LIC, Health, Motor, Travel Insurance Delhi/Noida/Greater Noida: Child Plans

Showing posts with label Child Plans. Show all posts
Showing posts with label Child Plans. Show all posts

Monday, January 18, 2016

LIC Of INDIA

LIC New Jeevan Pragati Table no 838 Details

This is a non-linked, with-profits Endowment Assurance plan. The main feature of this Jeevan Pragathi 838 plan is the ‘sum assured on death’ (part of death benefit) automatically increases after every five years during the term of the policy.

Key Features & Eligibility Conditions of LIC Jeevan Pragati Plan


ELIGIBILITY CONDITIONS AND RESTRICTIONS

  • Minimum Basic Sum Assured (payable on maturity) : Rs. 1,50,000/-
  • Maximum Basic Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs. 10,000/- only)
  • Minimum Policy Term : 12 years
  • Maximum Policy Term  : 20 years
  • Minimum Age at entry for Life Assured : 12 years (completed)
  • Maximum Entry Age : 45 years (nearer birthday)
  • Maximum Age at Maturity for Life Assured : 65 years
  • Premium payment mode : Yearly, half-yearly, quarterly & monthly.
  • Accidental Death & Disability Benefit Rider is available on payment of additional premium.
    • Minimum Accident Benefit Sum Assured is Rs 10,000
    • Maximum Accident Benefit Sum Assured is an amount equal to the Basic Sum Assured subject to the maximum of Rs 1 cr.
    • Minimum entry age for the rider is 18 years

Benefits under LIC’s Jeevan Pragati policy

  • Death Benefit under Jeevan Pragati Plan : On death of the Life Assured during the policy term, the Death Benefit  which is ‘Sum Assured on Death’ + Vested Simple Reversionary Bonuses + Final additional bonus, if any, shall be payable to the nominee. The Sum assured on death automatically increases every fiver years. Where “Sum Assured on Death” is defined as the higher of  a) 10 times of annualized premium (or) b) Absolute amount assured to be paid on death, which is as under;
    • i) During the first five policy years : 100% of the Basic Sum Assured.
    • ii) During 6th to 10th policy years : 125% of the Basic Sum Assured.
    • iii) During 11th to 15th policy years : 150% of the Basic Sum Assured.
    • iv) During 16th to 20th policy years : 200% of the Basic Sum Assured.
  • Maturity Benefit payable under LIC Jeevan Pragati Policy : On survival to the end of the policy term, the maturity benefit which is ‘Sum Assured on Maturity’ + Simple Reversionary Bonuses + Final Additional bonus (FAB) if any, shall be payable to the policy holder. Sum Assured on Maturity is equal to Basic Sum Assured.
  • Final Additional Bonus shall not be payable under paid-up policies..
  • The Bonuses shall be declared on the Basic Sum Assured.
  • The date of commencement of risk under Jeevan Pragati plan will be immediately from the date of issuance of policy.

MODE OF PREMIUM PAYMENT:

  The modes of premium payment allowable are Yearly. Half Yearly. Quarterly, and Monti (ECS only or through salary deductions).

GRACE PERIOD FOR PAYMENT OF PREMIUM:

  • A grace period of one calendar month but not less than 30 days will be allowed for Quarterly, Half Yearly  and Yearly premium paid and 15 days for monthly mode of payment.
  • If the death of the Life Assured occurs within the grace period but before the premium then due, the policy will be treated as in-force and the benefits will be paid deduction of the said unpaid premium and also the unpaid premiums falling due before next policy anniversary
  • If premium is not paid before the expiry of the days of grace, the policy lapses.
  • If the Policy has not lapsed and the claim is admitted in case of death under the where the mode of payment of premium is other than yearly, unpaid premium(s).
  • The above grace period will also apply to rider premium as the rider premium is to be along with the premium of the base plan.

REBATES:


The rebates for base plan are as under:

Mode Percentage

  • Yearly mode : 2% of tabular premium
  • Half-yearly mode : 1% of tabular premium
  • Quarterly and monthly mode : NIL

High Basic Sum Assured Rebate:

  • 1,50,000 to 2,90,000 : Nil
  • 3.00,000 to 4,90,000 : 1.50 % B.S.A
  • 5,00,000 to 9.90.000 : 2.00 % B.S.A
  • 10.00.000 and above : 2.25 %° B.S.A
  • BSA –  Basic Sum Assured

Lic New Jeevan Pragati 838

Lic Jeevan Pragati Plan 838











































Lic New Jeevan Pragati Premium Payment Plan Table No 838 Details

LIC New Jeevan Pragati Payment Plan 838 Details


Lic New Jeevan Pragati Plan Table No 838

Lic New Jeevan Pragati Plan Table 838 Features

Lic New Jeevan Pragati Plan Table No 838 Premium Calculator

Lic Jeevan Pragati Plan 838 Premium Calculator



Other Plans :   LIC Jeevan Anand Policy Table 815LIC New Endowment Plan 814

Thursday, January 7, 2016

LIC Of INDIA

LIC Jeevan Shikhar Single Premium Plan 837 Features


LIC Jeevan Shikhar Plan 837 Features and Benefits

Plan 837 Jeevan Shikhar is extended up to 9th May  2016.
Jeevan Shikhar is a single premium plan wherein life assured will have an option to choose the amount of Sum Assured and the premium payable shall depend on the chosen amount and entry age of life assured.
Features
  • Minimum Entry Age of Life Assured : 6 years (completed)
  • Maximum Entry Age of Life Assured : 45 years (nearer birthday)
  • Sum Assured on Death : 10 times of tabular single premium
  • Minimum Maturity Sum Assured  : Rs.1,00,000/-
  • Maximum Maturity Sum Assured : No Limit (Maturity Sum Assured shall be in multiple of Rs.20,000/- only)
  • Policy Term : 15 years
  • Premium payment mode : Single premium only

Death Benefits
On Death during the First 5 years of Policy
Before the Commencement of Risk:  In case life assured dies before the commencement of the risk, single premium amount without any interest will be refunded to the nominee.
After the Commencement of Risk: In case life assured dies after the risk is commenced, an amount equal to 10 times of tabular single premium will be payable to the nominee.

