It is a limited premium payment conventional life insurance plan which offers guaranteed returns in the form of Guaranteed Sum Assured and vested reversionary bonuses with Final Additional Bonus in case of survival at the end of term. In case of sudden demise, an annual income benefit will be payable every year till policy term and future premium will be waived with an assurance of maturity amount to meet future demand of child. Policy can be availed with duration of 13 years to 25 years and can be taken any person between the ages of 18 years to 50 years.
It is endowment plan with guaranteed amount – Lump sum amount received on maturity and be reinvested to buy pension or can be used to take care of any financial need.
In case of sudden demise of policyholder, an annual income benefit equal to 10 % of basic sum assured payable every year and future premium will be waived. Also after the end of policy term, maturity benefit in the form 110% of Basic Sum Assured with Bonuses will be payable.
Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.
Eligibility Criteria
| Minimum | Maximum | |
| Entry Age | 18 Years (Completed) | 50 Years (nearer birthday) |
| Term | 13 to 25 Years | |
| PPT | (Policy Term - 3) Years | |
| Sum Assured | ₹ 2,00,000/- | No Limit |
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
LIC’s New Term Assurance Rider
Death Benefit
On death of the Life Assured during the Policy Term, Death Benefit equal to “Sum Assured on Death” alongwith with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable, where “Sum Assured on Death” is defined as the sum of…
a. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity and
b. 110% of Basic Sum Assured, which shall be payable on due date of maturity. The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.
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, 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. 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.
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 vested Simple Reversionary Bonuses and Final Additional bonus, if any, 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 Special Surrender Value.
