Eligibility Conditions and Other Restrictions:
|Eligibility Condition And Other Restrictions|
For Basic plan
1. Minimum Basic Sum Assured : Rs. 100,000/-
2. Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
3. Minimum Age at entry : 8 years (completed)
4. Maximum Age at entry : 55 years (nearest birthday)
5. Maximum Maturity Age : 75 years (nearest birthday)
6. Minimum Term : 12 years
7. Maximum Term : 35 years
For LIC’s Accidental Death and Disability Benefit Rider
1. Minimum Accident Benefit Sum Assured : Rs. 100,000/-
2. Maximum Accident Benefit Sum Assured : Rs.100 lakh
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
3. Minimum Age at entry : 18 years (completed)
4. Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
5. Maximum cover ceasing age : 70 years (nearest birthday)
An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.100 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) 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 or half-yearly or quarterly premiums and 15 days for monthly premiums.
Mode and High S.A. Rebates:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Salary deduction - NIL
High Sum Assured Rebate:
Basic Sum Assured (B.S.A) Rebate (Rs.)
1, 00,000 to 1, 95,000 - Nil
2, 00,000 to 4, 95,000 - 2.00 %o B.S.A.
5, 00,000 and above - 3.00%o B.S.A.
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revive within a period of 2 consecutive years from the date of first unpaid premium and 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. Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy, and not in isolation.
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 Basic Sum Assured under the policy 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 premiums paid bears to the total number of premiums i.e. Basic Sum Assured *(no. of premiums paid / no. of premiums payable). This Paid-Up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses. Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.
The policy can surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company 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 under this policy except to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is inforce. 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 (excluding any taxes, extra premium and rider premiums, if any,) or the surrender value, provided the policy is inforce, shall be payable. The Corporation will not entertain any other claim under this policy.