LIC's Jeevan Utsav (UIN: 512N363V01) (A Non-Linked, Non

LIC’s Jeevan Utsav (UIN: 512N363V01)

(A Non-Linked, Non-Parcipang, Individual,

Savings, Whole Life Insurance Plan)

LIC’s Jeevan Utsav is a Non-Linked, Non-Parcipang, Individual, Savings,

Whole Life Insurance plan. This plan provides nancial support to family in

case of unfortunate death of Life Assured and survival benets in the form

of Regular Income Benet or Flexi Income Benet as per the opon chosen

for surviving policyholder.

LIC’s Jeevan Utsav is a non- parcipang product under which benets

payable on death or survival are guaranteed and xed irrespecve of actual

experience. Hence the policy is not entled to discreonary benets like

bonus etc. or share in Surplus.

This Plan can be purchased Oine through Licensed agents, Corporate

agents, Brokers, Insurance Markeng Firms as well as Online directly

through website www.licindia.in. However, it is not available for sale

through Point of Sales Persons-Life Insurance (POSP-LI) / Common Public

Service Centers (CPSC- SPV).

1. KEY FEATURES:

• Whole life insurance with limited premium payment

• Two opons available at incepon to choose the benet under the plan

o Opon I - Regular Income Benet

o Opon II – Flexi Income Benet

• Guaranteed Addions throughout Premium Paying Term

• Flexibility to choose Premium Paying Term from 5 Years to 16 Years

• Benet of aracve High Sum Assured Rebate

• Opon to enhance coverage by opng for riders on payment of

addional premium

• Takes care of liquidity needs through loan facility

2. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:

i. Premium Paying

Term

5 to 16 Years

ii. Minimum and

Maximum Age

at Entry

Premium

Paying Term

Minimum

Age

at Entry

(Completed)

8 years

7 years

6 years

5 years

4 years

3 years

2 years

1 years

90 days

Maximum Age

at Entry

(Nearer

Birthday)

65 years

64 years

63 years

62 years

61 years

60 years

59 years

iii. Maximum

Premium ceasing

age

75 Years (Nearer Birthday)

iv. Minimum Age

at the beginning

of Policy Year

in which rst

Regular Income

Benet/ Flexi

Income

Benet becomes

due as per Op-

on

18 Years (Completed)

v. Minimum Basic

Sum Assured

` 5,00,000/-

vi. Maximum Basic

Sum Assured

No Limit. However, the maximum Basic Sum

Assured allowed to each individual will be

subject to underwring decision as per the

Board Approved Underwring Policy.

vii. Basic Sum

Assured

Mulples

The Basic Sum Assured shall be in mulples of

amounts specied below:

Basic Sum Assured

Range

` 5,00,000 to `

24,00,000

Above ` 24,00,000

Basic Sum

Assured Mulples

` 25,000

` 1,00,000

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 aainment of 8 years of age, whichever

is earlier. For those aged 8 years or more at entry, risk will commence

immediately from the date of acceptance of the risk i.e. from the Date of

issuance of policy.

Date of vesng under the plan: If the policy is issued on the life of a

minor, the policy shall automacally vest in the Life Assured on the policy

anniversary coinciding with or immediately following the compleon of 18

years of age and shall on such vesng be deemed to be a contract between

the Corporaon and the Life Assured.

3. BENEFITS:

Benets payable under an in-force policy shall be as under:

A. Death Benet:

On death of the Life Assured aer the date of commencement of

risk, Death Benet equal to “Sum Assured on Death” along with accrued

Guaranteed Addions shall be payable, provided the policy is in-force.

This Death Benet shall not be less than 105% of total premiums paid

up to the date of death.

“Sum Assured on Death” is dened as higher of ‘Basic Sum Assured’ or

‘7 mes of Annualized Premium’.

Where,

i. “Annualized Premium” shall be the premium amount payable in

a year chosen by the policyholder, excluding the taxes, rider

premiums, underwring extra premiums and loadings for modal

premiums, if any.

ii. “Total Premiums Paid” means total of all the premiums received,

excluding any extra premium, any rider premium and taxes.

However, in case of minor Life Assured, whose age at entry is below

8 years on death before the commencement of Risk (as specied in Para

2 above) the death benet shall be refund of premium(s) paid (excluding

taxes, any extra premium, rider premium(s), if any), without interest.