On Death after first 5 but before maturity of the Policy
In case life assured dies after first 5 years of policy but before maturity of the policy, an amount equal to 10 times of tabular single premium along with Loyalty Additions, if any, will be payable to the nominee.
Maturity Benefits
On life assured survives throughout the policy term, than Sum Assured on Maturity along with Loyalty Additions, if any, shall be paid.
LOAN: Loan facility shall be available under the plan at any time during the policy term after. 3 months from the date of acceptance of risk or after expiry of the free-look period, whichever is later. Depending on the age at entry, the maximum loan that can be granted as a percentage of surrender value for different policy terms are as under:

 Policy year
 Maximum Loan Amount as a % of surrender value for age at entry <=35
Maximum Loan Amount as a % of surrender value for age at entry >35 years.
*3 month  to 3rd
55%
35%
4th  to 6th
65%
50%
7th  to 9th
75%
70%
10th  to 12th
80%
80%
13th to 15th
85%
85%
*3 month means loan can be availed after three months from Date of acceptance of risk or after expiry of the Free-look period, whichever is later.

SURRENDER VALUE:
The policy can be surrendered at any time during the policy year.  The Guaranteed Surrender Value allowable shall be as under:
·         First year: 70% of the Single Premium.
·         Thereafter: 90% of the Single Premium.
Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.
The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
If the policy is surrendered after completion of five policy years applicable Loyalty Addition, if any, shall also be payable.
Tax: Statutory Taxes, if any, imposed on such insurance plans by the Govt. 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  Service Tax payable as per the prevailing rates shall be payable by the policyholder on single premium including extra amount if charged under the policy due to underwriting decision, which shall be collected separately over and above in addition to the premium payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
Other conditions and policy features
Policy can be surrendered at any time during the policy term: First year- 70% of Single Premium, Thereafter-90% of Single premium

  1. Loan facility is available under this plan, after 3 months of the issuance of the policy.
  2. Policy can be taken from back date up to same financial year
  3. Nomination and assignment in this policy is available.
  4. This plan is available for sale up to 31/03/2016.








Saturday, January 2, 2016

LIC Of INDIA

LIC JEEVAN LABH Table No 836 ENDOWMENT PLAN


LIC JEEVAN LABH- (T. NO.836) Plan


✅ This is a ltd. Premium Paying non linked with profit endowment plan.

✅ On Death - S.A + BONUS + FAB
SA NOT LESS THAN 105% OF TOTAL PREMIUM PAID AS ON DATE OF DEATH.

✅ Maturity Benefit-
SA ON MATURITY + BONUS + FAB

✅ TR & DAB IS OPTIONAL

✅ Min Age @ entry- 8 years completed

✅ Max maturity Age-75 nbd

✅ Term & premium paying term -16 (10), 21 (15), 25 (16)

✅ Min SA 2 LAC. Then in multiplication of 10,000.

✅ MAXI. NO LIMIT.

✅ Commencement of risk- immediate.

✅ Modes allowed.
ALL With ECS & SSS.

✅ Loan - yes.

✅ Back dating allowed.

✅ PROPOSAL FORMS 302/342/362 AS APPLICABLE.




LIC Jeevan Labh Maturity Plan Details



LIC NEW ENDOWMENT PLAN JEEVAN LABH Table No 836

LIC NEW ENDOWMENT PLAN JEEVAN LABH Table No 836 Details

LIC Jeevan Labh Premium Chart 


LIC NEW ENDOWMENT PLAN JEEVAN LABH Table No 836 Premium Chart





















Jeevan Labh Premium Chart

LIC NEW ENDOWMENT PLAN JEEVAN LABH Table No 836 Premium Recknor

Sunday, August 9, 2015

LIC Of INDIA

LIC ULIP Plan No. 835 ENDOWMENT PLUS Details

LIC’s New Endowment Plus 835  is a unit linked assurance plan, which offers investment-cum-insurance during the term of the policy. The Policyholder can choose the amount of premium he/she desires to pay, depending on which Policyholder will get the equivalent level of cover. Each premium paid by the Policyholder shall be subject to Premium Allocation charge as per details specified in Para 3.I) of this circular. The allocated premium will be utilized to purchase units as per the selected fund type. The Policyholder’s Fund Value will be subject to deduction of charges specified in Para 3 of this circular. Units will be allotted and cancelled based on the Net Asset Value (NAV) of the respective fund applicable to the date of allotment / cancellation. There is no Bid-Offer spread (both the Bid price and Offer price of units will be equal to NAV). The NAV will be computed on daily basis and will be based on the investment performance and Fund Management Charges (FMC) of each fund type. Other details of this plan are as follows.



LIC NEW ENDOWMENT PLUS ULIP Plan No. 835 Chart

INVESTMENT FUND TYPES:

Unit Fund:


The allocated premiums will be utilized to buy units as per the fund type opted by the Policyholder out of the four fund types options available. Various types of fund options and broadly their investment patterns are as under:
Fund Type Investment in Government / Government Guaranteed Securities / Corporate Debt Short-term investments such as money market instruments Investment in Listed Equity Shares Details and objective of the fund for risk /return SFIN No.
Bond Fund Not less than 60% Not more than 40% Nil Low risk ULIF001201114LICNED+BND512
Secured Fund Not less than 45% Not more than 40% Not less than 15% &
Not more than 55%
Steady Income –Lower to Medium risk ULIF002201114LICNED+SEC 512
Balanced Fund Not less than 30% Not more than 40% Not less than 30% &
Not more than 70%
Balanced Income and growth – Medium risk ULIF003201114LICNED+BAL 512
Growth Fund Not less than 20% Not more than 40% Not less than 40% &
Not more than 80%
Long term Capital growth – High risk ULIF004201114LICNED+GRW512

The Policyholder will have the option to choose any ONE of the above 4 funds to invest his premiums initially and at the time of switching.

