This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Samridhi Plus
LIC’s Samridhi Plus is a unit linked plan that safeguards your investment from market fluctuations, so that your investments are protected in financially volatile times. This plan offers payment of Fund Value at the end of policy term, based on highest Net Asset Value (NAV) over the first 100 months of the policy, or the NAV as applicable on the date of maturity, whichever is higher. NAV of the fund will be subject to a minimum of ` 10/-. This plan is available for sale for a maximum period of 3 months from the date of launch.
You can pay the premiums either in a single lump sum or for a limited premium paying term of 5 years. You can choose the level of cover within the limits, which will depend on your age, whether the policy is a Single premium or Limited premium contract and on the level of premium you agree to pay.
Premiums paid after allocation charge will purchase units of the Fund. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the NAV.
Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the premium paying term of 5 years. Alternatively, a single premium can be paid.
Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the premium paying term of 5 years. Alternatively, a single premium can be paid.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
Eligibility Conditions And Other Restrictions:
Eligibility Conditions And Other Restrictions:
(a) Minimum Age at entry - 8 (age last birthday)
(b) Maximum Age at entry - 65 years (age nearer birthday)
(c) Policy Term - 10 years
(d) Minimum Premium -
(b) Maximum Age at entry - 65 years (age nearer birthday)
(c) Policy Term - 10 years
(d) Minimum Premium -
5 years Premium Paying policies: Mode Minimum
Instalment Premium
Yearly: ` [15,000]
Half-Yearly ` [8,000]
Quarterly ` [4,000]
Monthly (ECS only) ` [1,500]
Single premium: Single ` [30,000]
Instalment Premium
Yearly: ` [15,000]
Half-Yearly ` [8,000]
Quarterly ` [4,000]
Monthly (ECS only) ` [1,500]
Single premium: Single ` [30,000]
(e) Maximum Premium -
5 years Premium Paying Term - ` [1,00,000] p.a.
Single premium - No Limit
5 years Premium Paying Term - ` [1,00,000] p.a.
Single premium - No Limit
(f) Sum Assured under the Basic Plan -
Minimum Sum Assured:
5 years Premium Paying Term policies:
For age at entry below 45 years: 10 times the annualised premium
For age at entry 45 years and above: 7 times the annualised premium
Minimum Sum Assured:
5 years Premium Paying Term policies:
For age at entry below 45 years: 10 times the annualised premium
For age at entry 45 years and above: 7 times the annualised premium
Single Premium policies:
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium
For age at entry below 45 years: 1.25 times the single premium
For age at entry 45 years and above: 1.10 times the single premium
Maximum Sum assured:
5 years Premium Paying Term policies:
For age at entry below 45 years: 20 times the annualized premium
For age at entry 45 years and above: 10 times the annualized premium
5 years Premium Paying Term policies:
For age at entry below 45 years: 20 times the annualized premium
For age at entry 45 years and above: 10 times the annualized premium
Single Premium Policies:
5 times the Single premium, if age at entry is upto 55 years.
1.25 times the Single premium, if age at entry is 56 to 65 years.
5 times the Single premium, if age at entry is upto 55 years.
1.25 times the Single premium, if age at entry is 56 to 65 years.
Where the minimum Sum Assured is not in the multiples of ` 5,000, it will be rounded off to the next multiple of ` 5,000. Annualized Premiums shall be payable in multiple of ` 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of ` 250/-.
Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge, Guarantee Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under:
Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge, Guarantee Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under:
Appropriation price is applied (when fund is expanding):
Market value of investment held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges including Guarantee Charge less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated).
Expropriation price is applied (when fund is contracting):
Market value of investment held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges including Guarantee Charge less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed).
Market value of investment held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges including Guarantee Charge less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed).
Applicability of Net Asset Value (NAV):
The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.
The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.
Similarly, in respect of the valid applications received for surrender, partial withdrawal, death claim and in case of complete withdrawal etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim and in case of complete withdrawal etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable
In case of discontinuance, as specified in Para 10 below, wherein the policyholder does not exercise the option within the period of 30 days of receipt of notice then the NAV as on the date of expiry of notice period shall be applicable.
In respect of maturity claim, the Policyholders fund value shall be based on the highest NAV over the first 100 months of the policy or the NAV as applicable on the date of maturity, whichever is higher.
The timing (presently 3 p.m.) is as per the existing guidelines and changes in this regard shall be as per the instructions from IRDA.
