LIC’s Amritbaal (UIN: 512N365V01)

(A Non-Linked, Non-Participating, Individual,

Savings, Life Insurance Plan)
LIC’s Amritbaal is a Non-Linked, Non-Participating, Individual, Savings, Life
Insurance plan. The plan is specifically designed to have an adequate corpus
to meet the higher education and other needs of your child. It facilitates
accumulation of corpus through Guaranteed Addition.
This is a non-participating product under which benefits payable on death
or survival are guaranteed and fixed irrespective of actual experience.
Hence the policy is not entitled to any discretionary benefits like bonus etc.
or share in Surplus.
This Plan can be purchased Offline through Licensed agents, Corporate
agents, Brokers, Insurance Marketing Firms, Point of Sales Persons-Life
Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV) as well as
Online directly through website www.licindia.in.
1. KEY FEATURES:
• Guaranteed Addition ` 80 per thousand Basic Sum Assured throughout
the Policy Term.
• Option to choose Life Insurance coverage for your child as per the needs.
• Flexibility to
o Choose from Single Premium and Limited Premium Payment.
o Choose the maturity age from 18 to 25 years for the various needs
of your child
o Opt for payment of benefit in instalments.
• Option to choose Premium Waiver Benefit rider on payment of
additional premium.
• Benefit of attractive High Sum Assured Rebate.
• Takes care of liquidity needs through loan facility.
2. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:
i. Minimum Age at 0 years (30 days completed)
entry
ii. Maximum Age at 13 years (last birthday)
entry
iii. Minimum Age at 18 years (last birthday)
maturity
iv. Maximum Age at 25 years (last birthday)
maturity
v. Minimum Policy Limited Premium Payment: 10years
Term Single Premium Payment: 5years
vi. Maximum Policy Limited Premium Payment: 25 years
Term Single Premium Payment: 25 years
In case of policies procured through
POSP-LI/CPSC-SPV: 20 years
vii. Premium Payment Limited Premium Payment: 5, 6 & 7 years
Term Single Premium Payment: Single Pay

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 viii. Minimum Sum ` 2,00,000/-
Assured
ix. Maximum Basic Sum No Limit, subject to underwriting decision*
Assured
(*The maximum Basic Sum Assured
allowed to each individual will be subject
to underwriting decision as per the Board
Approved Underwriting Policy.)
x. Basic Sum Assured The Basic Sum Assured shall be in the
Multiples multiples of amount specified below:
Basic Sum Assured Sum Assured
Range Multiple (`)
From ` 2,00,000/- to 25,000/-
` 24,00,000/-
above ` 24,00,000/- 50,000/-

