LIC Bima Jyoti Yojna

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

LIC’s Bima Jyoti is a Non-Linked, Non-Participating, Individual, Life Assurance Savings Plan which offers an attractive combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholders during the policy term and guaranteed lumpsum payment to the surviving policyholder at the time of maturity. This plan also takes care of liquidity needs through loan facility.

Death Benefit-

On death during the policy term before the date of commencement of risk-

Return of premiums paid excluding taxes, extra premium and rider premium(s), if any.

On death during the policy term after the date of commencement of risk-

“Sum Assured on Death” and Accrued Guaranteed Additions. Where “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium

Death Benefit as mentioned in A(ii) above shall not be less than 105% of the total Premiums paid (excluding any extra premium, any rider premium(s) and taxes) up to the date of death.

Maturity Benefit-

On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with Guaranteed Additions, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Guaranteed Additions-

Provided the policy is in-force by payment of due premiums, Guaranteed Additions at the rate of Rs. 50 per thousand Basic Sum Assured will be added to the policy at the end of each policy year. In case of death under in-force policy, the Guaranteed Addition in the year of death shall be for full policy year. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy.

In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year.

Eligibility Conditions and Other Restrictions-

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 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Date of vesting-

If the policy is issued on the life of a minor, the policy shall automatically vest on the Life Assured 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.

Rider Benefits-

The following five optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider and/or the remaining three riders.

• Accidental Death and Disability Benefit Rider
• Accident Benefit Rider
• New Term Assurance Rider
• New Critical Illness Benefit Rider
• Premium Waiver Benefit Rider

Payment of Premiums-

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions.

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered in-force 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.

Rebates-

Revival-

If the premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived, but within a period of 5 consecutive years from the date of First Unpaid Premium but before the date of maturity. 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 fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for) 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 Policyholder/Life Assured/Proposer.

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.

The rate of interest applicable for revival under this plan for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec Rate as p.a. compounding half-yearly as at the last trading day of previous financial year plus 300 basis points. For the 12 months’ period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly.

Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation.

Policy Loan-

Loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan allowed under this policy as a percentage of surrender value shall be as under:

• For in-force policies- upto 90%
• For paid-up policies- upto 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The rate of loan interest applicable for full loan term, for the loan to be availed 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 date of previous financial year plus 300 basis points. For loan sanctioned during 12 months period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

 LIC Bachat Plus

LIC’s Bachat Plus is a Non-Linked, Participating, Individual, Life Assurance, Savings plan which offers a combination of protection and savings. This combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility. Proposer can choose to pay the premium either as Lumpsum (Single Premium) or for a Limited period of 5 years.

Death Benefit-

The proposer will have an option to choose “Sum Assured on Death” as per the two options available under each of Single Premium and Limited Premium payment.

The options should be chosen carefully depending on the individual’s specific needs as the premium and benefits under the plan shall vary as per the option chosen and the same shall not be altered later.

The availability of above Options shall be subject to eligibility conditions as mentioned in Para 2 below.

Note: In the above mentioned table

1. “Tabular Premium” shall be the premium as applicable for Single Premium or Limited Premium for the chosen option and Basic Sum Assured based on the age of the Life Assured before allowing for any rebate or extra loadings. It does not include any taxes and Rider Premium, if any.
2. “Basic Sum assured” is the guaranteed amount that is payable on maturity.
3. “Modal Loadings” is an addition to the tabular premium where the premiums are paid more frequently than annually (i.e half-yearly or quarterly or monthly).

Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be as under-

On death during first five policy years-

Before the date of commencement of risk-

Refund of premium(s) paid without interest shall be payable. The premium(s) referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

On or after the date of commencement of risk- 

“Sum Assured on Death” shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity-

“Sum Assured on Death” along with Loyalty Addition, if any, shall be payable.

“Sum Assured on Death” shall be as per the Option selected as detailed in the Table above.

The death benefit under Limited Premium payment shall not be less than 105% of all the premiums paid as on the date of death excluding taxes, extra premium and rider premium, if any.

Maturity Benefit-

On Life Assured surviving the stipulated Date of Maturity, provided the policy is in-force, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable, where“ Sum Assured on Maturity” is equal to Basic Sum Assured.

Loyalty Addition-

Provided the policy has completed five policy years and all due premiums have been paid, then depending upon the Corporation’s experience, the policies under this plan shall be eligible for Loyalty Addition at the time of exit in the form of Death during the policy term or Maturity, at such rate and on such terms as may be declared by the Corporation.