Discontinued Policy Fund:

The investment pattern of the Discontinued Policy Fund shall have the following asset mix:
Money market instruments: 0% to 40%
Government securities: 60% to 100%

Computation of NAV: 

The NAV of all the five segregated funds i.e. Bond Fund, Secured Fund, Balanced Fund, Growth Fund and Discontinued Policy Fund will be computed on daily basis and will be based on investment performance, Fund Management Charge of each fund type and shall be computed as under:
Market value of investment held by the fund + Value of Current Assets – Value of Current Liabilities & Provisions, if any


Number of Units existing on Valuation Date (before creation / redemption of Units)

Where, Valuation Date is the date of calculation of NAV.

On the date of launch the NAV under all funds shall be Rs.10/-

CHARGES AND FREQUENCY OF CHARGES:

Premium Allocation Charge:

This is the percentage of the premium appropriated towards charges from the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy.

The allocation charges are as below:

Premium Allocation Charge
1st Year 7.50%
2nd  to 5th  Year 5.00%
thereafter 3.00%

Mortality Charge:

Mortality Charge is the cost of Life Insurance cover and this will be taken at the beginning of each policy month by cancelling the Policyholder’s Fund Value proportionately. The monthly charges will be one twelfth of the annual Mortality Charges.

This charge shall depend upon the Sum at Risk i.e. the difference between the Basic Sum Assured in case of in force policies or Paid-up Sum Assured in case of policy is paid-up and Policyholder’s Fund Value as on the date of deduction of charge, after deduction of all other charges, and shall be deducted only if, the Basic Sum Assured/Paid-up Sum Assured, whichever is applicable, is more than the Policyholder’s Fund Value as on the date of deduction.

Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of total premiums paid), whichever is higher. The total premiums paid shall be reckoned as on date of deduction of Mortality Charge.

In case where the Policyholder converts the policy into paid-up policy, the Mortality Charge in respect of Sum at Risk under a paid-up policy shall be deducted from the following policy month.

Mortality Charges, during a policy year, will be based on the age nearer birthday of the Life Assured as on the policy anniversary coinciding with or immediately preceding the due date of cancellation of units and hence may increase every year on each policy anniversary. Further, this charge shall also depend on health, occupation and lifestyle of the Policyholder.

The annual Mortality Charge per Rs. 1,000/- Sum at Risk for standard lives is given in Annexure I.

The Class I extra charge for Life Cover shall be 25% of the Mortality charge for standard lives. Charge for higher EMR shall be multiples of the Class I extra charge as applicable in other plans. This extra charge will be included in the Mortality charges.


Accident Benefit Charge:

This is the charge to cover the cost of LIC’s Linked Accidental Death Benefit Rider (UIN:512A211V01), if opted for, levied at the beginning of each policy month by cancelling appropriate number of units out of the Policyholder’s Fund Value. A level annual charge shall be at the rate of Rs. 0.40 per thousand Accident Benefit Sum Assured per policy year. If the Life Assured is engaged in police duty in any police organization other than paramilitary forces and opted for this cover while engaged in police duty, then the level annual charge shall be at the rate of Rs 0.80 per thousand Accident Benefit Sum Assured per policy year.

The monthly charges will be one twelfth of the annual Accident Benefit Charge.


Other Charges:


POLICY ADMINISTRATION CHARGE- This charge shall be deducted at the beginning of each policy month by cancelling appropriate number of units out of Policyholder’s Fund. The Policy Administration Charge per month, while the policy is inforce shall be as follows:
 
    Policy Year           Policy Administration Charge (per month)
        1st Year                      (0.35% * Instalment Premium* K) OR (Rs.100/-), whichever is lower
       2nd Year                     (0.25% * Instalment Premium* K) OR (Rs.70/-), whichever is lower
         3rd Year                               2nd Year charge * 1.03
         4th Year                                3rd Year charge * 1.03
         5th Year                                4th Year charge * 1.03
         6th Year & Thereafter    Rs. 52.17 in 6th year escalating at 3% p.a. thereafter

     Where, K is taken as in Table given below:

Mode of premium Payment Factor “K”
Yearly 1
Half-Yearly 1.6
Quarterly 2.6
Monthly 7


FUND MANAGEMENT CHARGE Fund Management Charge (FMC) shall be as under:
  • 0.70% p.a. of Unit Fund for all the four fund types  available under an inforce policy i.e. Bond Fund, Secured Fund, Balanced Fund and Growth Fund
  • 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”

This is a charge levied at the time of computation of NAV, which will be done on daily basis. The NAV, thus declared, will be net of FMC.

SWITCHING CHARGE– This is a charge levied on switching of monies from one fund to another and will be levied at the time of effecting a switch. Within a given policy year, 4 switches shall be allowed free of charge. Subsequent switches, if any, shall be subject to a Switching Charge of Rs. 100 per switch.

BID/OFFER SPREAD– Nil.

DISCONTINUANCE CHARGES–This charge will be levied by cancelling appropriate no. of units out of Policyholder’s Fund as on the date of surrender/date of discontinuance of policy. The discontinuance charge applicable is as under:


Where the policy is discontinued during the policy year Discontinuance charges for the policies having annualised premium up to Rs. 25,000/- Discontinuance charges for the policies having annualised premium above Rs. 25,000/-
1 Lower of 15% * (AP or FV) subject           to a maximum of Rs. 2500/- Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-
2 Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/- Lower of 4% * (AP or FV) subject to maximum of Rs. 5000/-
3 Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/- Lower of 3% * (AP or FV) subject to maximum of Rs. 4000/-
4 Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/- Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and on wards NIL NIL

AP – Annualised Premium
FV – Policyholder’s Fund Value as on the date of discontinuance

“Date of discontinuance of the policy” shall be the date on which the insurer receives the intimation from the insured or policyholder about discontinuance of the policy or surrender of the policy or on the expiry of the notice period of 30 days, whichever is earlier.’


PARTIAL WITHDRAWAL CHARGE– This is a charge levied on partial withdrawal and shall be a flat amount of Rs. 100/- which will be deducted by cancelling appropriate number of units out of Policyholder’s Fund and the deduction shall be made on the date on which partial withdrawal takes place.


SERVICE TAX CHARGE– Service tax charge, if any, will be as per the prevailing service tax laws and rate of service tax as applicable from time to time.

Service Tax Charge shall be levied on all or any of the charges applicable to this plan as per the prevailing Service Tax laws/notification etc. as issued by Government of India from time to time in this regard.