Charges under the Plan:
Charges under the Plan:
A) Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:
For Single premium policies: 3.3%
For Regular premium policies:
For Single premium policies: 3.3%
For Regular premium policies:
Premium | Allocation Charge |
First Year | 6.00% |
2nd to 5th Year | 4.50% |
B) Charges for Risk Covers:
i) Mortality Charge – This is the cost of life insurance cover which is age specific and will be taken every month. The life insurance cover is the difference between Sum Assured under Basic plan and the Fund Value after deduction of all other charges.
The charges per ` 1000/- life insurance cover for some of the ages in respect of healthy lives are as under:
i) Mortality Charge – This is the cost of life insurance cover which is age specific and will be taken every month. The life insurance cover is the difference between Sum Assured under Basic plan and the Fund Value after deduction of all other charges.
The charges per ` 1000/- life insurance cover for some of the ages in respect of healthy lives are as under:
| Age | 25 | 35 | 45 | 55 |
| ` | 1.42 | 1.73 | 3.89 | 10.76 |
Accident Benefit charge - It is the cost of Accident Benefit rider (if opted for) and will be levied every month at the rate of ` 0.50 per thousand Accident Benefit Sum Assured per policy year.
C) Other Charges: The following charges shall be deducted during the term of the policy:
Policy Administration charge ` 30/- per month during the first policy year and ` 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
Policy Administration charge ` 30/- per month during the first policy year and ` 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
Fund Management Charge – It is a charge levied as a percentage of the value of assets and shall be appropriated by adjusting the Net Asset Value (NAV) at 0.90% p.a. of Fund Value.
This is a charge levied at the time of computation of NAV, which will be done on daily basis.
Guarantee Charge – A charge of 0.40% p.a. of the Fund Value shall be levied for the cost of investment guarantee.
Guarantee Charge – A charge of 0.40% p.a. of the Fund Value shall be levied for the cost of investment guarantee.
This is a charge levied at the time of computation of NAV, which will be done on daily basis.
Bid/Offer Spread – Nil.
Bid/Offer Spread – Nil.
Discontinuance Charge – The discontinuance charge for 5 years premium paying term policies is as under:
| Where the policy is discontinued during the policy year | Discontinuance charges for the policies having annualized premium up to ` 25,000/- | Discontinuance charges for the policies having annualized premium above ` 25,000/- |
1 | Lower of 10% * (AP or FV) subject to a maximum of ` 2500/- | Lower of 6% * (AP or FV) subject to maximum of ` 6000/- |
2 | Lower of 7% * (AP or FV) subject to a maximum of ` 1750/- | Lower of 4% * (AP or FV) subject to maximum of ` 5000/- |
3 | Lower of 5% * (AP or FV) subject to a maximum of ` 1250/- | Lower of 3% * (AP or FV) subject to maximum of ` 4000/- |
4 | Lower of 3% * (AP or FV) subject to a maximum of ` 750/- | Lower of 2% * (AP or FV) subject to maximum of ` 2000/- |
5 and onwards | NIL | NIL |
AP – Annualised Premium
FV – Policyholder’s Fund Value on the date of discontinuance
FV – Policyholder’s Fund Value on the date of discontinuance
There shall not be any discontinuance charge under Single Premium.
- Service Tax Charge – Service tax charge shall be levied on all or any of the charges applicable to this plan as per the prevailing service tax laws / notifications etc. as issued by Government of India from time to time in this regard without any reference to the policyholder.
- Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as change in premium mode and grant of Accident Benefit after the issue of the policy. An alteration may be allowed subject to a charge of ` 50/-.
D) Right to revise charges: The Corporation reserves the right to revise all or any of the above charges except the Premium Allocation charge, Mortality charge and Accident Benefit charge. The modification in charges will be done with prospective effect with the prior approval of IRDA.
Although the charges are reviewable, they will be subject to the following maximum limit:
Policy Administration Charge
Policy Administration Charge
` 60/- per month during the first policy year and ` 60/- per month escalating at 3% p.a. thereafter, throughout the term of the policy
Fund Management Charge: The Maximum for Fund will be 1.30% p.a. of Fund Value
Fund Management Charge: The Maximum for Fund will be 1.30% p.a. of Fund Value
- Guarantee Charge shall not exceed 0.60% p.a. of the Fund Value.
