Life Insurance Company

Life Insurance Company
History of insurance in India
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ). The
writings talk in terms of pooling of resources that could be re-distributed in times of
calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to
modern day insurance. Ancient Indian history has preserved the earliest traces of
insurance in the form of marine trade loans and carriers contracts. Insurance in India
has evolved over time heavily drawing from other countries, England in particular.
1818 saw the advent of life insurance business in India with the establishment of
the Oriental Life Insurance Company in Calcutta. This Company however failed in
1834. In 1829, the Madras Equitable had begun transacting life insurance business in
the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the
last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874)
and Empire of India (1897) were started in the Bombay Residency. This era, however,
was dominated by foreign insurance offices which did good business in India, namely
Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the
Indian offices were up for hard competition from the foreign companies.
In 1914, the Government of India started publishing returns of Insurance Companies

in India. The Indian Life Assurance Companies Act, 1912 was the first statutory
measure to regulate life business. In 1928, the Indian Insurance Companies Act was
enacted to enable the Government to collect statistical information about both life and
non-life business transacted in India by Indian and foreign insurers including provident
insurance societies. In 1938, with a view to protecting the interest of the Insurance
public, the earlier legislation was consolidated and amended by the Insurance Act, 1938
with comprehensive provisions for effective control over the activities of insurers.
The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there
were a large number of insurance companies and the level of competition was high.
There were also allegations of unfair trade practices. The Government of India,
therefore, decided to nationalize insurance business.
An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance
sector and Life Insurance Corporation came into existence in the same year. The LIC
absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian
and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance
sector was reopened to the private sector.
The history of general insurance dates back to the Industrial Revolution in the
west and the consequent growth of sea-faring trade and commerce in the 17 th century. It
came to India as a legacy of British occupation. General Insurance in India has its roots
in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by
the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first
company to transact all classes of general insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance
Associaton of India. The General Insurance Council framed a code of conduct for
ensuring fair conduct and sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set minimum
solvency margins. The Tariff Advisory Committee was also set up then.
In 1972 with the passing of the General Insurance Business (Nationalisation) Act,
general insurance business was nationalized with effect from 1st January, 1973. 107
insurers were amalgamated and grouped into four companies, namely National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd and the United India Insurance Company Ltd. The General
Insurance Corporation of India was incorporated as a company in 1971 and it
commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending to
nearly 200 years. The process of re-opening of the sector had begun in the early 1990s
and the last decade and more has seen it been opened up substantially. In 1993, the
Government set up a committee under the chairmanship of RN Malhotra, former
Governor of RBI, to propose recommendations for reforms in the insurance sector.The

objective was to complement the reforms initiated in the financial sector. The
committee submitted its report in 1994 wherein , among other things, it recommended
that the private sector be permitted to enter the insurance industry. They stated that
foreign companies be allowed to enter by floating Indian companies, preferably a joint
venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the
Insurance Regulatory and Development Authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in April, 2000. The key objectives of the IRDA include
promotion of competition so as to enhance customer satisfaction through increased
consumer choice and lower premiums, while ensuring the financial security of the
insurance market.
The IRDA opened up the market in August 2000 with the invitation for application
for registrations. Foreign companies were allowed ownership of up to 26%. The
Authority has the power to frame regulations under Section 114A of the Insurance Act,
1938 and has from 2000 onwards framed various regulations ranging from registration
of companies for carrying on insurance business to protection of policyholders
interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India
were restructured as independent companies and at the same time GIC was converted
into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from
GIC in July, 2002.
Today there are 24 general insurance companies including the ECGC and
Agriculture Insurance Corporation of India and 23 life insurance companies operating
in the country.
The insurance sector is a colossal one and is growing at a speedy rate of 15-20%.
Together with banking services, insurance services add about 7% to the countrys GDP.
A well-developed and evolved insurance sector is a boon for economic development as
it provides long- term funds for infrastructure development at the same time
strengthening the risk taking ability of the country.
Types of Insurance in India

By Rita Bhattacharjee, eHow Contributor
updated December 31, 2011
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Overview
Insurance in India can be broadly categorized into two types: life and general. Life insurance can be
further classified into term life insurance, whole life insurance, money back plan, endowment policy
and pension plan. Health, home, accident, motor and travel insurances fall under the general insurance
category. State-owned companies like Life Insurance Corporation of India, as well as private
insurance providers, like ICICI Prudential and Bajaj Allianz, provide life and general insurances in
India.
Term Life Insurance Policy

As its name implies, term life insurance policy is for a specified period. It lets you select the length of
time for which you want coverage, up to a period of 35 years. It has one of the lowest premiums
among insurance plans and also carries an added advantage of fixed payments that do not increase
during your term. In case of the policy holder's untimely demise, the benefit amount specified in the
insurance agreement goes to the nominees.
Whole Life Insurance Policy

Whole life insurance policies do not have any fixed term or end date and is only payable to the
designated beneficiary after the death of the policy holder. The policy owner does not get any
monetary benefits out of this policy. Because this type of insurance involves fixed known annual
premiums, it's a good option if you want to ensure guaranteed financial benefits for surviving family
members.
Money Back Plan

