LIC POLICY LIST

Name of Policy

Page no.

Jeevan Anand Lic Policy

Jeevan Anurag Lic Policy

Jeevan Kishore Lic Policy

Jeevan Chhaya Lic Policy

Jeevan Saral Lic Policy

10

Jeevan Mitra Double cover Lic Policy

13

Jeevan Mitra Tripple Cover Lic Policy

15

Jeevan Tarang Lic Policy

17

Komal Jeevan Lic Policy

20

Child Career Plan Lic Policy

22

Child Future Plan Lic Policy

24

Jeevan Bharati Lic Policy

26

Bima Bachat Lic Policy

28

Money Back Policy-20

Money Back Policy-25

30
32

Jeevan Surbhi

34

JEEVAN ANAND LIFE INSURANCE POLICY BY LIC (table: 149)

Features of plan
Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the
plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover
on the life continues till death. This policy is suitable for the people of all ages and social groups.
The policyholder will be benefited by giving protection to their families from a financial setback
that may occur owing to their demise The amount assured if not paid by reason of his death
earlier will be payable at the end of the endowment term where it can be invested in an annuity
provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity,
saving oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the
term period. Accident benefit is available during engaged in hazardous occupations attracting
occupational extra.
Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000
Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: yes
UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed
BENEFITS

Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)
Death benefit:
If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and
premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after
the premium paying term. No bonus is paid on death after the premium paying term.
Accident benefit: The double accident benefit is available during the premium paying term and
thereafter up to age 70. the premium for this has been built into the tabular premium rate.
Example: Mr. Sharad Pawar 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1
Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Sharad Pawar will get
Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become
43 x 100 x 20 = 86,000/-). Even after the premium paying term is over, risk cover continues till
the death of Mr. Sharad Pawar.
But if, Mr. Sharad Pawar dies at the age of 65 years his nominee will get an additional amount
equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during premium paying term his
nominee will receive Rs. 1Lac + accumulated Bonus.

JEEVAN ANURAG LIFE INSURANCE POLICY BY LIC

With profits plan (Table No. 168)
Feature of plan: Jeevan Anurag is a with profit plan specifically designed to take care of the
educational needs of children. The plan can be taken by a parent on his or her own life benefits
under the plan are payable at pre-specified duration irrespective on whether the life assured
survives to the end of the policy tremor dies during the term of the policy. In addition, this plan
also provides for an immediate payment of basic S.A amount on the life assured during the term
of the policy. This plan is not allowed when occupation extra chargeable and to pregnant ladies.
15 - days cooling-of period: if you are not satisfied with the "term and conditions of the policy
you may return the policy to us within 15 days.
Paid up value: if at least three full year's premiums have been paid in respect of this policy, any
subsequent premium be not duly paid, this policy shall not be wholly void, but the S.A. by it shall
be reduced to such a sum, called the paid-up value, as shall bear the same ration to the full S.A.
as the number of premium actually paid shall bear to the total number of premium originally
stipulated in the policy. The policy so reduced shall thereafter be free from all liabilities for
payment of the within mentioned premium, but shall not entitled to the future bonuses.
Guaranteed surrender value: this policy can be surrender for cash after the policy is kept in
force by payment of premiums for at least three years. The guaranteed surrender value
allowable under this plan for all modes, except the premium mode will be equal to
30% of the premium paid excluding the premiums paid for the first year and all extra premiums
and the premiums paid for optional / rider benefits. In case of single premium mode, the
guaranteed surrender value will be 90% of the premiums paid excluding all extra premiums and
the premiums paid for optional/ rider benefits.
Critical illness rider benefit: critical illness rider benefit will be available for an amount not
excluding the S.A. under the basic plan subject to overall cover of 5lakh under all polices of the
life assured with the corporation taken together.
If premium waiver benefit is opted for then in case of diagnosis by any of the critical illnesses
condition covered under the policy, the total future premiums in respect of the policy will be
waived S.A under such polices will not exceed Rs.5lakh.
Plan parameters
Age at entry: Min.20 yrs (NBD) Max.60yrs (NBD)
Maturity age: Max.70 yrs. (NBD)
Term: Min.5 yrs for S.P & 10 yrs for regular Max. 25 yrs
Sum assured: Min.50,000 Max. No Limit
S.A in multiples: 5000
Premium paying: policy term or
Term (PPT): policy term-3
Mode of payment: YLY/ HLY/QLY/SSS/MLY and single premium
Accident benefit: Allowed (with extra premium)

Policy loan: yes @ 10.5%

Housing loan: yes
Assignment: yes
Revival: yea
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
Form no: 300
Age proof: std/ NSAP-1 (WR 5Lac)
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: 1.5 times of S.A
Dating back @ 8%: Allowed
BENEFIT
Maturity benefit: payment of the basic S.A at the start of every year during last 3 policy years
before maturity. At maturity 40% of the along with reversionary bonus declared from time to the
full term and the terminal bonus if any shall be payable
Death benefit: payment of an amount equal to S.A. under the basic plan immediately on the life
assured is paid to the nominee. No. Premiums are payable thereafter. An amount equal to 20%
of the basic S.A. at the start of every year during last 3 policy years is paid to the nominee. In
addition he will also get 40% of the basic S.A + Accured Reversionary bonus for the full term &
terminal bonus, is any is also paid.
Accident benefit : accident death and disability benefit will be available for an amount not
exceeding the S.A under the basic plan subject to overall cover of 50 lac under all policy of the
life assured with the corporation taken together.
Example: Mr. Tushar Kapoor aged 35 years opted for jeevan anuurag plan, S.A 2 Lac, for a term
of 15 years. He pays an annual premium of Rs.15,323/- if the policy is in full force, Mr. Tushar
Kapoor Will get 20% of S.A i.e. Rs.40,000/- at the start of 31th, 14th & 15th policy year and the
balance 40% of S.A i.e. Rs.80,000 will be given at the end of 15th year along with reversionary
bonuses declared from time to time for the full term, plus terminal bonus, if any shall be
payable. in case Mr. Tushar Kapoor dies during 10th year his nominee will receive Rs.2 lac.
No premiums are payable thereafter Moreover the nominee will get Rs.40,000/- at the start of
31th, 14th & 15th policy year and on maturity Rs.80,000 + Reversionary Bonus + terminal
bonus, if any.

