LIC’s NEW BIMA BACHAT (UIN: 512N284V01)

LIC’s New Bima Bachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In addition, on maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan also takes care of liquidity needs through its loan facility.

a) BENEFITS: 
Death benefit: 

On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if any. 

b)Survival Benefits:
Payable as given below in case of Life Assured surviving to the end of the specified durations:

For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy year

For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th policy year 

For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th policy year

c) Maturity Benefit: 
Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty Addition, if any, in case of Life Assured surviving to the end of the policy term. 
d) Loyalty Addition 
Depending upon the Corporation’s experience the policies shall be participate in the profits and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years and on policyholder surviving to maturity, at such rate and on such terms as may be declared by the Corporation.      
Statutory warning: 
“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.  If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page.  If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns.  These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.”










Notes:

1.  The Single Premium shown above is exclusive of tax.



2. This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.



3. The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 4% p.a.(Scenario 1) and 8% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.



4. The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.



5. v) The amount shown under benefit payable on survival at the end of the policy term is the Maturity Benefit.

1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS :
a) Minimum entry age : 15 years (completed)

b) Maximum entry age : 66 years (nearest birthday) for term 9 years
63 years (nearest birthday) for term 12 years
60 years (nearest birthday) for term 15 years

c) Maximum maturity age: : 75 years (nearest birthday)

d) Policy Term : 9, 12 or 15 years.

e) Minimum Sum Assured : Rs.35,000 for term 9 years
Rs.50,000 for term 12 years
Rs.70,000 for term 15 years

f) Maximum Sum assured : No limit
Sum Assured will be in multiples of Rs.5,000 /- only.


g) Premium payment mode : Single Premium only



2. SAMPLE PREMIUM RATES: 

The sample premium rates (exclusive of taxes) are as under: -

Single Premium per 1000 Sum Assured (Rs)
Age (Nearest birthday)	Term
	9	12	15
15	767.95	771.00	771.55
25	768.95	772.00	772.70
35	771.70	775.35	776.80
45	782.65	787.15	789.25
55	803.80	808.10	810.70
65	836.85	-	-

3. REBATE FOR HIGH SUM ASSURED :
High Sum Assured Rebates (As percentage of Tabular Premium) :

Term = 9 years
Less than Rs. 75,000 : NIL
Rs. 75,000 and Less than Rs.150,000 : 6 %
Rs. 150,000 and above . : 8 %
Term =12 years
Less than Rs. 100,000 : NIL
Rs. 100,000 and Less than Rs. 200,000. : 4 %
Rs. 200,000 and above : 6 %

Term =15 years
Less than Rs. 150,000 : NIL
Rs. 150,000 and Less than Rs.300,000 : 3 %
Rs. 300,000 and above : 5 %

4. LOAN : 
Loan can be availed under this plan any time after completion of one policy year. The loan shall be equal to 60% of the surrender value as on date of sanction of loan.
5. SURRENDER VALUE: 
Buying a life insurance contract is a long term commitment. However, surrender value is available under the plan on earlier termination of the contract.
The Guaranteed Surrender Value allowable shall be as under:
- First year: 70% of the Single premium excluding taxes and extra premium, if any.
- Thereafter: 90% of the Single premium excluding taxes, extra premium, if any and all survival benefits paid earlier.
The Corporation may, however, pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.
6. TAXES: 
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Life Assured on the single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
7. COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, charges for medical examination, special reports, if any, and stamp duty.
8. EXCLUSIONS: 
The 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 90% of the single premium paid excluding taxes and any extra premium paid. 

LIC's NEW MONEY BACK PLAN-25 YEARS (UIN: 512N278V01)

LIC's New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique 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.


1. Benefits:
Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and 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 the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
                                                                                                                                      
The premiums mentioned above exclude tax, extra premium and rider premium, if any.
Survival Benefits: In case of Life Assured surviving to the end of the specified durations 15% of the Basic Sum Assured at the end of each of 5th, 10th, 15th & 20th policy year.
Maturity Benefit: In case of Life assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.
      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 full force.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity provided the policy has run for certain minimum term.

1. Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider:  LIC’s Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of additional premium charged in respect of cover after premium paying term shall be refunded.

1. Eligibility Conditions 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/-)

1. Minimum Age at entry for Life Assured       :  13 years (completed)
2. Maximum Age at entry for Life Assured      :  45 years (nearest birthday)
3. Maximum Maturity Age for Life Assured  :  70 years (nearest birthday)
4. Term                                                               :  25 years
5. Premium paying term                                                :  20 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  :   An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 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.     
 (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

1. Minimum Age at entry for Life Assured   :  18 years (completed)
2. Maximum Age at entry for Life Assured :  The cover can be opted for at any policy anniversary during the premium paying term.
3. Maximum cover ceasing age                      :  70 years (nearest birthday)

2. 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 yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.



3. Sample Premium Rates: 

Following are some of the sample tabular annual premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:


Age(in years)	Premium (Rs.)
20	60.00
30	61.45
40	65.95
45	70.15

4. Mode and High S.A. Rebates:

Mode Rebate:
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.


5. 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 2 consecutive years from the date of first unpaid premium but before the date of maturity by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from 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(s), if opted for, will be considered along with revival of the Basic Policy and not in isolation.


6. 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 Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall be equal to [(Number of premiums paid / Total Number of premiums payable) x Basic Sum Assured] less Total amount of survival benefits already paid under the policy.
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 Bonuses shall remain attached to the reduced paid-up policy.
Notwithstanding the benefits available under a fully inforce policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.
Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.