With a money back plan, you receive periodic payments, which are a percentage of the entire amount
insured, during the lifetime of your policy. It's a plan that offers insurance coverage along with
savings. A unique feature of the money back plan is that in the event of the policy holder's death
during the policy term, the beneficiary will get the full sum assured without having any of the survival
benefit amounts, which have already been paid, deducted.
Pension Plan
Pension plans are different from other types of life insurance because they do not provide any life
insurance cover, but ensure a guaranteed income, either for life or for a certain period. You make the
investment for a pension plan either with a single lump sum payment or through installments paid
over a certain number of years. In return, you get a specific sum every year, every half-year or every
month, either for life or for a fixed number of years.
Endowment Policy
An endowment policy can be taken out for a specified period. At the end of the stipulated period, the
assured amount is paid back to the policy holder, along with the bonus accumulated during the term of
the policy. Designed primarily to provide a living benefit, along with life insurance protection, the
endowment policy makes a good investment if you want coverage, as well as some extra money.
Health Insurance
Under the general insurance category, health insurance is one of the most popular choices. In India,
Mediclaim covers hospitalization, expenses incurred during medical tests and for medicines. You can
also get coverage for medical expenses by opting for the 'Critical Illness (CI)' rider available with life
insurance policies. This means that in case of a 'critical illness' as defined by the insurance company
during the policy tenure, you will be paid the amount as proposed in the policy
COMPANY PROFILE
Brief
History
Of
Insurance
The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessmen today to secure themselves against loss and disaster existed
in primitive men also. They too sought to avert the evil consequences of fire and flood
and loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent past,
particularly after the industrial era past few centuries yet its beginnings date back
almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental
Life Insurance Company started by Europeans in Calcutta was the first life insurance
company on Indian Soil. All the insurance companies established during that period were
brought up with the purpose of looking after the needs of European community and
Indian natives were not being insured by these companies. However, later with the efforts
of eminent people like Babu Muttylal Seal, the foreign life insurance companies started
insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy
extra premiums were being charged on them. Bombay Mutual Life Assurance Society
heralded the birth of first Indian life insurance company in the year 1870, and covered
Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives,
insurance companies came into existence to carry the message of insurance and social
security through insurance to various sectors of society. Bharat Insurance Company
(1896) was also one of such companies inspired by nationalism. The Swadeshi movement
of 1905-1907 gave rise to more insurance companies. The United India in Madras,
National Indian and National Insurance in Calcutta and the Co-operative Assurance at
Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company
took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath
Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later
Bombay Life) were some of the companies established during the same period. Prior to
1912 India had no legislation to regulate insurance business. In the year 1912, the Life
Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance
Companies Act, 1912 made it necessary that the premium rate tables and periodical
valuations of companies should be certified by an actuary. But the Act discriminated
between foreign and Indian companies on many accounts, putting the Indian companies
at
a
disadvantage.
The first two decades of the twentieth century saw lot of growth in insurance business.
From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176
companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming
of insurance companies many financially unsound concerns were also floated which
failed miserably. The Insurance Act 1938 was the first legislation governing not only life
insurance but also non-life insurance to provide strict state control over insurance
business. The demand for nationalization of life insurance industry was made repeatedly
in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance
Act 1938 was introduced in the Legislative Assembly. However, it was much later on the
19th of January, 1956, that life insurance in India was nationalized. About 154 Indian
insurance companies, 16 non-Indian companies and 75 provident were operating in India
at the time of nationalization. Nationalization was accomplished in two stages; initially
the management of the companies was taken over by means of an Ordinance, and later,
the ownership too by means of a comprehensive bill. The Parliament of India passed the
Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance
Corporation of India was created on 1st September, 1956, with the objective of spreading
life insurance much more widely and in particular to the rural areas with a view to reach
all insurable persons in the country, providing them adequate financial cover at a
reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its
corporate office in the year 1956. Since life insurance contracts are long term contracts
and during the currency of the policy it requires a variety of services need was felt in the
later years to expand the operations and place a branch office at each district headquarter.
Re-organization of LIC took place and large numbers of new branch offices were opened.
As a result of re-organisation servicing functions were transferred to the branches, and
branches were made accounting units. It worked wonders with the performance of the
corporation. It may be seen that from about 200.00 crores of New Business in 1957 the
corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years
for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening
in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on
new policies.
Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices,
8 zonal offices, 992 satallite offices and the Corporate office. LICs Wide Area Network
covers 109 divisional offices and connects all the branches through a Metro Area
Network. LIC has tied up with some Banks and Service providers to offer on-line
premium collection facility in selected cities. LICs ECS and ATM premium payment
facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS,
Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing
easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices.
The satellite offices are smaller, leaner and closer to the customer. The digitalized records
of the satellite offices will facilitate anywhere servicing and many other conveniences in
the future.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records.
LIC has issued over one crore policies during the current year. It has crossed the
milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy
growth rate of 16.67% over the corresponding period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented
performance records in various aspects of life insurance business. The same motives
which inspired our forefathers to bring insurance into existence in this country inspire us
at LIC to take this message of protection to light the lamps of security in as many homes
as possible and to help the people in providing security to their families.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil
started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company
started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first general insurance company established in the
year 1850 in Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a
code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the
general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.
The Oriental Life Insurance Company, the first corporate entity in India offering life
insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and
others. Europeans in India were its primary target market, and it charged Indians heftier
premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first
native insurance provider. Other insurance companies established in the preindependence era included
Bharat Insurance Company (1896)
United India (1906)
National Indian (1906)
National Insurance (1906)
Co-operative Assurance (1906)
Hindustan Co-operatives (1907)
Indian Mercantile
General Assurance
Swadeshi Life (later Bombay Life)
The first 150 years were marked mostly by turbulent economic conditions. It
witnessed, India's First War of Independence, adverse effects of the World War
I and World War II on the economy of India, and in between them the period of world
wide economic crises triggered by theGreat depression. The first half of the 20th century
also saw a heightened struggle for India's independence. The aggregate effect of these
events led to a high rate of bankruptcies and liquidation of life insurance companies in
India. This had adversely affected the faith of the general public in the utility of obtaining
life
cover.
Nationalization
In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners of
private insurance companies. In the ensuing investigations, one of India's wealthiest
businessmen, Ram Kishan Dalmia, owner of the Times of India newspaper, was sent to
prison for two years. Eventually, the Parliament of India passed the Life Insurance of
India Act on 1956-06-19, and the Life Insurance Corporation of India was created on
1956-09-01, by consolidating the life insurance business of 245 private life insurers and
other entities offering life insurance services. Nationalization of the life insurance
business in India was a result of the Industrial Policy Resolution of 1956, which had
created a policy framework for extending state control over at least seventeen sectors of
the economy, including the life insurance.
OBJECTIVES OF LIC
Spread Life Insurance widely and in particular to the rural areas and to the socially and
economically backward classes with a view to reaching all insurable persons in the
country and providing them adequate financial cover against death at a reasonable cost.
Maximize mobilization of people's savings by making insurance-linked savings
adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its policyholders,
whose money it holds in trust, without losing sight of the interest of the community as a
whole; the funds to be deployed to the best advantage of the investors as well as the
community as a whole, keeping in view national priorities and obligations of attractive
return.
Conduct business with utmost economy and with the full realization that the moneys
belong to the policyholders.
Act as trustees of the insured public in their individual and collective capacities.
Meet the various life insurance needs of the community that would arise in the changing
social and economic environment.
Involve all people working in the Corporation to the best of their capability in furthering
the interests of the insured public by providing efficient service with courtesy.
Promote amongst all agents and employees of the Corporation a sense of participation,
pride and job satisfaction through discharge of their duties with dedication towards
achievement of Corporate Objective.
VISION AND MISSION
Vision
"A trans-nationally competitive financial conglomerate of significance to societies and
Pride of India."
Mission
"Explore and enhance the quality of life of people through financial security by providing
products and services of aspired attributes with competitive returns, and by rendering
resources
for
economic
development.."
BOARD OF DIRECTORS
Members
On
Shri
D.K.
Shri
T.
The
Mehrotra, (Current-in-Charge
S.
Shri
Thomas
Shri
A.K.
Shri
Ministry
R.
Board
The
&
Mathew
of
Director,
Department
Finance,
Department
Finance,
LIC
Director,
Dasgupta, (Managing
of
LIC
Director,
T. (Managing
Gopalan, (Secretary,
Corporation
CHAIRMAN,
Vijayan, (Managing
Shri D.K. Mittal, (Secretary,

