alternatively, a single premium can be paid.
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 premiums. If the premiumis not paid before the expiry of
days of grace, the policy lapses.
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5. Sample Premium Rates:
Following are some of the sample premium rates (exclusive of
service tax) per Rs. 1000/-S.A.:
Single PremiumsAge at entry Deferment period
10 20 3025 - - 435.8035 - 612.00 456.1545 852.55 632.80 -
Annual PremiumsAge at entry Deferment period
10 20 3025 - - 32.75
35 - 53.60 34.8045 115.25 57.15 -
6. Mode and High S.A. Rebates:
Mode Rebate:Yearly 2% of tabular premiumHalf-Yearly 1% of
tabular premiumQuarterly Nil
Sum Assured Rebate:For Regular Premium policies:
Basic Sum Assured Rebate1, 00,000 to 2, 95,000 Nil3, 00,000 and
above 2%o S.A.
For Single Premium Policies:Basic Sum Assured Rebate1, 50,000 to
2, 95,000 Nil3, 00,000 and above 5%o S.A.
7. Revival:
If premiums are not paid within the grace period then the policy
will lapse. A lapsed policy canbe revived within a period of two
consecutive years from the date of first unpaid premium and
before the date of vesting 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 paymentsubject to
submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms,
accept at revised terms ordecline the revival of a discontinued
policy. The revival of discontinued policy shall take effectonly
after the same is approved by the Corporation and is specifically
communicated to the lifeassured.
LICs Accidental Death and Disability Benefit Rider, if opted
for, shall be revived along with thebasic plan and not in
isolation.
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8. Paid-up Value (applicable for regular premium policies):
For policies with deferment period less than 10 years if atleast
two full years premiums have
been paid and for policies with deferment period 10 years or
more than 10 years if atleastthree full years premiums have been
paid and any subsequent premium be not duly paid, thisPolicy shall
not be wholly void, but shall subsist as a paid-up policy. The
Basic Sum Assuredunder basic plan shall be reduced to such a sum,
called the paid-up sum assured, as shallbear the same ratio to the
full Basic Sum Assured as the number of premiums actually paidshall
bear to the total number of premiums originally stipulated for in
the Policy. The policy soreduced shall thereafter be free from all
liability for payment of the within-mentioned premiumbut shall not
be entitled to guaranteed additions and any bonuses in future. The
accruedguaranteed additions and vested bonus additions, if any,
will remain attached to the paid-uppolicy.
This paid-up sum assured alongwith the accrued Guaranteed
Additions and vested Simple
Reversionary Bonuses, if any, is payable on the date of vesting
or on Life Assureds priordeath.
On the death of the Life Assured, the nominee shall have an
option to take the proceeds aslump sum or in the form of an annuity
or partly in lump sum and balance in the form of anannuity.
On vesting the proceeds shall be payable as per one of the
options as specified against para1.a. above.
LICs Accidental Death and Disability Benefit rider do not
acquire any paid-up value.
9. Surrender Value:The Surrender Value available under this plan
is as under:
Single Premium policies: The policy can be surrendered at any
time during the defermentperiod. The Guaranteed Surrender Value
shall be as under:
- Within three policy years from Date of Commencement of policy:
70% of the Singlepremium excluding taxes and extra premium, if
any.
- Thereafter: 90% of the Single premium excluding taxes and
extra premium, if any.
Regular Premium policies:For deferment period less than 10
years: The policy can be surrendered provided thepremiums have been
paid for atleast two consecutive years.
For deferment period 10 years or more: The policy can be
surrendered provided thepremiums have been paid for atleast three
consecutive years.
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The Guaranteed Surrender Value shall be a percentage of total
premiums paid excludingtaxes, extra premiums, if any and rider
premium, if opted for .This percentage will depend on
the deferment period and the policy year in which the policy is
surrendered and are specifiedbelow:
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In addition, the surrender value of any accrued Guaranteed
Additions and vested simplereversionary bonuses, if any, shall also
be payable, which is equal to the sum of accruedGuaranteed
Additions and vested simple reversionary bonuses, if any,
multiplied by theSurrender Value factor applicable to accrued
Guaranteed Additions and vested bonuses.These factors will depend
on the deferment period and the policy year in which the policy
is
surrendered and are specified below:
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Corporation may, however, pay Special Surrender value, if it is
more favourable to the Life
Assured.