JEEVAN KISHORE LIFE INSURANCE POLICY BY LIC

With profits plan (Table no. 102)
Features of plan
High bonus from day one child becomes owner of the policy automatically at the age of 18 yrs
child's age should be between 0 & 12 yrs (LBD) risk commences after 2 years of age policy or on
completion of 7 years of age, whichever is later. No medical examination of the child if age less
then 10 yrs. Else medical examination is necessary. Premium waiver benefit is available on
payment of extra premium along with standard age proof and medical examination up up to 50
yrs of proposer's age.
Parents of children who want provide a lump sum amount at a particular age of the child can also
propose. If both parents are not alive, legal guardian can propose. Grand parents can also
propose (w. e. f. 1- 12- 2003) provide premium are paid by grand parents from their own
income and consent letter is given from parents. This amount can be used for any particular
need of the child like marrige or start in life.
This policy is issued with profit, but bonus for waiting period will vest immediately on the policy
anniversary from which risk is covered or at the end of 5 years from commencement of the
policy whichever is later, provided the policy is in force.
If children aged 5yrs. & above, not going to school, this plan is not allowed to them.
W. e. f. 23-03-2005 this plan is allowed with single premium mode also.
Plan parameters
Age at entry: Min.0, Max. 12 yrs
Maturity age: Max. 45 yrs.
Sum Assured: Min.5000
Term: Min15yrs, Max. 35 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: after 18 yrs. Age of child
(Max. 50lac inclusive Re.1 extra per
All plans)
Policy loan: N. A.
Housing loan: N. A.
Assignment: N. A,
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.
UNDERWRITING CONDITION
Form no.: 300/340
Age proof 0 - 4 yrs: standard

5 yrs. & above: school certificate

Female lives category: I/II
Non-medical (Gen): N. A.
Non-medical (Prof): N. A.
Non-medical (special): N. A.
Actual sum assured: Basic SA
Risk coverage: SA + Bonus
Dating back @ 8%: Allowed
If aged at entry is less then 10 yrs. Then Max. S.A. will be Rs.15 Lac
BENEFIT
Maturity benefit: on maturity the policy will get, the full S.A. + Accrued bonus + FAB, if any.
Death benefit: if death occurs after life risk has been commenced then the S.A.+ vested bonus
+ FAB, if any, will be payable on death. In case death occurs before commenced of risk, only
deposited premiums will be given to the nominee.
Example: Mr. Anil Kapoor aged 35 years takes a Jeevan kishor policy for his 3 years old son
master sunny for S.A. 2 lac to be matured at the age of 22 of him son. He also opts for premium
waiver benefit.
Life risk will commenced from the policy anniversary after completion of 7 yrs. Of sunny's age.
On maturity master sunny will get Rs.3,89,000+FAB , if any (2 lac S.A. +Bonus as per bonus
rates of 2005 i.e. Rs.45 per 1000 .S.A. per annum 45 x 200 x 21 = 1,89,000 + FAB if any).
In case of master sunny dies at the age of 12 after commencement of risk cover, then the
nominee will get 2,81,000 (2 lac S.A. + Bonus i.e. 45 x 200 x 9 = 81,000).
On attaining the age of 18 master sunny has the option to opt for accident benefit by paying Re.
1 extra per thousand S.A

JEEVAN CHHAYA LIFE INSURANCE POLICY BY LIC: 103

Features of plan:
This policy is beneficial for partner having less then a year old child (not an adopted child). It
makes provision for higher education / marriage of the child. In case of death of the policyholder
at any time during the term of the policy one additional S.A. will be payable in addition to the
above fixed benefits. This plan is not allowed when occupational extra is chargeable and to
pregnant ladies. Joint declaration by the husband and wife is must, if child is less then one year
old.
One fourth of the S.A. is given every year during the last 4 years of maturity to the policyholder.
Bonus for the full term on the full S.A. is given on maturity.
Plan parameter
Age at entry: Min. 18 yrs, Max. 45 yrs
Maturity age: Max: 65 yrs.
Sum assured: Min. 50,000, Max. No Limit
S.A. in multiples: 5000
Term: Min.18 yrs, Max. 25 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re. 1extra per
(Max. 50 Lac inclusive 1000 S.A.
All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.
UNDERWRITING CONDITIONS
Form no.: 300
Age proof: std/ NSAP-1
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: 1.5 times of SA
Risk coverage: SA & prem. Waived
Dating back @ 8%: Allowed
BENEFIT
Survival benefit: 25% S.A. during last 3 yrs. Before maturity

Maturity benefit: on maturity balance 25% of S.A. + Bonus on full S.A.+ FAB, if any.
Death benefit: S.A. is immediately paid to the nominee. Future premiums are waived.
Moreover, during last 4 yrs. Of term 25% of S.A. is payable. In addition bonus for full term +
FAB, if any will be paid.
Example: Mr. Sachin Tendulkar aged 30 years, opts for jeevan chhaya policy for S.A 2 Lac and
term 18 years with DAB. His daughter baby Tanya aged 5 years is nominee and Mrs. Tendulkar
meets with an accident, his wife will get Rs.2 Lac on behalf of her daughter. Further more at the
end of 15th year, baby Tanya will receive 50,000/- (i.e. one further of S.A) again , at the and of
16th and 17th year of the policy she will receive Rs.50,00/- finally, at the end of 18th year she
will get Rs.50,000 + 1,62,000 = 2,12,000 (bonus as per bonus rate of 2005 i.e. Rs.45 per
thousand per annum)

JEEVAN SARAL LIFE INSURANCE POLICY BY LIC

(Table No. 165)
Feature of plan: This plan contains good feature of the conventional plans and the flexibility of
unit linked plans. It provides higher cover, smooth return, liquidity and considerable flexibility. In
this plan one has to choose the premium he wants to pay whereas in normal plans one chooses
the S.A. under this plan death cover will be same irrespective of age at entry and term. The sum
payable at maturity however differs for different entry age and terms. This plan is very
appropriate for employees seeking life cover through salary savings schemes.
Surrender value: the policy can be surrender after it has been in force for at least 3 full years.
The surrender value will be the greater then guaranteed surrender value or special surrender
value as given below:
Guaranteed surrender value (GSV): the GSV will be equal to the 30% of the total amount of
premium paid excluding the premium for the first year and all the extra premiums and premium
for accident / term riders.
Special surrender value (SSV): the special surrender value under the policy shall be paid as
the sum of (a) and (b) gives as under:

Discounted value or accumulated value, as the case may be, of the following: 80% of
maturity S.A. if 4 years premium have been paid, 90% of the maturity S.A. if or more
years but less then 5 years premiums have been paid and 100% of the maturity S.A. if 5
or more years premium have been paid.
The loyalty additions, if any as announced while declaring the results of the corporation's
valuation as on 31st march, immediately preceding the date of surrender.

