Eligibility  Criteria

Premium Modes

Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).

Riders Available

LIC’s Accidental Death & Disability Benefit Rider

LIC’s Accident Benefit Rider

Death Benefit

On death of the Life Assured during the Policy Term provided all due premiums have been paid, Sum Assured on Death alongwith vested Simple Reversionary bonuses and Final Additional bonus (if any), where “Sum Assured on Death” is payable along with accured Guaranteed Additions and is defined as higher of Basic Sum Assured or 7 times of annualised premium.

This Death Benefit (as defined above) shall not be less than 105% of total premiums paid upto the date of death. Where,
1. “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.

2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly.

Maturity Benefit

On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with accrued Guaranteed Additions shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

Loan Facility is available after completion of first policy year provided one full year’s premium has been paid.

Option to Surrender the Policy

The policy can be surrendered by the policyholder after completion of first policy year provided atleast 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 surrender value of any accrued Guaranteed Additions; or Special Surrender Value.