Date of commencement of risk: In case the age at entry of the Life Assured
is less than 8 years, the risk will commence either 2 years from the date
of commencement of the policy or from the policy anniversary coinciding
with or immediately following the attainment of 8 years of age, whichever
is earlier. For those aged 8 years or more at entry, risk will commence
immediately i.e. from the Date of issuance of policy.
Date of vesting under the plan: The policy shall automatically vest in the
Life Assured on the policy 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.
3. BENEFITS:
Benefits payable under an in-force policy shall be as under:
A. Death Benefit:
The proposer shall have an option to choose “Sum Assured on Death”
as per the two options available under each of Single Premium and
Limited Premium payment.
The options should be chosen carefully depending on your child’s
specific needs, as the premium & benefits under the plan shall vary as
per the option chosen and the same shall not be altered later.
Premium Payment Option Sum Assured on Death
Limited Premium Option I Higher of
Payment • 7 times of Annualized Premium; or
• Basic Sum Assured
Option II Higher of
• 10 times of Annualized Premium; or
• Basic Sum Assured
Single Premium Option III Higher of
Payment • 1.25 times of Single Premium; or
• Basic Sum Assured
Option IV 10 times of Single Premium
Note: In the above mentioned table,
i. “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.
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ii. “Single Premium” shall be the premium amount chosen by the
policyholder, excluding the taxes, rider premiums, underwriting extra
premiums, if any.
Death benefit payable in case of death of the life assured during the
policy term after the date of commencement of risk but before the
date of maturity, provided the policy is in-force, shall be “Sum Assured
on Death” along with Accrued Guaranteed Additions for in-force policy.
The “Sum Assured on Death” shall be as per the Option selected as
detailed in the Table above.
The death benefit under Limited Premium payment (Option I & Option
II) shall not be less than 105% of “Total Premiums Paid” upto the
date of death. Where, “Total Premiums Paid” means total of all the
premiums received, excluding any extra premium, any rider premium
and taxes. In case LIC’s Premium Waiver Benefit Rider is opted for, in
the event of death of Proposer, any subsequent Premiums which are
waived shall be deemed to have been received and be included in the
Total Premiums Paid.
However, in case of minor Life Assured, whose age at entry is below
8 years, on death before the commencement of Risk (as specified in
Para 2 above), the Death Benefit payable,provided the policy is in-
force, shall be refund of premium(s) paid (excluding taxes, any extra
premium, rider premium(s), if any), without interest.
The Death Benefit shall be paid in lump sum as specified above and/
or in instalments, (as specified in Para 4.III below), as per the option
exercised by the Policyholder/ Life Assured.
B. Maturity Benefit:
On Life Assured surviving the stipulated Date of Maturity, provided
the policy is in-force, “Sum Assured on Maturity” along with accrued
Guaranteed Additions for in-force policy, shall be payable; where “Sum
Assured on Maturity” is equal the Basic Sum Assured.
C. Guaranteed Additions for In-force policy:
Under an in-force policy, the Guaranteed Additions shall accrue at the
rate of ` 80 per thousand Basic Sum Assured at the end of each policy
year from the inception till the end of Policy Term.
On death of Life Assured during the Policy Term under an in-force
policy, the Guaranteed Additions in the year of death shall be payable
for full policy year.
In case of surrender of an in-force policy, the Guaranteed Additions
for the policy year in which the policy is surrendered will be added on
proportionate basis in proportion to the completed months for the
Policy Year in which policy is surrendered.
4. OPTIONS AVAILABLE:
I. Rider Benefit:
The following optional rider shall be available under Limited Premium
payment (Option I &Option II) by payment of additional premium.
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03):
Under an in-force policy, this rider can be opted for on the life of
Proposer of policy (as the Life Assured is minor), at any time coinciding
with the policy anniversary but within the premium paying term of
the Base Policy provided the outstanding premium paying term of
the Base Policy and rider is atleast five years Further this rider shall
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 only be allowed under the policy wherein the Life Assured is Minor
at the time of opting this rider. The Rider term shall be outstanding
premium paying term of Base policy as on date of opting this rider or
(25 minus age of the minor Life Assured at the time of opting this rider),
whichever is lower.If the rider term plus proposer’s age is more than 70
years, the rider shall not be allowed.
If this rider is opted for, on death of proposer, payment of premiums in
respect of Base Policy falling due on and after the date of death till the
expiry of Rider Term shall be waived.
The premiums for LIC’s Premium Waiver Benefit Rider shall not exceed
30% of premiums under the base plan. Also Rider Sum Assured cannot
exceed the Sum Assured on Death under the Base plan.
For more details on the above rider, refer to the rider brochure or
contact LIC’s nearest Branch Office.
No rider shall be available in case of the policies procured through
POSP-LI/CPSC-SPV.
II. Settlement Option (for Maturity Benefit):
Settlement Option is an option to receive Maturity Benefit in instalments
over a period of 5 or 10 or 15 years instead of lumpsum amount under
an In-force as well as Paid-up policy. This option can be exercised by the
Policyholder during minority of the Life Assured or by Life Assured aged
18 years and above, for full or part of Maturity proceeds payable under
the policy. The amount opted for by the Policyholder/Life Assured (i.e.
Net Claim Amount) can be either in absolute value or as a percentage
of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or half-yearly or
quarterly or monthly intervals, as opted for subject to minimum
instalment amount for different modes of payments being as under:
Mode of Instalment payment Minimum Instalment amount
Monthly ` 5,000/-
Quarterly ` 15,000/-
Half-Yearly ` 25,000/-
Yearly ` 50,000/-
If theNet Claim Amount is less than the required amount to provide
the minimum instalment amount as per the option exercised by the
Policyholder/ Life Assured, the claim proceeds shall be paid in lumpsum