Auto cover: the plan offers auto cover of 12 month after the policy has been in force for a
period of 3 years or more.
Flexible term: the policyholder can choose a maximum term but can surrender at any time
without any surrender penalty or loss.
Partial surrenders: the plan will allow partial surrender from 4th year onwards subject to
certain conditions for which please refer to policy document. Due to existence of the flexible term
and partial surrender the policyholder will enjoy a lot of liquidity under the plan. The plan also
provides for 15 days free look period".
Optional rider: term assurance rider, accidental death and disability benefit rider is available by
the payment of an addition premium.
Maturity sum assured (MSA): has to be calculated on the basic premium only, before mode
rebate & death accident benefit.
Death benefit S.A. will be 250 times the monthly basic premium. To arrive at DAB we have to

10

calculate death benefit S.A. e.g. if yearly premium is Rs.6000

The death benefit S.A. = 6000/12 x 250 = 1,25,000 for this DAB will be @ Re.1per thousand
which come out to be Rs.125
Plan parameters
Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD)
Maturity age: Min.70 yrs
Term: Min.10 yrs Max. 35 yrs
Min. premium
Age 12 to 49:Rs.250 P.M
Age 15 to 60: Rs.400 P.M
Max. Premium: No. Limits
Premium in
Multiples: Rs.50 p.m.
Mode of payment: YLY/ HLY/ OLY/ SSS
Accident benefit: Re. 1extra per
(max. 50 Lac inclusive
all plan)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: yes
Underwriting condition
Form no: 300/340
Age proof: Std/ NSAP-1
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: Death benefit S.A. + return of premium paid + LA (if any)
Dating back @ 8%: Allowed
Benefit
Maturity benefit: Maturity sum assured (MSA) + Loyalty additions, if any
Death benefit: 250 times the monthly premium + Return of premiums
(Excluding extra/rider premium and first year premium),+ the Loyalty Addition, if any
Example: Mr. ashok is 25 years old and is working in auto industry. He opts for jeevan saral plan
for 15 years term and chooses monthly basic premium of Rs.500/- after adding DAB premium of
Rs.510 (500 x 250 = 1,25,000 x 1/1000 x 1/12 = 10 + 510). On maturity he will receive
Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition which will be decided by the

11

corporation. If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium
paid for 4 years - first year premium = 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty
Addition, if any.

12

JEEVAN MITRA DOUBLE COVER LIFE INSURANCE POLICY BY LIC

Features of plan
This plan is suitable for those who want to provide a big S.A. to protect their family in case of
unfortunate death. It is persons by marketing executive, sales representatives and traveling
person. It cannot be allowed for people engaged in hazardous occupation. This plan is not
allowed to non-earning majors including students.
Besides the usual benefits offered by any endowment insurance plan, this policy provides an
additional insurance cover equal to the S.A. in the event of a policyholder's death during the
term of the policy. In other words, the death claim under this policy is twice the basic S.A.
Plan parameters
Age Entry : Min. 18 yrs L0BD, Max. 50yrs
Maturity age: At entryMax.70 yrs.
in multiples:: Min. 50,000, Max. No Limit
Term: Min.15 yrs, Max.30 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1 extra per
(Max. 50Lacs 1000 S.A.
Inclusive all plan)
Policy lone: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: N.A.
Term rider: N.A.
CIR: Yes
Under writing condition
Form no: 300
Age proof: std./NSAP-1
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Twice of SA
Risk coverage: SA+ bonus
Dating back@ 8%: Allowed
BENEFIT
Maturity benefit: S.A.+ bonus + FAB, if any

13

Death benefit: double the S.A. +bonus on the basic SA+FAB, if any
Accident benefit: 3 time of the S.A.+ Bonus + FAB, if any.
Example: Mr. Shekhar Suman, aged 40 invests Rs.2lac in a annual premium. (T. No-88 with
profit) for a term of 20 years, He pays Rs.12332/- as annual premium. On maturity he will get
Rs.3,84,000/- [basic S. A . i. e. Rs.2lac+ (accrued bonus i. e. Rs.46 per thousand for 20lac years
i.e. 46 x 200 x 20=1,84,000)].
In case he dies due to heart attack after 5 years his nominee will get Rs.4,46,000 (2 time basic
S. A. i. e. 4,00,000 + bonus @ 46 per thousand per. As per bonus rate of 2005 i.e. 46 x 200 x 5
= 46,000)
In case he dies to accident after 5 years his nominee will get Rs.6,46,000/- (3 time basic S.A.
i.e. 6,00,000 + bonus @ 46 per thousand S.A. p.a. as per bonus rate of 2005 i.e. 46 x 200 x 5 =
46,000.

14

JEEVAN MITRA TRIPPLE COVER LIFE INSURANCE POLICY BY LIC

Features of plan
This plan is suitable for those who want to provide a big S.A. to protect their family in case of
unfortunate death. It is persons by marketing executive, sales representatives and traveling
person. It cannot be allowed for people engaged in hazardous occupation. This plan is not
allowed to non-earning majors including students.
Besides the usual benefits offered by any endowment insurance plan, this policy provides an
additional insurance cover equal to the S.A. in the event of a policyholder's death during the
term of the policy. In other words, the death claim under this policy is twice the basic S.A.
Plan parameters
Age Entry : Min. 18 yrs L0BD, Max. 50yrs
Maturity age: At entryMax.70 yrs.
in multiples:: Min. 50,000, Max. No Limit
Term: Min.15 yrs, Max.30 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1 extra per
(Max. 50Lacs 1000 S.A.
Inclusive all plan)
Policy lone: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: N.A.
Term rider: N.A.
CIR: Yes
Under writing condition
Form no: 300
Age proof: std./NSAP-1
Female lives category: I/II
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Twice of SA
Risk coverage: SA+ bonus
Dating back@ 8%: Allowed
BENEFIT
Maturity benefit: S.A.+ bonus + FAB, if any

15

Death benefit: Triple the S.A. +bonus on the basic SA+FAB, if any
Accident benefit: 3 times of the S.A.+ Bonus + FAB, if any.
Example: Mr. Salman Khan, aged 40 invests Rs.2lac in a annual premium. (T. No-88 with profit)
for a term of 20 years, He pays Rs.12332/- as annual premium. On maturity he will get
Rs.3,84,000/- [basic S. A . i. e. Rs.2lac+ (accrued bonus i. e. Rs.46 per thousand for 20lac years
i.e. 46 x 200 x 20=1,84,000)].
In case he dies due to heart attack after 5 years his nominee will get Rs.6,46,000 (3 time basic
S. A. i. e. 6,00,000 + bonus @ 46 per thousand per. As per bonus rate of 2005 i.e. 46 x 200 x 5
= 46,000)
In case he dies to accident after 5 years his nominee will get Rs.6,46,000/- (3 time basic S.A.
i.e. 6,00,000 + bonus @ 46 per thousand S.A. p.a. as per bonus rate of 2005 i.e. 46 x 200 x 5 =
46,000.