Ministry
Of
of
Economic
Govt.
of
of
Financial
Govt.
of
LIC
LIC
)
)
Affairs,
India.)
Services,
India.)
Shri Yogesh Lohiya, (Chairman Cum Managing Director, GIC of India )

Shri M.V. Tanksale, (Chairman & Managing Director, Central Bank of India )
Dr.
Sooranad
Shri
Lt.
Shri
Monis
General
R.
Arvind
Anup
Kidwai
Mahajan
Prakash
Shri
Sanjay
Shri
Ashok
Shri
Shri Amardeep Singh Cheema
Rajashekhran
K.S.
(Retd.)
Garg
Jain
Singh
Sampath
Life
insurance
in
India
made
its
debut
well
over
100
years
ago.
In our country, which is one of the most populated in the world, the prominence of
insurance is not as widely understood, as it ought to be. What follows is an attempt to
acquaint readers with some of the concepts of life insurance, with special reference to
LIC.
It should, however, be clearly understood that the following content is by no means an
exhaustive description of the terms and conditions of an LIC policy or its benefits or
privileges.
For more details, please contact our branch or divisional office. Any LIC Agent will be
glad to help you choose the life insurance plan to meet your needs and render policy
servicing.
What
Is
Life
Insurance?
Life insurance is a contract that pledges payment of an amount to the person assured (or
his
nominee)
on
the
happening
of
the
event
insured
against.
The contract is valid for payment of the insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of premium periodically
to the Corporation by the policyholder. Life insurance is universally acknowledged to be
an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to
the timely aid of the family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems caused by
death. Life insurance, in short, is concerned with two hazards that stand across the lifepath of every person:
1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.
Life Insurance Vs. Other Savings
Contract
Of
Insurance:
A contract of insurance is a contract of utmost good faith technically known as uberrima
fides. The doctrine of disclosing all material facts is embodied in this important principle,
which
applies
to
all
forms
of
insurance.
At the time of taking a policy, policyholder should ensure that all questions in the
proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in
any document leading to the acceptance of the risk would render the insurance contract
null and void.
Protection:
Savings through life insurance guarantee full protection against risk of death of the saver.
Also, in case of demise, life insurance assures payment of the entire amount assured (with
bonuses wherever applicable) whereas in other savings schemes, only the amount saved
(with
interest)
is
payable.
Aid
To
Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments can be
made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium
payment for insurance is either monthly, quarterly, half yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a convenient
method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary Saving
Scheme is ideal for any institution or establishment subject to specified terms and
conditions.
Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that has
acquired loan value. Besides, a life insurance policy is also generally accepted as security,
even
for
a
commercial
loan.
Tax
Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This
is available for amounts paid by way of premium for life insurance subject to income tax
rates
in
force.
Assessees can also avail of provisions in the law for tax relief. In such cases the assured
in
effect
pays
a
lower
premium
for
insurance
than
otherwise.
Money
When
You
Need
It:
A policy that has a suitable insurance plan or a combination of different plans can be
effectively used to meet certain monetary needs that may arise from time-to-time.
Children's education, start-in-life or marriage provision or even periodical needs for cash
over a stretch of time can be less stressful with the help of these policies.
Alternatively, policy money can be made available at the time of one's retirement from
service and used for any specific purpose, such as, purchase of a house or for other
investments. Also, loans are granted to policyholders for house building or for purchase
of
flats
(subject
to
certain
conditions).
Who
Can
Buy
Policy?
Any person who has attained majority and is eligible to enter into a valid contract can
insure himself/herself and those in whom he/she has insurable interest.
Policies can also be taken, subject to certain conditions, on the life of one's spouse or
children. While underwriting proposals, certain factors such as the policyholders state of
health, the proponent's income and other relevant factors are considered by the
Corporation.
Insurance
For
Women
Prior to nationalisation (1956), many private insurance companies would offer insurance
to female lives with some extra premium or on restrictive conditions. However, after
nationalisation of life insurance, the terms under which life insurance is granted to female
lives
have
been
reviewed
from
time-to-time.
At present, women who work and earn an income are treated at par with men. In other
cases, a restrictive clause is imposed, only if the age of the female is up to 30 years and if
she
does
not
have
an
income
attracting
Income
Tax.
Medical
And
Non-Medical
Schemes
Life insurance is normally offered after a medical examination of the life to be assured.
However, to facilitate greater spread of insurance and also to avoid inconvenience, LIC
has been extending insurance cover without any medical examination, subject to certain
conditions.
With
Profit
And
Without
Profit
Plans
An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if
any, after periodical valuations are allotted to the policy and are payable along with the
contracted
amount.
In 'without' profit plan the contracted amount is paid without any addition. The premium
rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.
Keyman
Insurance
Keyman insurance is taken by a business firm on the life of key employee(s) to protect
the firm against financial losses, which may occur due to the premature demise of the
Keyman.
Admission
Of
Age:
Age is the main basis of calculation of premium under life insurance policies. The
following are accepted as evidence of age:
Certified extract from Municipal or Local Bodys records made at the time of
birth.
Certificate of Baptism or Certified Extract from Family Bible, if it contains age or

date of birth.
Certified Extract from School or College records, if age or date of birth is stated
therein.
Certified Extract from Service Register in the case of Govt. employees and
employees of Quasi-Govt. Institutions or
Passport issued by the Passport Authorities in India.
Payment Of Premium:
By cash, local cheque (subject to realization of cheque), Demand Draft at Branch