only.
For all the instalment payment options commencing during the 12
months’ period from 1st May to 30th April, the interest rate used to
arrive at the amount of each instalment shall be annual effective rate
not lower than 10 year semi-annual G-Sec yield minus 200 basis points;
where, the 10 year semi-annual G-Sec yield shall be as at last trading
day of previous financial year.
Accordingly, for the 12 months’ period commencing from 1st May, 2023
to 30th April, 2024, the applicable interest rate for the calculation of the
instalment amount shall be 5.31% p.a. effective.
For exercising the Settlement Option against Maturity Benefit, the
Policyholder/Life Assured shall be required to exercise option for
payment of net claim amount in instalments at least 3 months before
the due date of maturity claim.
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 The first payment will be made on the date of maturity and thereafter,
based on the mode of instalment payment opted for by the policyholder,
every month or three months or six months or annually from the date
of maturity, as the case may be.
After the commencement of Instalment payments under Settlement
Option:
i. If a Life Assured, who has exercised Settlement Option against
Maturity Benefit, desires to withdraw this option and commute the
outstanding instalments, the same shall be allowed on receipt of
written request from the Life Assured. In such case, the lump sum
amount which is higher of the following shall be paid and policy
shall terminate,
• discounted value of all the future instalments due; or
• (the original amount for which Settlement Option was
exercised) less (sum of total instalments already paid).
ii. The applicable interest rate that will be used to discount the future
instalment payments shall be annual effective rate not exceeding
10 year semi-annual G-Sec yield; where, the 10 year semi-annual
G-Sec yield shall be as at last trading day of previous financial year
during which settlement option was commenced.
Accordingly, in respect of all the Settlement Options commenced
during the 12 months’ period beginning from 1st May, 2023 to
30th April, 2024, the maximum applicable interest rate used for
discounting the future instalments shall be 7.31% p.a. effective.
iii. After the Date of Maturity, in case of death of the Life Assured, who
has exercised Settlement Option, the outstanding instalments will
continue to be paid to the nominee as per the option exercised by
the Life Assured and no alteration whatsoever shall be allowed to
be made by the nominee.
III. Option to take Death Benefit in Instalment:
This is an option to receive Death Benefit in instalments over a period
of 5 or 10 or 15 years instead of lump sum amount under an In-force as
well as Paid-up policy. This option can be exercised by the Policyholder
during minority of the Life Assured or by Life Assured aged 18 years
and above, during his/her life time; for full or part of Death benefits
payable under the policy. The amount opted for by the Policyholder/
Life Assured (i.e. Net Claim Amount) can be either in absolute value or
as a percentage of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or half-yearly or
quarterly or monthly intervals, as opted for, subject to minimum
installment amount for different modes of payments being as under:
Mode of Instalment payment Minimum Instalment amount
Monthly ` 5,000/-
Quarterly ` 15,000/-
Half-Yearly ` 25,000/-
Yearly ` 50,000/-
If the Net Claim Amount is less than the required amount to provide
the minimum instalment amount as per the option exercised by the
Policyholder/Life Assured, the claim proceeds shall be paid in lump
sum only.
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 For all the instalment payment options commencing during the 12
months’ period from 1st May to 30th April, the interest rate used to
arrive at the amount of each instalment shall be annual effective rate
not lower than the 10 year semi-annual G-Sec yield minus 200 basis
points; where, the 10 year semi-annual G-Sec yield shall be as at last
trading day of previous financial year.
Accordingly, for the 12 months’ period commencing from 1st May, 2023
to 30th April, 2024, the applicable interest rate for the calculation of the
instalment amount shall be 5.31 % p.a. effective.
For exercising option to take Death Benefit in instalments, the
Policyholder during minority of the Life Assured or the Life Assured, if
major, can exercise this option during his/her lifetime while in currency
of the policy, specifying the net claim amount for which the option
is to be exercised. The death claim amount shall then be paid to the
nominee as per the option exercised by the Policyholder/Life Assured
and no alteration whatsoever shall be allowed to be made by the
nominee.
5. PAYMENT OF PREMIUMS:
Single Premium payment or Limited Premium payment options are
available under this plan. In case of Limited Premiums payment, the
premium can be paid regularly with mode of premium payment as
yearly, half-yearly, quarterly or monthly intervals (monthly premiums
through NACH only) or through salary deductions.
6. GRACE PERIOD (Applicable in case of Option I & Option II only):
A grace period of 30 days shall be allowed for payment of yearly or half-
yearly or quarterly premiums and 15 days for monthly premiums from
the date of First Unpaid Premium. During this period, the policy shall be
considered in-force with the risk cover without any interruption as per
the terms of the policy. If the premium is not paid before the expiry of
the days of grace, the Policy lapses.
The above grace period will also apply to rider premiums which are
payable along with premium for Base Policy.
7. SAMPLE ILLUSTRATIVE PREMIUM:
The sample illustrative premiums for Basic Sum Assured of ` 5 Lakh, for
Standard lives aged 5 years and for policy term 20 years under Limited
and Single Premium payment options for policies to be sold through
Offline sales are as under:
Limited Premium:
Premium Paying Annual Premium (in `)
Term (in Years) Option I Option II
5 99,625 1,00,100
6 84,275 84,625
7 73,625 73,900
Single Premium:
Premium Paying Single Premium (in `)
Term (in Years) Option III Option IV
Single Pay 3,89,225 4,12,600
The above premiums are exclusive of taxes.
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8. PREMIUM CONVERSION FACTORS (Applicable in case of Option I &
Option II only):
The Premium Conversion factors for different modes of Premium
Payment are as under:
Mode of Premium Payment Premium Conversion factor
Yearly 1.0000
Half-yearly 0.5090
Quarterly 0.2568
Monthly 0.0861