B. Survival Benet:

Survival Benet in the form of Regular Income Benet or Flexi Income

Benet as per the opon chosen shall be as under:

Opon I - Regular Income Benet:

On survival of Life Assured, Regular Income Benet equal to 10% of

Basic Sum Assured shall be payable at the end of each policy year

starng from the year as specied in Table 1 below, provided all due

premium have been paid.

Opon II - Flexi Income Benet:

On survival of Life Assured, the policyholder shall be eligible for Flexi

Income Benet equal to 10% of Basic Sum Assured at the end of each

policy year starng from the year as specied in Table 1 below, provided

all due premium have been paid.

Policyholder shall have the exibility to defer and accumulate such Flexi

Income Benets.

The Corporaon shall pay interest on the deferred and accumulated

Flexi Income Benet at the rate of 5.5% p.a. compounding yearly

for completed months from its due date ll the date of withdrawal or

surrender or death, whichever is earlier. Fracon of months will be

ignored for the purpose of calculaon of interest.

Policyholder on wrien request can withdraw once in a policy year, a

maximum of 75% of balance accumulated Flexi Income Benet(s)

including interest, if any, which has not already been withdrawn and

the net amount aer withdrawal will connue to accumulate as

menoned above.

The accumulated Flexi Income Benet(s) due and not withdrawn along

with interest, shall be payable on death or surrender, whichever is earlier.

Table 1 placed below indicates the policy year at the end of which rst

Regular Income Benet / Flexi Income Benet becomes due on survival

of Life Assured.

Table 1

Premium Paying Term Regular Income Benet / Flexi

Income Benet Start Year

5 years 11th policy year

6 years 11th policy year

7 years 11th policy year

8 years 11th policy year

9 years 12th policy year

10 years 13th policy year

11 years 14th policy year

12 years 15th policy year

13 years 16th policy year

14 years 17th policy year

15 years 18th policy year

16 years 19th policy year

The policyholder can change the opon exercised by him at the

incepon of the policy at any me up to six months before the beginning

of the policy year in which the rst Regular Income Benet or Flexi

Income Benet becomes due.

C. Maturity Benet:

Maturity benet is not available under this plan.

D. Guaranteed Addions:

Under an inforce policy, the Guaranteed Addions shall accrue at the

rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy

year during the Premium Paying Term. There shall be no further accrual

of Guaranteed Addions aer Premium Paying Term.

In case the premiums are not duly paid, the Guaranteed Addions shall

cease to accrue under a policy.

Under an inforce policy on death of Life Assured during the Premium

Paying Term, the Guaranteed Addion in the year of death shall be

payable for full policy year.

In case of surrender of an inforce policy during the Premium Paying

Term, the Guaranteed Addions for the policy year in which the policy

is surrendered will be added on proporonate basis in proporon to

the completed months for the Policy Year in which policy is surrendered.

4. OPTIONS AVAILABLE:

i. Rider Benet:

The following ve oponal riders (or amended versions of these) shall

be available under this plan by payment of addional premium.

However, the policyholder can opt between either of the LIC’s

Accidental Death and Disability Benet Rider (UIN: 512B209V02) or

LIC’s Accident Benet Rider (UIN:512B203V03) and/ or the remaining

three riders subject to the eligibility as detailed below:

a) LIC’s Accidental Death and Disability Benet Rider

(UIN: 512B209V02):

The benet cover under this rider shall be available before the policy

anniversary on which the age nearer birthday of the life assured is

70 years. This rider can be opted for under an in-force policy at any me

within the premium paying term of the Base plan provided the

outstanding premium paying term of the Base plan as well as the

Rider is atleast 5 years but before the policy anniversary on which the

age nearer birthday of the life assured is 65 years. If this rider is opted

for, in case of accidental death (within 180 days from the date of

accident), the Accident Benet Sum Assured will be payable in

lumpsum along with the death benet under the base plan. In case

of accidental disability arising due to accident (within 180 days from

the date of accident), an amount equal to the Accident Benet Sum

Assured will be paid in equal monthly instalments spread over 10 years

and future premiums for Accident Benet Sum Assured as well as

premiums for the poron of Basic Sum Assured under the Base Policy

which is equal to Accident Benet 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 compleon of age 18 years on receipt

of specic request.

