Plan No.: 736 UIN No.

: 512N304V03

A Par, Non- Linked, Life, Individual, Savings Plan

LIC/P1/2024-25/18/Eng/SB

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 LIC’s JEEVAN LABH (UIN: 512N304V03)
(A Par, Non-Linked, Life, Individual Savings Plan)
LIC’s Jeevan Labh is a Par, Non-Linked, Life, Individual, Savings plan which offers an
attractive combination of protection and savings features. This combination provides
financial support for the family of the deceased policyholder in case of unfortunate
death of the policyholder any time before maturity and a lump sum amount at the time
of maturity for the surviving policyholder.
This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers
and Insurance Marketing Firms.
Key Features:
• The plan provides for protection and savings.
• Limited premium payment.
• Flexibility to
- Choose the premium payment frequency as per convenience.
- Choose the period for which protection is required – 16, 21 and 25 years.
- Opt for payment of benefit in instalments.
• Option to enhance coverage by opting for Rider Benefits on payment of additional
premium for the rider benefits.
• Benefit of attractive High Sum Assured Rebate.
• Takes care of liquidity needs through loan facility.
1. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
a) Policy Term/Premium Paying Term : (16/10), (21/15) & (25/16) years
b) Minimum Age at entry : [8] years (completed)
c) Maximum Age at entry : [59] years (nearer birthday) for Policy
Term 16 years
[54] years (nearer birthday) for Policy
Term 21 years &
[50] years (nearer birthday) for Policy
Term 25 years
d) Maximum Maturity Age : [75] years (nearer birthday)
e) Minimum Basic Sum Assured : Rs. 2,00,000
f) Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiple of amounts specified below:
Basic Sum Assured Range Sum Assured multiple
From Rs. 2,00,000/- to Rs. 4,50,000/- Rs. 10,000/-
Above Rs. 4,50,000/- Rs. 25,000/-
Date of commencement of risk under the plan:
Risk will commence immediately on acceptance of the risk.
Date of vesting under the plan:
If the policy is issued on the life of a minor, 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.
2. BENEFITS
A. Death benefit:
Death benefit payable in case of death of the Life Assured during the policy term,
provided the policy is in-force (i.e. all due premiums have been paid) shall be
“Sum Assured on Death” along with vested Simple Reversionary Bonuses and
Final Additional bonus, if any. Where, “Sum Assured on Death” is defined as the
higher of Basic Sum Assured or 7 times of annualised premium.
This death benefit shall not be less than 105% of total premiums paid upto the
date of death.