7. Surrender Value:

The policy can be 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 less any survival benefits already paid. This percentage will depend on the policy year in which the policy is surrendered and specified as below:


Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to total premiums paid	0.00	0.00	30.00	50.00	50.00	50.00	50.00	51.76	53.53	55.29
Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to total premiums paid	57.06	58.82	60.59	62.35	64.12	65.88	67.65	69.41	71.18	72.94
Policy Year	21	22	23	24	25
% applicable to total premiums paid	74.71	76.47	78.24	80.00	80.00



In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to accrued bonuses multiplied by the surrender value factor applicable to accrued bonuses. These factors will depend on the policy year in which the policy is surrendered and specified as below:

Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to vested bonuses	0.00	0.00	15.28	15.42	15.55	15.72	15.93	16.22	16.58	17.03
Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to vested bonuses	18.58	17.58	17.66	17.85	18.16	18.60	19.18	19.93	20.85	21.99
Policy Year	21	22	23	24	25
% applicable to vested bonuses	23.38	25.05	27.06	30.00	35.00

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

8. 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.


9. Taxes:

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.
      The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.


10. Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions”, policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting proportionate risk premium (for basic plan and rider(s) if any)  for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty charges.


11. Exclusion:

Suicide: - 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.

LIC's NEW MONEY BACK PLAN-20 YEARS (UIN:512N280V01)

LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique 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.


1. Benefits:
Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and 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 the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

 The premiums mentioned above exclude tax, extra premium and rider premium, if any.
Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
      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 full force.
      Final Additional Bonus may also be declared under the policy in the year when the policy results  into a claim either by death or maturity, provided the policy has run for certain minimum term.


1. Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of additional premium charged in respect of cover after premium paying term shall be refunded. 

1. Eligibility Conditions 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/-)

1. Minimum Age at entry for Life Assured       :  13 years (completed)
2. Maximum Age at entry for Life Assured      :  50 years (nearest birthday)
3. Maximum Maturity Age for Life Assured  :  70 years (nearest birthday)
4. Term                                                               :  20 years
5. Premium paying term            (PPT)                          :  15 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  :  An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 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.     
       (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

1. Minimum Age at entry for Life Assured    :  18 years (completed)
2. Maximum Age at entry for Life Assured: The cover can be opted for at any policy anniversary during the premium paying term.
3. Maximum cover ceasing age                        :  70 years (nearest birthday)

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 yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.



Sample Premium Rates: 

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:


Age (in years)	Premium  (Rs.)
20	78.00
30	79.10
40	82.95
50	92.05

Mode and High S.A. Rebates:

Mode Rebate:
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.

1. 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 2 consecutive years from the date of first unpaid premium but before the date of maturity by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from 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(s), if opted for, will be considered along with revival of the Basic Policy and not in isolation.

1. 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 Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall be equal to [(Number of premiums paid / Total Number of premiums payable) x Basic Sum Assured] less Total amount of survival benefits already paid under the policy.
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 Bonuses shall remain attached to the reduced paid-up policy.
Notwithstanding the benefits available under a fully inforce policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier.
Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

1. Surrender Value:
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 less any survival benefits already paid. This percentage will depend on the policy year in which the policy is surrendered and specified as below:


Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to total premiums paid	0.00	0.00	30.00	50.00	50.00	50.00	50.00	52.50	55.00	57.50

Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to total premiums paid	60.00	62.50	65.00	67.50	70.00	72.50	75.00	77.50	80.00	80.00

In addition, the surrender value of any vested Simple Reversionary Bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy year in which the policy is surrendered and specified as below:


Policy Year	1	2	3	4	5	6	7	8	9	10
% applicable to vested bonuses	0.00	0.00	16.22	16.58	17.03	17.58	17.58	17.66	17.85	18.16

Policy Year	11	12	13	14	15	16	17	18	19	20
% applicable to vested bonuses	18.60	19.18	19.93	20.85	21.99	23.38	25.05	27.06	30.00	35.00

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

1. 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.

1.  Taxes: 
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.
      The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

1. Cooling-off period:
If the Policyholder is not satisfied with the “Terms and Conditions”, policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any  and stamp duty charges.

1. Exclusion:
Suicide: - 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.

LIC’s NEW ENDOWMENT PLAN (UIN: 512N277V01)

LIC's New Endowment Plan 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. 

1. Benefits:

Death benefit: 
In case of death during the policy term provided all due premiums have been paid Death benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Where premiums exclude service tax, extra premium and rider premiums, if any.
Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the policy term provided all due premiums have been paid. 
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 full force.
      
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

1. Optional Benefit:

LIC’s Accidental Death and Disability Benefit Rider:  LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.  In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

1. Eligibility Conditions 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/-)

1. Minimum Age at entry                                :  8 years (completed)
2. Maximum Age at entry                                :  55 years (nearest birthday)
3. Maximum Maturity Age                              :  75 years (nearest birthday)
4. Minimum Term                                              :  12 years
5. 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  :  

An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 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. 
       (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)

1. Minimum Age at entry                                :  18 years (completed)
2. 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.
3. Maximum cover ceasing age                       :  70 years (nearest birthday)

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. 

Sample Premium Rates: 

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:

AGE/TERM	15	25	35
20	71.20	40.10	28.10
30	71.50	40.75	29.40
40	72.85	43.25	33.15
50	77.10	49.40

Mode and High S.A. Rebates:

Mode Rebate:
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.

1. Revival:

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.

1. 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 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.

1. Surrender Value:

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 and specified as below:  

In addition, the surrender value of any vested simple reversionary bonuses, if any, shall also be payable, which is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses. These factors will depend on the policy term and policy year in which the policy is surrendered and specified as below:  

Corporation may, however, pay Special Surrender value, if it is more favorable to the Policyholder.

1. 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 company may specify from time to time. 

1.  Taxes: 

        Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
      The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan. 

1. Cooling-off period:

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports if any and stamp duty. 

1. Exclusion:

Suicide: - This policy shall be void

1. 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.