16

JEEVAN TARANG LIFE INSURANCE POLICY BY LIC

With profits (Table. No 178)
Features of plan: jeevan tarang plan (plan No.178) is introduced w. e. f 17th march 2006. the
plan is a whole life plan, which provides annual survival benefit at a rate of 5.5 %
Of the sum assured for life time after the chosen accumulation period
Accumulation period:
The plan offer three accumulation periods - 10, 15 and 20 years. A proposer may choose.
Plan parameters
Age at entry: min.0 yrs. (LBD) max 60 yrs. (NBD)
Premium payment
Ceasing age: 70 yr. (NBD)
Age up which
Life cover available: 100 yrs. (completed)
Min. age at the and
Of accumulation period: 18 yrs. (completed)
Sum assured: min. 1 Lac max. no. limit
Premium
In multiples: Rs.5000
Accumulation period: 10,15,20, yrs
Mode of payment: YLY/ HLY/ QLY/ SSS/ MLY/ SP
Accident benefit: Re. 1 extra per
(max. 50Lacs inclusive 1000 S.A.
all plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
Form no: 300/340/360
Age proof: std./ NSAP- 1.2.3
Female lives category: I/II/III
Non-medical (gen): allowed
Non-medical (prof): allowed
Non-medical (special): allowed
Actual sum assured: basic SA
Dating back: allowed @ 9% p.a
BENEFITS:

17

Survival benefit

The vested simple reversionary bonuses will be payable in one lump sum on survival to
the end of the selected accumulation period.
5 % of the sum assured will be payable on survival to the and each year after the
accumulation period. The first survival benefit will be payable on survival to one year
after the accumulation period is over.

Maturity benefit:

The sum assured, along with vested reversionary bonus is payable in case of death of the
life assured during the accumulation period.
In case of death before commencement of risk when the life assured is aged less then or
equal to 12 years, the premiums paid will be retuned without any interest. There will be
no death benefit either for the basic sum assured or for simple reversionary bonuses
since, in such case, the risk for life cover commences after 2 years from the death of
taking of the policy anniversary coinciding with or immediately following the date on
which life assured completes 7 years of age , whichever is later. After the
commencement of risk, the normal death benefit as stated above is payable.
The sum assured along whichever along with loyalty addition, if any payable in case of
death of the life assured any time after the accumulation period.

Optional riders (available during the accumulation period only)

Accident benefit rider option (allowed for regular premium policies only):
Accident benefit option will be available under the plan by the payment of conditional premium.
Accident benefit rider shall be available for an amount not exceeding the sum assured under the
basic plan subject to an overall limit of Rs.50Lakh taking all existing policies of the life assured
under individual as will as group schemes including those with in- built accident benefit taken
with the corporation and other insurance companies and the accident benefit rider sum assured
the new proposal into consideration. This benefit is available under regular premium policies only
and it is available under premium policies.
Term assurance rider option: term assurance as optional rider will be available under this plan
during the accumulation period. The premium for this option are payable during the premium
paying term and an amount equal to term assurance sum assured will be payable on death
during the accumulation period. The maximum cover for rider will be Rs.25Lakh under all policies
of the life assured with the corporation taken together. The terms and condition applicable to this
rider will be as mentioned in circular Ref: Actl/1909/4 dated 24th October 2003.
Critical illness rider option: an amount equal to critical illness rider sum assured will be
payable in case of diagnosis of defined categories of critical illness during the accumulation
period subject to certain term and conditions. The maximum cover for this rider will be Rs.5Lakh
under all policy all policy of the life assured with the corporation taken together. The term and
conditions applicable to this rider will be as mentioned in circular Ref: Actl/1906/4 dated 8th
October 2003 and Actl/2034/4 dated 13th September 2005.

18

Premium waiver benefit option under critical illness rider: this is an optional Benefit under regular
premium policy which may be opted in case of the following.
1. The critical illness under has been opted for, and
2. The sum assured under the basic plan is equal to the critical Illness rider sum assured
3. The chosen accumulation period is such that the premium payment ceases on or before
the policy anniversary at which the life assured completes 60 years (nearest birthday) of
age in case the life assured is diagnosed with any of the critical IIInesses covered under
the policy, the life total future premium (i. e. premium for sum assured under the basic
plan and the premium policy is in full force. All there optional rider benefit mentioned
above shall be available during accumulation period only.
Occupation extra: paln can be allowed to persons employed in hazaedous occupation subject to
charging appropriate occupation extra for basic sum assured, TA and CI rider sum assured the
factor to be applied to each Re.1/- per annum occupation extra premium under single premium
policies will be the same as applying to single premium policies Table 48, ie., 8.30, 11.15 and
13.35 for accumulation period 10,15 and 20 years respectively.
Paid-up & surrender vales (GSV SSV): In case of regular premium policies, if after at lest
there full year's premium have been paid and any subsequent premium be not duly paid, this
policy shall not be wholly viod, but the sum assured by it shall be reduced to such a sum, called
paid-up sum assured, as shall bear to the total number of premiums originally stipulated in the
policy. The policy so reduced shall thereafter be fore from all liabilities for payment of the within
mentioned premium, but shall not be entitled to the future bonuses. The existing vested
reversionary bonuses, if any, shall remain attached to the reduced paid-up policy.
In the event of death of life assured during the accumulation period, the reduced paid-up sum
assured as defined above, along with vested reversionary bonus, if any, shall be payable. No
survival benefit will be payable for a reduced paid-up policy. Provided the life assured is then
alive, the vested bonuses and the reduced paid-up sum assured as defined above shall be
payable at the end of the accumulation period.

19

KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC (table:159)

Features of plan
This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above
policy has been introduced to provide the best education which can be very expensive for the
proposer's children. The payment of premium ceases on policy anniversary immediately after the
child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in
installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26.
Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs.
From the commencement of the policy, whichever is later.
POLICY AS A GIFT: the close relation such as grandparents, elder brothers or sister, uncles
both from paternal or maternal side can gift single premium policy for love and affection under
this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No
medical examination is required for the child
Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this
plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are
eligible, subject to normal underwriting requirements like production of proposer's standard age
proof and medical exam. Of the proposer is must.
Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of
the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the
proposer dies before the policy anniversary on which the child completes 18 years.
Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal
underwriting requirements.
Plan parameters
Age at entry: Min.0 yrs. LBD Max.10 yrs LBD
Maturity age: 26 yrs. LBD
PPT: Min. 8 yrs. Max.18 yrs
Sum assured: min. 1Lac Max. 25Lac
S.A. in multiples: 25,000
Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium
Accidents benefit: N.A.
Policy loan: N.A.
Housing loan: N.A.
Revival: yes
Surrender of policy: yes
P.W.B.: yes
Term rider: yes
CIR: N.A.
Underwriting

20

Form no: 360

Age proof:
Child 5 yrs. & above: school certificate
If not5yrs. And above: Birth certificate with parent joint declaration
Female lives category: I/II
Non-medical: Not required for L.A.
When PWB + TRB is: Medical exam. Is necessary with
Opted by the proposer, Standard age proof and form no.300
Actual sum assured: Basic SA
Risk coverage: SA+GA+LA
Dating back @ 8%: Allowed
BENEFIT
Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of
age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.
Example: Mr. Rahul Gandhi aged 32 yrs. Takes a komal jeevan policy for his daughter akanksha
aged 4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby akanksha starts from the
policy anniversary after completion of 7th year.
Akanksha will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000
respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @
75/- per thousand + loyally addition, if any if akanksha dies after commencement of the risk i.e.
7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given
to the nominee without deducting earlier paid installments

