It is a unit linked assurance plan where premium payment term (PPT) is 5 years and the premium payable in the first year will be 50% of total premium payable under the policy. The level of cover will depend on the level of premium you agree to pay.
Four types of investment funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of the units may increase or decrease, depending on the Net Asset Value (NAV). The plan therefore serves the purpose of insurance-cum-investment.
Cooling off period: If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.
Loan: No loan will be available under this plan.
Assignment: Assignment will be allowed under this plan.
Exclusions: any amount exceeding it. From second year onwards each year’s premium will be 25% of the first year premium.
In case the Life Assured commits suicide at any time within one year, the Corporation will not entertain any claim by virtue of the policy except to the extent of the Policyholder’s Fund Value on death.
Death Benefit: Higher of Sum Assured or the Policyholder’s Fund Value shall be available as death benefit.
Maturity Benefit: On the Life Assured surviving the maturity date of the contract, an amount equal to the Policyholder’s Fund Value is payable.
Accident Benefit Option: If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000/- and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers). In case of death by Accident, an additional sum equal to Accident Benefit sum assured shall be payable.
Surrender: The surrender value, if any, is payable only after the completion of the third policy anniversary. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge.
If you apply for surrender of the policy within 3 years from the date of commencement of policy, then the Policyholder’s fund value of units shall be converted into monetary terms. No charges shall be deducted thereafter and this monetary value shall be paid on completion of 3 years from the date of commencement of policy.
In case of death of life assured after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on the completion of3 years shall be payable to the nominee/ legal heir immediately on death.