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LIC’s Jeevan Kiran (UIN: 512N353V01)

(A Non-Linked, Non-Participating, Individual,
Savings, Life Insurance Plan)

LIC’s Jeevan Kiran is a Non-Linked, Non-Participating,

Individual, Savings, Life Insurance plan which offers a
combination of protection and savings. This plan provides
financial support to the family in case of unfortunate death
of the life assured during the policy term and returns the total
premiums paid* in case of survival till maturity.

This is a non-participating product under which benefits

payable on death or maturity are guaranteed and fixed
irrespective of actual experience. Hence the policy is not
entitled to any discretionary benefits like bonus etc. or share
in Surplus.

This Plan can be purchased Offline through agents / other

intermediaries as well as Online directly through website
www.licindia.in.

Key Features:

• Benefits
• Life insurance coverage in case of unfortunate death.
• *Return of total premiums paid (excluding any extra
premium, any rider premium and taxes) in case of survival
till maturity.
• Flexibility to
• Choose from Single Premium and Regular Premium
Payment.
• Choose the period for which protection is required.
• Opt for payment of benefit in instalments.
• Benefit of attractive High Sum Assured Rebate.
• Two categories of premium rates namely (1) Non-Smoker
rates and (2) Smoker rates. The application of Non-Smoker
rates shall be based on the findings of the Urinary Cotinine
test. In all other cases, the Smoker rates will be applicable.
• Option to enhance coverage by opting for Accident Benefit
Rider / Accidental Death Disability Benefit Rider on payment
of additional premium for the rider benefit.

1. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:

i. Minimum Age at Entry : 18 years (last birthday)

ii. Maximum Age at Entry : 65 years (last birthday)

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 iii. Minimum Age at Maturity: 28 years (last birthday)

iv. Maximum Age at Maturity: 80 years (last birthday)

v. Policy Term: 10 years to 40 years

vi. Premium Payment Term

•Under Regular Premium: Same as Policy Term

•Under Single Premium: Not applicable

vii. Minimum Basic Sum Assured: Rs. 15,00,000/-

viii. Maximum Basic Sum Assured: No limits, subject to

underwriting decision*

(*The maximum Basic Sum Assured allowed to each individual

will be subject to underwriting decision as per the Board
Approved Underwriting Policy.)

The Basic Sum Assured shall be in the multiple of amounts

specified below:

Basic Sum Assured Range Sum Assured Multiple (Rs.)

From Rs. 15,00,000/- to
1,00,000/-
Rs. 37,00,000/-
above Rs. 37,00,000/- to Rs.
25,00,000/-
50,00,000/-
above Rs. 50,00,000/- to Rs.
10,00,000/-
80,00,000/-
above Rs. 80,00,000/- to Rs.
20,00,000/-
1,00,00,000/-
above Rs. 1,00,00,000/- to Rs.
25,00,000/-
1,50,00,000/-
above Rs. 1,50,00,000/- to Rs.
50,00,000/-
4,00,00,000/-
above Rs. 4,00,00,000/- 1,00,00,000/-

ix. Minimum Premium: The minimum instalment premium

will be Rs. [3,000] for Regular premium policies and Rs.
[30,000] for Single premium policies.

2. BENEFITS:

Benefits payable under an in-force policy shall be as under:

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A. Death Benefit:

Death benefit payable on death of the life assured during

the policy term after the date of commencement of risk but
before the date of maturity shall be “Sum Assured on Death”.

Under Regular Premium Payment Policy, “Sum Assured on

Death” is defined as the highest of:
• 7 times of Annualized Premium; or

• 105% of “Total Premiums Paid” upto the date of

death; or

• Basic Sum Assured.

Under Single Premium Payment Policy, “Sum Assured
on Death” is defined as the higher of:

• 125% of Single Premium; or

• Basic Sum Assured.

Where,

i. “Annualized Premium” shall be the premium amount

payable in a year chosen by the policyholder,
excluding the taxes, rider premiums, underwriting
extra premiums and loadings for modal premiums, if
any.

ii. “Total Premiums Paid” means total of all the premiums

received, excluding any extra premium, any rider
premium and taxes.

B. Maturity Benefit:

On Life Assured surviving the stipulated Date of

Maturity, “Sum Assured on Maturity” shall be
payable, where “Sum Assured on Maturity”
is equal to “Total Premiums Paid” under Regular
Premium Payment policy and “Single Premium Paid”
under Single Premium Payment Policy.

Where,

i. “Total Premiums Paid” means total of all the premiums

received, excluding any extra premium, any rider
premium and taxes.
ii. “Single Premium Paid” means single premium
received, excluding any extra premium, any rider
premium and taxes.

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3. OPTIONS AVAILABLE:

I. Optional Riders:

Riders are available under this plan as detailed below on

payment of additional premium:

• Single Premium Payment: LIC’s Accidental Death

and Disability Benefit Rider (UIN: 512B209V02) shall
be available under single premium payment and the
policyholder can opt for this rider at the inception
only.