21

CHILD CAREER INSURANCE POLICY BY LIC

(table:184 With profits)
Feature of plan Life Insurance Corporation has introduced a new with profit 'child career plan
(table no184) w. e .f. 8th February 2007. this plan meets the increasing educational and other
need of growing children providing the risk cover on the child's life during the policy term as will
as extended term (i.e. 7 years after the expiry of policy term) child's father or mother of female
category I and II having his/her own income can be proposer. In the absence of parents legal
guardian can be the proposer. If the consent of parents are alive
Premium is payable regularly during the policy term with yearly, half-yearly or quarterly.
Premiums may be paid either for 6 years or up to 5 years before the policy term. No premium
are payable during the extended term (i.e. 7 years after the expiry date).
Risk commencement: risk under this plan will commence either after 2 years from with or
commencement of the policy or from the policy anniversary coinciding with or immediately
following the completion of 5 years of age of the assured whichever is later, (if the life assured
age at entry is less then equal to 10 years).in case the age at entry is more then 10 years but
less then 12 years, the risk shall commencement from the policy anniversary coinciding with or
next following 12th birthday of the life assured. If the assured age is 12 years or more, the risk
will commence immediately.
Plan parameters
Age at entry: min. 0 yrs. (LBD) Max. 12 yrs (LBD)
Maturity age: min. 23 yrs (LBD) Max. 27 yrs. (LBD)
Sum assured: min. 1lac max. . 1cror
S.A in multiples of: Rs.5000
PPT: 6 yrs. & policy term - 5yrs
Mode of payment: YLY/ HLY/ QLY
Policy loan:
Housing loan:
Assignment: no by the proposer, but assignable after the policy has vested in the life assured
Revival: yes
Underwriting conditions
Form no: 340/360
Age proof: *
Actual sum assured: basic S.A
Risk coverage: SA+ Bonus
Dating back: allowed @ 8% p.a.
*Age proof:
Aged 5 yrs. & above- school certificate
Aged less then 5 yrs.- certificate from municipal/local village panchayat Records.
Auto cover: after payment of two full year's premiums if any subsequent premium be not duly

22

paid, full death cover shall continue for a period of two years from the due date of first unpaid
premium (FUP) PWB, any shall remain in force during the auto cover period
Benefit
Death benefit: on death after the date of risk commencement.
1. If death occurs within the period from the date of risk commencement to 5 years before
expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B. if
any, is payable.
2. If death occurs within 5 years before the expiry date of policy term: sum assured + F.A.B
if any, is payable.
3. on death during the extended term: sum assured is payable,
4. if death occurs bet fore the date of risk commencement: all the premium paid (excluding
premium for extra and PWB. If any) + interest @ 3% p.a. compounding yearly shall be
payable.
5. if death occurs during the auto cover period: death benefits after deducting unpaid
premium with interest as also the premiums falling due before the next anniversary of
the policy is payable along with the vested bonus, if any.
Survival benefit: on life assured survival till the end of the specified duration's amounts is
payable as survival benefit as under:
5 yrs. Before the expiry date of policy term
: 30% of the SA+ Vested simple reversionary bonuses
4 yrs. Before the expiry date of policy term: 15% of the SA
3 yrs. Before the expiry date of policy term: 15% of the SA
2 yrs. Benefit the expiry date of policy tern: 15% of the SA
1 yrs. Before the expiry date of policy term: 15% of the SA
on the expiry date of policy term: 15% of the S.A + final additional bonus (FAB), if any.
Premium waiver benefit: under this plan (PWB) is available on payment of an addition premium
during the premium paying term or till death of the proposer, whichever occurs earlier

After the date of the propser the premium failing due shall be waived
during the auto cover period the premium waiver benefit shall remain in force.
The premium waiver benefit as sated in (i) shall be granted on the basic of proposer's
age personal health declaration and other requirements. In case any given information is
found to be untrue and incorrect, all clime to the benefit shall cease.
In the event of the death of the proposer by his own hands whether same or insane
within one year from the issuance of FPR the PWB described in (i) and (ii) shall not
operate.

Cooling off period: In case the policy holder is not satisfied with the 'terms and condition of the
policy, he /she may return the policy to the corporation within 15 days the date receipt of the
policy

23

CHILD FUTURE INSURANCE POLICY BY LIC

(Table no. 185, with profits)
Features of plan Life Insurance Corporation has introduced a new with profit child future plan
(Table No.185) w. e. f. 8th February 2007. this plan meets the increasing educational and other
need of growing children providing the risk cover on the child's life during the policy term as will
as extended term (i.e. 7 years after the expiry of policy term). Child's father or mother of female
category I and II having his/ her own income can be the proposer In the absence of parents legal
guarding can be the proposer. If the consent of parent is obtained, the grand parents can
propose even if the parents are alive.
Premium are payable regularly during the policy term with yearly, half- yearly or quareterly.
Premium may be paid either for 6 years or up to 5 years before the policy term. No premium are
payable during the extended term (i.e. 7 years after the expiry date).
Risk commencement: risk under this plan will commencement either after 2 years from the date
of commencement of the policy or from the policy anniversary coinciding with or immediately
following the completion of 5 years of age life assured, whichever is later, (if the life assured age
at entry is less then or equal to 10 years). In case the age at entry is more then 10 years but
less then 12 years, the risk shall commence from the policy anniversary coinciding with or next
following 12th birthday of the life assured, in the life assured age 12 years or more, the risk will
commence immediately.
Plan parameters
Age at entry: min. 0 yrs. (LBD) max. 12 yrs (LBD)
Maturity age: min. 23 yrs. (LBD) max. 27 yrs (LBD)
Sum assured: min. 1lac max.1cror
S.A in multiples of: Rs.5000
PPT: 6 yrs. & policy term- 5 yrs
Mode of payment: YLY/ HLY/QLY
Policy loan: No
Housing loan: No
Assignment: No by the proposer, but assignable after the policy has vested in the life assured
Revival: yes
Underwriting conditions
Form no: 340/360
Age proof: *
Actual sum assured: basic SA
Dating back: allowed @ 8% p.a.
*Age proof:
aged 5 yrs. & above- school certificate
aged less then 5 yrs- certificate from
municipal/ local village panchayat records
Auto cover: after payment of two full year's premium, if any subsequent premium be not duly