The instructions regarding service tax will be issued by Finance & Accounts Department, Central Office, separately.


MISCELLANEOUS CHARGE– This is a charge levied for an alteration within the contract, such as change in premium mode and Grant of Accident Benefit Rider after the issue of the policy, and shall be a flat amount of Rs. 50/- which will be deducted by cancelling appropriate number of units out of Policyholder’s Fund and the deduction shall be made on the date of alteration in the policy.

The Corporation reserves the right to accept or decline an alteration in the policy. The alteration shall take effect from the policy anniversary coincident with or following the alteration only after the same is approved by the Corporation and is specifically communicated in writing to the policyholder.

Non-negative claw-back Additions At various durations starting from 5th policy anniversary till the end of the policy term, Reduction in Yield (RIY) will be calculated as the difference between Gross Yield and Net Yield. Where Gross Yield shall be computed based on the actual accrual of all income elements i.e. premiums, income from investments as an when received and all actual debits i.e. partial withdrawals to the Policyholders Fund Value as an when debited and net yield shall be computed based on the projection of Policyholder’s Fund at the gross yield calculated above by considering all charges excluding the following charges:
  • Mortality charge including underwriting extra charges, if any;
  • AB rider charge, if any;
  • Service tax charge and
  • All charges deducted in respect of any options availed by the Policyholder i.e. Miscellaneous Charge, Switching Charge and Partial Withdrawal Charge, if any.

Above calculated RIY will then be compared with the maximum RIY requirement table below:

Maximum Reduction in Yield (difference between Gross and Net Yield)
No. of years elapsed since inception 5 6 7 8 9 10 11 12 13 14 15 and  there after
For continuing policies 4.00% 3.75% 3.50% 3.30% 3.15% 3.00% 2.75% 2.75% 2.50% 2.50% 2.25%
For maturing policies - - - - - 3.00% 2.25% 2.25% 2.25% 2.25% 2.25%

If the difference between calculated RIY and Maximum RIY required is positive then an equivalent number of units shall be added to the Policyholders’ Fund in such a way that the calculated RIY shall be equal to the maximum RIY. The same shall be called as Non-negative claw-back addition. The units of the Non-negative claw-back shall be based on the NAV declared as on the date of Non-negative claw-back addition.


Right to revise charges:

The Corporation reserves the right to revise all or any of the above charges except Premium Allocation charge, Mortality Charge and Accident Benefit Charge. The modification in charges will be done with prospective effect with the prior approval of IRDA and after giving the policyholders a notice of 3 months.

In case the policyholder does not agree with the revision of charges the Policyholder shall have the option to withdraw the Policyholder’s fund value.

APPLICABILITY OF NET ASSET VALUE (NAV):


Units are allocated at NAV of the date of allocation. The Units will also be cancelled based on NAV of the date of such cancellation. For the premiums received up to a particular time (presently 3 p.m. as per IRDAI guidelines) by any branch of the Corporation or other authorized office for premium collection, through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. In case premiums received after such time, the closing NAV of the next business day shall be applicable.

The outstation cheque / Demand draft shall not be accepted.

In respect of the valid applications received for surrender, partial withdrawal, death claim, switches and in case of complete withdrawal etc. up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim, switches and in case of complete withdrawal etc. after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable.

In case of revival, NAV as on the date of revival shall be applicable. Where date of revival is the date of adjustment of all due premiums after underwriting acceptance has been received.

In case of discontinuance, wherein the Policyholder does not exercise the option within the period of 30 days of receipt of notice then the NAV as on the date of expiry of notice period shall be applicable.

In respect of maturity claim, NAV as on the date of maturity shall be applicable.

The timing given (presently 3 p.m.) is as per the existing IRDAI guidelines and changes in this regard shall be as per the instructions from IRDAI.

Each premium paid by the Policyholder shall be subject to Premium Allocation Charge as per details given in Para 3. (I) above. The allocated premiums will be utilized to buy units as per the Fund type opted by the Policyholder out of the Four Fund types options available. Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment.

BENEFITS:


Benefits payable on death: On death of the Life Assured before the stipulated Date of Maturity provided policy is inforce, then,
On death before the Date of Commencement of Risk:
An amount equal to the Policyholder’s Fund Value shall be payable.

On death after the Date of Commencement of Risk:
An amount equal to the higher of Basic Sum Assured or Policyholder’s Fund Value shall be payable. Where, Basic Sum Assured is (10 * Annualized Premium) or (105% of the total premiums paid), whichever is higher.

The liability shall be booked immediately on the date of receipt of intimation of death with death certificate. Policy Administration charge, Mortality charge, Accident Benefit charge, and service Tax their on recovered subsequently to the date of death shall be paid back to the nominee or beneficiary along with death benefit.


Benefits payable on maturity: On Life Assured surviving the stipulated date of maturity, an amount equal to the Policyholder’s Fund Value is payable. The maturity benefit can be payable either as an lump sum amount on maturity or in equal instalments if settlement option is opted for as mentioned in Para 12(D) below.

Optional Benefit:

LIC’s Linked Accidental Death Benefit Rider (UIN:512A211V01):

 LIC’s Linked Accidental Death Benefit Rider can be opted for at any time within the policy term subject to minimum outstanding policy term of 5 years. Wherever this rider has been opted for under this plan, the Accident Benefit cover will be available till the date of Maturity, provided the Policy is inforce as on date of accident.

This rider will not be available under the policy on the life of minors, during minority. However, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request, if found eligible as per the underwriting rules of the Corporation.

Subject to as stated above, under an inforce policy, the LIC’s Linked Accidental Death Benefit Rider can be opted for at any policy anniversary within the policy term subject to minimum outstanding policy term of 5 years.

If this benefit is opted for, an additional amount equal to Accident Benefit Sum Assured is payable on death due to accident, provided the rider is inforce at the time of accident.

If there be more policies than one and if the total Accident Benefit Sum Assured exceeds Rs.100 lakhs, the benefit shall apply to the first Rs.100 lakhs Accident Benefit Sum Assured in order of date of policies issued.

Whenever this Rider is opted for, the Accident Benefit Charges, as specified in Para 3.(III) will be deducted at the beginning of each policy month during the policy term.