- Miscellaneous Charge shall not exceed ` 100/- each time when an alteration is requested.
In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value.
Discontinuance of Premiums:
In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value.
Discontinuance of Premiums:
If you fail to pay premiums under the policy within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise one of the following options within a period of thirty days of receipt of such notice:
Revival of the policy, or
Complete withdrawal from the policy
Revival of the policy, or
Complete withdrawal from the policy
During the notice period of 30 days, the policy shall be treated as in force and the charges for Mortality, Accident Benefit cover, if any, shall be taken in addition to other charges, by canceling an appropriate number of units out of the Policyholder’s Fund Value. The cover shall continue till the date of discontinuance of the policy (i.e. till the date on which the intimation is received from the policyholder for complete withdrawal of the policy or till the expiry of the notice period).
If you do not exercise any option within the stipulated period of 30 days, you shall be deemed to have exercised the option of complete withdrawal from the policy.
If you do not exercise any option within the stipulated period of 30 days, you shall be deemed to have exercised the option of complete withdrawal from the policy.
The benefits payable under the policy during the notice period shall be same as that under an in-force policy, except Partial Withdrawal, which shall not be allowed if all due premiums have not been paid.
The benefits payable when you exercise the option for complete withdrawal or you do not exercise any option during the notice period shall be as under:
If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below shall be payable after completion of 5 years from the date of commencement of the policy.
If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below shall be payable after completion of 5 years from the date of commencement of the policy.
Method of calculation of Monetary amount and Proceeds of the Discontinued Policy:
The conversion to monetary amount shall be as under:
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount.
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount.
The Proceeds of the Discontinued Policy shall be calculated as under:
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% compounded annually from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
Compulsory termination:
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% compounded annually from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
Compulsory termination:
If the balance in the Policyholder’s Fund Value, at any time after partial withdrawal of units, is not sufficient to recover the relevant charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value, if any, shall be refunded to the policyholder.
Other Features:
Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
Other Features:
Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
Partial Withdrawals: Youmay en-cash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:
In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
Partial withdrawals will be allowed twice in a policy year.
Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units subject to a minimum amount of ` 2000/-.
For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
Under 5 years Premium Paying Term policies, partial withdrawal will be allowed subject to a minimum balance of at least one annualized premium in the Policyholder’s Fund Value.
Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of 25% of the single premium in the Policyholder’s Fund Value.
In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
Partial withdrawals will be allowed twice in a policy year.
Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units subject to a minimum amount of ` 2000/-.
For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
Under 5 years Premium Paying Term policies, partial withdrawal will be allowed subject to a minimum balance of at least one annualized premium in the Policyholder’s Fund Value.
Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of 25% of the single premium in the Policyholder’s Fund Value.
Increase / Decrease of risk covers:No increase or decrease of covers will be allowed under the plan.
Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. If you exercise the option to revive the policy, then the arrears of premium without interest shall be required to be paid.
The Corporation reserves the right to accept the revival at its own terms or decline the revival of a policy.
Irrespective of what is stated above, if the Policyholder’s Fund Value is not sufficient to recover the charges during the notice period, the policy shall terminate and thereafter revival will not be allowed.
Reinstatement:
A policy once surrendered cannot be reinstated.
Risks borne by the Policyholder:
Risks borne by the Policyholder:
- LIC’s Samridhi Plus is a Unit Linked Life Insurance product which is different from the traditional insurance products and is subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAV of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Samridhi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
- The fund offered under this contract is the name of the fund and does not in any way indicate the quality of this plan, its future prospects and returns.
- All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.
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. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:
Value of units in the Policyholder’s Fund
Plus unallocated premium
Plus PolicyAdministration charge deducted
Less charges @ ` 0.20per thousand Sum Assured under Basic plan
Less Actual cost of medical examination and special reports, if any.
Loan:
Value of units in the Policyholder’s Fund
Plus unallocated premium
Plus PolicyAdministration charge deducted
Less charges @ ` 0.20per thousand Sum Assured under Basic plan
Less Actual cost of medical examination and special reports, if any.
Loan:
No Loan will be available under this plan.
Assignment:
Assignment:
Assignment will be allowed under this plan.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Pension Plus
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
LIC’s Pension Plus is a unit linked deferred pension plan, which provides you a minimum guarantee on the gross premiums paid. The plan is without any life cover.
You have a choice of investing your premiums in one of the two types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly or quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid.