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 Where,
i. “Annualized Premium” shall be the premium amount payable in a year, excluding
the taxes, rider premiums, underwriting extra premiums and loadings for modal
premiums
ii. “Total Premiums Paid” means total of all the premiums paid under the base
product, excluding any extra premium, and taxes, if collected explicitly. 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.
B. Maturity Benefit:
On Life Assured surviving to the end of the policy term, provided the policy is
in-force, “Sum Assured on Maturity” along with vested Simple Reversionary
bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum
Assured on Maturity” is equal to Basic Sum Assured.
C. 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- force.
In case the premiums are not duly paid, the policy shall cease to participate
in future profits irrespective of whether or not the policy has acquired
paid-up value.
Simple Reversionary Bonuses shall be declared annually at the end of each
financial year. Once declared, they form part of the guaranteed benefits of the
plan on such terms and conditions as declared by the Corporation.
In the event of policy being surrendered, the surrender value of vested bonuses,
if any, as applicable on the date of surrender shall be payable.
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 at such rates and on
such terms as may be declared by the Corporation. Final Additional Bonus shall
not be payable under paid-up policies.
The actual allocation to policyholders, out of the surplus emerging from the
actuarial investigation, shall be in accordance with provisions in this regard
under LIC Act, 1956.
3. OPTIONS AVAILABLE
I. Rider Benefits :
The following four optional riders (or amended version of these) shall be available
under this plan by payment of additional premium. However, the policyholder
can opt between either of the LIC’s Accidental Death and Disability Benefit Rider
or LIC’s Accident Benefit Rider and/or the remaining three riders subject to the
eligibility as detailed below:
a. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
This rider can be opted for at any time under an in-force policy within the
premium paying term of the Base plan provided the outstanding premium
paying term of the base plan is atleast 5 years. The benefit cover under this
rider shall be available during the policy term or before the policy anniversary
on which the age nearer birthday of the life assured is 70 years, whichever is
earlier. If this rider is opted for, in case of accidental death, the Accident Benefit
Sum Assured will be payable in lump sum. In case of accidental 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 the Basic Sum Assured under the base policy
which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
Under the policy on the life of minors, this rider will be available from the policy
anniversary following completion of age 18 years on receipt of specific request.
b. LIC’s Accident Benefit Rider (UIN:512B203V03)
This rider can be opted for at any time under an in-force policy within the
premium paying term of the Base plan provided the outstanding premium paying
term of the base plan is atleast 5 years. The benefit cover under this rider shall be
available only during the premium paying term. If this rider is opted for, in case of
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 accidental death, the Accident Benefit Sum Assured will be payable in lumpsum.
Under the policy on the life of minors, this rider will be available from the policy
anniversary following completion of age 18 years on receipt of specific request.
c. LIC’s New Term Assurance Rider (UIN: 512B210V02)
This rider is available at inception of the policy only. The benefit cover under this
rider shall be available during the policy term. If this rider is opted for, an amount
equal to ‘Term Rider Sum Assured on Death’ shall be payable on death of the Life
Assured during the policy term.
d. LIC’s Premium Waiver Benefit Rider (UIN: 512B204V04)
Under an in-force policy , this rider can be opted for on the life of proposer of the
policy 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 the rider is atleast 5 years. Further, this rider shall be allowed
under the policy wherein the Life Assured is Minor at the time of opting this rider.
The rider term shall be either 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 the rider
term shall be waived. However, in such case, if the premium paying term of the
base policy exceeds the rider term, all the further premiums due under the base
policy from the date of expiry of this Premium Waiver Benefit Rider term shall be
payable by the Life Assured. On non- payment of such premiums the policy would
become paid- up
The premiums under all the life insurance riders put together shall not exceed
30% of premiums under the base plan.
The Rider Sum Assured in respect of LIC’s Accident Benefit Rider shall not exceed
three times of Basic Sum Assured under the Base product. Any benefit arising
under each of all other riders shall not exceed Basic Sum Assured under the Base
product.
For more details on the above riders, refer to the rider brochure or contact LIC’s
nearest Branch Office.
II. Settlement Option for Maturity Benefit:
Settlement Option is an option to receive Maturity Benefit in instalments over
the chosen 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,
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 mode of payments being as under:

Mode of Instalment payment Minimum instalment amount

Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 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 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 the 10 year
semi-annual G- Sec yield p.a. minus 2%; where, the 10 year semi-annual G-Sec
yield shall be as at last trading day of previous financial year. Accordingly, for
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 the 12 months period commencing from 1st May, 2024 to 30th April, 2025, the
applicable interest rate for the calculation of the instalment amount shall be
5.07% 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.
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:
a. 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).
b. 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 p.a.; 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, 2024 to 30th April, 2025, the maximum
applicable interest rate used for discounting the future instalments shall be
7.07% p.a. effective.
c. 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 instalments:
This is an option to receive death benefit in instalments over the chosen 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 instalment amount for
different modes of payments being as under:

Mode of Instalment payment Minimum instalment amount

Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 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 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 the 10 year
semi-annual G- Sec yield p.a. minus 2%; 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, 2024 to 30th April, 2025, the
applicable interest rate for the calculation of the instalment amount shall be
5.07% p.a. effective.
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 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
period of Instalment payment and 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.
4. PAYMENT OF PREMIUMS
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode
(through NACH only) or through salary deductions (SSS) during the premium
paying term of the policy.
5. GRACE PERIOD
A grace period of 30 days shall be allowed for payment of yearly, half-yearly,
quarterly mode and 15 days for monthly mode of premium payment 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.
6. SAMPLE ILLUSTRATIVE PREMIUM:
The sample illustrative annual premium (in Rs.) for Basic Sum Assured of Rs. 2
lakhs for standard lives are as under:

Age Policy Term/Premium Paying Term (in Years)

(in years) 16 (10) 21 (15) 25 (16)
20 17,718 11,623 9,908
30 17,767 11,701 10,025
40 18,012 12,054 10,476
50 18,855 13,083 11,682

The above premium is exclusive of taxes.

