Benefits
Death Benefit
If the policyholder passes away during the active policy term with all premiums paid:
- If the death occurs before the risk commencement date, the beneficiary receives the total premiums paid (excluding taxes and extra/rider premiums).
- If the death occurs after the risk commencement date, the beneficiary receives the Death Benefit, which includes the “Sum Assured on Death,” vested Simple Reversionary Bonuses, and any Final Additional Bonus. The “Sum Assured on Death” is the higher of the Basic Sum Assured and seven times the annualized premium. The Death Benefit will be at least 105% of the total premiums paid, not including taxes, extra premiums, or rider premiums.
Survival Benefit
If the Life Assured is still alive on each policy anniversary that aligns with or immediately follows reaching the ages of 18, 20, and 22, they will receive a payment of 20% of the Basic Sum Assured on each of these occasions, provided that the policy is active.
Maturity Benefit
If the Life Assured remains alive throughout the policy term, and the policy is active, they will receive the “Sum Assured on Maturity” along with any vested Simple Reversionary Bonuses and a Final Additional Bonus, if applicable. The “Sum Assured on Maturity” is equivalent to 40% of the Basic Sum Assured.
Participation in Profits
The policy will share in the profits of the Corporation and will be eligible to receive Simple Reversionary Bonuses based on the Corporation’s experience, provided that the policy is in force.
A Final Additional Bonus may also be granted under the policy in the year when a claim arises due to either death or maturity. However, Final Additional Bonus is not applicable to paid-up policies.
The actual distribution of the surplus from the actuarial assessment to policyholders will be determined and approved by the Central Government in accordance with the provisions outlined in the LIC Act of 1956.
Eligibility Conditions
| a) Minimum Basic Sum Assured per life* | Rs 1,00,000 | |
| b) Maximum Basic Sum Assured per life* | No Limit (in multiples of ₹ 10,000) | |
| Minimum Age at entry for Life Assured | 0 years (last birthday) | |
| Maximum Age at entry for Life Assured | 12 years (last birthday) | |
| Minimum/Maximum Maturity Age for | 25 years (last birthday) | |
| Policy Term/Premium Paying Term | 25 – Age at entry years | |
Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
Suicide: A policy shall be void 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 Corporation will not entertain any claim under the policy except for 80% of the total premiums paid provided the 11 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 till the date of death or the surrender value available as on the date of death shall be payable. The Corporation will not entertain any other claim under the policy. This clause shall not be applicable: a) in case the age of the Life Assured is below 8 years at the time of revival; or b) 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 , extra premium and rider premium, if any
