Eligibility Conditions and Other Restrictions :

Eligibility Condition And Other Restrictions

1. Minimum Basic Sum Assured : Rs. 1,50,000
2. Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
3. Policy Term : 12 to 20 years
4. Minimum Age at entry : 12 years (completed)
5. Maximum Age at entry : 45 years (nearer birthday)
6. Maximum Maturity Age : 65 years (nearer birthday)
Date of commencement of risk : Under this plan the risk will commence immediately from the date of acceptance of the risk including minor lives.

Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS or through salary deductions) over the term of policy.
However, a grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly, quarterly mode and 15 days for monthly mode of premium payment.
Mode and High S.A. Rebates:
Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Monthly - NIL

High Sum Assured Rebate:
Basic Sum Assured (B.S.A) Rebate (Rs.)
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.

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within 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 at the time of the payment, 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 in writing to the Policyholder. Revival of rider, if opted for, will be considered along with revival of the Base Policy, and not in isolation.

Paid-up Value :
If atleast three full years premium 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 a paid-up policy shall be reduced to such a sum, called Death Paid-up Sum Assured and shall equal to {Sum Assured on Death * (no. of premiums paid / Total no. of premiums payable)}.
The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called Maturity Paid-up Sum Assured and shall be equal to {Sum Assured on Maturity * (no. of premiums paid / Total no. of premiums payable)}.
If a policy continues as a paid - up policy the same shall not be entitled to participate in future profits.. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid up policy.
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. This percentage will depend on the policy term and policy year in which the policy is surrendered

Policy Loan: Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

This policy shall be void If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim except for 80% of the premiums paid, provided the policy is inforce.
ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, shall be payable. The Corporation will not entertain any other claim . This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policy.

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