Under an inforce basic policy, the Policyholder has the option to cancel this rider at any time during the policy term. However, once the rider is cancelled, it can’t be re-opted during the policy term.

In case the basic policy is not inforce, this Accident Benefit cover shall terminate and no further charges for this Rider shall be deducted. However, the Rider may be revived along with the basic policy during the revival period but not in isolation.

Beyond the specific details as mentioned in this circular in respect of this Rider, additional details, i.e. exclusions, requirements of claim etc. may be referred from the Rider circular Ref: CO/PD/73 dated 08/08/2015.

DISCONTINUANCE OF PREMIUMS:

If premiums under the policy have not been paid within the Grace Period, a notice shall be sent to the Policyholder within a period of 15 days from the date of expiry of Grace Period to exercise one of the options as per Para (I) or (II) below as the case may be, within a period of 30 days of receipt of such notice.

Up to the expiry of 30 days of receipt of notice, the policy shall be treated as inforce and the charges for Mortality and Accident Benefit cover, if any, shall be taken, as usual, in addition to other charges as specified in Para 3.(IV), by cancelling appropriate number of units out of the Policyholder’s Fund. Insurance cover shall continue till the date of discontinuance of the policy (i.e. the date on which the insurer receives the intimation from the insured or policyholder about discontinuance of the policy or surrender of the policy or on the expiry of the notice period of 30 days, whichever is earlier).

The benefits payable under the policy up to the expiry of 30 days of receipt of notice shall be same as that under an inforce policy, except Partial Withdrawal, which shall not be allowed if all due premiums have not been paid.

The treatment of policy under different options available during the notice period shall be as under:

If the policy is discontinued on or before the expiry of the 5 years’ lock-in-period

Policyholder has to exercise one of the following options within a period of thirty days of receipt of such notice.

Option Description
1 Pay the due premium(s) during the notice period
2 Revive the policy at any time within a revival period of two years from the date of discontinuance
3 Complete withdrawal from the policy without any insurance cover, or
No option selected Payout the proceeds at the end of lock-in-period or 2 years’ revival period, whichever is later

If Policyholder exercises Option (1) i.e. pays the due premium(s) during the notice period, then the policy shall continue as inforce policy.
If Policyholder exercises Option (2), then the Policyholder’s Fund Value after deducting the Discontinuance Charge as specified in Para 3.(IV).e) shall be converted into monetary amount as specified in Para 7.a) below. This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Para 7.b) below.
In case the Policyholder revives the policy during the revival period of 2 years, the policy shall be revived as specified in Para 19. (i) below.

In case the Policyholder does not revive the policy during the revival period of 2 years, then the policy shall be terminated on the expiry of the revival period or on the completion of 5 years’ lock-in-period, whichever is later and the proceeds of the Discontinued Policy Fund, as specified in Para 7.c) below, shall be payable.

However, if Policyholder subsequently opts for surrender though within the revival period but
¾      before the expiry of 5 years’ lock-in-period, the proceeds of the Discontinued Policy Fund shall be payable on completion of 5 years’ lock-in-period.
¾      after the expiry of 5 years’ lock-in-period, the proceeds of the Discontinued Policy Fund shall be payable immediately.

If Policyholder exercises Option (3), then the Policyholder’s Fund Value after deducting the Discontinuance Charge as specified in Para 3.(IV).e) shall be converted into monetary terms as specified in Para 7.a) below. This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Para 7.b) below. The Proceeds of the Discontinued Policy Fund, as specified in Para 7.c) below, shall be payable on completion of 5 years’ lock-in-period. However, if revival request is received while the policy is revivable or within 5 years’ lock-in-period, whichever is earlier, then the policy shall be revived.

If Policyholder does not exercise any option within the period of 30 days of receipt of notice, then the Policyholder’s Fund Value after deducting the Discontinuance Charge as specified in Para 3.(IV).e) shall be converted into monetary terms as specified in Para 7.a) below. This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Para 7.b) below. The Proceeds of the Discontinued Policy Fund, as specified in Para 7.c) below, shall be payable on completion of 5 years’ lock-in-period or at the end of the revival period, whichever is later. However, the policyholder may revive the policy at any time during the revival period.
While the policy is in Discontinued Policy Fund and Policyholder asks for surrender
¾      before the expiry of 5 years’ lock-in-period, the proceeds of the Discontinued Policy Fund shall be payable on completion of 5 years’ lock-in-period.
¾      after the expiry of 5 years’ lock-in-period but before the end of revival period then the proceeds of the Discontinued Policy Fund shall be payable immediately.

Irrespective of what is stated above, in case of death of the Policyholder during the Revival Period or 5 years’ lock-in-period, as the case may be, the Proceeds of the Discontinued Policy Fund, as specified in Para 7.c) below, shall be payable immediately.

If the policy is discontinued after the expiry of 5 years’ lock-in- period

Policyholder has to exercise one of the following options available within a period of thirty days of receipt of such notice.


Option Description
1 Pay the due premium(s) within the notice period
2 Revive the policy at any time within a revival period of two years from the date of discontinuance or up to the date of maturity, whichever is earlier
3 Complete withdrawal from the policy without any insurance cover
4 Convert the policy into paid-up policy, or
No option selected Treatment will be as if Option 3 were selected

If Policyholder exercises Option (1) i.e. pays the due premium(s) during the notice period, then the policy shall continue as inforce policy. If Policyholder exercises Option (2), then during the revival period the policy shall be treated as inforce and charges as specified in Para 3 shall continue to be deducted.
In case the Policyholder revives the policy during the revival period then the policy shall be revived as specified in Para 19. (ii) below.

In case the Policyholder does not revive the policy during the revival period, then the policy shall be terminated on the completion of revival period or date or maturity whichever earlier and the balance amount in the Policyholder’s Fund shall be refunded to the Policyholder.

If Policyholder exercises Option (3), then the policy shall be terminated on the date of intimation for complete withdrawal and the balance amount in the Policyholder’s Fund shall be refunded to the Policyholder.

If Policyholder exercises the option (4), then in such case the policy shall subsist as a paid-up policy and the treatment of such policy shall be as specified in Para 9 below.
If Policyholder does not exercise any of the options within the period of 30 days of receipt of notice, then the policy shall be terminated on the date of expiry of the notice period and the balance amount in the Policyholder’s Fund shall be refunded to the Policyholder.