In addition, Loyalty Addition, if any, shall also be considered in Special Surrender Value calculation on surrender of policy during the policy term, under both single premium policy and limited premium payment policy, provided the policy has completed five policy years and all premiums due under the policy have been paid.

Eligibility Conditions and Other Restrictions-

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 2 years from the date of commencement of the policy or from the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.

For those aged 8 years or more at entry, risk will commence immediately from the date of acceptance of the risk i.e. from the Date of issuance of policy.

Date of vesting under the plan-

If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured 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.

Available Riders-

The following two optional riders are available under this plan by payment of additional premium at inception only.

• Accidental Death and Disability Benefit Rider
• New Term Assurance Rider

Payment of Premiums-

Premiums can be paid either in lumpsum or regularly during the Premium Paying Term at yearly, half-yearly, quarterly or monthly mode (through NACH only) or through salary deductions (SSS).

Grace Period-

Single Premium-

Not Applicable.

Limited Premium-

A grace period of 30 days shall be allowed for payment of yearly or half yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered in-force 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.

Sample Illustrative Premium-

Single Premium-

The sample illustrative single premiums for Basic Sum Assured of ₹1 lakh for Standard lives are as under-

Limited Premium-

The sample illustrative annual premiums for Basic Sum Assured of ₹1 lakh for Standard lives are as under

Modal Loading under Limited Premium-

Following Modal loading is applicable for Limited Premium Payment

High Basic Sum Assured Rebate-

Revival-

If the premium is not paid before the expiry of the days of grace, then the policy will lapse. 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 fixed 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 Policyholder/Life Assured/Proposer.

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.

The rate of interest applicable for revival under this plan for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec Rate as p.a. compounding half-yearly as at the last trading day of previous financial year plus 300 basis points. For the 12 months’ period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly.

Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation.

Policy Loan-

Under Single Premium-

Loan can be availed under this plan at any time during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later subject to the terms and conditions as the Corporation may specify from time to time. The maximum loan that can be granted shall be 90% of the surrender value.

Under Limited Premium-

Loan shall be available under the policy provided, at least two full years premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan allowed under the policy, as a percentage of Surrender Value shall be as under

• For in-force policies – 90%
• For paid up policies – 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals.

The rate of loan interest applicable for full loan term, for the loan to be availed 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 date of previous financial year plus 300 basis points. For loan sanctioned during 12 months period commencing from 1st May, 2020 to 30th April, 2021 the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

 LIC's New Endowment Plan (Plan No. 914) 

LIC's New Endowment Plan (Table No. 914) is a participating non-linked plan. Which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Benefits Payable on Death-

In case of death during the policy term, if the policyholder has paid all the due premiums then the death benefit, defined as the sum of "Sum Assured on Death" and Vested Simple Reversionary Bonuses and Final Additional bonus,  if any. if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

Benefits Payable on Maturity-

The "Sum Assured on Maturity" along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on the Life Assured surviving the policy maturity date. Where "Sum Assured on Maturity" is equal to Basic Sum Assured. Provided that the policy is in-force till the date of maturity.

Participation in Profits-

The policy shall participate in the profits of the Corporation and shall be entitled to simple reversionary bonus declared as per the experience of the Corporation, provided the policy is in force.

The final (additional) bonus under the policy can also be declared in the year the death or maturity is claimed as a result of the policy. Final Additional Bonus will not be payable under paid-up policies.

Eligibility Conditions and Other Restrictions-

Riders Benefits For Policyholders-

In this LIC plan for the policyholder, the following five optional riders are available by paying additional premium. However, the policyholder can choose either LIC's Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider. Hence, a maximum of four riders can be availed under one policy.

The optional riders available under LIC's New Endowment Plan (Plan No. 914) are as follows -

• Accidental Death and Disability Benefit Rider
• Accident Benefit Rider
• New Term Assurance Rider
• New Critical Illness Benefit Rider
• Premium Waiver Benefit Rider

Option to take Death Benefit in Installment-

The policy also offers policyholders an option to choose to receive the death benefit payouts in installments for their nominee. Death benefits can be paid over the period of 5,10 or 15 years instead of a lump-sum amount. It can be exercised by the policyholder during the minority of the life assured, or by the life assured during his/her life-time. The option of installment payment may be selected for part or full death benefits payable upon the death of the policyholder.

The installments 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:

Payment of Premiums-

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through NACH only) or through salary deduction over the term of policy.

Grace Period-

In LIC's New Endowment Policy, if the policy has been chosen to pay premium in yearly, half yearly or quarterly mode. So in such a policy, a grace period of 30 days is given from the first unpaid premium. Whereas 15 days concession is given in the policy paying premium through monthly mode. The risk cover as per the terms of the policy remains in force during the grace period. If the premium of the policy is not paid before the expiry of grace period, the policy lapses.