b) LIC’s Accident Benet Rider (UIN:512B203V03):

This rider can be opted for at any me under an in-force policy within

the premium paying term of the Base plan provided the outstanding

premium paying term of the Base plan as well as the Rider is atleast 5

years but before the policy anniversary on which the age nearer

birthday of the Life Assured is 65 years. The benet cover under this

rider shall be available only during the premium paying term or up to

the policy anniversary on which age nearest birthday of the Life

Assured is 70 years, whichever is earlier. If this rider is opted for, in case

of accidental death, the Accident Benet Sum Assured will be payable

in lumpsum along with the death benet under the base plan.

c) LIC’s New Term Assurance Rider (UIN: 512B210V01):

This rider is available at incepon of the policy only. The benet cover

under this rider shall be available for a term of 35 years or ll the policy

anniversary on which the age nearer birthday of the Life Assured is 75

years, whichever is earlier. If this rider is opted for, an amount equal to

Term Assurance Rider Sum Assured shall be payable on death of the

Life Assured during the Rider Term.

d) LIC’s New Crical Illness Benet Rider (UIN: 512A212V02):

This rider is available at the incepon of the policy only. The benet

cover under this rider shall be available for a term of 35 years or ll

the policy anniversary on which the age of the Life Assured is 75 years,

whichever is earlier. If this rider is opted for, on rst diagnosis of any

one of the specied 15 Crical Illnesses covered under this rider, the

Crical Illness Sum Assured shall be payable.

e) LIC’s Premium Waiver Benet Rider (UIN: 512B204V03):

Under an in-force policy, this rider can be opted for on the life of

Proposer of the policy; at any me 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 at least ve years. Further, this rider shall be allowed under the policy

wherein the Life Assured is Minor at the me of opng this rider. The

Rider term shall be outstanding premium paying term of the base plan

as on date of opng this rider or (25 minus age of the minor Life Assured

at the me of opng 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 aer the date of death

ll the expiry of 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 Benet Rider term shall be payable by

the Life Assured. On non-payment of such premiums the policy would

become paid-up.

The premium for LIC’s Accident Benet Rider or LIC’s Accidental Death

and Disability Benet Rider and LIC’s New Crical Illness Benet Rider

as applicable shall not exceed 100% of premium under the base plan

and the premiums under all other life insurance riders put together

shall not exceed 30% of premiums under the base plan. Each of above

Rider Sum Assured cannot exceed the Sum Assured on Death under the

Base plan.

For more details on the above riders, refer to the rider brochure or

contact LIC’s nearest Branch Oce.

ii. Opon to take Death Benet in Instalment:

This is an opon to receive Death Benet 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 opon 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 me; for full or part of Death

benets payable under the policy. The amount opted for by the

Policyholder/ Life Assured (ie. 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 dierent 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 opon exercised by the

Policyholder/Life Assured, the claim proceeds shall be paid in lump

sum only.

For all the instalment payment opons 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 eecve rate

not lower than the 10 year semi-annual G-Sec rate minus 2%; where,

the 10 year semi-annual G-Sec rate shall be as at last trading day of

previous nancial year.

Accordingly, for the 12 months’ period commencing from 1st May,

2023 to 30th April, 2024, the applicable interest rate for the calculaon

of the instalment amount shall be 5.31% p.a. eecve.

For exercising opon to take Death Benet in instalments, the

Policyholder during minority of the Life Assured or the Life Assured, if

major, can exercise this opon during his/her lifeme while in currency

of the policy, specifying the net claim amount for which the opon is to

be exercised. The death claim amount shall then be paid to the

nominee as per the opon exercised by the Policyholder/Life Assured

and no alteraon whatsoever shall be allowed to be made by the

nominee.

5. PAYMENT OF PREMIUMS:

Premiums can be paid regularly at yearly, half-yearly, quarterly or

monthly intervals (monthly premiums through NACH only) or through

salary deducons.

6. GRACE PERIOD:

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 interrupon

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 illustrave yearly premiums for Standard lives for Sum

Assured of Rs 5,00,000 for policies to be sold through Oine are

as under:

Premium

Paying Term

Age at entry

10 Years 30 Years 50 Years

` 1,09,575 ` 1,10,150 ` 1,18,625

` 72,600 ` 72,600 ` 72,600

` 44,250 ` 44,275 ` 45,225

` 29,900 ` 30,025 ` 33,475

The above premiums are exclusive of taxes.