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
2 . Eligibility Conditions And Other Restrictions:
a) Minimum Entry Age - 18 years (last birthday)
b) Maximum Entry Age - 75 years (nearest birthday)
c) Minimum Vesting Age - 40 years (completed)
d) Maximum Vesting Age - 85 years (nearest birthday)
e) Minimum Deferment Term - 10 years
f) Sum Assured - NIL
g) Minimum Premium -
Regular premium (other than monthly (ECS) mode) : Rs. [15,000] p.a.
Regular premium (for monthly (ECS) mode) : Rs. [1,500] p.m.
Single premium: Rs. [30,000]
h) Maximum Premium -
Regular premium : Rs. [1,00,000] p.a.
Single premium: No Limit
a) Minimum Entry Age - 18 years (last birthday)
b) Maximum Entry Age - 75 years (nearest birthday)
c) Minimum Vesting Age - 40 years (completed)
d) Maximum Vesting Age - 85 years (nearest birthday)
e) Minimum Deferment Term - 10 years
f) Sum Assured - NIL
g) Minimum Premium -
Regular premium (other than monthly (ECS) mode) : Rs. [15,000] p.a.
Regular premium (for monthly (ECS) mode) : Rs. [1,500] p.m.
Single premium: Rs. [30,000]
h) Maximum Premium -
Regular premium : Rs. [1,00,000] p.a.
Single premium: No Limit
Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-.
3. Charges under the Plan: A) Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:
For Single premium policies: 3.3%
For Regular premium policies:
Premium | Allocation Charge |
First Year | 6.75% |
2nd to 5th Year | 4.50% |
thereafter | 2.50% |
Allocation charge for Top-up: 1.25%
B) Other Charges: The following charges shall be deducted during the term of the policy:
B) Other Charges: The following charges shall be deducted during the term of the policy:
- Policy Administration charge: Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
- Fund Management Charge –It is a charge levied as a percentage of the value of units at following rates:
0.70% p.a. of Unit Fund for “Debt” Fund
0.80% p.a. of Unit Fund for “Mixed” Fund
Fund Management Charge shall be appropriated while computing NAV. - Switching Charge –This is the charge levied on switching of monies from one fund to another. Within a given policy year 2 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.
- Bid/Offer Spread – Nil.
- Discontinuance Charge – The discontinuance charge for regular premium policies is as under:
Where the policy is discontinued during the policy year Discontinuance charges for the policies having annualized premium up to Rs. 25,000/- Discontinuance charges for the policies having annualized premium above Rs. 25,000/- 1Lower of 10% * (AP or FV) subject to a maximum of Rs. 2500/-Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-2Lower of 7% * (AP or FV) subject to a maximum of Rs. 1750/-Lower of 4% * (AP or FV) subject to maximum of Rs. 5000/-3Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-Lower of 3% * (AP or FV) subject to maximum of Rs. 4000/-4Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-5 and onwardsNILNIL
AP – Annualised Premium
FV – Policyholder’s Fund Value excluding the fund value in respect of Top-up premiums paid, if any, on the date of discontinuance.
There shall not be any discontinuance charge under Single Premium
- Service Tax Charge – A service tax charge, if any, will be as per the service tax laws and rate of service tax as applicable from time to time.
- Miscellaneous Charge – This is a charge levied for change in premium mode, if opted for by the policyholder during the deferment term. An alteration may be allowed subject to a charge of Rs. 50/-.
Although the charges are reviewable, they will be subject to the following maximum limit:
- Policy Administration Charge Rs. 60/- per month during the first policy year and Rs. 60/- per month escalating at 3% p.a. thereafter, throughout the term of the policy
- Fund Management Charge: The Maximum for each Fund will be as follows:
- Debt Fund: 1.20% p.a. of Unit Fund
- Mixed Fund: 1.30% p.a. of Unit Fund
- Miscellaneous Charge shall not exceed Rs. 100/- each time when an alteration is requested.
In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s fund value which shall be utilised to provide an annuity.
4. Discontinuance of Premiums: If you fail to pay premiums under the policy within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise one of the following options within a period of thirty days of receipt of such notice: - Revival of the policy, or
- Complete withdrawal from the policy
If you do not exercise any option within the stipulated period of 30 days, you shall be deemed to have exercised the option of complete withdrawal from the policy.
There shall be no change in payments of benefits during the notice period.