9. REBATES:
I. Rebate for High Basic Sum Assured:
Incentive for higher Basic Sum Assured by way of rebate in the premium
rate is provided for four slabs of Basic Sum Assured i) ` 3,50,000 to
` 4,75,000 ii) Rs 5,00,000 to ` 9,75,000 iii) Rs 10,00,000 to ` 24,50,000
and iv) ` 25,00,000 and above. The rebate for higher Basic Sum Assured
depends on the Basic Sum Assured slab, Age at entry and Maturity Age.
The rebate increases as the Basic Sum Assured moves from the lower
slab to higher slab of the Basic Sum Assured.
II. Rebate under Online Sale:
For Proposal to be completed under Online Sale without any assistance
of Agent / Intermediary shall be eligible for rebate at the following
rates.
Online Sale Rebate
Premium Payment
(as a % of Tabular Annual/Single Premium)
Limited Premium 10%
Single Premium 2%

10. REVIVAL (Applicable in case of Option I & Option II only):

If the premiums are not paid within the grace period, then the policy will
lapse. A lapsed policy can be revived, within a period of 5 consecutive
years from the date of First Unpaid Premiumand before the Date of
Maturity, as the case may be. The revival shall be effected on payment
of all the arrears of premium(s) together with interest (compounding
half-yearly) at such rate as may be fixed by the Corporation from time
to time and on satisfaction of Continued Insurability of the Life Assured
and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for)
on the basis of information, documents and reports that are already
available and any additional information in this regard if and as may be
required in accordance with the Underwriting Policy of the Corporation
at the time of revival, being furnished by the Policyholder/Life Assured/
Proposer.
The Corporation reserves the right to accept at original terms, accept
with modified terms or decline the revival of a discontinued policy. The
revival of a discontinued policy shall take effect only after the same
is approved, accepted and revival receipt is issued by the Corporation
The rate of interest applicable for revival under this plan for every 12
months’ period from 1st May to 30th April shall not exceed 10 year
G-Sec yield p.a. compounding half-yearly as at the last trading day of
previous financial year plus 300 basis points or the yield earned on the
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 Corporation’s Non-Linked Non-Participating fund plus 100 basis points,
whichever is higher. For the 12 months’ period commencing from
1st May, 2023 to 30th April, 2024, the applicable interest rate shall
be 9.50% p.a. compounding half-yearly. Any change in basis of
determination of interest rate for policy revival shall be subject to
approval.
On revival of a lapsed or paid-up policy, all the benefits under the policy,
which prevailed before the date of lapse or paid-up shall be restored.
Revival of rider, if opted for, will only be considered along with revival
of the Base Policy, and not in isolation.
11. PLAN PURCHASED THROUGH POSP-LIAND CPSC-SPV:
This plan can be purchased through POSP-LI and CPSC-SPV. However,
in such cases the eligibility conditions and other terms and conditions
shall be as per the Guidelines, Circulars and Regulations etc. issued by
the IRDAI applicable to POS Plans and POSP-LI. Currently, the following
restrictions are applicable for proposal procured through POSP-LI and
CPSC-SPV:
• Option IV shall not be available for sale through POSP-LI / CPSC-SPV
channel.
• Maximum Policy Term: 20 years.
• Maximum Sum Assured on Death (per life): ` 25 Lakhs.
LIC’s Amritbaal plan falls under the category of Non-Linked, Non-
Participating, Endowment category of POS-Life products if the same is
purchased through POSP-LI or CPSC-SPV. The maximum allowable Sum
Assured on Death to each individual in respect of all policies under all
plans in this category of Non-Linked, Non-Participating, Endowment
products, if purchased through POSP-LI and CPSC-SPV channel (both
inclusive) shall be ` 25 lakhs.
However, the maximum allowable Sum Assured on Death to each
individual will be decided as per the non-medical limits under this
product in accordance with the Underwriting policy of Corporation.
• No rider shall be available in case of the policies procured through
POSP-LI/CPSC-SPV.
• Key Features Document (KFD) cum Proposal Form applicable for
LIC’s Amritbaal shall be used if the sale is initiated by POSP-LI &
CPSC-SPV.
12. PAID-UP VALUE (Applicable in case of Option I & Option II only):
If less than two full years’ premiums have been paid in respect of this
policy and any subsequent premium be not duly paid, all the benefits
under this policy shall cease after the expiry of grace period from the
date of First Unpaid Premium and nothing shall be payable and the
premiums paid hitherto are also not refundable.
If, after atleast two full years’ premiums have been paid and any
subsequent premiums be not duly paid, this policy shall not be wholly
void, but shall subsist as a paid-up policy till the end of policy term.
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 be equal to
Sum Assured on Death multiplied by the ratio of the total period for
which premiums have already been paid bears to the maximum period
for which premiums were originally payable.