• Regular Premium Payment: The policyholder can
opt between either of the LIC’s Accidental Death
and Disability Benefit Rider (UIN: 512B209V02) OR
LIC’s Accident Benefit Rider (UIN: 512B203V03) under
regular premium payment.

The above mentioned riders can be opted subject to the

eligibility conditions as detailed below:

a) LIC’s Accidental Death and Disability Benefit Rider

(UIN: 512B209V02):

Under a single premium policy, this rider can be opted

at inception only and under an in-force regular premium
policy, this rider can be opted at any time within the
premium paying term of the Base plan provided the
outstanding premium paying term of the Base plan as
well as the Rider is atleast 5 years but before the policy
anniversary on which the age nearer birthday of the
Life Assured is 65 years. The benefit cover under this
Rider shall be available during the outstanding Policy
Term only or up to the policy anniversary on which age
nearest birthday of the Life Assured is 70 years, whichever
is earlier. If this rider is opted for, in case of accidental
death, the Accident Benefit Sum Assured will be payable
in lumpsum along with the death benefit under the
base plan. In case of accidental disability arising due to
accident (within 180 days from the date of accident), an
amount equal to the Accident Benefit Sum Assured will
be paid in equal monthly instalments spread over 10
years and future premiums, if any, for Accident Benefit
Sum Assured as well as premiums for the portion of Basic
Sum Assured under the Base Policy which is equal to
Accident Benefit Sum Assured under the policy, shall be
waived in case of regular premium policy.

b) LIC’s Accident Benefit Rider (UIN:512B203V03):

Under an in-force policy regular premium policy, this

rider can be opted for at any time within the premium

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 paying term of the Base plan provided the outstanding
premium paying term of the Base plan as well as the
Rider is atleast 5 years but before the policy anniversary
on which the age nearer birthday of the Life Assured is 65
years. The benefit cover under this Rider shall be available
only during the outstanding Policy Term only or up to the
policy anniversary on which age nearest birthday of the
Life Assured is 70 years, whichever is earlier. If this rider
is opted for, in case of accidental death, the Accident
Benefit Sum Assured will be payable in lumpsum along
with the death benefit under the base plan.

The Rider Sum Assured in respect of LIC’s Accidental

Death & Disability Benefit Rider/ LIC’s Accident Benefit
Rider shall not exceed the Sum Assured on Death under
the Base Product.

The premium under LIC’s Accidental Death & Disability

Benefit Rider/ LIC’s Accident Benefit Rider shall not
exceed 100% of premium under the Base product.

The rider premium, if any, shall be collected separately in

addition to the premium payable under the Base product.

For more details on the above riders, refer to the rider

brochure or contact LIC’s nearest Branch Office.

II. Settlement Option (for Maturity Benefit):

Settlement Option is an option to receive Maturity

Benefit in instalments over a period of 5 years instead of
lumpsum amount under an In-force as well as Paid-up
policy. This option can be exercised by the Life Assured
for full or part of Maturity proceeds payable under the
policy. The amount opted for by the Life Assured (ie. Net
Claim Amount) can be either in absolute value or as a
percentage of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or
half-yearly or quarterly or monthly intervals, as opted
for subject to minimum instalment amount for different
modes of payments being as under:

Mode of Instalment
Minimum Instalment amount
payment
Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to

provide the minimum instalment amount as per the option
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exercised by the Life Assured, the claim proceeds shall be
paid in lumpsum only.

For all the instalment payment options commencing during

the 12 months’ period from 1st May to 30th April, the interest
rate used to arrive at the amount of each instalment shall be
annual effective rate not lower than 5 year semi-annual G-Sec
rate minus 2%; where, the 5 year semi-annual G-Sec rate shall
be as at last trading day of previous financial year.

Accordingly, for the 12 months’ period commencing from 1st

May, 2023 to 30th April, 2024, the applicable interest rate for
the calculation of the instalment amount shall be 5.17% p.a.
effective.
For exercising the Settlement Option against Maturity Benefit,
the Policyholder/Life Assured shall be required to exercise
option for payment of net claim amount in instalments at
least 3 months before the due date of maturity claim.

The first payment will be made on the date of maturity and

thereafter, based on the mode of instalment payment opted
for by the policyholder, every month or three months or six
months or annually from the date of maturity, as the case
may be.

After the commencement of Instalment payments

under Settlement Option:

i) If a Life Assured, who has exercised Settlement Option

against Maturity Benefit, desires to withdraw this option
and commute the outstanding instalments, the same
shall be allowed on receipt of written request from the
Life Assured. In such case, the lump sum amount which
is higher of the following shall be paid and policy shall
terminate,
• discounted value of all the future instalments due; or
• (the original amount for which Settlement Option was
exercised) less (sum of total instalments already paid).

ii) The applicable interest rate that will be used to discount

the future instalment payments shall be annual effective
rate not exceeding 5 year semi-annual G-Sec rate;
where, the 5 year semi-annual G-Sec rate shall be as at
last trading day of previous financial year during which
settlement option was commenced.