7. REBATES
Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly, Monthly & Salary deduction - NIL
High Sum Assured Rebate (on Premium):

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

Rs. 2,00,000 to less than Rs. 5,00,000 Nil
Rs. 5,00,000 to less than Rs. 10,00,000 2.00%o B.S.A.
Rs. 10,00,000 to less than Rs. 15,00,000 3.00%o B.S.A.
Rs. 15,00,000 and above 3.50%o B.S.A.

8. REVIVAL
If the premium is not paid before the expiry of the days of grace, the policy
lapses. A lapsed policy can be revived within a period of 5 consecutive complete
years from the date of first unpaid premium and 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
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 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 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 day of previous financial year
plus 3% or the yield earned on the Corporation’s Non-Linked, Participating Fund
plus 1%, whichever is higher. For the 12 month’s period commencing from 1st
May, 2024 to 30th April, 2025, the applicable interest rate shall be 9.50% p.a.
compounding half yearly.
The basis for determination of interest rate for policy revival is subject to change.
Revival of rider(s), if opted for, will only be considered along with revival of the
Base Policy, and not in isolation.
9. PAID-UP POLICY
If less than one full year’s premium(s) has been paid and any subsequent
premium be not duly paid, all the benefits under the policy shall cease after the
expiry of grace period from the date of first unpaid premium and nothing shall
be payable.
If after atleast one full year’s premium(s) has been paid and any subsequent
premiums be not duly paid, on completion of first policy year the policy shall
not be wholly void, but shall continue as a paid-up policy till the end of the
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. The Death Benefit payable under the paid-up policy, on
death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested
Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than
105% of total premiums paid upto the date of death.
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. The Maturity Benefit payable under the paid-up policy, on
expiry of the policy term, shall be Maturity Paid-Up Sum Assured along with
vested Simple Reversionary Bonuses, if any.
A paid up policy shall not be entitled to participate in future profits. However,
the vested simple reversionary bonuses, if any, shall remain attached to the paid
up policy.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply,
if policy is in lapsed condition.
10. SURRENDER
The policy can be surrendered after completion of first policy year provided
one full year’s premium(s) has been paid. However, the policy shall acquire
Guaranteed Surrender Value on payment of atleast two full years’ premiums and
Special Surrender Value after completion of first policy year provided one full
year’s premium(s) has been paid. On surrender of an in-force or paid-up policy,
the Corporation shall pay the Surrender Value equal to higher of Guaranteed
Surrender Value and Special Surrender Value.
The Guaranteed Surrender value payable during the policy term shall be equal
to total premiums paid (excluding extra premiums, taxes if collected explicitly
and premiums for riders, if opted for) multiplied by the Guaranteed Surrender
Value factors applicable to total premiums paid. These Guaranteed Surrender
Value factors expressed as percentages will depend on the policy term and
policy year in which the policy is surrendered and are specified as below:

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Guaranteed Surrender Value factors applicable to total
premiums paid
Policy Policy Term (Premium Paying Term)...>
year 16 (10) 21(15) 25 (16)
1 0.00% 0.00% 0.00%
2 30.00% 30.00% 30.00%
3 35.00% 35.00% 35.00%
4 50.00% 50.00% 50.00%
5 50.00% 50.00% 50.00%
6 50.00% 50.00% 50.00%
7 50.00% 50.00% 50.00%
8 53.75% 52.30% 51.80%
9 57.50% 54.60% 53.50%
10 61.25% 56.90% 55.30%
11 65.00% 59.20% 57.10%
12 68.75% 61.50% 58.80%
13 72.50% 63.80% 60.60%
14 76.25% 66.20% 62.40%
15 90.00% 68.50% 64.10%
16 90.00% 70.80% 65.90%
17 73.10% 67.60%
18 75.40% 69.40%
19 77.70% 71.20%
20 90.00% 72.90%
21 90.00% 74.70%
22 76.50%
23 78.20%
24 90.00%
25 90.00%
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
Guaranteed 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 are as specified below:

Guaranteed Surrender Value factors applicable to

Vested Bonuses
Policy Policy Term (Premium Paying Term)...>
year 16 (10) 21(15) 25 (16)
1 0.00% 0.00% 0.00%
2 0.00% 0.00% 0.00%
3 17.58% 15.93% 15.28%
4 17.66% 16.22% 15.42%
5 17.85% 16.58% 15.55%
6 18.16% 17.03% 15.72%
7 18.60% 17.58% 15.93%
8 19.18% 17.58% 16.22%
9 19.93% 17.66% 16.58%
10 20.85% 17.85% 17.03%
11 21.99% 18.16% 17.58%
12 23.38% 18.60% 17.58%
13 25.05% 19.18% 17.66%
14 27.06% 19.93% 17.85%
15 30.00% 20.85% 18.16%
16 35.00% 21.99% 18.60%

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 17 23.38% 19.18%
18 25.05% 19.93%
19 27.06% 20.85%
20 30.00% 21.99%
21 35.00% 23.38%
22 25.05%
23 27.06%
24 30.00%
25 35.00%
The Special Surrender Value shall be reviewed annually in line with IRDAI
Master Circular on Life Insurance Products Ref: IRDAI/ACTL/MSTCIR/
MISC/89/6/2024 dated 12th June, 2024 and any subsequent circulars issued by
IRDAI in this regard.
No surrender value will be available on Rider(s), if any.
Upon payment of Surrender Value, the Policy terminates and no further benefits
shall be payable.
11. POLICY LOAN
Loan shall be available, within the surrender value, during the policy term
subject to the following:
i. Loan can be availed under the policy after completion of first policy year
provided one full year’s premium(s) has been paid.
ii. The maximum loan allowed under the policy, as a percentage of Surrender
Value, shall be as under:

Before payment of two After payment of two

Policy Status
full year’s premiums full year’s premiums
Under In-force policies 50% 80%
Under Paid-up policies 40% 70%
iii. The rate of loan interest applicable for full loan term, for the loan to be availed
under this policy 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 3% or the yield earned on the Corporation’s
Non-Linked Participating fund plus 1%, whichever is higher. For loan sanctioned
during 12 months’ period commencing from 1st May, 2024 to 30th April, 2025
the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire
term of the loan. The basis for determination of interest rate for Policy Loan is
subject to change.
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 foreclose 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 outstanding loan along with interest shall be recovered from the claim
proceeds at the time of exit.
12. 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 provisions
of Section 45 of the Insurance Act, 1938 as amended from time to time.
13. TERMINATION OF POLICY
The policy shall immediately and automatically terminate on the earliest
occurrence of any of the following events:

9
a) The date on which lump sum 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 11; 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 12 above.
14. TAXES
(i) 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(s), if any) including
extra premium, 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.
(ii) Regarding Income tax benefits/implications on premium(s) paid and benefits
payable under this plan, please consult your tax advisor for details.
15. FREE LOOK PERIOD
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 the Policy Document, whichever is
earlier, stating the reasons for 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 base policy and rider(s), if any)
for the period of cover, expenses incurred on medical examination(including,
special reports, if any) and stamp duty charges.
16. EXCLUSION
Suicide:
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 till the
date of death , provided the policy is in-force.
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 till the date of death or the surrender value available as on the 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 for a policy lapsed without acquiring paid-up
value and nothing shall be payable under such policies.
Note: Premiums referred above shall not include any taxes if collected explicitly,
extra premiums and any rider premium(s) other than Term Assurance Rider,
if any.
17. BENEFIT ILLUSTRATION
Distribution Channel: Offline Proposal No:
Name of the Prospect / Name of the LIC’s Jeevan Labh
Policyholder: Product:
Age: Tag Line: A Par, Non-Linked, Life,
Individual Savings Plan
Name of the Life Unique 512NxxxVxx
Assured: Identification No:

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 Age: 30 GST Rate (1st 4.50%
Year):
Policy Term: 25 GST Rate (2nd 2.25%
Year onwards):
Premium Payment Term: 16 Note: GST rate shall be as applicable from
time to time.
Amount of Instalment 10025.00
Premium:
(Instalment Premium for Base Plan)
Mode of payment of Yearly
premium:
How to read and understand this benefit illustration?
This benefit illustration is intended to show year-wise premiums payable and
benefits under the policy, at two assumed rates of interest i.e., 8% p.a. and 4% p.a.
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 benefits then these will be clearly
marked “guaranteed” in the illustration table on this page. If your policy offers
variable benefits, then the illustrations on this page will show two different rates
of assumed future investment returns of 8% p.a. and 4% p.a. 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.