METHOD OF CALCULATION OF MONETARY AMOUNT AND PROCEEDS OF THE DISCONTINUED POLICY:


The conversion to monetary amount shall be as under: The NAV as on the date of application for surrender or as on the date of discontinuance of the policy (in case of discontinuance of the policy before the 5 years’ lock-in-period), as the case may be, multiplied by the number of units in the Policyholder’s Fund (i.e. after deduction of Discontinuance Charge, if any) as on that date, will be the monetary amount.

Transferring the monetary amount into the Discontinued Policy Fund The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund by converting the monetary amount into the units. The number of units transferred to the Discontinued Policy Fund shall be the monetary amount divided by the NAV of the Discontinued Policy Fund as on the date of transfer.

The Proceeds of the Discontinued Policy shall be calculated as under: The Proceeds of the Discontinued Policy Fund shall be higher of Discontinued Policy Fund Value or the Guaranteed Monetary Amount. The Guaranteed Monetary Amount is the accumulation of monetary amount transferred into the Discontinued Policy Fund at the guaranteed interest rate. The guaranteed interest rate shall accrue from the date when the monetary amount is transferred to the Discontinued Policy Fund to the date when the policy exits from the Discontinued Policy Fund either by death, surrender, revival, complete withdrawal, or at the end of 5 years’ lock-in-period, or on completion of 2 year revival period (if revival period extend beyond the 5 years’ lock-in-period), whichever is applicable.

Currently this guaranteed interest rate is 4% p.a. and shall be subject to change from time to time as declared by IRDAI.


SURRENDER VALUE AND SURRENDER CHARGE:

If all due premium have been paid and the policy is surrendered, the surrender value, if any, is payable as under:

If the policy is surrendered on or before the expiry of the 5 years’ lock-in-period

If a Policyholder applies for surrender of the policy on or before the expiry of the 5 years’ lock-in-period, then the Policyholder’s Fund Value after deducting the Discontinuance Charge as specified in Para 3.(IV).e) shall be converted into monetary terms as specified in Para 7.a) above. This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Para 7.b) above. The Proceeds of the Discontinued Policy Fund, as specified in Para 7.c) above, shall be payable on completion of 5 years’ lock-in-period. However, if Policyholder subsequently requests for revival of the policy while the policy is revivable or within 5 years’ lock-in-period, whichever is earlier, then the policy shall be revived.

In case of death of the Life Assured after the date of surrender but on or before the expiry of the 5 years’ lock-in-period, the Proceeds of the Discontinued Policy Fund shall be payable to the nominee/ legal heir immediately.

If the policy is surrendered after the expiry of 5 years’ lock-in-period

If a Policyholder applies for surrender of the policy after the expiry of 5 years’ lock-in-period, then the Policyholder’s Fund Value as on the date of surrender shall be payable.

Convert the policy into Paid-up policy:

If the Policyholder exercises the option to convert the policy into the paid-up policy, then in such case the policy shall subsist as a paid-up policy and no premiums shall be payable thereafter. The Basic Sum Assured 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 number of premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured * (no. of premiums paid / no. of premiums payable). The reduced risk cover and hence the Mortality Charges in respect of the Paid-up Sum Assured shall be applicable from the next policy month following the date of intimation regarding conversion of policy into paid-up policy. Further, all other charges as specified in Para 3 shall also continue to be deducted.
Under a paid-up policy, in case of death of the Policyholder, higher of Paid-up Sum Assured or Policyholder’s Fund value shall be payable and in case of surrender of the policy or on maturity, balance amount in the Policyholder’s Fund Value as on the date of surrender / date of maturity, as the case may be, shall be payable.

If the balance in the Policyholder’s Fund Value, at any time is not sufficient to recover the relevant charges then the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value, if any, shall be refunded to the Policyholder.

No Accident Benefit cover shall be available under paid-up policy.

Compulsory termination

If the policy has run for at least 5 years provided 5 full years’ premiums have been paid and the balance in the Policyholder’s Fund is not sufficient to recover the relevant charges, the policy shall be compulsorily terminated and the balance amount in the Policyholder’s Fund, if any, shall be refunded to the Policyholder. This shall be applicable irrespective of whether the policy is inforce or paid-up or during the revival period.

ELIGIBILITY CONDITIONS AND FEATURES:

For Basic Plan





  • Basic Sum Assured:
  • (10* Annualized Premium) or (105% of the total premiums paid), whichever is higher.




  • b)Minimum Premium:  
  • Mode                            Amount
    Yearly                           Rs. [20,000]
    Half-Yearly                    Rs. [13,000]
    Quarterly                       Rs. [8,000] 
     Monthly (ECS)              Rs. [3,000]




  • Maximum Premium:  No limit
  • Annualized Premiums shall be payable in multiple of Rs. 1,000 for all modes other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-





  • Minimum Entry Age:                    [90] Days (completed)
  • Maximum Entry Age:                   [50] years (nearest birthday)
  • Policy Term:                              [10 to 20] years
  • Premium Paying Term:                Same as Policy Term
  • Minimum Maturity Age:                [18] years (completed)
  • Maximum Maturity Age:              [60] years (nearest birthday)


  • Age at entry for the policyholder is to be taken as age nearest birthday except for the minimum age at entry i.e. 90 days.

    For LIC’s Linked Accident Benefit Rider





  • Minimum Entry Age:                    [18] years(completed)
  • Maximum Entry Age:                   [55] years (nearest birthday)
  • Maximum Maturity Age:               [60] years (nearest birthday)
  • Minimum Accident Benefit Sum Assured: Rs.10, 000/-
  • Maximum Accident Benefit Sum Assured: 10 times of Annualized Premium subject to the maximum aggregate limit of Accident Benefit Sum Assured under all policies including policies with in-built Accident Benefit taken with Life Insurance Corporation of India under individual policies as well as group policies on the same life shall not in any event exceed Rs.100 lakhs of Accident Benefit Sum Assured
  • Accident Benefit Sum Assured shall be in multiples of Rs. 5000/- only

  • Date of Commencement of Risk
    In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.
    In case the age at entry of Life Assured is 8 years or more, risk will commence immediately.