Accordingly, in respect of all the Settlement Options

commenced during the 12 months’ period beginning
from 1st May, 2023 to 30th April, 2024, the maximum
applicable interest rate used for discounting the future
instalments shall be 7.17% p.a. effective.

iii) After the Date of Maturity, in case of death of the Life

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 Assured, who has exercised Settlement Option, the
outstanding instalments will continue to be paid to the
nominee as per the option exercised by the Life Assured
and no alteration whatsoever shall be allowed to be
made by the nominee.

III. Option to take Death Benefit in Instalment:

This is an option to receive Death Benefit in instalments over

a period of 5 years instead of lump sum amount under an In-
force as well as Paid-up policy. This option can be exercised
by the Life Assured during his/her life time; for full or part of
Death benefits payable under the policy. The amount opted
for by the Life Assured (ie. Net Claim Amount) can be either in
absolute value or as a percentage of the total claim proceeds
payable.
The instalments shall be paid in advance at yearly or half-
yearly or quarterly or monthly intervals, as opted for, subject
to minimum installment amount for different modes of
payments being as under:

Mode of Instalment
Minimum Instalment amount
payment
Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount

to provide the minimum instalment amount as per the
option exercised by the Life Assured, the claim proceeds
shall be paid in lump sum only.

For all the instalment payment options commencing

during the 12 months’ period from 1st May to 30th April,
the interest rate used to arrive at the amount of each
instalment shall be annual effective rate not lower than
the 5 year semi-annual G-Sec rate minus 2%; where, the 5
year semi-annual G-Sec rate shall be as at last trading day
of previous financial year.

Accordingly, for the 12 months’ period commencing from

1st May, 2023 to 30th April, 2024, the applicable interest
rate for the calculation of the instalment amount shall be
5.17% p.a. effective.

For exercising option to take Death Benefit in instalments,

the Life Assured, can exercise this option during his/her
lifetime while in currency of the policy, specifying the net
claim amount for which the option is to be exercised. The

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 death claim amount shall then be paid to the nominee as
per the option exercised by the Policyholder/Life Assured
and no alteration whatsoever shall be allowed to be
made by the nominee.

4. PAYMENT OF PREMIUMS:

Regular premium or Single premium payment options

are available under this plan. In case of Regular Premiums
payment, the premium can be paid regularly with mode of
premium payment as yearly or half-yearly only.

The premium payable will depend on the age at entry of

the life to be assured, smoking status, policy term and Sum
Assured chosen. Under Single Premium, minimum premium
shall be Rs 30,000/-. Under Regular Premium mode, the
minimum premium shall be Rs 3,000/-. If calculated instalment
premium is less than the minimum premium amount, any of
the proposed policy parameters shall be modified in such
a way that the revised instalment premium shall be greater
than or equal to minimum instalment premium.

5. GRACE PERIOD (APPLICABLE FOR REGULAR PREMIUM

PAYMENT):

A grace period of 30 days will be allowed for payment of

yearly or half-yearly premiums from the date of First Unpaid
Premium. During this period, the policy shall be considered
inforce with the risk cover without any interruption as per
the terms of the policy. If the premium is not paid before the
expiry of the days of grace, the Policy lapses.

The above grace period will also apply to Rider premiums

which are payable along with premium for Base Policy.

6. SAMPLE ILLUSTRATIVE PREMIUM :

The sample illustrative premiums for Basic Sum Assured of

Rs. 20 Lakh for Non-Smoker, Standard lives under Single and
Regular Premium Payment options for Offline sales are as
under:

Regular Premium:
Annual Premium (in Rs.)
Age (Last
Birthday) Policy Term
10 20 30 40
20 20,060 9,440 8,000 8,280
30 22,500 12,080 11,600 12,320
40 35,140 21,820 20,520 21,300
50 72,700 42,400 38,160 -
60 1,27,220 75,000 - -

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Single Premium:
Single Premium (in Rs.)
Age (Last
Birthday) Policy Term
10 20 30 40
20 51,340 51,940 60,900 77,080
30 59,000 70,600 96,680 1,25,820
40 99,060 1,39,680 1,85,480 2,34,220
50 2,24,020 2,86,260 3,60,780 -
60 4,18,500 5,26,820 - -

The above premiums are exclusive of taxes.