Office.
The DD and cheques or Money Order may be sent by post.
You can pay your premiums at any of our Branches as 99% of our Branches are
networked.
Many Banks do accept standing instructions to remit the premiums. So by

providing a standing instruction to your Bank to debit your account for the
premium amount and send it vide a bankers cheque to LIC, on the due dates and
months mentioned on your policy bond.
Through Internet : Payment of premiums can be made through Internet through

Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction,
UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and
BillDesk.
Premium payment can also be made through ATMs of Corporation Bank and UTI
Bank.
Premium payment can also be made through Electronic Clearing Service (ECS)
which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi,
Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum,
Ahmedabad, Pune, Goa and Nagpur, Secunderabad & Visakhapatnam. A
policyholder having an account in any Bank which is a Member of the local
Clearing House can opt for ECS debit to pay premiums. The policyholders
wishing to use this system would have to fill up a Mandate Form available at our
Branches/DO and get it certified by the Bank. The certified Mandate Forms are to
be submitted to our BO/DO.
Policy can be anywhere in India.
Citibank Kiosks at Industrial Assurance Building, Churchgate, New India

Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection
of premiums through cheques.
Days Of Grace:
Policyholder should pay the premiums on due dates. However, a grace period of
one month but not less than 30 days will be allowed for payment of yearly/halfyearly/quarterly premiums and 15 days for monthly premiums.
When the days of grace expire on a Sunday or a public holiday, the premium may
be paid on the following working day to keep the policy in force.
If the premium is not paid before the expiry of the days of grace, the policy
lapses.
Revival Of Lapsed Policy:
If the policy has lapsed, it can be revived during the life time of the life assured,
within a period of five years from the date of the first unpaid premium but before
the date of maturity subject to certain conditions.
The Corporation offers three convenient schemes of revival viz., Ordinary

Revival, Special Revival and Installment Revival. Policies can also be revived
under Loan-cum-Revival and SB-cum-Revival schemes.
Request for revival may be made to the Branch Office servicing the policy.
Change Of Address And Transfer Of Policy Records:
The policyholder should immediately intimate the change of his/her address to the
Branch Office servicing the policy. The correct address facilitates better service
and quicker settlement of claims.
Policy records can also be transferred from one Branch Office to another for
servicing, as requested by the policyholder.
Loss Of Policy Document:
The Policy Document is an evidence of the contract between the Insurer and the
Insured. Hence the policyholder should preserve the Policy Bond till the
contracted amount under it is settled.
Loss of the Policy Document should be immediately intimated to the Branch

Office where it is serviced.
Loans:
Loans are granted on policies to the extent of 90% of Surrender Value of the
policies which are in force and 85% of the Surrender Value in case of policies
which are paid-up, inclusive of the cash value of bonus. The rate of interest
charged at present is 9% p.a. payable half-yearly.
Loans are not granted for a period shorter than six months. The Conditions and
Privileges printed on the back of the Policy Bond states whether a particular
policy is with or without the loan facility.
Relief To Policyholders:
The Corporation generally allows concessions on payment of premiums,

settlement of claims, issue of duplicate policies, etc when the policyholder are
affected by natural calamities such as droughts, cyclones, floods, earthquakes, etc.
Nomination:
Nomination is a right conferred on the holder of a Policy of Life Assurance on his

own life to appoint a person/s to receive policy moneys in the event of the policy
becoming a claim by the assureds death. The Nominee does not get any other
benefit except to receive the policy moneys on the death of the Life Assured. A
nomination may be changed or cancelled by the life assured whenever he likes
without
the
consent
of
the
Nominee.
Ensure nomination exists in the policy for easy settlement of claims.
Assignment:
Assignment means transfer of rights, title and interest. When an assignment is

executed, all rights, title and interest in respect of the property assigned are
immediately transferred to the Assignee/s and the Assignee/s become the owner/s
of the policy subject to any lawful condition made in the assignment.
Assignment can be either conditional or absolute. On assignment (other than to

LIC), Nomination automatically stands cancelled. Hence, when such a policy is
reassigned, the policyholder will have to make a fresh nomination to avoid delay
in settlement of claim.
Survival Benefit/Maturity Claims:
LIC settles survival benefit/maturity claims on or before the due date.
Policyholder are intimated well in advance by the Branch Office which services
the policy regarding the payment, and the necessary Discharge Voucher is also
sent for execution by the assured. In case the policyholder does not get any
intimation from the Branch Office concerned, he/she should contact them, quoting
the Policy Number.
Survival Benefit payment up to Rs.60,000/- are settled without insisting for Policy
Bond and Discharge Voucher.
Death Claims:
If the life assured dies during the term of the policy, death claim arises. The death
of the policyholder should be immediately intimated in writing to the Branch
Office where the policy is serviced along with the following particulars:
1. The No./s of the policy/ies
2. The name of the policyholder
3. Death Certificate issued by concerned Authority
4. The date of death
5. The cause of death and
6. Claimants relationship with the deceased
On receipt of the intimation of death, necessary claim forms are sent by the
Branch Office for completion along with instructions regarding the procedure to
be followed by the claimant.
The claims which have arisen after a period of three years are treated as non-early
claims and settled within 30 days from the date of receipt of all requirements.
The claims that have arisen within a period of two years from the date of
commencement of the policy, are treated as early claims and investigation is
compulsory in such cases.
The claim is usually payable to the nominee/assignee or the legal heirs, as the
case may be. However, if the deceased policyholder has not nominated/assigned
the policy or if he/she has not made a suitable provision regarding the policy
moneys by way of a Will, the claim is payable to the holder of a Succession
Certificate or some such evidence of title from a Court of Law.
The Corporation grants claims concessions under certain Plans whereby payment
of full sum assured is made, subject to the deduction of unpaid premiums with
interest till the date of death and unpaid premiums falling due before the next
anniversary of the policy, in the event of the death of the life assured within a
period of six months or one year from the date of the first unpaid premium,
provided premiums have been paid for at least three years and five years
respectively.
Claim
Review
Committee:
The Corporation settles a large number of Death Claims every year. Only in case of
fraudulent suppression of material information is the liability repudiated. This is to ensure
that claims are not paid to fraudulent persons at the cost of honest policyholders. The
number of Death Claims repudiated is, however, very small. Even in these cases, an
opportunity is given to the claimant to make a representation for consideration by the
Review Committees of the Zonal office and the Central Office. As a result of such
review, depending on the merits of each case, appropriate decisions are taken. The Claims
Review Committees of the Central and Zonal Offices have among their Members, a
retired High Court/District Court Judge. This has helped providing transparency and
confidence in our operations and has resulted in greater satisfaction among claimants,
policyholders
and
public.
Insurance Ombudsman:
The Grievance Redressal Machinery has been further expanded with the
appointment of Insurance Ombudsman at different centers by the Government of
India. At present there are 12 centres operating all over the country.
Following type of complaints fall within the purview of the Ombdusman