24

paid, full death cover shall continue for a two years from the due date of the first unpaid
premium (FUP). PWB, if any shall remain in force during the auto cover period.
Benefit
Death benefit: on death after the date of risk commencement.
1. if death occurs within the period from the date of risk commencement to 5 years before
expiry date of policy term: sum assured + vested simple reversionary bonuses + F.A.B, if
any, is payable. I
2. if death occurs within 5 years before the expiry the date of policy term: sum assured +
F.A.B if any, is payable.
3. on death during the extended term: sum assured is payable.
4. if death occurs before the date of risk commencement: all the premium paid (excluding
premium for extra and PWB, if any) + interest @ 3% p.a. compounding yearly shall be
payable.
5. if death occurs during the auto cover period: death benefits after deducting unpaid
premium with interest as also the premium falling due before the next bonus, if any.
Survival benefit: on life assured survival till the end of the specified durations an amount is
payable as survival benefit as under:
5 yrs before the expiry date of policy
4 yrs before the expiry date of policy
3 yrs before the expiry date of policy
2 yrs before the expiry date of policy
1 yrs before the expiry date of policy
on the expiry date of policy term:

term:
term:
term:
term:
term:

25%
10%
10%
10%
10%

of
of
of
of
of

the
the
the
the
the

SA
SA
SA
SA
SA

50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.
Premium waiver benefit: under this plan (PWB) is available on payment of an additional
premium during the premium payable term or till death of the proposer, whichever occurs
earlier.

i) after the date of death of the proposer the premium falling due shall be waived.
ii) during the auto cover period the premium waiver benefit shall remain in force.
iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer
age personal health declaration and other requirements. In case any given information is
found to be untrue and incorrect, all clime to the benefit shall cease.
iv) in the event of the proposer by his own hands whether sane or insane within one
yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate.

Cooling off period: in case the policyholder is not satisfied with the 'terms and condition' of the
policy, he/she may return the policy to the corporation within 15 days from date of the policy.

25

JEEVAN BHARATI INSURANCE POLICY BY LIC (table: 192)

Features of plan
This is an exclusive Money back policy for women only with female critical Illness (FCI) and
congenital disability benefit (CDB). This plan encourages women to save for safety. it provides
free insurance cover for three years if first two years premium has been paid. It has an option to
en cash the survival benefit as and when needed. Flexibility to pay premium in advance and avail
premium rebate of 4% per annum option to receive maturity proceed in the form of an annuity.
This plan is not allowed for pregnant ladies and the proposers who already have children with
congenital disabilities. Waiting period will be 6 months for FCI Benefits & 1 years for CDB Benefit.
Lives attracting EMR class II (by build only) will be accepted female lives with physical disability
attracting std. extra of Rs.2 per 1000 S.A. under group "A" only will be eligible.
Female critical (FCI) benefit: a benefit equal to the S.A. (subject to a maximum of Rs.2Lacs,
will be available on the occurrence of any of the following critical Illnasses. Breast cancer;
ovarian/ fallopian tube cancer; cervical cancer; uterine cancer; vaginal/ vulval cancer
Congenital disability benefit (CDB): if a child born to the policyholder, suffers from any of the
congenital disabilities listed below, a benefit equal to 50 % of the S.A. (subject to a maximum of
Rs.1Lac) will be available for two children. Conditions apply. The list of congenital disabilities:
downs syndrome; spina bifida; Tetralogy of fallot; oesophageal atresia & tracheo-oesaphageal
Fistula, anal atresia, imperforate anus, cleft palate with or with or without cleft Lip.
Paid-up/ Guaranteed special surrender value: it is eligible after the expiry of 3 yrs. If the
premium have been paid fully.
Plan parameters
Age at entry: Min.18 yrs Max. 50 yrs
Maturity age: Max. 70 yrs
Term allowed: 15 & 20 yrs
Sum assured: Min.50,000 Max.25 Lac
S.A. in multiples: 5,000
Mode of payment: YLY only
Accident benefit: Rs.1 extra per
(Max. 50 Lac inclusive 1000 SA
All plans)
Policy loan: N.A.
Housing loan: N.A.
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.
Underwriting condition

26

Form no: 300+ addendum

Age proof: std/NSAP-1
Female lives category: I/II/III
Medical exam: must (female medical examiner only)
Actual sum assured: 1.5 times SA
Risk coverage: SA+GA +Bonus (bonus after 1st 5 yrs)
Dating back @ 8%: Allowed
BENEFIT
Survival benefit: 20% of the S.A. at the and of 5/10/15 years for 20 years term (balance
payable on maturity plus guaranteed addition plus bonus if any)
Maturity benefit: for policy term of years: 60% of the S.A. + G.A and bonus after 1st yrs. As
declared, will be paid.
Death benefit: on death within the 1st policy years S.A.+G.A will be paid on death after 5 policy
years S.A.+ G.A.+ Bonus, if any irrespective of all earlier survival benefit paid is payable.
Example: Mrs. Ambani aged 30 yrs. Is a working woman. she opts for jeevan bharati plan for
term 20 yrs. And SA Rs.2 Lac She pays an annual premium of Rs.14910. after 5,10,15 years
each she will get 20% of S.A. i.e. Rs.40,000. at the end of 20 yrs. She will get Balance S.A. +
G.A Bonus if any i.e. Rs.80,000 +50 x 20 x 200 (bonus assured as 50 per 1000 SA)
= 80,000 +1000 SA terminal bonus, if any
= 2,80,000+ terminal bonus, if any
on death after 4 years her nominee will get S.A + G.A
= 2,00,000 + 50 X 4X 200
= 2,00,000 + 40,000
= 2,40,000 + Terminal Bonus, if any.

27

BIMA BACHAT INSURANCE POLICY BY LIC ((Table no. 175))

Features of plan: Bima bachat is a single premium money back plan where single premium paid
under the policy shall be paid back to the policyholder along with loyalty additions, if any, on
maturity. In addition, the survival benefit instalments are payable on survival of the policyholder
till the specified durations. The plan also provides the payment of sum assured in case of death
during the term of the policy irrespective of whether of not any survival benefits, have been paid
earlier. No rider benefits shall be available.
Loyalty additions: this is a participating plan and the policy shall participate in the profits of the
corporation's with-profit assurance business. The policy shall, however not be eligible for
reversionary bonus and all shall participate to a share of profits in the form of loyalty addition
(one time) only payable on maturity. On the life assured surviving the stipulated date of
maturity, the policy may be eligible for payment loyalty addition, if any, depending upon the
experience of the corporation at such rate and on such terms as may be declared the
corporation.
Plan parameters
Age at entry: Min.15 yrs Completed Max 66 yrs
Maturity age: Max. 75 yrs (NBD)
Term: 9,12 or 15 yrs.
Sum assured: Min. 20,000 Max. No. Limit
S.A in multiples: 5,000
Mode of payment: Single premium
Policy loan: yes
Housing loan: yes
Assignment: yes
Surrender of policy: yes
Underwriting condition
Form no: 300/340
Age proof: Std/Non Std
Medical exam: Not required for any S.A
Risk coverage: SA
Dating back @ 9%: Allowed
High premium rebate (per 1000 S.A)
Less then Rs.50,000 Nil
Rs.50,000 & Less then Rs.1Lac 5%
Rs.1 Lac & Less then Rs.2 Lac 7%
Rs.2 Lac and above 8%
Surrender values (GSV) (SSV): the policy can be surrendered for after completion of at least
one policy year. The guaranteed value is equal to 90 percent of the single premium paid
excluding extra premium paid and the survival benefits paid earlier. Special surrender value
(SSV) is given below:

28

Benefits
Maturity benefit: single premium excluding extra premium with loyalty addition if any, shall be
payable in case of life assured surviving to the end of the term.
Survival benefit: in case the life assured is surviving to the specified durations the following
benefits shall be payable.
For policy term 9 years:15% of the sum assured at the end of each 3rd & 6th policy year. For
policy term12 year: 15% of the sum assured at the end of each 3rd, 6th & 9th policy year.
For policy term 15 years: 15% of the sum assured at the end of each 3rd, 6th,9th & 12th
policy year.
Death benefit: on death of the assured during the term of the policy an amount equal to the
sum assured shall be payable.

29

MONEY BACK 20 YEARS INSURANCE POLICY BY LIC

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the
end of the endowment period, this scheme provides periodic payments of partial survival benefits
as follows during the term of the policy. Of course so long as the policyholder is alive this plan is
best suitable for businessmen and professionals.
In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after
5,10,15 year, and the balance 40% plus the accrued should have attained majority.
An important feature of this type of policies is that in the event of death at any time within the
policy term, the death claim comprises full S.A. without deducting any of the survival benefit
amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.
Plan parameters
Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Re.1 Extra per
(Max. 50 Lac inclusive 1000 S.A.
All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
Form no.: 300/340
Age proof: std /NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): allowed
Non-medical (pro): allowed
Non-medical (special): allowed
Actual sum assured: basic SA
Rusk coverage: SA + bonus
Dating back@ 8%: Allowed

30

Benefits
Death benefits: payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee
The survival benefit already paid, if any is not deducted.
Maturity benefit: balance survival benefit + bonus on full S.A. + FAB, if any
Example: Ms. Sania Mirza, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an
annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each
5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate of 2005
i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB if Ms. Sania dies after 8 year, his nominee will
receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms.
Sania

31

MONEY BACK 25 YEARS INSURANCE POLICY BY LIC

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the
end of the endowment period, this scheme provides periodic payments of partial survival benefits
as follows during the term of the policy. Of course so long as the policyholder is alive this plan is
best suitable for businessmen and professionals.
For money back policy of 25 year (table 93), 15% of the S.A. become payable each after 5,10,15
and 20 year, and the balance 40% plus the accrued bonus become payable at 25th year.
An important feature of this type of policies is that in the event of death at any time within the
policy term, the death claim comprises full S.A. without deducting any of the survival benefit
amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.
Plan parameters
Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Re.1 Extra per
(Max. 50 Lac inclusive 1000 S.A.
All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
Form no.: 300/340
Age proof: std /NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): allowed
Non-medical (pro): allowed
Non-medical (special): allowed
Actual sum assured: basic SA
Rusk coverage: SA + bonus
Dating back@ 8%: Allowed

32

Benefits
Death benefits: payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee
The survival benefit already paid, if any is not deducted.
Maturity benefit: balance survival benefit + bonus on full S.A. + FAB, if any

33

Jeevan Surabhi Money Back Plan Table 106-15(12), 107-20(15), 108-25(18)

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular
money back plans and Jeevan Surabhi are as under
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
The actual term and the premium paying term for these plans are as under.
Plan
no.

Policy
Term

Premium Paying
Term

106

15 years

12 years

107

20 years

15 years

108

25 years

18 years

Full sum assured is paid back as survival benefit by the end of premium paying term.
However, the risk cover and additional risk cover continue and the policy participates in profits
till the end of policy term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5
lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and
family feel the need for lump sum benefits at periodical intervals.

Introduction
Insurance Regulatory & Development Authority (IRDA) requires all life insurance
companies operating in India to provide official illustrations to their customers. The
illustrations are based on the investment rates of return set by the Life Insurance
Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not
intended to reflect the actual investment returns achieved or may be achieved in future
by Life Insurance Corporation of India (LICI).
For the year 2004-05 the two rates of investment return declared by the Life Insurance
Council are 6% and 10% per annum.
Product summary
This is a with-profits plan available for three different terms of 15, 20 and 25 years with
corresponding premium paying terms of 12, 15 and 18 years. The plan provides a
specified percentage of Sum Assured on survival up to specified durations. A life
insurance cover is available throughout the term of the plan which increases after every
five yearly intervals.
Premiums :
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary
deductions as opted by you throughout the premium paying term of the policy or till the

34

earlier death.
Bonuses :
This is a with-profit plan and participate in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of bonuses. Simple Reversionary
Bonuses are declared per thousand Sum Assured annually at the end of each financial
year. Once declared, they form part of the guaranteed benefits of the plan. A Final
(Additional) Bonus may also be payable provided policy has run for certain minimum
period.
Death Benefit:
The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till
death is payable in a lump sum upon the death of the life assured during the policy
term. The survival benefits paid prior to death will not be deducted from the claim
amount.
If death occurs at anytime during the term of a policy (provided the policy has been
kept in force by payment of all premiums that had fallen due), the basic sum assured
along with the vested bonus will be paid. The survival benefits already paid, if any, will
not be deducted from this claim amount. An additional amount (depending on the
duration of the policy) will also be paid on death under such a policy. The additional
amounts payable, at various stages are shown in the table given below.
policy
year
6th-10th

11th15th
policy
year

16th20th
policy
year

21st-26th
policy year

1000

NIL

NIL

Policy

1st
year
Policy

106

NIL

107

NIL

500

1000

1500

NIL

108

NIL

500

1000

1500

2000

500

Survival Benefits:
A percentage of sum assured as mentioned below will be paid on your survival to the
end of specified durations:

Percentage of Sum Assured payable at the end of

specified duration
Plan and Term ( Premium Paying Term )
Duration

Plan
106/15(12) 107/20(15) 108/25(18)

30%

30%

25%

20%

10

12

40%

25%

20%

15

25%

20%

18

25%

20%
-

20%

35

Plan no

106

107

108

Survival Benefits

% of basic
Sum
Assured.