7. REBATES/LOADINGS:

The following rebates/loadings shall be applicable:

(i) High Sum Assured Rebate

The High Sum Assured rebates are as under:

(a) Under Regular Premium payment:

The rebate for high Basic Sum Assured (BSA) as a % of
Tabular Annual Premium is as under:

High BSA rebate as a % of Tabular

Age Band Annual Premium for different BSA
(LBD) Less than Rs. 50 Lakhs Rs. 1 crore Rs. 2 crore
Rs. 5 crore
Rs. 50 to less than to less than to less than
and above
Lakhs Rs. 1 crore Rs. 2 crore Rs. 5 crore

Up to 30 years Nil 24% 32% 43% 50%

31 to 50 years Nil 12% 17% 25% 30%
51 years and
Nil 9% 13% 18% 20%
above

(b) Under Single Premium:

The rebate for high Basic Sum Assured as a % of Tabular
Single Premium is as under:

High BSA rebate as a % of Tabular

Age Band Single Premium for different BSA
(LBD) Less than
Rs. 50
Lakhs to
Rs. 1 crore Rs. 2 crore
Rs. 5 crore
Rs. 50 to less than to less than
less than and above
Lakhs Rs. 2 crore Rs. 5 crore
Rs. 1 crore

Up to 30 years Nil 20% 28% 35% 40%

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 31 to 50 years Nil 10% 15% 20% 24%
51 years and
Nil 8% 12% 15% 18%
above

(ii) Modal Loading (applicable for Regular Premium

payment):

Mode Loading as a % of Tabular annual premium

Yearly Nil
Half-Yearly 2%

(iii) Rebate under Online Sale:

For proposals to be completed under Online sales
without any assistance of Agent / intermediary, shall be
eligible for rebate on Tabular premium at the following
rates:

Rebate (as a % of Tabular Annual/

Premium Payment
Single Premium)
Regular Premium 10%

Single Premium 2%

8. REVIVAL (APPLICABLE FOR REGULAR PREMIUM

POLICIES):

If the premium is not paid within the grace period, then

the policy lapses. A lapsed policy can be revived during
the lifetime of the Life Assured, but within a period of 5
consecutive years from the date of First Unpaid Premium and
before the date of maturity as the case may be. The revival
shall be effected on payment of all the arrears of premium(s)
together with interest (compounding half-yearly) at such
rate as may be decided by the Corporation from time to
time and on satisfaction of Continued Insurability of the Life
assured on the basis of information, documents and reports
that are already available and any additional information in
this regard if and as may be required in accordance with the
Underwriting Policy of the Corporation at the time of revival,
being furnished by the Life Assured.

The Corporation reserves the right to accept at original

terms, accept with modified terms or decline the revival of a
discontinued policy. The revival of a discontinued policy shall
take effect only after the same is approved, accepted and
revival receipt is issued by the Corporation.

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 The rate of interest applicable for revival under this product
for every 12 months’ period from 1st May to 30th April shall
not exceed 10 year G-Sec rate p.a. compounding half yearly
as at the last trading day of previous financial year plus 3%
or the yield earned on the Corporation’s Non-Linked Non-
Participating fund plus 1%, whichever is higher. For the
12 month period commencing from 1st May, 2023 to 30th
April, 2024, the applicable interest rate shall be 9.50% p.a.
compounding half yearly. The basis for determination of
interest rate for policy revival is subject to change.

Revival of Rider, if any, will only be considered along with the

revival of the Base policy and not in isolation.

9. PAID-UP VALUE (APPLICABLE FOR REGULAR PREMIUM

POLICIES):

If less than two full years’ premiums have been paid in respect
of the policy and any subsequent premium be not duly paid,
all the benefits under the policy shall cease after the expiry
of grace period from the date of First Unpaid Premium and
nothing shall be payable.

If, after at least two full years’ premiums have been paid and
any subsequent premiums be not duly paid, the policy shall
not be wholly void, but shall subsist as a paid-up policy till the
end of policy term.

The Sum Assured on Death under a paid-up policy shall be

reduced to such a sum, called ‘Death Paid-up Sum Assured’
and shall be equal to ‘Sum Assured on Death’ multiplied by
the ratio of the total period for which premiums have already
been paid bears to the maximum period for which premiums
were originally payable.

In case of Death of Life Assured during the policy term

under a paid-up policy, ‘Death Paid-up Sum Assured’ shall be
payable in lumpsum and thereafter no further benefits shall
be payable.

The Sum Assured on Maturity under a paid-up policy shall be

reduced to such a sum called ‘Maturity Paid-up Sum Assured’
and shall be equal to Sum Assured on Maturity multiplied by
the ratio of the total period for which premiums have already
been paid bears to the maximum period for which premiums
were originally payable. The Maturity Paid-up Sum Assured
shall be payable on Maturity.

The above mentioned non-forfeiture provisions do not apply

to any riders as they do not acquire any paid up value.

The rider benefits ceases to apply, if policy is in lapsed

condition.

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10. SURRENDER:

Under Regular Premium payment, the policy can be

surrendered by the Policyholder at any time during the policy
term provided two full years’ premiums have been paid. Under
Single Premium payment, the policy can be surrendered by
the policyholder at any time during the policy term.

The Surrender Value payable shall be higher of Guaranteed

Surrender value (GSV) and Special Surrender Value
(SSV).

Guaranteed Surrender value (GSV)

Under Single Premium Policies:

The Guaranteed Surrender Value shall be as under:

During first three policy year: 75% of the Single

premium Paid.

Thereafter: 90% of the Single premium Paid.