Policy Details
Policy Option Basic Sum Assured Rs. 200000
Bonus Type Simple Revesrsionary Sum Assured on 200000
and Final Additional Death (at inception of
Bonus the policy) Rs.

Premium Summary
Base Plan Riders 1 Total
Instalment
Premium
Instalment Premium 10025.00 10025.00
without GST
Instalment Premium 10476.00 10476.00
with First Year GST
Instalment Premium 10250.56 10250.56
with GST 2nd Year
Onwards

11
 (Amount(Amount
in Rupees)
in Rupees)
Total Benefits
Total Benefits
Guaranteed Guaranteed
Benefits Benefits Non-Guaranteed Benefits @ Benefits
Non-Guaranteed 4% p.a. @ 4% p.a. Non-Guaranteed Benefits @Benefits
Non-Guaranteed 8% p.a.@ 8% p.a. 4 4
Maturity Benefit
Maturity Benefit Death Benefit
Death Benefit
Policy Year Policy Year 2 Total Maturity
TotalBenefit,
MaturityTotal
Benefit,
Maturity
Total Benefit,
Maturity Benefit,
Total Death
Total
Benefit,
Death Benefit,
Total Death
TotalBenefit,
Death Benefit,
Annualized 2 Premium
Annualized Premium Total Total Total Total
(End of the (End of the Guaranteed Guaranteed Special Special Special Special Incl of Final
InclAdditional
of Final Additional
Incl of Final
InclAdditional
of Final Additional
Incl of Final
Incl of Final Incl of Final
Incl of Final
(Cumulative) (Cumulative) Death Death
Maturity Maturity
Reversionary GuaranteedGuaranteed
Reversionary Surrender Surrender
Reversionary Guaranteed
Reversionary Guaranteed SurrenderSurrender
year) year) Surrender Surrender Surrender Surrender SurrenderSurrender Bonus (FAB),
BonusIf any,
(FAB),Bonus
If any, (FAB), any, IfAdditional
BonusIf (FAB), any, Additional
Bonus Bonus Additional
Additional
Bonus Bonus
Benefit Benefit
Benefit Benefit
Bonus Surrender Surrender 3
Bonus Benefit Bonus
Benefit Surrender Surrender 3
Bonus Benefit Benefit
Value Value Value Value3 Value Value3 @ 4% @ 4% @ 8% @ 8% (FAB),If any, (FAB),If
@ 4%any, @(FAB),If
4% (FAB),If
any, @ 8% any, @ 8%
Value3 Value3 Value3 Value3
(5+6+FAB) (5+6+FAB) (5+10+FAB) (5+10+FAB) (4+6+FAB) (4+6+FAB) (4+10+FAB) (4+10+FAB)