The above exemption will also be applicable to the rider premium, which is payable along with the premium of the base policy.

Rebates-

Revival-

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived 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 fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for) 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 Policyholder/Life Assured/Proposer.

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 Life Assured.

Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation.

Policy Loan-

Loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

 LIC New Jeevan Anand

LIC’s New Jeevan Anand Plan is a Non-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

Death Benefit-

Provided all due premiums have been paid, the following death benefit shall be paid

On Death during the policy term i.e. before the stipulated Date of Maturity:

Death benefit, equal to “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable; where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of total premiums paid up to date of death.

The premium mentioned above exclude taxes, extra premium and rider premium(s), if any.

On death after expiry of the policy term i.e. from the stipulated Date of Maturity:

Basic Sum Assured shall be payable.

Benefits payable at the end of Policy Term -

On Life Assured surviving to the stipulated Date of Maturity, provided the policy is in-force, i.e. all due premiums have been paid “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable; where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Participation in Profits-

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim by death during the policy term or due for the maturity benefit provided the policy is in force. Final Additional Bonus shall not be payable under paid-up policies.

The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Eligibility Conditions and Other Restriction-

Date of commencement of risk under the plan-

Risk will commence immediately on acceptance of the risk

Available Riders-

The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy. Riders available in Jeevan Anand-

1.  Accidental Death and Disability Benefit Rider
2. Accident Benefit Rider
3. New Term Assurance Rider
4. New Critical Illness Benefit Rider

Payment of Premiums-

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (through NACH only) or through salary deductions over the Policy Term.

Grace Period -

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. During this period, the policy shall be considered in-force 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.

Rebates -

Mode Rebate:

High Sum Assured Rebate on Premium-

Revival-

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of first unpaid premium but before the end of policy term, 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 fixed 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 Policyholder/Life Assured/Proposer.

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

Revival of rider(s), if opted for, will be considered along with revival of the basic policy and not in isolation.

Policy Loan -

Loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as under-

• For in-force policies – up to 90%
• For paid-up policies – up to 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.

LIC's Jeevan Lakshya

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

LIC’s Jeevan Lakshya is a Non-linked, Participating, Individual, Life Assurance plan which offers a combination of protection and savings. This plan provides for Annual Income benefit that may help to fulfill the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder. This plan also takes care of liquidity needs through its loan facility.

Death Benefit-

On death of the Life Assured during the policy term before the stipulated Date of Maturity provided the policy is in-force i.e. all due premiums have been paid, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Where “Sum Assured on Death” is defined as higher of-

- 7 times of annualized premium or

- Sum of 110% of Basic Sum Assured, which shall be payable on date of maturity and Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.

The Death Benefit defined above shall not be less than 105% of total premiums paid upto the date of death.

Premiums referred above exclude taxes, extra premium and rider premium(s), if any.

Maturity Benefit-

On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Participation in Profits-

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in- force.

In case of death under a policy which is in-force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under in-force policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as in-force on death during the grace period.

Final Additional Bonus shall not be payable under reduced paid-up policies.

The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.

Eligibility Conditions and Other Restrictions-

Rider Benefits-

The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy.

• Accidental Death and Disability Benefit Rider
• Accident Benefit Rider
• New Term Assurance Rider
• New Critical Illness Benefit Rider

Payment of Premiums-

Premiums can be paid regularly during the premium paying term at yearly, half-yearly, quarterly or monthly mode (through NACH only) or through salary deductions over the premium paying term of the policy.

Grace Period-

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of first unpaid premium. During this period, the policy shall be considered in-force 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.

Rebates-

Revival-

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived 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 fixed 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 Policyholder/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.

Revival of rider(s), if opted for, will be considered along with revival of the Base Policy, and not in isolation.

Policy Loan-

Loan can be availed under the policy provided atleast two full years premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.

The maximum loan as a percentage of surrender value shall be as under:

• For in-force policies – 90%
• For paid-up policies – 80%

The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.

In case of exit i.e. either by Surrender or Maturity, any loan outstanding along with interest shall be recovered from the claim proceeds. However, in case of death of the policyholder, until the loan is fully repaid, interest on such outstanding loan (principal amount with interest) as on the date of death shall be recovered from any immediate benefit(s) i.e. Rider Benefit(s) payable under the policy and Annual Income Benefits. The principal amount of loan outstanding shall be recovered from any rider benefit(s) if payable under the policy else from the final lumpsum payment.