Single Premium referred above shall not include taxes, rider

premium(s) and extra premium, if any.

Under Regular Premium Policies:

The Guaranteed Surrender Value shall be the Total Premiums

Paid (excluding any extra premium, any premiums for rider(s),
if opted for and taxes) multiplied by the GSV factor applicable
to Total Premiums Paid.

The GSV factors are expressed as percentages of total

premiums paid and shall depend on the Policy Term and
policy year in which the policy will be surrendered and are
given below:

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 Guaranteed Surrender Value factors (for Regular Premium) applicable to total premiums paid

Policy Term 
Policy
Year 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

1 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

2 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

3 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%

4 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

5 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

6 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

7 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

8 65.00% 60.00% 57.50% 56.00% 55.00% 54.29% 53.75% 53.33% 53.00% 52.73% 52.50% 52.31% 52.14% 52.00% 51.88% 51.76%

9 90.00% 70.00% 65.00% 62.00% 60.00% 58.57% 57.50% 56.67% 56.00% 55.45% 55.00% 54.62% 54.29% 54.00% 53.75% 53.53%

10 90.00% 90.00% 72.50% 68.00% 65.00% 62.86% 61.25% 60.00% 59.00% 58.18% 57.50% 56.92% 56.43% 56.00% 55.63% 55.29%

11 90.00% 90.00% 74.00% 70.00% 67.14% 65.00% 63.33% 62.00% 60.91% 60.00% 59.23% 58.57% 58.00% 57.50% 57.06%

12 90.00% 90.00% 75.00% 71.43% 68.75% 66.67% 65.00% 63.64% 62.50% 61.54% 60.71% 60.00% 59.38% 58.82%

13 90.00% 90.00% 75.71% 72.50% 70.00% 68.00% 66.36% 65.00% 63.85% 62.86% 62.00% 61.25% 60.59%

14 90.00% 90.00% 76.25% 73.33% 71.00% 69.09% 67.50% 66.15% 65.00% 64.00% 63.13% 62.35%

15 90.00% 90.00% 76.67% 74.00% 71.82% 70.00% 68.46% 67.14% 66.00% 65.00% 64.12%

16 90.00% 90.00% 77.00% 74.55% 72.50% 70.77% 69.29% 68.00% 66.88% 65.88%

17 90.00% 90.00% 77.27% 75.00% 73.08% 71.43% 70.00% 68.75% 67.65%

18 90.00% 90.00% 77.50% 75.38% 73.57% 72.00% 70.63% 69.41%

19 90.00% 90.00% 77.69% 75.71% 74.00% 72.50% 71.18%

20 90.00% 90.00% 77.86% 76.00% 74.38% 72.94%

21 90.00% 90.00% 78.00% 76.25% 74.71%

22 90.00% 90.00% 78.13% 76.47%

23 90.00% 90.00% 78.24%

24 90.00% 90.00%

25 90.00%

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

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 Guaranteed Surrender Value factors (for Regular Premium) applicable to total premiums paid

Policy Term 

26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%

50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

51.67% 51.58% 51.50% 51.43% 51.36% 51.30% 51.25% 51.20% 51.15% 51.11% 51.07% 51.03% 51.00% 50.97% 50.94%

53.33% 53.16% 53.00% 52.86% 52.73% 52.61% 52.50% 52.40% 52.31% 52.22% 52.14% 52.07% 52.00% 51.94% 51.88%

55.00% 54.74% 54.50% 54.29% 54.09% 53.91% 53.75% 53.60% 53.46% 53.33% 53.21% 53.10% 53.00% 52.90% 52.81%

56.67% 56.32% 56.00% 55.71% 55.45% 55.22% 55.00% 54.80% 54.62% 54.44% 54.29% 54.14% 54.00% 53.87% 53.75%

58.33% 57.89% 57.50% 57.14% 56.82% 56.52% 56.25% 56.00% 55.77% 55.56% 55.36% 55.17% 55.00% 54.84% 54.69%

60.00% 59.47% 59.00% 58.57% 58.18% 57.83% 57.50% 57.20% 56.92% 56.67% 56.43% 56.21% 56.00% 55.81% 55.63%

61.67% 61.05% 60.50% 60.00% 59.55% 59.13% 58.75% 58.40% 58.08% 57.78% 57.50% 57.24% 57.00% 56.77% 56.56%

63.33% 62.63% 62.00% 61.43% 60.91% 60.43% 60.00% 59.60% 59.23% 58.89% 58.57% 58.28% 58.00% 57.74% 57.50%

65.00% 64.21% 63.50% 62.86% 62.27% 61.74% 61.25% 60.80% 60.38% 60.00% 59.64% 59.31% 59.00% 58.71% 58.44%

66.67% 65.79% 65.00% 64.29% 63.64% 63.04% 62.50% 62.00% 61.54% 61.11% 60.71% 60.34% 60.00% 59.68% 59.38%