    Date of Vesting (Applicable only if the Life Assured is below 18 years on the date of commencement of policy)

    If the policy is in force and the Life Assured is alive on the vesting date and if a request in writing for surrendering the policy has not been received by Corporation before such vesting date from the person entitled to the policy moneys, this policy shall automatically vest in the Life Assured on such vesting date i.e. on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured..

    ADDITIONAL FEATURES:


    Switching

    The Policyholder can switch between any fund types during the policy term.  On switching the entire amount is switched to the new Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a Switching Charge of Rs.100 per switch.
    On receipt of the Policyholder’s valid application for a switch from one fund type to another, the Policyholder’s Fund Value after deducting Switching Charge, if applicable, shall be transferred to the New Fund type opted for by the Policyholder and shall be utilized to allocate Fund Units at the NAV under the new Fund type on the said date of switch. If a valid application is received up to a particular time (presently 3 p.m.) by the servicing branch the closing NAV of the same day shall be applicable and in respect of the applications received after such time by the servicing branch the closing NAV of the next business day shall be applicable.

    The timing given is as per the existing guidelines and changes in this regard shall be as per the instruction from IRDAI from time to time.
              

    Top-up

    No Top-up premiums shall be allowed under the plan.

    Increase / Decrease in Benefits

    No increase/decrease of benefits will be allowed under the plan. Under an in force policy, the policyholder can, however, cancel the LIC’s Linked Accidental Benefit Rider at any time during the policy term.  However, once the rider is cancelled, the same cannot be subsequently restored.

    Settlement Option

    The Policyholder may exercise “Settlement Option” at least one month prior to the date of maturity.

    In case this option is exercised, the maturity claim under the policy shall not be paid in lump sum. The Policyholder, in that case, shall encash the amounts from the Policyholder’s Fund in regular (half-yearly / yearly instalments) spread over a period of not more than five years from the date of maturity. He/she shall be required to inform how he/she shall receive the maturity proceeds. The instalment shall be the total number of units as on the date of maturity divided by total number of instalments (i.e. 5 and 10 for yearly and half-yearly instalments in 5 year period respectively). The Policyholder’s Fund will continue to be invested as per the fund type existing as on the Date of Maturity. The number of units arrived at in respect of each instalment will be multiplied by the NAV of the applicable fund type as on the date of instalment payment. The first payment will be made corresponding to the date of maturity and thereafter based on the mode opted by the Policyholder i.e. every six months or annual from the date of maturity, as the case may be. However, at any time during the settlement period the Policyholder can completely withdraw the outstanding amount in the Policyholder’s Fund.

    During the Settlement Period no charges other than the Fund Management Charge shall be deducted. There shall not be any insurance cover during this period. The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.

    On death of Life Assured after the commencement of Settlement Period, the value of outstanding units held in Policyholder’s Fund shall become payable to the nominee / legal heir in lump sum.

    No partial withdrawal or switching of fund shall be allowed after commencement of Settlement Period.

    Partial Withdrawals:

    A Policyholder can partially withdraw the units at any time after the fifth policy anniversary and provided all due premiums till date of partial withdrawal have been paid, subject to the following:





  • In case of minors, partial withdrawals shall be allowed only after Life Assured is aged 18 years or above. 
  • Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.






  • Partial withdrawal will be allowed subject to a minimum balance of:

    • From 6thto 10th policy year: 3 annualized premiums or 50% of Policyholders’ Fund value as on the date of withdrawal, whichever is higher
    • From 11thto 20th policy year: 3 annualized premiums or 25% of Policyholders’ Fund value as on the date of withdrawal, whichever is higher

    If partial withdrawal has been made then for two years’ period immediately from the date of withdrawal, the Basic Sum Assured or Paid-up Sum Assured, whichever is applicable, shall be reduced to the extent of the amount of partial withdrawals made. On completion of two years’ period from the date of withdrawal the original Basic Sum Assured/Paid-up Sum Assured shall be restored.

    MODES OF PREMIUM PAYMENT:

    Regular premium can be paid throughout the Policy Term either in yearly, half yearly, quarterly or monthly installments. Monthly installments will be allowed through ECS only.

    There will be no mode specific charges.

    CEIS REBATE:

    Policy completed under Corporation’s Employee Insurance Scheme (CEIS) is eligible for the CEIS rebate provided policy is not taken through any intermediary. No rebate on premium is allowed to Corporation Employees.

    However, for direct business in respect of Corporation Employees there will not be Premium Allocation Charge.

    LOANS: 

    No loan facility shall be available under this plan.

    UNDERWRITING:

    Instructions will be issued separately by Underwriting and Reinsurance Department.

    DAYS OF GRACE:

    A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums. If the death of Life Assured occurs within the grace period but before the payment of premium then due, the policy will still be valid and the death benefits shall be paid after deduction of all the relevant charges, if not recovered.

    If the premium is not paid within the days of grace, the benefits shall be paid as per details given in Para 6 under Discontinuance of premiums.

    REVIVALS:

    If due premium is not paid within the Grace Period then a notice shall be sent to the Policyholder as specified in Para 6 above.

    In case the Policyholder opts to revive the policy during the revival period i.e. the period of two consecutive years from the date of discontinuance of the policy:

    If premium is discontinued before the expiry of 5 years’ lock-in-period:
    If the Policyholder exercises the option to revive the policy at any time during the Revival Period of two years, then the Policyholder’s Fund Value after deducting the Discontinuance Charge as specified in Para 3.(IV).e), shall be converted into monetary terms as specified in Para 7.a) above. This monetary amount shall be transferred to the Discontinued Policy Fund.