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 In addition to the Death Paid-Up Sum Assured, accrued Guaranteed
Additions for a Paid-up policy (as specified below) shall also be payable
on death of the Life Assured.
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 multiplied by the ratio of the total period
for which premiums have already been paid bears to the maximum
period for which premiums were originally payable.
In addition to the Maturity Paid-Up Sum Assured, the accrued
Guaranteed Additions for Paid-up policy (as specified below) shall also
be payable on maturity.
Guaranteed Additions for Paid-up policy:
The Guaranteed Addition under a paid-up policy shall be sum of the
following:
(i) The Guaranteed Additions accrued under the policy for the period
for which full years’ premiums have been paid.
(ii) For the policy year for which the full years’ premiums have not been
paid (the year in which the policy becomes paid-up), Guaranteed
Additions for that year shall be sum of proportionate Guaranteed
Additions for in-force period with the rate as applicable under an in-
force policy and proportionate Guaranteed Additions for the period
policy is paid-up in that policy year with the Reduced Guaranteed
Additions rate as applicable (as mentioned below).
(iii) For subsequent policy years, the Reduced Guaranteed Additions
(as mentioned below) shall accrue at the end of each policy year till
the end of the policy term.
The Reduced Guaranteed Additions (per thousand Basic Sum Assured)
under a Paid-up policy shall depend on the Premium Paying Term and
the Number of Policy year for which full years’ premiums have been
paid and are as under:
Number of policy Reduced Guaranteed Additions per ` 1000 of
year for which full Basic Sum Assured (in `)
years’ premiums
have been paid PPT (5 years) PPT (6 years) PPT (7 years)
2 15.00 9.00 6.00
3 33.00 23.00 16.00
4 54.00 39.00 28.00
5 - 57.00 42.00
6 - - 58.00
In case of Surrender or on Death under the paid-up policy, the
Reduced Guaranteed Additions for the policy year in which the policy is
surrendered or resulted in Death claim will be added on proportionate
basis in proportion to the completed months for the Policy Year in
which policy is surrendered or resulted in death claim (i.e. the period
upto the date of death).
Rider shall not acquire any paid-up value and the rider benefits cease
to apply, if policy is in lapsed condition.
13. SURRENDER:
Under Limited Premium payment (Option I & Option II), the policy

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can be surrendered by the policyholder at any time during the policy
term provided atleast two full years’ premiums have been paid. Under
Single Premium payment (Option III & Option IV), the policy can be
surrendered by the policyholder at any time during the policy term.
The Surrender value payable shall be higher of Guaranteed Surrender
Value (GSV) and Special Surrender Value (SSV) shall be payable.
Guaranteed Surrender Value (GSV)
a) Under Single Premium Payment (Option III & Option IV):
The Guaranteed Surrender Value shall be as under:
- During first three policy year: 75% of the Single Premium paid
- After the third policy year: 90% of the Single Premium paid
Single Premium referred above shall not include taxes, rider
premium(s) and extra premium, if any.
In addition, the surrender value of accrued Guaranteed Additions,
if any, i.e. accrued Guaranteed Additions multiplied by GSV factor
applicable to the accrued Guaranteed Additions shall also be
payable.
b) Under Limited Premium Payment (Option I & Option II):
The Guaranteed Surrender Value shall be sum of [the total
premiums paid (excluding any extra premium, rider premium, if
opted for and taxes) multiplied by the GSV factor applicable to total
premiums paid] and [accrued Guaranteed Additions multiplied by
GSV factor applicable to accrued Guaranteed Additions].
The Guaranteed Surrender Value Factors applicable to total
premiums paid are expressed as percentages and depend on the
policy term and policy year in which the policy is surrendered and
are as specified below:

The Guaranteed Surrender Value Factors applicable for accrued

Guaranteed Additions are expressed as percentages and depend on
the policy term and policy year in which the policy is surrendered
and are as specified below:

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The Special Surrender Value is reviewable and shall be determined by the
Corporation from time to time with approval.
No surrender value will be available on Rider, if any.
Upon payment of Surrender Value, the Policy terminates and no further
benefits shall be payable.
14. POLICY LOAN:
Loan shall be available during the policy term subject to the following:
i. Under Limited Premium payment (Option I & Option II), loan shall
be available provided at least two full years premiums have been
paid. Under Single Premium payment (Option III & Option IV), loan
shall be available during the policy term at any time after three
months from the completion of the policy (i.e. 3 months from the
Date of issuance of policy) or after expiry of the free-look period,
whichever is later.
ii. The maximum loan that can be granted shall be as under:
Under Limited Premium payment (Option I & Option II):
• For in-force policies – upto 90% of Surrender Value.
• For paid-up policies – upto 80% of Surrender Value.
Under Single Premium payment (Option III & Option IV): upto75% of
Surrender Value.
iii. The rate of loan interest applicable for full loan term, for the loan
to be availed under this product for every 12 months’ period
from 1st May to 30th April shall not exceed 10 year G-Sec yield p.a.
compounding half-yearly as at the last trading date of previous
financial year plus 300 basis points or the yield earned on the
Corporation’s Non-Linked fund plus 100 basis points, whichever is
higher. If the Life Assured is a female child and the loan is availed
for the purpose of her education then the applicable interest rate
(as derived above) shall be reduced by 100 basis points.
However, the current applicable interest rate on loan till 30th
April 2023 is 9.50% p.a. compounding half-yearly. Accordingly,
the applicable interest rate on loan availed for the purpose of
education of female child shall be 8.50% p.a. compounding half-
yearly.
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 iv. During the policy term, in the event of default in payment of interest
on the due dates and when the outstanding loan amount along
with the interest is to exceed the Surrender Value, the Corporation
would be entitled to foreclosure such policies. Such policies when
being foreclosed shall be entitled to payment of the difference
of Surrender Value and the loan outstanding amount along with
interest, if any.
v. Any loan outstanding along with interest shall be recovered from
claim proceeds at the time of exit.
15. FORFEITURE IN CERTAIN EVENTS:
In case it is found that any untrue or incorrect statement is contained
in the proposal, personal statement, declaration and connected
documents or any material information is withheld, then and in every
such case the policy shall be void and all claims to any benefit by virtue
thereof shall be subject to the provisions of Section 45 of the Insurance
Act, 1938 as amended from time to time.
16. TERMINATION OF POLICY:
The policy shall immediately and automatically terminate on the
earliest occurrence of any of the following events:
a) The date on which lumpsum death benefit/final instalment of
death benefit is paid; or
b) The date on which surrender benefits are settled under the policy;
or
c) The date of maturity if settlement option is not exercised; or
d) On payment of final instalments under Settlement Option; or
e) In the event of default in payment of loan interest as specified in
Para 14; or
f) On expiry of Revival Period if the policy which has not acquired
paid-up status, has not been revived within the revival period; or
g) On payment of free look cancellation amount; or
h) In the event of forfeiture as specified in Para 15.
17. TAXES:
Statutory Taxes, if any, imposed on such insurance plans by the Government
of India or any other constitutional Tax Authority of India shall be as per the
Tax laws and the rate of tax as applicable from time to time.
The amount of applicable taxes, as per the prevailing rates, shall be
payable by the policyholder on premium(s) (for Base Policy and Rider,
if any) including extra premiums, if any, which shall be collected
separately over and above in addition to the premium(s) payable by
the policyholder. The amount of tax paid shall not be considered for the
calculation of benefits payable under the plan.
Regarding Income tax benefits/implications on premium(s) paid and
benefits payable under this plan, please consult your tax advisor for
details.
18. FREE LOOKPERIOD:
If the Policyholder is not satisfied with the “Terms and Conditions” of
the policy, the policy may be returned to the Corporation within 30 days
from the date of receipt of the electronic or physical mode of Policy
Document, whichever is earlier, stating the reason of objections. On

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 receipt of the same, the Corporation shall cancel the policy and return
the amount of premium deposited after deducting the proportionate
risk premium (for Base Policy and Rider, if any) for the period of cover,
expenses incurred on medical examination (including special reports, if
any) and stamp duty charges.
19. SUICIDE EXCLUSION:
a) Under Limited Premium payment (Option I & Option II):
i. If the Life Assured (whether sane or insane) commits suicide at any
time within 12 months from the date of commencement of risk, the
Nominee or Beneficiary of the Life Assured shall be entitled to 80%
of the total premiums paid (excluding any taxes, extra premium and
rider premium, if any)till the date of death provided the policy is in-
force. This clause shall not be applicable in case age at entry of the
Life Assured is below 8 years.
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 total premiums paid (excluding any taxes, extra premium and
rider premium, if any) till the date of death or the surrender value
available as on date of death, shall be payable. The Nominee or
Beneficiary of the Life Assured shall not be entitled to any other
claim under the policy.
This clause shall not be applicable:
a) In case the age of the life assured is below 8 years at the time of
revival; or
b) For a policy lapsed without acquiring paid-up value and nothing
shall be payable under such policies.
b) Under Single Premium payment (Option III & Option IV):
If the Life Assured (whether sane or insane) commits suicide at any
time within 12 months from the date of commencement of risk, the
Nominee or Beneficiary of the Life Assured shall be entitled to 80%
of the Single Premium paid excluding any taxes, extra premium and
rider premium, if any. This clause shall not be applicable in case age
at entry of the Life Assured is below 8 years.
20. WAITING PERIOD:
In case the Plan is purchased through Point of Sales Persons-Life
Insurance (POSP-LI) or CPSC-SPV, on death of the Life Assured within the
first 90 days from the date of commencement of risk, the Corporation
shall refund the total premiums paid, provided the policy is in-force and
death is not on account of an accident. However, in case of death due
to accident during waiting period, Death Benefit as specified in Para 3.A
above shall be payable. This clause shall not be applicable in case age at
entry of the Life Assured is below 8 years.
21. SAMPLE BENEFIT ILLUSTRATION:
The main objective of the illustrations is that the client is able to
appreciate the features of the product and the flow of the benefit with
some level of quantification. This illustration is applicable to a standard
life (from medical and lifestyle point of view) for policies procured
through agent/intermediary.