The following options shall be available to the Life Assured for
utilization of the Surrenderproceeds:
1. To purchase an immediate annuityThe Life Assured shall have a
choice to commute the amount available on surrender tothe extent
allowed under Income Tax Act. The entire amount available on
surrender orthe balance amount after commutation, as the case may
be, shall be utilized topurchase immediate annuity at the then
prevailing annuity rates. Commutation shallonly be allowed provided
the balance amount is sufficient to purchase a minimumamount of
annuity as per the provisions of section 4 of Insurance Act,
1938.
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In case the total benefit amount is insufficient to purchase the
minimum amount ofannuity, then the said amount shall be paid as a
lump sum to the Life assured.
The annuity shall only be purchased from Life Insurance
Corporation of India.or
2. To purchase a new Single Premium deferred pension product
from LifeInsurance Corporation of IndiaUnder this option the entire
proceeds available on surrender may be utilized topurchase a single
premium deferred pension product provided the policyholdersatisfies
the eligibility criteria for purchasing single premium deferred
pension product.
Surrender value will not be available on LICs Accidental Death
and Disability Benefit Rider.
10. Policy Loan:
No loan facility will be available under this plan.
11. Taxes:
Taxes including service tax, if any, shall be as per the Tax
laws and the rate of tax shall be asapplicable from time to
time.
The amount of tax as per the prevailing rates shall be payable
by the Policyholder onpremiums including extra premiums, if any.
The amount of tax paid shall not be consideredfor the calculation
of benefits payable under the plan.
12. Cooling-off period:
If the Life Assured is not satisfied with the Terms and
Conditions of the policy, he/she mayreturn the policy to the
Corporation within 15 days from the date of receipt of the
policystating the reason of objections. On receipt of the same the
Corporation shall cancel thepolicy and return the amount of premium
deposited after deducting the proportionate riskpremium for the
period on cover (for basic plan and LICs Accidental Death and
DisabilityBenefit rider, if any), expenses incurred on medical
examination, special reports, if any andstamp duty.
13. Exclusion:
Suicide:Under Single Premium policies:The policy shall be void
if the Life Assured (whether sane or insane) commits suicide at
anytime within 12 months from the date of commencement of risk and
the Corporation will notentertain any claim under this policy
except to the extent of 90% of the single premium paid
excluding taxes, extra premium and rider premium, if any.
Under Regular Premium policies:This policy shall be void
i. If the Life Assured (whether sane or insane) commits suicide
at any time within 12months from the date of commencement of risk
and the Corporation will not entertainany claim under this policy
except to the extent of 80% of the premiums paid excludingany
taxes, extra premium and rider premiums, if any, provided the
policy is inforce.
ii. If the Life Assured (whether sane or insane) commits suicide
within 12 months from dateof 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
valueshall be payable. The Corporation will not entertain any other
claim under this policy.
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Benefit Illustration:
Statutory warning:
Some benefits are guaranteed and some benefits are variable with
returns based on the futureperformance 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 yourpolicy offers variable
returns then the illustrations on this page will show two different
rates ofassumed future investment returns. These assumed rates of
return are not guaranteed and theyare not the upper or lower limits
of what you might get back as the value of your policy isdependent
on a number of factors including future investment performance.
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SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years
from the date on which it waseffected, be called in question by an
insurer on the ground that a statement made in the proposal
forinsurance or in any report of a medical officer, or referee, or
friend of the insured, or in any otherdocument leading to the issue
of the policy, was inaccurate or false, unless the insurer shows
thatsuch statement was on a material matter or suppressed facts
which it was material to disclose and thatit was fraudulently made
by the policyholder and that the policyholder knew at the time of
making itthat 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 ifhe is entitled to do
so, and no policy shall be deemed to be called in question merely
because theterms of the policy are adjusted on subsequent proof
that the age of the life assured was incorrectlystated 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 orproperty in India, any rebate of
the whole or part of the commission payable or any rebate of
thepremium shown on the policy, nor shall any person taking out or
renewing or continuing a policyaccept any rebate, except such
rebate as may be allowed in accordance with the
publishedprospectuses or tables of the insurer: provided that
acceptance by an insurance agent ofcommission in connection with a
policy of life insurance taken out by himself on his own life
shallnot be deemed to be acceptance of a rebate of premium within
the meaning of this sub-sectionif at the time of such acceptance
the insurance agent satisfies the prescribed conditionsestablishing
that he is a bona f ide insurance agent employed by the
insurer.