at the end of 4 years

30

at the end of 8 years

30

at the end of 12 years

40

at the end of 15 years

Bonus

at the end of 4 years

25

at the end of 8 years

25

at the end of 12 years

25

at the end of 15 years

25

at the end of 20 years

Bonus

at the end of 4 years

20

at the end of 8 years

20

at the end of 12 years

20

at the end of 15 years

20

at the end of 18years

20

at the end of 25years

Bonus

Risk Cover
upto

15 years

20 years

25 years

Maturity Benefit :
The policy matures on your survival to the end of the policy term. All bonuses declared
up to maturity date will be paid in a lump sum.
Supplementary/Extra Benefits :
These are the optional benefits that can be added to your basic plan for extra
protection/option. An additional premium is required to be paid for these benefits.
Surrender Value :
Buying a life insurance contract is a long-term commitment. However, surrender values
are available under the plan on earlier termination of the contract.
Guaranteed Surrender Value :
The policy may be surrendered after it has been in force for 3 years or more. The
guaranteed surrender value is 30% of the basic premiums paid excluding the first years
premium in case no survival benefit payment has already fallen due. Where one or
more survival benefits have fallen due, the guaranteed surrender value will be 30% of
the premiums paid on or after the due date of payment of latest survival benefit.
Corporations policy on surrenders :
In practice, the Corporation will pay a Special Surrender Value which is either equal to
or more than the Guaranteed Surrender Value. The benefit payable on surrender is the
discounted value of the reduced claim amount that would be payable on death or at
maturity. This value will depend on the number of premiums paid and the duration at
which surrender value is calculated. In some circumstances, in case of early termination
of the policy, the surrender value payable may be less than the total premium paid.
The Corporation reviews the surrender value under its plans from time to time

36

depending on the economic environment, experience and other factors.

Note:
The above is the product summary giving the key features of the plan. This is for
illustrative purpose only. This does not represent a contract and for details please refer
to your policy document.
Benefit Illustration :
Statutory warning :
Some benefits are guaranteed and some benefits are variable with returns based on
the future performance of your insurer carrying on life insurance business. If your policy
offers guaranteed returns then these will be clearly marked guaranteed in the
illustration table on this page. If your policy offers variable returns then the illustrations
on this page will show two different rates of assumed future investment returns. These
assumed rates of return are not guaranteed and they are not the upper or lower limits
of what you might get back as the value of your policy is dependent on a number of
factors including future investment performance.
Illustration 1:
Age at entry : 35 years
Policy Term : 15 Years
Premium Paying Term : 12 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /Annual Premium : Rs. 10963 /Benefit on death during the year
End
Total
of premiums
Variable
Total
year paid till
Guaranteed
Scenario Scenario Scenario Scenario
end of
1
2
1
2
year
1

10963

100000

2400

4800

102400

104800

21926

100000

4800

9600

104800

109600

32889

100000

7200

14400

107200

114400

43852

100000

9600

19200

109600

119200

54815

100000

12000

24000

112000

124000

65778

150000

14400

28800

114400

178800

76741

150000

16800

33600

116800

183600

87704

150000

19200

38400

169200

188400

98667

150000

21600

43200

171600

193200

10

109630

150000

24000

48000

174000

198000

12

131556

200000

28800

57600

228800

257600

15

131556

200000

36000

72000

236000

272000

37

End
Total
Benefit on survival / maturity
of premiums
Variable
Total
year paid till
Guaranteed Scenario Scenario Scenario Scenario
end of
1
2
1
2
year
1

10963

21926

32889

43852

30000

30000

54815

20000

65778

76741

87704

30000

30000

98667

10

109630

20000

12

131556

40000

40000

20000

15

131556

36000

72000

36000

72000

Yearly
Sum Assured : Rs. 1,00,000 /Annual Premium : Rs. 5507 /End
Benefit on Death during the year (Rs.)
Total
of premiums
Variable
Total
year paid till
Guaranteed
Scenario Scenario Scenario Scenario
end of
1
2
1
2
year
1

9581

100000

2100

4600

102100

104600

19162

100000

4200

9200

104200

109200

28743

100000

6300

13800

106300

113800

38324

100000

8400

18400

108400

118400

47905

100000

10500

23000

110500

123000

57486

150000

12600

27600

162600

177600

67067

150000

14700

32200

164700

182200

76648

150000

16800

36800

166800

186800

86229

150000

18900

41400

168900

191400

10

95810

150000

21000

46000

171000

196000

12

114972

200000

25200

55200

225200

255200

15

143715

200000

31500

69000

231500

269000

20

143715

250000

42000

92000

292000

342000

38

Illustratio
n 2:
Age at
entry : 35
years
Policy Term
: 25 Years
Mode of
premium
payment :

End
Total
Benefit on survival / maturity at the end of year
of premiums
Variable
Total
year paid till
Guaranteed Scenario Scenario Scenario Scenario
end of
1
2
1
2
year
1

9581

19162

28743

38324

25000

25000

25000

47905

57486

67067

76648

25000

25000

25000

86229

10

95810

15000

15000

15

114972

25000

25000

25000

20

143715

25000

25000

25000

25

143715

56000

122000

56000

122000

Illustration 2:
Age at entry : 35 years
Policy Term : 25 Years
Mode of premium payment : Yearly
Sum Assured : Rs. 1,00,000 /Annual Premium : Rs. 5507 /Benefit on Death during the year (Rs.)
End
Total
of premiums
Variable
Total
year paid till
Guaranteed
Scenario Scenario Scenario Scenario
end of
1
2
1
2
year
1

8776

100000

2800

6500

102800

106500

17552

100000

5600

13000

105600

113000

26328

100000

8400

19500

108400

119500

35104

100000

11200

26000

111200

126000

43880

100000

14000

32500

114000

132500

52656

150000

16800

39000

166800

189000

61432

150000

19600

45500

169600

195500

70208

150000

22400

52000

172400

202000

78984

150000

25200

58500

175200

208500

10

87760

150000

28000

65000

178000

215000

12

105312

200000

33600

78000

233600

278000

39

15

131640

200000

42000

97500

242000

297500

18

157968

250000

50400

117000

300400

367000

20

157968

250000

56000

130000

306000

380000

25

157968

300000

70000

162500

370000

462500

End
Total
Benefit on survival / maturity at the end of year
of premiums
Variable
Total
year paid till
Guaranteed Scenario Scenario Scenario Scenario
end of
1
2
1
2
year
1

9581

19162

28743

38324

20000

20000

20000

47905

57486

67067

76648

20000

20000

20000

86229

10

95810

20000

20000

15

114972

20000

20000

20000

20

143715

20000

20000

20000

25

143715

93000

220500

93000

220500

i) This illustration is applicable to a non-smoker male/female standard (from medical,

life
style
and
occupation
point
of
view)
life.
ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that
they are consistent with the Projected Investment Rate of Return assumption of 6%
p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing
this benefit illustration, it is assumed that the Projected Investment Rate of Return that
LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a.,
as the case may be. The Projected Investment Rate of Return is not guaranteed.
iii) The main objective of the illustration is that the client is able to appreciate the
features of the product and the flow of benefits in different circumstances with some
level
of
quantification.
iv) Future bonus will depend on future profits and as such is not guaranteed. However,
once bonus is declared in any year and added to the policy, the bonus so added is
guaranteed.

40