Eligibility Conditions and Other Restriction

Eligibility Condition And Other Restrictions

a) Minimum Basic Sum Assured : Rs. 100,000
b) Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of
Rs. 10, 000/ - )
c) Minimum Age at entry for Life Assured : [0] years ( last birthday)
d) Maximum Age at entry for Life Assured : [12] years ( last birthday)
e) Minimum / Maximum Maturity Age for : [25] years (last birthday) Life Assured
f) Policy Term : [25 – Age at entry] years

Date of commencement of risk under the plan:
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 commencement of policy or one day before the policy anniversary coin ciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Date of vesting under the plan:
The policy shall automatically vest in the Life Assured on the poli cy 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.

Payment of Premiums:
Premiums can be paid regularly at yearly, ha lf - yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy However, a grace period of one month but not less than 30 days will be allowed for yearly, half - yearly, quarterly modes and 15 days for monthly mode of prem ium payment.

Mode and High S.A. Rebates:
Mode Rebate:

Yearly mode 2% of Tabular Premium
Half-yearly mode 1% of Tabular premium
Quarterly, Monthly, SSS NIL

High Sum Assured Rebate:

Basic Sum Assured Rebate (Rs.)
1,00,000 to 1,90,000 Nil
2,00,000 to 4,90,000 2 per thousand Basic Sum Assured
5,00,000 to and above 3 per thousand Basic Sum Assured

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived wi thin a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity , as the case may be by paying all the arrears of premium together with interest (compounding half - yearly) at such rate as fixed by the Corporation fr om time to time subject to submission of satisfactory evidence of continued insurability. The Corporation reserves the right to accept at original terms, accept 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 by the Corporation and is specifically communicated to the Policyholder Revival of rider , if opted for, will be considered along with revival of the Basic Policy and not in isolation and shall be s ubject to underwriting.

Paid - up Value
If at least three full years' premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid - up policy . The Sum Assured on Death under paid – up policy shall be reduced to such a sum called “Death Paid - up Sum Assured” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death ] The Sum Assured on Maturity under paid - up policy shall be reduced to suc h a sum called “Maturity Paid - up Sum Assured ” and shall be equal to [(Number of premiums paid/Total Number of premiums payable) x ( Sum Assured on Maturity plus Total Survival Benefits payable under the policy)] less Total amount of Survival Benefits alread y paid. The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonus es shall remain attached to the reduced paid up policy. In case of a paid up policy, no future survival benefits shall be payable . However, if the option to defer the Survival Benefit(s) has been exercised and payment of such Survival Benefit(s) have not yet been made, these increased Survival Benef it(s) shall also be paid as specified in para 2 a above. Rider shall not acquire any paid - up value and the rider benefits cease to apply, if policy is in lapsed condition.

Surrender Value:
The policy can be surrendered provided atleast three full Years' premiums have been paid .
The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) exclu ding extra premiums and premium for rider , if opted for , less any survival benefits already due and payable.

Disclaimer: The above information is general information of policy. Policy will governed by terms and condition issued by LIC OF INDIA