The benefits payable when you exercise the option for complete withdrawal or you do not exercise any option during the notice period shall be as under:
If the policy is discontinued within 5 years from the date of commencement of the policy: If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below will compulsorily be utilized to provide an annuity, and shall be payable after completion of 5 years from the date of commencement of the policy.
If the policy is discontinued within 5 years from the date of commencement of the policy: If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge shall be converted into monetary terms as specified below and Proceeds of the discontinued policy as specified below will compulsorily be utilized to provide an annuity, and shall be payable after completion of 5 years from the date of commencement of the policy.
If the policy is discontinued after 5 years from the date of commencement of the policy: If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated and Policyholder’s Fund value will compulsorily be utilized to provide an annuity.
5. Method of calculation of Monetary amount and Proceeds of the Discontinued Policy: The conversion to monetary amount shall be as under:
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount.
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount.
The Proceeds of the Discontinued Policy shall be calculated as under:
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% p.a. from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
6. Other Features:
i ) Guaranteed Maturity Proceeds: If all due premiums are paid till maturity, a guaranteed interest shall accrue on the gross premium, including Top-up premiums if any, at the end of each financial year. The guaranteed interest rate shall be 50 basis points above the average of the reverse repo rate prevailing as on the last working day of June, September, December and March of the preceding year. However, the guaranteed interest rate shall be subject to a maximum of 6% and a minimum of 3%. This guaranteed interest rate is not applicable to a discontinued policy.
The minimum guaranteed rate of 4.5% p.a. is applicable to all premiums received up to 31st March, 2011, including any Top-up premiums paid.
ii )Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% p.a. from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
6. Other Features:
i ) Guaranteed Maturity Proceeds: If all due premiums are paid till maturity, a guaranteed interest shall accrue on the gross premium, including Top-up premiums if any, at the end of each financial year. The guaranteed interest rate shall be 50 basis points above the average of the reverse repo rate prevailing as on the last working day of June, September, December and March of the preceding year. However, the guaranteed interest rate shall be subject to a maximum of 6% and a minimum of 3%. This guaranteed interest rate is not applicable to a discontinued policy.
The minimum guaranteed rate of 4.5% p.a. is applicable to all premiums received up to 31st March, 2011, including any Top-up premiums paid.
ii )Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
iii ) Top-up (Additional Premium) : You can pay additional premium in multiples of Rs.1,000 without any limit at anytime during the term of policy. Top-up shall not be allowed during the last 5 years of the contract. In case of yearly, half-yearly, quarterly or monthly (ECS) mode of premium payment such Top-up can be paid only if all premiums have been paid under the policy.
iv) Switching: You can switch between the two fund types during the policy term subject to switching charges, if any.
iv) Switching: You can switch between the two fund types during the policy term subject to switching charges, if any.
v) Partial Withdrawal: No partial withdrawal of units will be allowed under this plan.
vi) Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. If you exercise the option to revive the policy, then the arrears of premium without interest shall be required to be paid.
The Corporation reserves the right to accept the revival at its own terms or decline the revival of a policy.
vi) Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. If you exercise the option to revive the policy, then the arrears of premium without interest shall be required to be paid.
The Corporation reserves the right to accept the revival at its own terms or decline the revival of a policy.
Irrespective of what is stated above, if the Policyholder’s Fund Value is not sufficient to recover the charges during the notice period, the policy shall terminate and thereafter revival will not be allowed.
vii) Conversion to annuity: The benefit amount, payable in case of surrender or on discontinuance of premium or on vesting, shall compulsorily be utilized to provide an annuity subject to the following conditions:
vii) Conversion to annuity: The benefit amount, payable in case of surrender or on discontinuance of premium or on vesting, shall compulsorily be utilized to provide an annuity subject to the following conditions:
1. You will have an option to commute upto a maximum of one third of the
a) Higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds, in the event of vesting, or
b) Proceeds of the discontinued policy, if policy is discontinued or surrendered within 5 years from the date of commencement of policy, or
c) Policyholder’s Fund Value, if policy is discontinued or surrendered after 5 years from the date of commencement of policy,
whichever is applicable.
a) Higher of Policyholder’s Fund Value and Guaranteed Maturity Proceeds, in the event of vesting, or
b) Proceeds of the discontinued policy, if policy is discontinued or surrendered within 5 years from the date of commencement of policy, or
c) Policyholder’s Fund Value, if policy is discontinued or surrendered after 5 years from the date of commencement of policy,
whichever is applicable.