68.33% 67.37% 66.50% 65.71% 65.00% 64.35% 63.75% 63.20% 62.69% 62.22% 61.79% 61.38% 61.00% 60.65% 60.31%

70.00% 68.95% 68.00% 67.14% 66.36% 65.65% 65.00% 64.40% 63.85% 63.33% 62.86% 62.41% 62.00% 61.61% 61.25%

71.67% 70.53% 69.50% 68.57% 67.73% 66.96% 66.25% 65.60% 65.00% 64.44% 63.93% 63.45% 63.00% 62.58% 62.19%

73.33% 72.11% 71.00% 70.00% 69.09% 68.26% 67.50% 66.80% 66.15% 65.56% 65.00% 64.48% 64.00% 63.55% 63.13%

75.00% 73.68% 72.50% 71.43% 70.45% 69.57% 68.75% 68.00% 67.31% 66.67% 66.07% 65.52% 65.00% 64.52% 64.06%

76.67% 75.26% 74.00% 72.86% 71.82% 70.87% 70.00% 69.20% 68.46% 67.78% 67.14% 66.55% 66.00% 65.48% 65.00%

78.33% 76.84% 75.50% 74.29% 73.18% 72.17% 71.25% 70.40% 69.62% 68.89% 68.21% 67.59% 67.00% 66.45% 65.94%

90.00% 78.42% 77.00% 75.71% 74.55% 73.48% 72.50% 71.60% 70.77% 70.00% 69.29% 68.62% 68.00% 67.42% 66.88%

90.00% 90.00% 78.50% 77.14% 75.91% 74.78% 73.75% 72.80% 71.92% 71.11% 70.36% 69.66% 69.00% 68.39% 67.81%

90.00% 90.00% 78.57% 77.27% 76.09% 75.00% 74.00% 73.08% 72.22% 71.43% 70.69% 70.00% 69.35% 68.75%

90.00% 90.00% 78.64% 77.39% 76.25% 75.20% 74.23% 73.33% 72.50% 71.72% 71.00% 70.32% 69.69%

90.00% 90.00% 78.70% 77.50% 76.40% 75.38% 74.44% 73.57% 72.76% 72.00% 71.29% 70.63%

90.00% 90.00% 78.75% 77.60% 76.54% 75.56% 74.64% 73.79% 73.00% 72.26% 71.56%

90.00% 90.00% 78.80% 77.69% 76.67% 75.71% 74.83% 74.00% 73.23% 72.50%

90.00% 90.00% 78.85% 77.78% 76.79% 75.86% 75.00% 74.19% 73.44%

90.00% 90.00% 78.89% 77.86% 76.90% 76.00% 75.16% 74.38%

90.00% 90.00% 78.93% 77.93% 77.00% 76.13% 75.31%

90.00% 90.00% 78.97% 78.00% 77.10% 76.25%

90.00% 90.00% 79.00% 78.06% 77.19%

90.00% 90.00% 79.03% 78.13%

90.00% 90.00% 79.06%

90.00% 90.00%

90.00%

15
 The Special Surrender Value (SSV) is reviewable and shall
be determined by the Corporation from time to time.

No surrender value will be available on Rider(s), if any.

Upon payment of Surrender value during the Policy Term, the

Policy terminates and no further benefits shall be payable.

11. POLICY LOAN:

No Loan will be available under this plan.

12. TERMINATION OF POLICY:

The policy shall immediately and automatically terminate on

the earliest occurrence of any of the following events:

a) The date on which lump sum death benefit / final

instalment of death benefit is paid; or
b) The date on which surrender benefits are settled
under the policy; or
c) The date of maturity if Settlement Option is not
exercised; or
d) On payment of final instalments under Settlement
Option; or
e) On expiry of Revival Period, if the policy which has
not acquired paid-up status, has not been revived
within the revival period; or
f ) On payment of free look cancellation amount; or
g) In the event of forfeiture as specified in Para 13.

13. FORFEITURE IN CERTAIN EVENTS:

In case it is found that any untrue or incorrect statement is

contained in the proposal, personal statement, declaration
and connected documents or any material information is
withheld, then and in every such case the policy shall be void
and all claims to any benefit by virtue thereof shall be subject
to the provisions of Section 45 of the Insurance Act, 1938 as
amended from time to time.

14. TAXES:

Statutory Taxes, if any, imposed on such insurance plans

by the Government of India or any other constitutional Tax
Authority of India shall be as per the Tax laws and the rate of
tax as applicable from time to time.

The amount of applicable taxes, as per the prevailing rates,

shall be payable by the policyholder on premium(s) (for
Base Policy and Rider(s), if any) including extra premiums, if
any, which shall be collected separately over and above in

16
 addition to the premium(s) payable by the policyholder. The
amount of tax paid shall not be considered for the calculation
of benefits payable under the plan.

Regarding Income tax benefits/implications on premium(s)

paid and benefits payable under this plan, please consult
your tax advisor for details.