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 Illustration 1: Option I - Sum Assured on Death higher of 7 times of
Annualized Premium or Basic Sum Assured
Age 5 years Basic Sum Assured ` 5,00,000/-
Maturity Age 25 years GST Rate (1st year) 4.50%
Policy Term 20 years GST Rate (2 year
nd
2.25%
onwards)
Premium Payment 7 years Note: GST Rate shall be as applicable
Term from time to time.
Mode of Premium Yearly Instalment Premium ` 73,625/-
Payment
(Amount in `)
Policy Year Annualized Guaranteed Maturity Death
(End of the Premium1 Addition Benefit Benefit
year) (Cumulative)
1 73,625 40,000 0 73,625
2 1,47,250 80,000 0 1,47,250
3 2,20,875 1,20,000 0 6,35,375
4 2,94,500 1,60,000 0 6,75,375
5 3,68,125 2,00,000 0 7,15,375
6 4,41,750 2,40,000 0 7,55,375
7 5,15,375 2,80,000 0 7,95,375
8 5,15,375 3,20,000 0 8,35,375
9 5,15,375 3,60,000 0 8,75,375
10 5,15,375 4,00,000 0 9,15,375
11 5,15,375 4,40,000 0 9,55,375
12 5,15,375 4,80,000 0 9,95,375
13 5,15,375 5,20,000 0 10,35,375
14 5,15,375 5,60,000 0 10,75,375
15 5,15,375 6,00,000 0 11,15,375
16 5,15,375 6,40,000 0 11,55,375
17 5,15,375 6,80,000 0 11,95,375
18 5,15,375 7,20,000 0 12,35,375
19 5,15,375 7,60,000 0 12,75,375
20 5,15,375 8,00,000 13,00,000 13,15,375
Note:
1. Annualized Premium excludes underwriting extra premium, frequency
loadings on premiums, the premiums paid towards the riders, if any,
and Goods & Service Tax.
Illustration 2: Option III - Sum Assured on Death higher of 1.25 times
of Single Premium or Basic Sum Assured
Age 5 years Basic Sum Assured ` 5,00,000/-
Maturity Age 25 years GST Rate (1 year)
st
4.50%
Policy Term 20 years GST Rate (2nd year Not
onwards) Applicable
Premium Payment Single Note: GST Rate shall be as applicable
Term Premium from time to time.
Mode of Premium Single Single Premium ` 3,89,225/-
Payment
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 (Amount in `)
Policy Year Single Guaranteed Maturity Death
(End of the Premium1 Addition Benefit Benefit
year) (Cumulative)
1 3,89,225 40,000 0 3,89,225
2 3,89,225 80,000 0 3,89,225
3 3,89,225 1,20,000 0 6,20,000
4 3,89,225 1,60,000 0 6,60,000
5 3,89,225 2,00,000 0 7,00,000
6 3,89,225 2,40,000 0 7,40,000
7 3,89,225 2,80,000 0 7,80,000
8 3,89,225 3,20,000 0 8,20,000
9 3,89,225 3,60,000 0 8,60,000
10 3,89,225 4,00,000 0 9,00,000
11 3,89,225 4,40,000 0 9,40,000
12 3,89,225 4,80,000 0 9,80,000
13 3,89,225 5,20,000 0 10,20,000
14 3,89,225 5,60,000 0 10,60,000
15 3,89,225 6,00,000 0 11,00,000
16 3,89,225 6,40,000 0 11,40,000
17 3,89,225 6,80,000 0 11,80,000
18 3,89,225 7,20,000 0 12,20,000
19 3,89,225 7,60,000 0 12,60,000
20 3,89,225 8,00,000 13,00,000 13,00,000
Note:
1. Single Premium excludes underwriting extra premium, if any, and
Goods & Service Tax.
SECTION 45 OF INSURANCE ACT, 1938:
The provision of Section 45 of the Insurance Act, 1938 as amended from
time to time shall be applicable. The current provision is as under:
(1) No policy of life insurance shall be called in question on any ground
whatsoever after the expiry of three years from the date of the policy,
i.e. from the date of issuance of the policy or the date of commencement
of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within
three years from the date of issuance of the policy or the date of
commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the
insured or the legal representatives or nominees or assignees of the
insured the grounds and materials on which such decision is based.
Explanation I- For the purposes of this sub-section, the expression
“fraud” means any of the following acts committed by the insured or
by his agent, with the intent to deceive the insurer or to induce the
insurer to issue a life insurance policy:-
(a) the suggestion, as a fact of that which is not true and which the
insured does not believe to be true;
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 (b) the active concealment of a fact by the insured having knowledge
or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be
fraudulent.
Explanation II- Mere silence as to facts likely to affect the assessment of
the risk by the insurer is not fraud, unless the circumstances of the case
are such that regard being had to them, it is the duty of the insured
or his agent, keeping silence to speak, or unless his silence is, in itself,
equivalent to speak.
(3) Notwithstanding anything contained in subsection (2), no insurer shall
repudiate a life insurance policy on the ground of fraud if the insured