The commutation will be allowed provided the balance amount is sufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938 as applicable on the date of payment of annuity.
The balance amount shall compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option.
2. The minimum amount of annuity payable shall be subject to the provisions of section 4 of Insurance Act, 1938 as applicable on the date of payment of annuity. In case the applicable amount as mentioned in (a) to (c) of Para 10.vii) above is insufficient to purchase the minimum amount of annuity, then the said amount shall be refunded as a lump sum to you.
The balance amount shall compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option.
2. The minimum amount of annuity payable shall be subject to the provisions of section 4 of Insurance Act, 1938 as applicable on the date of payment of annuity. In case the applicable amount as mentioned in (a) to (c) of Para 10.vii) above is insufficient to purchase the minimum amount of annuity, then the said amount shall be refunded as a lump sum to you.
3. You shall have an option to purchase immediate annuity from any other life insurance company “registered with IRDA” subject to Regulatory provisions. In such cases, LIC will transfer your fund amount directly to the chosen Insurer.
If you opt to purchase immediate annuity from any other life insurance Company, you would be required to inform your such intention to the Corporation six months prior to the vesting date.
7. Reinstatement:
7. Reinstatement:
A policy once surrendered cannot be reinstated.
8. Risks borne by the Policyholder:
8. Risks borne by the Policyholder:
- LIC’s Pension Plus is a Unit Linked Life Insurance product which is different from the traditional insurance products and is subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Pension Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
- The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
- All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:
Value of units in the Policyholder’s Fund
Plus unallocated premium.
Plus PolicyAdministration charge deducted
Less charges @ Rs. 0.20 per thousand of Total Premiums payable during entire term of policy
10. Loan:
No loan will be available under this plan.
11. Assignment:
Assignment shall not be allowed under this plan.
Value of units in the Policyholder’s Fund
Plus unallocated premium.
Plus PolicyAdministration charge deducted
Less charges @ Rs. 0.20 per thousand of Total Premiums payable during entire term of policy
10. Loan:
No loan will be available under this plan.
11. Assignment:
Assignment shall not be allowed under this plan.
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- Endowment Plus
This is a unit linked Endowment plan which offers investment cum insurance cover during the term of the policy. You can choose the level of insurance cover within the limits, which will depend on the mode and level of premium you agree to pay.
You have a choice of investing your premiums in one of the four types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
- Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively, a Single premium can be paid. A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through ECS) premiums.
- Eligibility Conditions And Other Restrictions: (a) Minimum Age at entry - 7 (age last birthday) (b) Maximum Age at entry - 60 years (age nearer birthday) (c) Minimum Maturity Age - 18 years (completed) (d) Maximum Maturity Age - 70 years (age nearer birthday) (e) Policy Term - 10 to 20 years (f) Minimum Premium - Regular premium (other than monthly (ECS) mode): Rs. [20,000] p.a. Regular premium (for monthly (ECS) mode): Rs. [1,750] p.m. Single premium: Rs. [30,000] (g) Maximum Premium - Regular premium: Rs. [1,00,000] p.a. Single premium: No Limit (h) Sum Assured under the Basic Plan - Minimum Sum Assured: Regular Premium policies: (Policy Term +1) times the annualized premium Single Premium: For age at entry of below 45 years: 1.25 times of the single premium For age at entry of 45 years and above: 1.10 times of the single premium Maximum Sum Assured: Regular Premium policies: 30 times of the annualized premium if age at entry is upto 45 years 25 times of the annualized premium if age at entry is 46 to 60 years Single Premium Policies: If Critical Illness Benefit Rider is opted for: 5 times the Single premium if age at maturity is upto 55 years. 3 times the Single premium if age at maturity is 56 to 60 years. If Critical Illness Benefit Rider is not opted for: 5 times the Single premium if age at maturity is upto 65 years. 3 times the Single premium if age at maturity is 66 to 70 years. Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.
- Charges under the Plan: A) Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below: For Single premium policies: 3.3% For Regular premium policies:
- Critical Illness Benefit rider Charge – This is the cost of Critical Illness Benefit rider (if opted for). These are age specific and will be taken every month.
- Accident Benefit charge - It is the cost of Accident Benefit rider (if opted for) and will be levied every month at the rate of Rs. 0.50 per thousand Accident Benefit Sum Assured per policy year.