8. MODAL LOADINGS:

Mode

Loading as a % of Tabular Annual Premium

Yearly

Nil

Half- Yearly

1.75%

Quarterly

2.50%

Monthly

3.25%

9. REBATES:

Rebate for High Basic Sum Assured:

Incenve for higher Basic Sum Assured by way of rebate in the premium

rate is provided for three slabs of Basic Sum Assured i) Rs 10,00,000 to

Rs 24,00,000 ii) Rs 25,00,000 to Rs 49,00,000 iii) Rs 50,00,000 and

above. The rebate for higher Basic Sum Assured depends on the Basic

Sum Assured slab and the Premium Paying Term. The rebate increases

as the Basic Sum Assured moves from the lower slab to higher slab

of the Basic Sum Assured and decreases with increase in the Premium

Payment Term.

Rebate under Online Sale:

For proposal to be completed under online sale without any assistance

of Agents / intermediary shall be eligible for a rebate of 10% on tabular

premium.

10. REVIVAL:

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

consecuve years from the date of First Unpaid Premium. The revival

shall be eected on payment of all the arrears of premium(s) together

with interest (compounding half- yearly) at such rate as may be xed

by the Corporaon from me to me and on sasfacon of Connued

Insurability of the Life Assured and/or Proposer (if LIC’s Premium

Waiver Benet Rider is opted for) on the basis of informaon,

documents and reports that are already available and any addional

informaon in this regard if and as may be required in accordance with

the Underwring Policy of the Corporaon at the me of revival, being

furnished by the Policyholder/Life Assured/Proposer.

The Corporaon reserves the right to accept at original terms, accept

with modied terms or decline the revival of a disconnued policy.

The revival of a disconnued policy shall take eect only aer the same

is approved, accepted and revival receipt is issued by the Corporaon.

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 Rate p.a. compounding half-yearly as at the last trading day of

previous nancial year plus 3% or the yield earned on the Corporaon’s

Non-Linked Non- Parcipang fund plus 1%, 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. The basis for determinaon 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 isolaon.

11. PAID-UP VALUE:

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 benets

under this policy shall cease aer the expiry of grace period from

the date of First Unpaid Premium and nothing shall be payable and the

Premiums paid thitherto are also not refundable.

If, aer at least 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 ll the life assured survives or

policy terminates, whichever is earlier.

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’ mulplied by the rao of the total period for

which premiums have already been paid bears to the maximum period

for which premiums were originally payable.

The Basic Sum Assured under a paid-up policy shall be reduced to

such a sum, called ‘Paid-up Sum Assured’ and shall be equal to ‘Basic

Sum Assured’ mulplied by the rao of the total period for which

premiums have already been paid bears to the maximum period for

which premiums were originally payable.

The Guaranteed Addion accrued under the policy for the period for

which premiums have been paid will remain aached where the policy

becomes paid-up by non payment of premium. No Guaranteed Addion

shall accrue once the policy becomes paid-up.

The Guaranteed Addions for the policy year in which less than full year

premium have been paid before the policy becomes paidup shall accrue

on proporonate basis in proporon to the premium(s) paid for that

policy year.

The benets payable under a Paid-up policy shall be as under:

(a) Under a Paid-up Policy where Paid-up Sum Assured is less than ` 2,00,000:

On death of the Life Assured, Death Benet equal to ‘Death Paid-up

Sum Assured’ along with accrued Guaranteed Addions shall be

payable to the Nominee/Beneciary.

On survival of Life Assured, Regular Income Benets or Flexi Income

Benets shall not be payable under a Paid-up Policy where Paid-up Sum

Assured is less than Rs 2,00,000.

(b) Under a Paid-up Policy where Paid-up Sum Assured is equal to or

greater than Rs 2,00,000:

i. Under Opon I- Regular Income Benet:

On death of the Life Assured, Death Benet equal to ‘Death Paid-up

Sum Assured’ along with accrued Guaranteed Addions shall be

payable to the Nominee/Beneciary.