(2) Any person making default in complying with the provisions
of this section shall bepunishable with fine which may extend to
five hundred rupees.
Note: Conditions apply for which please refer to the Policy
document or contact our nearestBranch Office.
Insurance is the subject matter of solicitation
Registered Office:Life Insurance Corporation of IndiaCentral
Office, Yogakshema,Jeevan Bima Marg,Mumbai - 400021.
Website: www.licindia.inRegistration Number : 512
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INFORMATION TO BE PROVIDED IN SALES BROCHURE
LICs NEW ENDOWMENT PLAN (UIN: 512N277V01)
LIC's New Endowment Plan is a participating non-linked plan
which offers an attractive combination
of protection and saving features. This combination provides
financial support for the family of thedeceased policyholder any
time before maturity and good lump sum amount at the time of
maturityfor the surviving policyholders. This plan also takes care
of liquidity needs through its loan facility.
1. Benefits:Death benefit: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 FinalAdditional bonus, if any, shall be payable. Where,
Sum Assured on Death is defined as higherof Basic Sum Assured or 10
times of annualised premium. This death benefit shall not be less
than105% of all the premiums paid as on date of death.
Where premiums exclude service tax, extra premium and rider
premiums, if any.
Maturity Benefit: Basic Sum Assured, along with vested simple
reversionary bonuses and FinalAdditional bonus, if any, shall be
payable in lump sum on Survival to the end of the policy
termprovided all due premiums have been paid.
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 resultsinto a claim either by death or
maturity, provided the policy has run for certain minimum term.
2. Optional Benefit:LICs Accidental Death and Disability Benefit
Rider: LICs Accidental Death and DisabilityBenefit Rider is
available as an optional rider by payment of additional premium. In
case ofaccidental death, the Accident Benefit Sum Assured will be
payable as lumpsum along with thedeath benefit under the basic
plan. In case of accidental permanent disability arising due
toaccident (within 180 days from the date of accident), an amount
equal to the Accident Benefit SumAssured will be paid in equal
monthly installments spread over 10 years and future premiums
forAccident Benefit Sum Assured as well as premiums for the portion
of Basic Sum Assured which isequal to Accident Benefit Sum Assured
under the policy, shall be waived.
3. Eligibility Conditions and Other Restrictions :For Basic
plana) Minimum Basic Sum Assured : Rs. 100,000b) Maximum Basic Sum
Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)c)
Minimum Age at entry : 8 years (completed)d) Maximum Age at entry :
55 years (nearest birthday)e) Maximum Maturity Age : 75 years
(nearest birthday)f) Minimum Term : 12 yearsg) Maximum Term : 35
years
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For LICs Accidental Death and Disability Benefit Ridera) Minimum
Accident Benefit Sum Assured : Rs. 100,000b) Maximum Accident
Benefit Sum Assured :
An amount equal to the Sum Assured under the Basic Plan subject
to the maximum of Rs.50lakh 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 takenwith Life Insurance Corporation of
India and the Accident Benefit Sum Assured under the newproposal
into consideration.(The Accident Benefit Sum Assured shall be in
multiples of Rs. 5000/-)
c) Minimum Age at entry : 18 years (completed)d) Maximum Age at
entry : The cover can be opted for at any policy
anniversary during the policy term but before thepolicy
anniversary on which the age nearerbirthday of the Life Assured is
70 years.
e) Maximum cover ceasing age : 70 years (nearest birthday)
4. Payment of Premiums:Premiums can be paid regularly at yearly,
half-yearly, quarterly or monthly mode (through ECSonly) 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 ofyearly or half-yearly or quarterly
premiums and 15 days for monthly premiums.