a) any partial or total repudiation of claims by an insurer;
b) any dispute in regard to premiums paid if payable in terms of the policy;
c) any dispute on the legal construction of the policies in so far as such disputes
relate
to
claims;
d)
delay
in
settlement
of
claims;
e)non-issue of any insurance document to customers after receipt of premium.
Policyholder can approach the Insurance Ombudsman for the redressal of their
complaints free of cost.
Initiatives In Policy Servicing Areas:
All 2048 Branches of LIC are fully computerized covering all policy servicing
aspects to give prompt computerized services from new policy introduction,
acceptance of renewal premium, revivals, loans, etc to final claims settlement.
Green Channel facility has been introduced for the speedy completion of
proposals.
Payment of premiums can be made through internet through service providers,

viz., HDFC Bank, ICICI Bank, Times of money, Bill Junction, UTI Bank, Bank of
Punjab,Citi Bank, Corporation Bank, Federal Bank and Billdesk.
Grievance Redressal Machinery:
A machinery for redressal of policyholders grievances exist in all the offices of

the Corporation. These are headed by designated Officers who are available at
their respective Offices every Monday between 2.30 pm and 4.30 pm. except
holidays. Policyholder can approach these officers to get their grievances
redressed.
The Designated Officers at the various offices of the Corporation are :

At
Branch
Office
--Sr./Branch
Manager
At
Divisional
Office
--Marketing
Manager
At
Zonal
Office
--Regional
Manager
(Mktg)
At Central Office --- Executive Director (Mktg/IO/CRM)
Citizens Charter:
Citizens' Charter was presented to the Nation in November, 1997. In the Charter
the bench marks were prescribed for 30 servicing areas.
INFORMATION TECHNOLOGY & LIC

LIC has been one of the pioneering organizations in India who introduced the leverage of
Information Technology in servicing and in their business. Data pertaining to almost 10
crore policies is being held on computers in LIC. We have gone in for relevant and
appropriate
technology
over
the
years.
1964 saw the introduction of computers in LIC. Unit Record Machines introduced in late
1950s were phased out in 1980s and replaced by Microprocessors based computers in
Branch and Divisional Offices for Back Office Computerization. Standardization of
Hardware and Software commenced in 1990s. Standard Computer Packages were
developed and implemented for Ordinary and Salary Savings Scheme (SSS) Policies.
FRONT
END
OPERATIONS
With a view to enhancing customer responsiveness and services , in July 1995, LIC
started a drive of On Line Service to Policyholders and Agents through Computer. This
on line service enabled policyholders to receive immediate policy status report , prompt
acceptance of their premium and get Revival Quotation, Loan Quotation on demand.
Incorporating change of address can be done on line. Quicker completion of proposals
and dispatch of policy documents have become a reality. All our 2048 branches across the
country have been covered under front-end operations. Thus all our 100 divisional offices
have achieved the distinction of 100% branch computerisation. New payment related
Modules pertaining to both ordinary & SSS policies have been added to the Front End
Package catering to Loan, Claims and Development Officers Appraisal. All these
modules
help
to
reduce
time-lag
and
ensure
accuracy.
METRO
AREA
NETWORK
A Metropolitan Area Network, connecting 74 branches in Mumbai was commissioned in
November, 1997, enabling policyholders in Mumbai to pay their Premium or get their
Status Report, Surrender Value Quotation, Loan Quotation etc. from ANY Branch in the
city. The System has been working successfully. More than 10,000 transactions are
carried out over this Network on any given working day. Such Networks have been
implemented
in
other
cities
also.
WIDE
AREA
NETWORK
All 7 Zonal Offices and all the MAN centres are connected through a Wide Area Network
(WAN). This will enable a customer to view his policy data and pay premium from any
branch of any MAN city. As at November 2005, we have 91 centers in India with more
than
2035
branches
networked
under
WAN.
INTERACTIVE
VOICE
RESPONSE
SYSTEMS
(IVRS)
IVRS has already been made functional in 59 centers all over the country. This would
enable customers to ring up LIC and receive information (e.g. next premium due, Status,
Loan Amount, Maturity payment due, Accumulated Bonus etc.) about their policies on
the telephone. This information could also be faxed on demand to the customer.
LIC
ON
THE
INTERNET
Our Internet site is an information bank. We have displayed information about LIC & its
offices . Efforts are on to upgrade our web site to make it dynamic and interactive.The
addresses/e-mail Ids of ur Zonal Offices, Zonal Training Centers, Management
Development Center, Overseas Branches, Divisional Offices and also all Branch Offices
with
a
view
to
speed
up
the
communication
process.
PAYMENT OF PREMIUM AND POLICY STATUS ON INTERNET
(You
have
to
register
for
these
services)
LIC has given its policyholders a unique facility to pay premiums through Internet
absolutely free and also view their policy details on Internet premium payments.There are
11 service providers with whom L I C has signed the agreement to provide this service.
INFORMATION
KIOSKS
We have set up 150 Interactive Touch screen based Multimedia KIOSKS in prime
locations in metros and some major cities for dissemination information to general public
on our products and services. These KIOSKS are enable to provide policy details and
accept
premium
payments.
INFO
CENTRES
We have also set up 8 call centres, manned by skilled employees to provide you with
information about our Products, Policy Services, Branch addresses and other
organizational
information.
As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's
Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
Jeevan Arogya
Bima Account 1
Bima Account 2
Endowment Plus
JeevanAnurag
CDAEndowment Vesting At 21
CDAEndowment Vesting At 18
Komal Jeevan
Marriage
Endowment
Educational Annuity Plan
Jeevan Kishore
Jeevan Chhaya
Child Career Plan
Child Future Plan
JeevanAadhar
Jeevan Vishwas
The Endowment Assurance Policy