1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17

1 1 10025 10025 0 200000

0 200000
0 0 800 800 0 0 2328 23282328 23286000 6000 0 0 2328 2328 2328 2328 0 0 0 0 200800 200800 206000 206000
2 2 20050 20050 6015 6015
200000 200000
0 01600 16006015 60154985 49856015 601512000 120006015 6015 4985 4985 6015 6015 0 0 0 0 201600 201600 212000 212000
3 3 30075 30075 10526 200000
10526 0
200000 02400 10893
2400 8519
10893 10893
8519 18000
10893 13276
18000 11849
13276 1184913276 13276 0 0 0 0 202400 202400 218000 218000
4 4 40100 40100 20050 20050
200000 200000
0 03200 3200
20543 20543
12167 12167
20543 20543
24000 24000
23751 23751
16924 1692423751 23751 0 0 0 0 203200 203200 224000 224000
5 5 50125 50125 25063 200000
25063 0
200000 04000 25685
4000 16299
25685 25685
16299 30000
25685 29728
30000 22672
29728 2267229728 29728 0 0 0 0 204000 204000 230000 230000
6 6 60150 60150 30075 30075
200000 200000
0 04800 4800
30830 30830
20955 20955
30830 30830
36000 36000
35734 35734
29149 2914935734 35734 0 0 0 0 204800 204800 236000 236000
7 7 70175 70175 35088 200000
35088 0
200000 05600 35980
5600 26180
35980 35980
26180 42000
35980 41779
42000 36415
41779 3641541779 41779 0 0 0 0 205600 205600 242000 242000
8 8 80200 80200 41544 41544
200000 200000
0 06400 6400
42582 42582
32069 32069
42582 42582
48000 48000
49330 49330
44607 4460749330 49330 0 0 0 0 206400 206400 248000 248000
9 9 90225 90225 48270 48270
200000 200000
0 07200 7200
49464 49464
38663 38663
49464 49464
54000 54000
57223 57223
53780 5378057223 57223 0 0 0 0 207200 207200 254000 254000
10 10 100250 100250 55438 55438
200000 200000
0 08000 8000
56800 56800
46031 46031
56800 56800
60000 60000
65656 65656
64029 6402965656 65656 0 0 0 0 208000 208000 260000 260000
11 11 110275 110275 62967 62967
200000 200000
0 08800 8800
64514 64514
54277 54277
64514 64514
66000 66000
74570 74570
75499 7549975499 75499 0 0 0 0 208800 208800 266000 266000
12 12 120300 120300 70736 70736
200000 200000
0 09600 9600
72424 72424
63457 63457
72424 72424
72000 72000
83394 83394
88267 8826788267 88267 0 0 0 0 209600 209600 272000 272000
13 13 130325 130325 78977 78977
200000 200000
0 010400 10400
80814 80814
73673 73673
80814 80814
78000 78000
92752 92752
102477 102477
102477 102477 0 0 0 0 210400 210400 278000 278000
14 14 140350 140350 87578 87578
200000 200000
0 011200 11200
89577 89577
85056 85056
89577 89577
84000 84000
102572 102572
118311 118311
118311 118311 0 0 0 0 211200 211200 284000 284000
15 15 150375 150375 96390 96390
200000 200000
0 012000 12000
98569 98569
97695 97695
98569 98569
90000 90000
112734 112734
135892 135892
135892 135892 0 0 0 0 212000 212000 291000 291000
16 16 160400 160400 105704 105704
200000 200000
0 012800 12800
108085 108085
111741 111741
111741 111741
96000 96000
123560 123560
155430 155430
155430 155430 0 0 0 0 212800 212800 297000 297000
17 17 160400 160400 108430 108430
200000 200000
0 013600 13600
111038 111038
120278 120278
120278 120278
102000 102000
127994 127994
170056 170056
170056 170056 0 0 0 0 213600 213600 304000 304000
18 18 160400 160400 111318 111318
200000 200000
0 014400 14400
114188 114188
129498 129498
129498 129498
108000 108000
132842 132842
186032 186032
186032 186032 0 0 0 0 214400 214400 311000 311000
19 19 160400 160400 114205 114205
200000 200000
0 015200 15200
117374 117374
139450 139450
139450 139450
114000 114000
137974 137974
203472 203472
203472 203472 0 0 0 0 215200 215200 318000 318000
20 20 160400 160400 116932 200000
116932 0
200000 016000 120450
16000 150250
120450 150250
150250 120000
150250 143320
120000 222592
143320 222592 222592
222592 0 0 0 0 216000 216000 325000 325000
21 21 160400 160400 119819 200000
119819 0
200000 016800 123747
16800 161950
123747 161950
161950 126000
161950 149278
126000 243522
149278 243522 243522
243522 0 0 0 0 216800 216800 332000 332000
22 22 160400 160400 122706 200000
122706 0
200000 017600 127115
17600 174646
127115 174646
174646 132000
174646 155772
132000 266463
155772 266463 266463
266463 0 0 0 0 217600 217600 341000 341000
23 23 160400 160400 125433 200000
125433 0
200000 018400 130412
18400 188479
130412 188479
188479 138000
188479 162776
138000 291694
162776 291694 291694
291694 0 0 0 0 218400 218400 350000 350000
24 24 160400 160400 144360 200000
144360 0
200000 019200 150120
19200 203549
150120 203549
203549 144000
203549 187560
144000 319438
187560 319438 319438
319438 0 0 0 0 219200 219200 359000 359000
25 25 160400 160400 144360 200000
144360 200000
200000 20000
200000 151360
20000 220000
151360 220000
220000 150000
220000 196860
150000 370000
196860 370000 370000 220000 220000
370000 370000 370000 220000 220000 370000 370000