- Policy Administration charge - Rs. 30/- per month during the first policy year and Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the policy shall be levied.
- Fund Management Charge –It is a charge levied as a percentage of the value of units at following rates:
- Switching Charge – This is a charge levied on switching of monies from one fund to another. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch.
- Bid/Offer Spread – Nil.
- Discontinuance Charge – The discontinuance charge for regular premium policies is as under:
- Service Tax Charge – A service tax charge, if any, will be as per the service tax laws and rate of service tax as applicable from time to time.
- Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as reduction in sum assured, change in premium mode and grant of Accident Benefit after the issue of the policy. An alteration may be allowed subject to a charge of Rs. 50/-.
- Policy Administration Charge
- Fund Management Charge: The Maximum for each Fund will be as follows:
- Bond Fund: 1.00% p.a. of Unit Fund
- Secured Fund: 1.10% p.a. of Unit Fund
- Balanced Fund: 1.20% p.a. of Unit Fund
- Growth Fund: 1.30% p.a. of Unit Fund
- Discontinuance of Premiums: If you fail to pay premiums under the policy within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise one of the following options within a period of thirty days of receipt of such notice:
- Revival of the policy, or
- Complete withdrawal from the policy
- Method of calculation of Monetary amount and Proceeds of the Discontinued Policy: The conversion to monetary amount shall be as under: The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units in the Policyholder’s Fund Value as on that date will be the monetary amount. The Proceeds of the Discontinued Policy shall be calculated as under: The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum interest rate of 3.5% p.a. from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.
- Compulsory termination: If the balance in the Policyholder’s Fund Value, at any time is
- not sufficient to recover the relevant charges, in case of partial withdrawal of units after the fifth policy anniversary, or
- less than or equal to the loan outstanding along with interest thereon, if any loan has been taken under the policy,
- Other Features:
- Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.
- Partial Withdrawals: Youmay encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:
- In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
- Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
- For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
- Partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value in case of regular premium policies and 25% of the single premium paid in case of single premium policies.
- Partial Withdrawal shall not be allowed if loan is availed under the policy.
- Switching: You can switch between the four fund types for the entire Fund Value during the policy term subject to switching charges, if any.
- Increase / Decrease of risk covers: No increase of covers will be allowed under the plan. You can, however, decrease the risk covers, without reducing the level of premium, once in a year during the Policy term, provided all due premiums under the Policy have been paid.
- Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. If you exercise the option to revive the policy, then the arrears of premium without interest shall be required to be paid.
- Settlement Option: When the policy comes for maturity, you may exercise “Settlement Option” one month prior to the date of maturity and receive the policy money in instalments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period and no charges other than Fund Management Charge shall be deducted. The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.
- Reinstatement: A policy once surrendered cannot be reinstated.
- Risks borne by the Policyholder:
- LIC’s Endowment Plus is a Unit Linked Life Insurance products which is different from the traditional insurance products and are subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Endowment Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
- The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
- All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.
Premium | Allocation Charge |
First Year | 7.50% |
2nd to 5th Year | 5.00% |
thereafter | 3.00% |
| Age | 25 | 35 | 45 | 55 |
| Rs. | 1.42 | 1.73 | 3.89 | 10.76 |
| Age | 25 | 35 | 45 | 55 |
| Rs. | 0.91 | 1.80 | 5.31 | 14.44 |
| Where the policy is discontinued during the policy year | Discontinuance charges for the policies having annualized premium up to Rs. 25,000/- | Discontinuance charges for the policies having annualized premium above Rs. 25,000/- |
1 | Lower of 10% * (AP or FV) subject to a maximum of Rs. 2500/- | Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/- |
2 | Lower of 7% * (AP or FV) subject to a maximum of Rs. 1750/- | Lower of 4% * (AP or FV) subject to maximum of Rs. 5000/- |
3 | Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/- | Lower of 3% * (AP or FV) subject to maximum of Rs. 4000/- |
4 | Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/- | Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/- |
5 and onwards | NIL | NIL |
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under: Value of units in the Policyholder’s Fund Plus unallocated premium Plus PolicyAdministration charge deducted Less charges @ Rs.0.20per thousand Sum Assured under Basic plan Less Actual cost of medical examination and special reports, if any. Loan will be available under this plan subject to certain terms and conditions. Assignment will be allowed under this plan. |
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
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