The Endowment Assurance Policy-Limited Payment
Jeevan Mitra(Double Cover Endowment Plan)
Jeevan Mitra(Triple Cover Endowment Plan)
JeevanAnand
New Janaraksha Plan
JeevanAmrit
Jeevan Shree-I
Jeevan Pramukh
Or
The Money Back Policy-20 Years

The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Bima Bachat
Jeevan Bharati - I
The Whole Life Policy

The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
JeevanAnand
Jeevan Tarang
Two YearTemporary Assurance Policy

The Convertible TermAssurance Policy
Anmol Jeevan-I
Amulya Jeevan-I
Jeevan Saathi
Mortgage Redemption
Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are
most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.
JeevanAkshay-VI
Unit plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich
benefits and help you save tax even if you don't have consistent income.
Endowment Plus
LICs Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance,
investment
and
a
lifetime
of
happiness!
New Bima Gold
Health Protection Plus
Bima Nivesh 2005
Jeevan Madhur
Jeevan Saral
Jeevan Mangal
Group Insurance Scheme is life insurance protection to groups of people. This scheme is ideal for employers, associations, societies etc. and
allows
you
to
enjoy
group
benefits
at
really
low
costs.
Group Term Insurance Schemes
Group Insurance Scheme in Lieu Of EDLI
Group Gr-atuity Scheme
Group SuperAnnuation Scheme
Group Savings Linked Insurance Scheme
Group Leave Encashment Scheme
Group Mortgage Redemption Assurance Scheme
Group Critical Illness Rider
JanaShree Bima Yojana (JBY)
Shiksha Sahayog Yojana
Aam Admi Bima Yojana
NRI
CENTRE
Welcome to NRI Centre. We have made an attempt here to furnish important features applicable to Non-Resident Indians (NRI) and People of Indian
Origin
having
foreign
nationality
and
residing
in
foreign
countries.
(PIO).
Before entering to technical part of the subject we wish you to know the concept of insurance clearly; to identify the proper type of policy; to know the
premium structure of the policy and to get the doubts, if any, on our different insurance plans clarified through your agent or LIC Branch Office.
Concept
of
insurance
and
different
types
of
plans:
Life risk cover i.e. financial protection to the family in case of an unforeseen event- say death, illness, disability on account of accident, etc is the main
purpose of insurance. But, it is also seen as a compulsory savings leading to creation of wealth which can be utilized for education/marriage of children;
for old age provision; for construction of house; etc. Policies are taken to get exemption from Income Tax and to assign these to financial institutions as
collateral security while availing different type of credit facilities including housing loan. In order to meet various socio-economic needs of different
people, LIC has designed more than 40 types of plans which include whole life policies, endowment policies with a definite term, joint life policies,
money back policies having provision for periodical lump sum payments called survival benefits, term insurance policies which have low premium but
high risk cover, pension plans, children plans, Unit Linked Plans which provide an opportunity to invest in capital market, etc. etc.
Each of our plans has distinct features covering certain type of benefits. The selection depends on your needs. Details of plans are available under the
option products-insurance plans. Each plan is given a table number for identification purpose. e.g. Table 14 refers to Endowment Plan which is most
popular
in
India.
Calculations of premium:
Once short listing of two to three plans is made, you would proceed to know the premium rates & calculations. For this, you should decide the term of
policy, Sum assured, Mode of payment of Premium ( Yearly, Half yearly, Quarterly or Monthly ) and whether you require additional benefits like accident
benefit. You may go to the option :tools - premium calculator for knowing the premium amount to be paid for the policy of your choice. Thereafter,
you would be required to know the formalities to be completed for obtaining the desired type of policy.
Requirements to take a policy of insurance:
Submission of prescribed proposal form ( Form No. 300 in majority of the cases )is the basic requirement. Medical report may be required to assess the
health of the proposer. Proofs of age and income, agents recommendations, special reports in case of any deformity or history of major illness, etc. would
be required to evaluate the risk. This process is called Underwriting and it is done in India based on the facts appearing in proposal form and allied
papers. If the proposed life is acceptable and sufficient amount is received towards the First Premium, acceptance letter would be sent to the proposer and
policy
bond
would
be
issued
in
due
course.
By this time, you might have felt that matter is rather technical and assistance/guidance of an agent is quite essential. Yes, that is why we strongly
recommend to seek help of an agent from India who can guide and assist you. You may seek help of any Divisional/Branch Office of LIC whose
addresses you can find from the option: locator appearing on main page. Now , let us enter in to the subject with more details.
NON-RESIDENT INDIAN:
1.
A non-resident Indian is a citizen of India temporarily residing in the country of his/her present residence and holding a valid passport issued
by the Government of India.
2.
NRI should not be a green card holder. He/She should not have applied for or planning to apply in the near future for acquiring citizenship of
his /her present country of residence or any other country.
3.
It is clarified that People of Indian Origin having foreign nationality and residing in foreign countries (PIO) are not considered as NRIs for
the purpose of allowing insurance. Rules applicable to PIOs are given in the last paragraph.
4.
Policies are issued in Indian Rupees only. Our Branches and Joint Venture Companies ( refer to option ; Associates on main page for
details ) issue policies in their local currencies. e.g. Our U.K. Branch issues policies in Sterling Pound currency.
5.
NRIs are allowed insurance on their visit to India where all formalities are completed during their stay in India. In such cases they would be
treated on par with Indian Lives for the purpose of allowing insurance.
6.
NRIs may also obtain insurance cover from their present country of residence where all formalities are completed in their present country of
residence and this process is called Mail Order Business.
7.
Minimum Sum Assured allowed would be Rs. 2 lakhs and maximum would depend on conditions of insurability. However, under mail order
business, maximum sum assured would be limited to Rs. One Crore only.
8.
Personal Financial Questionnaire (PFQ) and /or Proof of income in the form of income tax returns, copy of employment contract where
emoluments are mentioned, Certificate from Chartered Accountant, etc. would be required if the sum assured is high or if the proposal is
submitted through Mail Order Business.
9.
All types of plans are allowed subject to the conditions that