On survival of Life Assured, Regular Income Benet as specied below

shall be payable at the end of each policy year starng from the year as

menoned in Table 1 of Para 3.B:

Paid–up Sum Assured Regular Income Benet

` 2,00,000 and above but less than

` 3,00,000

5% of Paid-up Sum Assured

` 3,00,000 and above but less than

` 4,00,000

6% of Paid-up Sum Assured

` 4,00,000 and above but less than

` 5,00,000

7% of Paid-up Sum Assured

` 5,00,000 and above

10% of Paid-up Sum Assured

ii. Under Opon II –Flexi Income Benet:

On death of the life assured, Death Benet equal to ‘Death Paid-up

Sum Assured’ along with accrued Guaranteed Addions shall be

payable to the Nominee/ Beneciary.

On survival of Life Assured, the policyholder shall be eligible for Flexi

Income Benet as specied below at the end of each policy year

starng from the year as menoned in Table 1 of Para 3.B :

Paid–up Sum Assured Flexi Income Benet

Rs 2,00,000 and above but less

than Rs 3,00,000

5% of Paid-up Sum Assured

Rs 3,00,000 and above but less

than Rs 4,00,000

6% of Paid-up Sum Assured

Rs 4,00,000 and above but less

than Rs 5,00,000

7% of Paid-up Sum Assured

Rs 5,00,000 and above 10% of Paid-up Sum Assured

All terms and condions regarding interest on and withdrawal of above

Flexi Income Benet(s) (due and not withdrawn) shall be as applicable

to in-force policies.

The accumulated Flexi Income Benet(s) due and not withdrawn along

with interest, shall be payable on death or surrender, whichever

is earlier.

12. SURRENDER:

The policy can be surrendered by the policyholder at any me provided

two full years’ premiums have been paid. On surrender of the policy,

higher of Guaranteed Surrender Value (GSV) or Special Surrender Value

(SSV) shall be payable.

The Guaranteed Surrender Value (GSV) shall be as under :

• Opon I - Regular Income Benet

The Guaranteed Surrender Value shall be the sum of [total premiums

paid mulplied by the GSV factor applicable to total premiums] and

[Accrued Guaranteed Addions mulplied by GSV factor applicable to

accrued Guaranteed Addions] reduced by Regular Income Benets

due and paid ll date of surrender, if any.

• Opon II – Flexi Income Benet

The Guaranteed Surrender Value shall be the sum of [total premiums

paid mulplied by the GSV factor applicable to total premiums] and

[Accrued Guaranteed Addions mulplied by GSV factor applicable to

accrued Guaranteed Addions] reduced by Flexi Income Benets due

ll date of surrender, if any.

In addion, any accumulated Flexi Income Benet(s) due and not

withdrawn along with interest (if any) ll the date of surrender shall

also be payable.

Premiums referred above shall not include any taxes, extra amount

chargeable under the policy due to underwring decision and rider

premium(s), if any.

The Guaranteed Surrender Value Factors applicable to total premiums

paid are expressed as percentages and depend on the policy year in

which the policy is surrendered and are as specied below:

Guaranteed Surrender Value Factors applicable to total premiums paid

Policy

Year

Factor Policy

Year

Factor Policy

Year

Factor Policy

Year

Factor Policy

Year

Factor

1 0.00% 8 51.48% 15 61.85% 22 72.22% 29 82.59%

2 30.00% 9 52.96% 16 63.33% 23 73.70% 30 84.07%

3 35.00% 10 54.44% 17 64.81% 24 75.19% 31 85.56%

4 50.00% 11 55.93% 18 66.30% 25 76.67% 32 87.04%

5 50.00% 12 57.41% 19 67.78% 26 78.15% 33 88.52%

6 50.00% 13 58.89% 20 69.26% 27 79.63% 34 90.00%

7 50.00% 14 60.37% 21 70.74% 28 81.11% 35 &

above

90.00%

The Guaranteed Surrender Value Factors applicable to Guaranteed

Addions are expressed as percentages and depend on the policy year

in which the policy is surrendered and are as specied below:

Guaranteed Surrender Value Factors applicable for Guaranteed Addions

Policy

Year

Factor Policy

Year

Factor Policy

Year

Factor Policy

Year

Factor Policy

Year

Factor

1 0.00% 8 7.16% 15 14.38% 22 21.59% 29 28.81%

2 0.00% 9 8.19% 16 15.41% 23 22.63% 30 29.84%

3 2.00% 10 9.22% 17 16.44% 24 23.66% 31 30.88%

4 3.03% 11 10.25% 18 17.47% 25 24.69% 32 31.91%

5 4.06% 12 11.28% 19 18.50% 26 25.72% 33 32.94%

6 5.09% 13 12.31% 20 19.53% 27 26.75% 34 33.97%

7 6.13% 14 13.34% 21 20.56% 28 27.78% 35 &

above

35.00%

The Special Surrender Value (SSV) is reviewable and shall be determined

by the Corporaon from me to me subject to prior approval of IRDAI.

No surrender value will be available on Rider(s), if any.

13. POLICY LOAN:

Loan can be availed under the Policy subject to the following terms and

condions as the Corporaon may specify from me to me:

1. Loan facility shall be available under this plan aer the policy

acquires paid up value i.e. aer at least two full years premiums have

been paid.

2. The maximum Loan that can be granted shall be as under:

(i) If loan is availed before beginning of the policy year in which the

rst Regular Income Benets / Flexi Income Benet becomes due:

The maximum loan permissible as a percentage of surrender value

under both opons shall be as under:

• For in-force policies- upto 75%

• For paid-up policies- upto 50%

(ii) If loan is availed from the beginning of the policy year in which the

rst Regular Income Benets / Flexi Income Benet becomes due:

Opon I- Regular Income Benet

The maximum permissible amount of loan (where no previous loan is

outstanding) for policies which are entled for Regular Income Benets

shall be arrived at in such a way that the eecve annual interest

amount payable on loan does not exceed 50% of the annual Regular

Income Benet payable under the policy subject to maximum of 75%

of Surrender value in case of inforce policies and 50% in case of

Surrender value in case of paidup policies.

Opon II - Flexi Income Benet

The maximum permissible amount of loan (where no previous loan

is outstanding) for policies which are entled for Flexi Income Benets

shall be arrived at in such a way that the eecve annual interest

amount payable on loan does not exceed 50% of the annual Flexi

Income Benet eligible under the policy subject to maximum of 75%

of Surrender value in case of inforce policies and 50% in case of

Surrender value in case of paidup policies. In addion, loan upto 50% of

Flexi Income Benets due and not withdrawn is also permissible.

3. Under both opons, outstanding loan interest, if any, shall be recovered

from the annual Regular Income Benets/ Flexi Income Benet as the

case may be.

4. The rate of loan interest applicable for full loan term, for the loan to

be availed for every 12 months’ period from 1st May to 30th April

shall not exceed 10 year G-Sec Rate p.a. compounding half-yearly as at

the last trading date of previous nancial year plus 300 basis points or

the yield earned on the Corporaon’s Non-Linked Non-parcipang

fund plus 100 basis points, whichever is higher. For loan sanconed

during the 12 months’ period commencing from 1st May, 2023 to 30th

April, 2024, the applicable interest rate shall be 9.5% p.a. compounding

half-yearly. The basis of determinaon of applicable loan interest for

policy loan is subject to change.

5. Any loan outstanding along with interest shall be recovered from claim

proceeds at the me of exit.

14. TAXES:

Statutory Taxes, if any, imposed on such insurance plans by the

Government of India or any other constuonal Tax Authority of India shall

be as per the Tax laws and the rate of tax as applicable from me to me.

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 premiums, if any, which shall be collected

separately over and above in addion to the premium(s) payable by

the policyholder. The amount of tax paid shall not be considered for the

calculaon of benets payable under the plan.

Regarding Income tax benets/implicaons on premium(s) paid and

benets payable under this plan, please consult your tax advisor for details.

15. FREE LOOK PERIOD:

If the Policyholder is not sased with the “Terms and Condions”

of the policy, the policy may be returned to the Corporaon within 30

days from the date of receipt of the electronic or physical mode of Policy

Document, whichever is earlier, stang the reason of objecons. On

receipt of the same, the Corporaon shall cancel the policy and return

the amount of premium deposited aer deducng the proporonate

risk premium (for Base Policy and Rider(s), if any) for the period of

cover, expenses incurred on medical examinaon, special reports, if

any and stamp duty charges.