15. FREE LOOK PERIOD:

If the Policyholder is not satisfied with the “Terms and

Conditions” of the policy, the policy may be returned to the
Corporation within 30 days from the date of receipt of the
electronic or physical mode of Policy Document, whichever
is earlier, stating the reason of objections. On receipt of the
same, the Corporation shall cancel the policy and return
the amount of premium deposited after deducting the
proportionate risk premium (for Base Policy and Rider(s), if
any) for the period of cover, expenses incurred on medical
examination (including special reports, if any) and stamp
duty charges.

16. SUICIDE EXCLUSION:

Under Regular Premium Payment:

i) If the Life Assured (whether sane or insane) commits

suicide at any time within 12 months from the date of
commencement of risk , the Nominee or Beneficiary
of the Life Assured shall be entitled to 80% of the total
premiums paid till the date of death 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 total premiums paid till the
date of death or the surrender value available as on date
of death, shall be payable. The Nominee or Beneficiary of
the Life Assured shall not be entitled to any other claim
under the policy.

This clause shall not be applicable for a policy lapsed

without acquiring paid-up value and nothing shall be
payable under such policies.

Under Single Premium payment:

If the Life Assured (whether sane or insane) commits suicide at

any time within 12 months from the date of commencement
of risk, the Nominee or Beneficiary of the Life Assured shall be
entitled to 80% of the Single Premium paid.

17
 Premium referred above shall not include any taxes, extra
amount chargeable under the policy due to underwriting
decision and rider premium(s), if any.

17. SAMPLE BENEFIT ILLUSTRATION:

The main objective of the illustrations is that the client

is able to appreciate the features of the product and the
flow of the benefit with some level of quantification. This
illustration is applicable to a standard life (from medical,
lifestyle and occupation point of view) for policies
procured through agent/intermediary.

Illustration 1: Regular Premium policy through

Offline sale

Age 40 GST Rate (1st Year): 4.50%

GST Rate (2nd Year
Policy Term 20 2.25%
onwards):
Premium Mode of Premium
20 Yearly
Paying Term Payment
Basic Sum Amount of Instalment
50,00,000 48,004
Assured Rs. Premium
Smoking Non- Note: GST rate shall be as applicable
category Smoker from time to time.

Benefit Summary:

Guaranteed Benefits (In Rs.)

Policy
Annualized
Year Minimum
Premium1
(End of Maturity Death Guaranteed
(Cumulative)
the year) Benefit Benefit Surrender
Benefit2

1 48,004 0 50,00,000 0
2 96,008 0 50,00,000 28,802
3 1,44,012 0 50,00,000 50,404
4 1,92,016 0 50,00,000 96,008
5 2,40,020 0 50,00,000 1,20,010
6 2,88,024 0 50,00,000 1,44,012
7 3,36,028 0 50,00,000 1,68,014
8 3,84,032 0 50,00,000 2,01,617
9 4,32,036 0 50,00,000 2,37,620
10 4,80,040 0 50,00,000 2,76,023
11 5,28,044 0 50,00,000 3,16,826
12 5,76,048 0 50,00,000 3,60,030

18
 13 6,24,052 0 50,00,000 4,05,634
14 6,72,056 0 50,00,000 4,53,638
15 7,20,060 0 50,00,000 5,04,042
16 7,68,064 0 50,00,000 5,56,846
17 8,16,068 0 50,00,000 6,12,051
18 8,64,072 0 50,00,000 6,69,656
19 9,12,076 0 50,00,000 8,20,868
20 9,60,080 9,60,080 50,00,000 8,64,072

Illustration 2: Single Premium policy through

Offline sale

Age 40 GST Rate (1st Year): 4.50%

GST Rate (2nd Year
Policy Term 20 NA
onwards):
Premium Mode of Premium
1 Single
Paying Term Payment
Basic Sum Amount of Instalment
50,00,000 3,14,280
Assured Rs. Premium
Smoking Non- Note: GST rate shall be as applicable
category Smoker from time to time.

Benefit Summary:

Guaranteed Benefits (In Rs.)

Policy
Single
Year Minimum
Premium1
(End of Maturity Death Guaranteed
(Cumulative)
the year) Benefit Benefit Surrender
Benefit2

1 3,14,280 0 50,00,000 2,35,710

2 3,14,280 0 50,00,000 2,35,710
3 3,14,280 0 50,00,000 2,35,710
4 3,14,280 0 50,00,000 2,82,852
5 3,14,280 0 50,00,000 2,82,852
6 3,14,280 0 50,00,000 2,82,852
7 3,14,280 0 50,00,000 2,82,852
8 3,14,280 0 50,00,000 2,82,852
9 3,14,280 0 50,00,000 2,82,852
10 3,14,280 0 50,00,000 2,82,852
11 3,14,280 0 50,00,000 2,82,852
12 3,14,280 0 50,00,000 2,82,852

19
 13 3,14,280 0 50,00,000 2,82,852
14 3,14,280 0 50,00,000 2,82,852
15 3,14,280 0 50,00,000 2,82,852
16 3,14,280 0 50,00,000 2,82,852
17 3,14,280 0 50,00,000 2,82,852
18 3,14,280 0 50,00,000 2,82,852
19 3,14,280 0 50,00,000 2,82,852
20 3,14,280 3,14,280 50,00,000 2,82,852

Note:

1) Single/Annualized Premium is payable in advance at

the start of the year and excludes underwriting extra
premium, frequency loadings on premiums, the
premiums paid towards the riders, if any, and Goods
& Service Tax.