    If the Policyholder revives the policy within the Revival Period then the policy shall be revived subject to the following:
    • The revival shall be allowed on submission of proof of continued insurability on payment of all the arrears of premium without interest.
    • The Discontinuance Charge deducted from the Policyholder’s Fund, if any, along with the proceeds of the Discontinued Policy Fund shall be added back to the Policyholder’s Fund.
    • All outstanding applicable Policy Administration Charges, Premium Allocation Charges and Service Tax Charges due since the date of discontinuance shall be deducted from the Policyholder’s Fund.
    • Units of the segregated fund originally chosen by the Policyholder or as chosen in the last switch, or the fund chosen at the time of revival, as the case may be, shall be allotted based on the NAV as on the date of revival.
    In case the Policyholder does not revive the policy during the Revival Period then the policy shall be terminated on the expiry of the Revival Period or on the completion of 5 years’ lock-in-period, whichever is later and the proceeds of the Discontinued Policy Fund shall be payable.

    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 by the Corporation and is specifically communicated in writing to the Policyholder.

    If premium is discontinued after the expiry of the 5 years’ lock-in-period:

    If the Policyholder exercises the option to revive the policy during the Revival Period (i.e. two years from the date of discontinuance or up to the date of maturity, whichever is earlier), then the policy shall be treated as inforce with insurance cover as per original terms and conditions of the policy and charges as specified in Para 3 shall continue to be deducted.

    If the Policyholder revives the policy, then the policy shall be revived subject to the following:
    The revival shall be allowed on payment of all the arrears of premium without interest. All outstanding Premium Allocation Charges and Service Tax Charges on Premium Allocation Charges since the date of discontinuance shall be deducted. Units shall be allotted based on the NAV as on the date of revival.
    In case the Policyholder does not revive the policy during the Revival Period, then the policy shall be terminated on the completion of the Revival Period and the balance amount in the Policyholder’s Fund shall be refunded to the Policyholder.

    Irrespective of what is stated above, if the Policyholder’s Fund Value is not sufficient to recover the charges during the notice/revival period, the policy shall terminate and thereafter revival will not be allowed.

    LIC’s Linked Accidental Death Benefit Rider, if opted for, can be revived along with the Basic Policy and not in isolation.

    Reinstatement of surrendered policy shall not be allowed.

    SUICIDE:  

    In case of death due to suicide, within 12 months from the date of commencement of policy or from the date of revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the Policyholder’s Fund Value, as available on the date of death. The Corporation will not entertain any other claim by virtue of this policy and the policy shall terminate.
    This clause shall not be applicable in case age at entry of the Life Assured or at the time of revival is below 8 years.

    TAX: Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

    COOLING-OFF PERIOD:

    If the Policyholder is not satisfied with the “Terms or Conditions” of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. The amount to be refunded in case the policy is returned within Free Look Period shall be determined as under:
    Value of units in the Policyholder’s Fund
         Plus Unallocated premium
         Plus Policy Administration Charge deducted
         Plus Service Tax Charge deducted
    Plus proportionate Mortality and Accident Benefit charge, if any, for the balance period from the date of cooling off to the end of policy month for which the respective charges have been deducted
    Less Stamp Duty @ Rs.0.20 per thousand Basic Sum Assured and Accident Benefit Sum Assured, if any
         Less Actual cost of medical examination and special reports, if any.

    In case the policy is returned during the cooling-off period, Commission shall be recovered from the concerned Agent and the Development Officer’s credit allowed shall be withdrawn.

    BACK DATING:

    Back dating of policy will not be allowed.

    POLICY STAMPING:

    Policy Stamping will be at the rate of Rs.0.20 per thousand Basic Sum Assured and Accident Benefit Sum Assured, if LIC’s Linked Accidental Death Benefit Rider, is opted for.

    Any updates in this regard shall be issued by Legal Department, Central Office.

    ASSIGNMENTS / NOMINATION:

    Assignments:  

    Assignment is allowed under this plan as per Section 38 of the Insurance Laws (Amendment) Act, 2015, as amended from time to time. The notice of assignment should be submitted for registration to the office of the Corporation, where the policy is serviced.

    Nominations: 

    Nomination by the holder of a policy of life assurance is required as per Section 39 of the Insurance Laws (Amendment) Act, 2015, as amended from time to time.

    The notice of nomination or change of nomination should be submitted for registration to the office of the Corporation, where the policy is serviced. In registering nomination the Corporation does not accept any responsibility or express any opinion as to its validity or legal effect.

    NORMAL REQUIREMENTS FOR CLAIM:

    The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured shall be claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, medical treatment prior to the death, school/ college/ employer's certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the policy, the proof of age of the Life Assured shall also be submitted.

    Where the policy results into a maturity claim or the policyholder exercises settlement option or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document, NEFT mandate from the claimant for direct credit of the claim amount to the bank account besides proof of age, if the age is not admitted earlier.

    In case the age is found to be higher than the age under the policy, then the difference in the charges for the correct age shall be deducted with interest at such rate as determined by the Corporation from time to time.

    Where policy results into an accidental death claim the applicable statements from the following list may be called to ascertain circumstances under which death took place:-
    1)     A certified copy of first information report (FIR).
    2)     A certified copy of police inquest report.
    3)     Copy of panchanama.
    4)     Post mortem report to know the probable cause of death. If viscera is preserved in post mortem, then chemical analyzer report to know the contents i.e. whether Life Assured has consumed liquor, drugs, narcotics or poison.
    5)     Newspaper cuttings where accident is reported.
    6)     If death is due to vehicle accident, then copy of driving license, if Life Assured was driving the vehicle.
    7)     Sub-divisional magistrate final verdict about death- this will give classification of death as ‘natural/suicide/accidental’
    8)     When accident is not reported to police authorities, like death due to dog or snake bite, then alternate proofs such as statement of eye witness, affidavit of gramsevak or govt. officials, our own enquiry report, attending physician or hospital reports may be sufficient.
    9)     Hospital treatment records.

    REINSURANCE:

    For reinsurance purposes, the retention limits will be those applicable to Term Assurance Plans for the Sum at Risk (i.e. the difference between Basic Sum Assured and Policyholder’s Fund Value in case of inforce policies and the difference between Paid-up Sum Assured and Policyholder’s Fund Value in case of Paid-up policies).

    UNIT STATEMENT:

    At the time of sale, a client specific benefit illustration shall be provided to the Policyholder. Such benefit illustration shall be signed by both the prospective Policyholder and intermediary and shall form the part of the policy document.

    Further, Unit statement has to be issued on yearly basis and also as and when a transaction takes place.