16. SUICIDE EXCLUSION:

i. If the Life Assured (whether sane or insane) commits suicide at any me

within 12 months from the date of commencement of risk, the nominee

or beneciary of the Life Assured shall be entled to 80% of the total

premiums paid excluding any taxes, extra premium and rider premiums,

if any, 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 ll the date of death (excluding any taxes, extra

premium and rider premiums , if any), or the surrender value available

as on the date of death, shall be payable. The nominee or beneciary of

the Life Assured shall not be entled to any other claim under

the policy.

This clause shall not be applicable:

i. In case the age of the life assured is below 8 years at the me of

revival; or

ii. For a policy lapsed without acquiring paid-up value and nothing

shall be payable under such policies.

17. FORFEITURE IN CERTAIN EVENTS:

In case it is found that any untrue or incorrect statement is contained in

the proposal, personal statement, declaraon and connected

documents or any material informaon is withheld, then and in every

such case the policy shall be void and all claims to any benet by virtue

thereof shall be subject to the provisions of Secon 45 of the Insurance

Act, 1938 as amended from me to me.

18. TERMINATION OF POLICY:

The policy shall immediately and automacally terminate on the

earliest occurrence of any of the following events:

a) The date on which lumpsum death benet/nal instalment of

death benet is paid; or

b) The date on which surrender benets are seled under the policy; or

c) Under Opon I, in the event of default in payment of loan interest

and when the outstanding loan amount along with interest is to

exceed the surrender value; or

Under Opon II, in the event of default in payment of loan interest

and when the outstanding loan amount along with interest is

to exceed the sum of Surrender value and any accumulated Flexi

Income Benets with interest; or

d) On expiry of Revival Period if the policy which has not acquired

paid up status, has not been revived within the revival period; or

e) On payment of free look cancellaon amount; or

f) In the event of forfeiture as specied in Para 17.

19. SAMPLE BENEFIT ILLUSTRATION:

The main objecve of the illustraons is that the client is able to

appreciate the features of the product and the ow of the benet with

some level of quancaon. This illustraon is applicable to a standard

life (from medical, lifestyle and occupaon point of view) for policies

procured through agent/intermediary.

Illustraon 1: Opon I - Regular Income Benet:

Age 35 GST Rate (1

Year): 4.50%

Premium Paying Term 10 GST Rate (2

Year onwards): 2.25%

Basic Sum Assured Rs. 10,00,000 Amount of Instalment Premium 1,11,050

Mode of Premium

Payment

Yearly Note: GST rate shall be as applicable from

me to me.

Benet Summary:

Note:

1. Annualized Premium excludes underwring extra premium, frequency

loadings on premiums, the premiums paid towards the riders, if any,

and Goods & Service Tax. The Annualized Premium shown is cumulave

and payable during Premium Payment Term only.

2. Special surrender value may however be payable, if it is more favourable

to the Policyholder.

Illustraon 2: Opon II - Flexi Income Benet:

Age 35 GST Rate (1

Year): 4.50%

Premium Paying Term 12 GST Rate (2

Year onwards): 2.25%

Basic Sum Assured Rs. 10,00,000 Amount of Instalment Premium 86,850

Mode of Premium

Payment

Yearly Note: GST rate shall be as applicable from

me to me.

Benet Summary:

Note:

1. Annualized Premium excludes underwring extra premium, frequency

loadings on premiums, the premiums paid towards the riders, if any,

and Goods & Service Tax. The Annualized Premium shown is cumulave

and payable during Premium Payment Term only.

2. On survival of Life Assured, the policyholder shall be eligible for Flexi

Income Benet at the end of policy year. Policyholder shall have

the exibility to defer and accumulate such Flexi Income Benets.

The Corporaon shall pay interest on the deferred and accumulated Flexi

Income Benet at the rate of 5.5% p.a. compounding yearly for

completed months from its due date ll the date of withdrawal or

surrender or death, whichever is earlier. Policyholder on wrien

request can withdraw once in a policy year, a maximum of 75% of

balance accumulated Flexi Income Benet(s) including interest, if any,

which has not already been withdrawn and the net amount aer

withdrawal will connue to accumulate as menoned above. The

accumulated Flexi Income Benet(s) due and not withdrawn along with

interest (if any) shall be payable on death or surrender, whichever

is earlier.