Notes:
The main objective of the illustration is that the client is able to appreciate the
features of the products and the flow of the benefit in different circumstances
with some level of quantification.
This illustration is applicable to a standard (from medical, life style and
occupation point of view) life.
1. It includes rider(s) premiums in respect of all the rider(s) opted by the proposer
/ policyholder at inception of the policy.
2. Annualized Premium excludes underwriting extra premium, frequency loadings
on premiums, the premiums paid towards the riders, if any, and Goods & Service
Tax. Refer Sales literature for explanation of terms used in this illustration.
3. Surrender value is higher of Guaranteed Surrender Value (GSV) and Special
Surrender Value (SSV). SSV shall be reviewed in line with IRDAI Master Circular
on Life Insurance Products, Ref: No. IRDAI/ACTL/MSTCIR/MISC/89/6/2024 dated
12th June, 2024 and any subsequent circulars issued by IRDAI in this regard. For
surrender value calculation, it is assumed that the bonuses shall vest upon its
declaration based on experience of the Corporation under this product, in the
manner as per the terms and conditions of annual valuation results.
4. In any case the total death benefit during the Policy Term shall not be less
than 105% of the total premiums paid (excluding GST, extra premium and rider
premiums, if any).
-The actual allocation to policyholders, out of the surplus emerging from the
actuarial investigation, shall be in accordance with provisions in this regard
under LIC Act, 1956.

12 13
18. GRIEVANCE REDRESSAL MECHANISM:
Of the Corporation:
The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/
Zonal/ Central Office to redress grievances of customers. The customers can visit
our website (https://licindia.in/web/guest/grievances) for names and contact
details of the GROs and other information related to grievances.
For ensuring quick redressal of customer grievances the Corporation has
introduced Customer friendly Integrated Complaint Management System
through our Customer Portal (website) http://www.licindia.in, where a
registered policy holder can directly register complaint/ grievance and track its
status. Customers can also contact at e-mail id co_complaints@ licindia.com for
redressal of any grievances.
Claimants not satisfied with the decision of death claim repudiation have the
option of referring their cases for review to Zonal Office Claims Dispute Redressal
Committee or Central Office Claims Dispute Redressal Committee. A retired High
Court/ District Court Judge is member of each of the Claims Dispute Redressal
Committees.
Of IRDAI:
In case the customer is not satisfied with the response or do not receive
the response from us within 15 days, then the customer may approach the
Policyholder’s Protection and Grievance Redressal Department through any of
the following modes:
i) Calling Toll Free Number 155255/18004254732(i.e. IRDAI Grievance Call Centre
(BIMA BHAROSA SHIKAYAT NIVARAN KENDRA))
ii) Sending an email to [email protected]
iii) Register the complaint online at https://bimabharosa.irdai.gov.in/
iv) Address for sending the complaint through courier/letter: General Manager,
Policyholders Protection and Grievance Redressal Department, Insurance
Regulatory and Development Authority of India, Survey No. 115/1, Financial
District, Nanakramguda, Gachibowli, Hyderabad -500032, Telangana.
Of Ombudsman:
For redressal of Claims related grievances, claimants can also approach Insurance
Ombudsman who provides for low cost and speedy arbitration to customers.
Section 45 of the Insurance Act, 1938
The provision of Section 45 of the Insurance Act, 1938 shall be as amended from
time to time. 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;
(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.
14
 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.
PROHIBITION OF REBATES (SECTION 41 OF THE 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.

15
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI or its officials do not involve in any activities of insurance business like
selling insurance policies, announcing bonus or investment of premiums, refunds
of amounts. Policyholders or the prospects 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.

16
 Registered Office:
Life Insurance Corporation of India,
Central Office,
Yogakshema, Jeevan Bima Marg, Mumbai – 400021.
Website: www.licindia.in
Registration Number: 512

17