2) Special surrender value may, however, be payable, if

it is more favourable to the Policyholder.

SECTION 45 OF INSURANCE ACT, 1938:

The provision of Section 45 of the Insurance Act,

1938 shall be as amended from time to time. The
simplified version of this provision is as under:

Provisions regarding policy not being called into

question in terms of Section 45 of the Insurance Act,
1938 are as follows:

3) No Policy of Life Insurance shall be called in question

on any ground whatsoever after expiry of 3 years
from

a. the date of issuance of policy or

b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.

4) On the ground of fraud, a policy of Life Insurance

may be called in question within 3 years from

a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.

For this, the insurer should communicate in writing

20
 to the insured or legal representative or nominee
or assignees of insured, as applicable, mentioning
the ground and materials on which such decision is
based.

5) Fraud means any of the following acts committed by

insured or by his agent, with the intent to deceive
the insurer or to induce the insurer to issue a life
insurance policy:
a. The suggestion, as a fact of that which is not true
and which the insured does not believe to be true;
b. The active concealment of a fact by the insured
having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically
declares to be fraudulent.

6) Mere silence is not fraud unless, depending on

circumstances of the case, it is the duty of the insured
or his agent keeping silence to speak or silence is in
itself equivalent to speak.

7) No Insurer shall repudiate a life insurance Policy on

the ground of Fraud, if the Insured / beneficiary can
prove that the misstatement was true to the best of
his knowledge and there was no deliberate intention
to suppress the fact or that such mis-statement
of or suppression of material fact are within the
knowledge of the insurer. Onus of disproving is upon
the policyholder, if alive, or beneficiaries.

8) Life insurance Policy can be called in question within

3 years on the ground that any statement of or
suppression of a fact material to expectancy of life
of the insured was incorrectly made in the proposal
or other document basis which policy was issued or
revived or rider issued. For this, the insurer should
communicate in writing to the insured or legal
representative or nominee or assignees of insured,
as applicable, mentioning the ground and materials
on which decision to repudiate the policy of life
insurance is based.

9) In case repudiation is on ground of mis-statement

and not on fraud, the premium collected on policy till
the date of repudiation shall be paid to the insured
or legal representative or nominee or assignees of
insured, within a period of 90 days from the date of
repudiation.

10) Fact shall not be considered material unless it has a

direct bearing on the risk undertaken by the insurer.
The onus is on insurer to show that if the insurer had

21
 been aware of the said fact, no life insurance policy
would have been issued to the insured.

11) The insurer can call for proof of age at any time if he
is entitled to do so and no policy shall be deemed to
be called in question merely because the terms of
the policy are adjusted on subsequent proof of age
of life insured. So, this Section will not be applicable
for questioning age or adjustment based on proof of
age submitted subsequently.

[Disclaimer: This is not a comprehensive list of Section 45

of the Insurance Act, 1938 and only a simplified version
prepared for general information. Policyholders are
advised to refer to Section 45 of Insurance Act, 1938, for
complete and accurate details.]

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE

ACT, 1938):

1) No person shall allow or offer to allow, either directly or

indirectly, as an inducement to any person to take out or
renew or continue an insurance in respect of any kind
of risk relating to lives or property in India, any rebate
of the whole or part of the commission payable or any
rebate of the premium shown on the policy, nor shall
any person taking out or renewing or continuing a policy
accept any rebate, except such rebate as may be allowed
in accordance with the published prospectuses or tables
of the insurer.

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

Various Sections of the Insurance Act, 1938, applicable to LIC to

apply as amended from time to time.

This product brochure gives only salient features of the plan.

For further details please refer to the Policy document on our
website www.licindia.in or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /

FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies,
announcing bonus or investment of premiums. Public
receiving such phone calls are requested to lodge a police
complaint.

22
LIFE INSURANCE CORPORATION OF INDIA
“Life Insurance Corporation of India” was established on
1st September, 1956 under Life Insurance Corporation Act,
1956, with the objective of spreading life insurance more
widely, in particular to the rural areas with a view to reaching
all insurable persons in the country and providing them
adequate financial cover against insured events. LIC continues
to be the important life insurer even in the liberalized scenario
of Indian insurance and is moving fast on a new growth
trajectory surpassing its own past records. In its existence of
over six decades, LIC has grown from strength to strength in
various areas of operation.

23
 Registered Office:
Life Insurance Corporation of India
Central Office, Yogakshema,
Jeevan Bima Marg, Mumbai-400021
Website: www.licindia.in
Registration Number: 512

24