Eligibility Criteria

Categories of Premium Rates
ο Non-Smoker rates
ο Smoker rates

The Life to be assured has an option to choose between Non-Smoker and Smoker category. However, in order to choose Non-Smoker category (for which the premium rates are lower than Smoker category), Life to be assured will have to undergo an additional medical test - Urinary Cotinine test. Based on the findings of the Urinary Cotinine test, Non-Smoker/Smoker premium rates shall be applicable.

Mode of Premium Payment

It can be paid either under Regular Premium or Single Premium payment options under this plan. For Regular Premium, yearly or half-yearly.

Maturity Benefit

On the life assured surviving the stipulated date of maturity, “Sum Assured on Maturity” shall be payable provided the policy is in-force.

“Sum Assured on Maturity” is equal to “Total Premiums Paid” under Regular Premium Payment policy and “Single Premium Paid” under Single Premium Payment Policy.
ο “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
ο “Single Premiums Paid” means Single premium received, excluding any extra premium, any rider premium and taxes.

Death Benefit

It is payable on death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated Date of Maturity, provided the policy is in-force shall be “Sum Assured on Death”.

For Regular Premium Payment policy, “Sum Assured on Death” is defined as the highest of…
ο 7 times of Annualized Premium; or
ο 105% of “Total Premium Paid” upto the date of death; or
ο Basic Sum Assured.

For Single Premium Payment policy, “Sum Assured on Death” is defined as the higher of…
ο 125% of Single Premium; or
ο Basic Sum Assured. Where,
   ⇒ “Annualized Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums,
       underwriting extra premiums and loadings for modal premiums, if any.
   ⇒ “Total Premiums Paid” means the total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Optional Rider Benefits

Riders are available under this plan as detailed below on payment of additional premium:
ο Single Premium Payment: LIC’s Accidental Death and Disability Benefit Rider shall be available under single premium payment and the policyholder can opt for this rider at the inception only.
ο Regular Premium Payment: The policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider OR LIC’s Accident Benefit Rider under regular premium payment.

Settlement Option is an option to receive Maturity Benefit in installments over a period of 5 years instead of lump sum amount under an in-force as well as Paid-up policy.

Death Benefit can be received in installments over a period of 5 years instead of lump sum amount under an in-force as well as paid-up policy.

Loan: This plan doesn’t have loan facility

Surrender Option is available, provided premiums have been paid for at least first two consecutive years.