5. Sample Premium Rates:Following are some of the sample tabular
premium rates (exclusive of service tax) per Rs. 1000/-Basic Sum
Assured:
AGE/TERM 15 25 3520 71.20 40.10 28.1030 71.50 40.75 29.4040
72.85 43.25 33.1550 77.10 49.40
6. Mode and High S.A. Rebates:
ModeRebate:Yearly mode - 2% of Tabular PremiumHalf-yearly
modeQuarterly & Salary deduction
- 1% of Tabular premium- NIL
HighSumAssuredRebate:BasicSumAssured(B.S.A) Rebate(Rs.)
1, 00,000 to 1, 95,000 - Nil2, 00,000 to 4, 95,000 - 2.00 %o
B.S.A.5, 00,000 and above - 3.00%o B.S.A.
7. Revival:If premiums are not paid within the grace period then
the policy will lapse. A lapsed policy can berevive within a period
of 2 consecutive years from the date of first unpaid premium and
before thedate 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.
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Revival of rider(s), if opted for, will be considered along with
revival of the Basic Policy, and not inisolation.
8. 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 SumAssured under the policy shall be
reduced to such a sum, called Paid-up Sum Assured and shallbear the
same ratio to the Basic Sum Assured as the premiums paid bears to
the total number ofpremiums i.e. Basic Sum Assured *(no. of
premiums paid / no. of premiums payable).
This Paid-Up Sum Assured along with vested simple reversionary
bonuses, if any, is payable onthe expiry of policy term or in case
of prior death. The reversionary bonuses already accrued to
thepolicy as on the date of paid-up will remain attached to the
policy. A paid-up policy will notaccrue any further bonuses.
Rider(s) do not acquire any paid-up value and the rider benefits
cease to apply, if policy is in
lapsed condition.
9. 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. This percentage will depend onthe policy term and policy
year in which the policy is surrendered and specified as below:
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In addition, the surrender value of any vested simple
reversionary bonuses, if any, shall also bepayable, which is equal
to vested bonuses multiplied by the surrender value factor
applicable tovested bonuses. These factors will depend on the
policy term and policy year in which the policy issurrendered and
specified as below:
Corporation may, however, pay Special Surrender value, if it is
more favorable to the Policyholder.
10. Policy Loan:Loan can be availed under the policy provided
the policy has acquired a surrender value andsubject to the terms
and conditions as the company may specify from time to time.
11. Taxes:Taxes, if any, shall be as per the Tax laws and the
rate of tax shall be as applicable from time totime.
The amount of tax as per the prevailing rates shall be payable
by the Policyholder on premiumsincluding extra premiums, if any.
The amount of tax paid shall not be considered for thecalculation
of benefits payable under the plan.
12. Cooling-off period:If the Policyholder is not satisfied with
the Terms and Conditions of the policy may be returnedto 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 premiumdeposited after
deducting the proportionate risk premium (for basic plan and
rider(s), if any) forthe period on cover, expenses incurred on
medical examination, special reports, if any and stampduty.
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13. Exclusion:Suicide: - This policy shall be voidi. 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 thispolicy 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.ii.
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
otherclaim under this policy.
BENEFIT ILLUSTRATION:
Statutory warning:Some benefits are guaranteed and some benefits
are variable with returns based on the future performance ofyour
Insurer carrying on life insurance business. If your policy offers
guaranteed returns then these will beclearly marked guaranteed in
the illustration table on this page. If your policy offers variable
returns then theillustrations on this page will show two different
rates of assumed future investment returns. These assumedrates of
return are not guaranteed and they are not the upper or lower
limits of what you might get back, as thevalue of your policy is
dependent on a number of factors including future investment
performance.
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LICs New Endowment Plan
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)
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respectively. In other words, in preparing this benefit
illustration, it is assumed thatthe Projected Investment Rate of
Return that LICI will be able to earn throughout theterm of the
policy will be 4% p.a. or 8% p.a., as the case may be. The
Projected InvestmentRate of Return is not guaranteed.
iii) The main objective of the illustration is that the client
is able to appreciate the features of theproduct and the flow of
benefits in different circumstances with some level of
quantification.
SECTION 45 OF INSURANCEACT,1938:No policy of life insurance
shall after the expiry of two years from the date on which itwas
effected,be called in question by an insurer on the ground that a
statement made in the proposalfor insurance or in any report of a
medical officer, or referee, or friend of the insured, or in