3. Special surrender value may however be payable, if it is more favourable

to the Policyholder.

SECTION 45 OF INSURANCE ACT, 1938:

The provision of Secon 45 of the Insurance Act, 1938 shall be as

amended from me to me. The simplied version of this provision is

as under:

Provisions regarding policy not being called into queson in terms of

Secon 45 of the Insurance Act, 1938 are as follows:

1. No Policy of Life Insurance shall be called in queson on any ground

whatsoever aer expiry of 3 years from

a. the date of issuance of policy or

b. the date of commencement of risk or

c. the date of revival of policy or

d. the date of rider to the policy whichever is later.

2. On the ground of fraud, a policy of Life Insurance may be called in

queson within 3 years from

a. the date of issuance of policy or

b. the date of commencement of risk or

c. the date of revival of policy or

d. the date of rider to the policy whichever is later.

For this, the insurer should communicate in wring to the insured or

legal representave or nominee or assignees of insured, as applicable,

menoning the ground and materials on which such decision is based.

3. Fraud means any of the following acts commied by 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 suggeson, as a fact of that which is not true and which the

insured does not believe to be true;

b. The acve concealment of a fact by the insured having knowledge

or belief of the fact;

c. Any other act ed to deceive; and

d. Any such act or omission as the law specically declares to be

fraudulent.

4. Mere silence is not fraud unless, depending on circumstances of the

case, it is the duty of the insured or his agent keeping silence to speak

or silence is in itself equivalent to speak.

5. No Insurer shall repudiate a life insurance Policy on the ground of

Fraud, if the Insured / beneciary can prove that the misstatement was

true to the best of his knowledge and there was no deliberate intenon

to suppress the fact or that such mis-statement of or suppression of

material fact are within the knowledge of the insurer. Onus of disproving

is upon the policyholder, if alive, or beneciaries.

6. Life insurance Policy can be called in queson within 3 years on

the ground that any statement of or suppression of a fact material to

expectancy of life of the insured was incorrectly made in the proposal

or other document basis which policy was issued or revived or rider

issued. For this, the insurer should communicate in wring to the

insured or legal representave or nominee or assignees of insured,

as applicable, menoning the ground and materials on which decision

to repudiate the policy of life insurance is based.

7. In case repudiaon is on ground of mis-statement and not on fraud, the

premium collected on policy ll the date of repudiaon shall be paid

to the insured or legal representave or nominee or assignees of

insured, within a period of 90 days from the date of repudiaon.

8. Fact shall not be considered material unless it has a direct bearing on

the risk undertaken by the insurer. The onus is on insurer to show that

if the insurer had been aware of the said fact, no life insurance policy

would have been issued to the insured.

9. The insurer can call for proof of age at any me if he is entled to do so

and no policy shall be deemed to be called in queson merely because

the terms of the policy are adjusted on subsequent proof of age of

life insured. So, this Secon will not be applicable for quesoning age

or adjustment based on proof of age submied subsequently.

[Disclaimer: This is not a comprehensive list of Secon 45 of the Insurance

Act, 1938 and only a simplied version prepared for general informaon.

Policyholders are advised to refer to Secon 45 of Insurance Act, 1938, for

complete and accurate details.]

PROHIBITION OF REBATES (SECTION 41 OF INSURANCE ACT, 1938):

1. No person shall allow or oer to allow, either directly or indirectly, as an

inducement to any person to take out or renew or connue an

insurance in respect of any kind of risk relang 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 connuing 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 secon shall be liable for a penalty which may extend to ten

lakh rupees.

Various Secons of the Insurance Act, 1938, applicable to LIC to apply

as amended from me to me.

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 Oce.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT

OFFERS

IRDAI is not involved in acvies 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 Corporaon

of India” was established on 1st September, 1956 under Life Insurance

Corporaon Act, 1956, with the objecve of spreading life insurance

more widely, in parcular to the rural areas with a view to reaching all

insurable persons in the country and providing them adequate nancial

cover against insured events. LIC connues 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 operaon.

Registered Oce:

Life Insurance Corporaon of India

Central Oce,

Yogakshema, Jeevan Bima Marg, Mumbai – 400021.

Website: www.licindia.in

Registraon Number: 512