can prove that the misstatement of or suppression of a material fact
was true to the best of his knowledge and belief or that there was no
deliberate intention to suppress the fact or that such misstatement
of or suppression of a material fact are within the knowledge of the
insurer:
Provided that in case of fraud, the onus of disproving lies upon the
beneficiaries, in case the policyholder is not alive.
Explanation – A person who solicits and negotiates a contract of
insurance shall be deemed for the purpose of the formation of the
contract, to be the agent of the insurer.
(4) A policy of life insurance may be called in question at any time within
three years from the date of issuance of the policy or the date of
commencement of risk or the date of revival of the policy or the date
of the rider to the policy, whichever is later, on the ground that any
statement of or suppression of a fact material to the expectancy of
the life of the insured was incorrectly made in the proposal or other
document on the basis of which the policy was issued or revived or
rider issued:
Provided that the insurer shall have to communicate in writing to the
insured or the legal representatives or nominees or assignees of the
insured the grounds and materials on which such decision to repudiate
the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground
of misstatement or suppression of a material fact, and not on the
ground of fraud the premiums collected on the policy till the date of
repudiation shall be paid to the insured or the legal representatives or
nominees or assignees of the insured within a period of ninety days
from the date of such repudiation.
Explanation - For the purposes of this sub-section, the misstatement of
or suppression of fact shall not be considered material unless it has a
direct bearing on the risk undertaken by the insurer, the onus is on the
insurer to show that had the insurer been aware of the said fact no life
insurance policy would have been issued to the insured.
(5) Nothing in this section shall prevent the insurer from calling for proof of
age at any time if he is entitled to do so, and no policy shall be deemed
to be called in question merely because the terms of the policy are
adjusted on subsequent proof that the age of the life insured was
incorrectly stated in the proposal.
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PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938):
1. No person shall allow or offer to allow, either directly or indirectly,
as an inducement to any person to take out or renew or continue an
insurance in respect of any kind of risk relating to lives or property in
India, any rebate of the whole or part of the commission payable or
any rebate of the premium shown on the policy, nor shall any person
taking out or renewing or continuing a policy accept any rebate, except
such rebate as may be allowed in accordance with the published
prospectuses or tables of the insurer.
2. Any person making default in complying with the provisions of this
section shall be liable for a penalty which may extend to ten lakh
rupees.

Various Sections of the Insurance Act, 1938, applicable to LIC to apply as

amended from time to time.

This product brochure gives only salient features of the plan. For further
details please refer to the Policy document on our website www.licindia.
in or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT

OFFERS
IRDAI is not involved in activities like selling insurance policies,
announcing bonus or investment of premiums. Public receiving such
phone calls are requested to lodge a police complaint.

LIFE INSURANCE CORPORATION OF INDIA

“Life Insurance Corporation of India” was established on 1st September,
1956 under Life Insurance Corporation Act, 1956, with the objective of
spreading life insurance more widely, in particular to the rural areas with
a view to reaching all insurable persons in the country and providing
them adequate financial cover against insured events. LIC continues to
be the important life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its
own past records. In its existence of over six decades, LIC has grown from
strength to strength in various areas of operation.

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19
 Registered Office:
Life Insurance Corporation of India
Central Office,
Yogakshema, Jeevan Bima Marg, Mumbai – 400021.
Website: www.licindia.in
Registration Number: 512

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