1.
Critical Illness Benefit is not granted.
10.
2.
Term Rider Benefit would be restricted to certain limit of Sum assured
3.
Sum Assured would be restricted in respect of term insurance plans.
NRIs may obtain insurance cover under our Non-Medical (Special) schemesubject to certain restrictions, some of which are listed below:
1.
Applicable if insurance is obtained during visit to India or through Mail Order Business when LIC Agents visits the country of
residence of NRI for completing the necessary formalities.
2.
Maximum age at entry would be 45 years
3.
Plans with high risk cover and term rider benefits would not be allowed.
4.
The proposer should be employed in Government or reputed commercial firm or should be a professional such as Chartered
Accountant, Doctor, Teacher, Lawyer, Accountant, Engineer, etc.
5.
This scheme is applicable to those NRIs who are residing in Group VI, VII and VIII countries only. ( See Annexure-V for group
details).
11.
Rules regarding insurance under medical scheme through Mail Order Business are given in Annexure-I at the end of this write up.
12.
The rules regarding granting insurance cover to NRIs during their visit to India would be similar to those applicable to Indian Lives. Help of
a local agent/ development officer / branch office of LIC may be obtained. Addresses of our Offices can be obtained from the
option : locator.
13.
The main papers required to obtain insurance cover would be
14.
1.
Prescribed proposal form depending on the type of policy selected.
2.
NRI Questionnaire. (Annexure-II)
3.
Medical Report (not applicable if the proposal is under non-medical scheme)
4.
Special questionnaire (if proposal is under Mail Order Business and if the agent does not visit the country of residence of
proposer)- Annexure-III
5.
Special Medical Reports, if called for.
6.
Attested copy of Passport.
7.
Proof of age and income.
8.
Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
A reference may please be made to Annexure-V for details such as Residence Extra and other restrictive conditions.
People of Indian Origin having Foreign Nationality and residing in Foreign Countries.
1.
Proposal would be under medical scheme only.
2.
Policy in Indian Currency would be issued, only during their stay in India.
3.
Report by designated LIC agents is compulsory.
4.
Claim would be paid in India in Indian Currency only.
5.
Maximum sum assured would be Rs. 50 lakhs and high risk plans and joint life plans are not allowed.
6.
Please refer to Annexure-V for details such as residence extra and other restrictive conditions.
Other
points:
Existing policies taken while in India will continue in Indian Currency even after your moving to foreign countries as NRI. Please keep the concerned
servicing branch of LIC informed about your new status i.e. NRI and your new address. Please submit to them NRI questionnaire form duly filled and
signed. (See Annexure-II). You may continue to pay premiums through various approved channels to LIC.
To know more about housing loan schemes of LIC Housing Finance Ltd. and investment opportunities through LIC Mutual Fund, please
click Associates appearing at bottom of main page of our website.
Introductions
:
Health has been a major concern on everybodys mind, including yours. In these days of skyrocketing medical expenses, when a family member is ill, it
is a traumatic time for the rest of the family. As a caring person, you do not want to let any unfortunate incident to affect your plans for you and your
family. So why let any medical emergencies shatter your peace of mind.
LIC has launched LICs Jeevan Arogya, a unique non-linked Health Insurance plan which provides health insurance cover against certain specified health
risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult
times.
LICs
Jeevan
Valuable
financial
Increasing
Lump
sum
Flexible
Flexible premium payment options
Very
Step
Step
protection
out
of
cover
of
claim
to
irrespective
No
benefit
limit
to
Choose
Work
Arogya
case
Health
benefit
easy
2
in
the
the
choose
level
premium
of
payable
gives
hospitalisation,
every
actual
surgery
medical
choose
your
Health
along
cover
with
you:
etc
year
costs
benefit
from
plan
you
our
need
Representative
Step 1: Choose the level of Health cover you need:

You can choose the amount of Initial Daily Benefit (i.e. the daily Hospital Cash Benefit applicable in the first year of the policy) as per your need from
out
of
the
following
choices:
` 1000 per day ` 2000 per day ` 3000 per day ` 4000 per day
This is the amount that will be payable to you in the event of hospitalisation in the first year on a per day basis. The Major Surgical Benefit that you will
be covered for will be 100 times the Initial Daily Benefit you have chosen. Thus the initial Major Surgical Benefit Sum Assured will be ` 1 lakh, 2 lakh, 3
lakh, 4 lakh respectively. Other benefits such as Day Care Procedure Benefit, Other Surgical Benefit and Premium waiver Benefit (PWB) mentioned
below shall also be payable depending upon the daily Hospital Cash Benefit chosen.
Step
2:
Work
out
the
premium
payable
along
with
our
representative
Your premium will depend on your age, gender, the Health cover option you have chosen, whether you are Principal Insured or other insured life and the
mode
of
payment.
Tables below give an indicative annual premium, payable yearly, for all health benefits corresponding to an Initial Daily Benefit of ` 1000 per day, for
some of the ages in respect of various lives that can be covered under a single policy:
PRINCIPAL INSURED (Male)
Age at entry
Premium (`)
20
1922.65
30
2242.90
40
2799.70
50
3768.00
SPOUSE (Female) / PARENT (of PI/Spouse) (Female)
Age at entry
Premium (`)
20
1393.15
30
1730.65
40
2240.60
50
2849.10
CHILD
Age at entry
Premium (`)
792.00
794.75
10
812.35
15
870.75
Who
can
be
insured?
You (as Principal Insured (PI)), your spouse, your children, your parents and parents of your spouse can all be insured under one policy. Quite a relief
isnt
it,
to
have
all
insured
under
one
policy!
The minimum and maximum age at entry is as under:
Self / spouse
Minimum age at entry
Maximum age at entry
18 years
65 years (last birthday)
Parents / parents-in-law
18 years
75 (last birthday)
Children
91 days
17 years (last birthday)
How
long
are
each
insured
under
Each of the insured are covered for Health risks up to age (80). Children are insured up to age 25 years.
this
policy?
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS mode only) intervals over the term of the
policy.
The premium in respect of each individual will be payable from the date of entry into the policy till the date of exit from the policy and will depend on the
age of the insured member, the level of Hospital Cash Benefit (HCB) chosen, whether the insured member is Principal Insured or any other Insured life
(in case of cover for more than one member in a policy). The level of premium for Principal Insured and the other insured members shall be different for
the same age and same level of cover.
The premiums are guaranteed for 3 years from the date of commencement of policy. Thereafter i.e. at the end of every 3 years, the Corporation reserves
the right to review the premium to take account of the experience of the portfolio subject to prior approval from IRDA. The rates applicable on every
Automatic Renewal Date shall be guaranteed for a further period of 3 years i.e. till next Automatic Renewal Date.
The premium rates in respect of each insured member on renewal will be based on age of that member at the time of inclusion into the policy.
The total premium to be charged for a policy will be the sum of premiums in respect of each member to be covered in that policy.
2.
Mode
Mode
Yearly
mode
Half-yearly mode : 1% of the tabular premium
and
:
High
2%
HCB
of
tabular
Rebates:
Rebate:
premium
HCB
Rebates:
In respect of a member covered under a policy, if HCB is more than ` 1000, then the premium arrived at in respect of that member shall be reduced by an
amount
(`)
given
below:
HCB
(`)
For
PI
For
each
insured
member
other
than
PI
2000
500
250
3000
1000
500
4000
1500
750
3. Automatic Renewal Date: The installment premium will be guaranteed in respect of each Insured for a period of 3 years from the Date of
Commencement of the policy, i.e. for the first 3 years of the policy. Thereafter, at the end of every third policy anniversary, the premiums may be
reviewed to take into account the Corporations experience, subject to prior approval from IRDA. These premium due dates, at the end of every third
policy anniversary, starting from the date of commencement of policy till the date of cover expiry, on which the installment premiums are reviewable,
will be referred as Automatic Renewal Dates in respect of all Insured in the Policy.
On any Automatic Renewal Date in the future, the installment premium will be based on the age of the Insured at the time of inclusion into the policy and
the Corporations premium rates then prevailing for this product.
4.
Options:
A) Cover to new additional members: If PI gets married/ remarried during the term of the policy, the spouse and parents-in-law can be included in the
policy within six months from the date of marriage / remarriage, but the cover shall start from the policy anniversary coinciding with or next following
the date of inclusion. Enhanced premium shall be due from such policy anniversary.
Similarly, Any child born/legally adopted after taking the policy can also be covered from the next immediate policy anniversary date following the date
on which the child completes the age of 3 months. If the age of legally adopted child on the date of adoption is more than 3 months, the child can be
covered from policy anniversary coinciding with or next following the date of adoption. Enhanced premiums shall be due from such policy anniversary.
Inclusion of each additional member will be on payment of enhanced premiums and subject to various terms and conditions of the plan.
Any addition of new lives shall be allowed by the PI only. After the death of PI, no addition will be allowed.
Addition in any other case will not be allowed. The existing spouse, parents, parents-in-law and children, if not covered at the time of taking policy, shall
not be covered under the policy.
If both of the parents (father and mother) are alive and are eligible for cover, then either both of them will have to be covered or none of them will be
covered. The PI will not have any option to choose one of them. The same condition will apply for parents-in-law also.
B) Quick Cash facility: If any of the insured lives undergoes any eligible surgery covered under Category I or II of MSB in any of the listed network
hospitals, you, as PI will have an option to avail Quick Cash facility. Under this facility, 50% of eligible MSB amount would be made available even
during the period of hospitalization of any of the insured lives covered (the surgery may be either planned or emergency due to accident) instead of
waiting for making a claim for the benefit after discharge. It will be only an advance payment in the event of hospitalization for any MSB defined in the
surgeries listed under categories I & II and permissible under the policy conditions of the plan. This will be, however, subject to approval from the TPA
(Third Party Administrator), and the advance amount will be adjusted from the final settlement of MSB claim amount.
This facility of advance payment could be availed by submitting your Bank Account details in the prescribed format. The amount of advance shall be
credited to your bank account directly.
C) Term Assurance Rider: You, as PI, and your spouse may opt for Term Assurance as optional rider equal to the MSB SA. In case of unfortunate death,
an amount equal to Term Assurance Sum Assured will be payable on death during the term for which Term Assurance Rider is opted for.
D) Accident Benefit Rider: You and your spouse may also opt for Accident Benefit Rider if Term Assurance Rider has been opted for. Maximum
Accident Benefit Sum Assured shall be equal to the Term Assurance Rider SA. In case of unfortunate death due to an accident, an amount equal to
Accident Benefit Sum Assured shall be payable.
Accident Benefit Rider will be available under the plan by payment of additional premium of ` 0.50 for every `1,000/- of the Accident Benefit Sum
Assured per policy year in respect of each life to be covered.
The additional premium for this benefit will not be required to be paid on and after the Policy anniversary on which the Term Assurance Rider ceases.
5. Eligibility Conditions And Other Restrictions:
FOR
BASIC
PLAN
i) For Hospital Cash Benefit (HCB) (under Basic Plan)
Feature
Principal
(PI)
Insured Insured Spouse (if any) & Insured Parents / Insured Dependent Children (if
Parents-in-law (if any)
any)
1.
Minimum Initial Daily ` 1,000/Benefit (in a ward other

than Intensive Care Unit)
` 1,000/-
` 1,000/-
1.
Maximum
amount
Insured Spouse- Less than or equal to that of PI

Insured Parents / Parents-in-law- Less than or
equal to that of Insured Spouse (PI, if there is no
Insured Spouse). Further, included parents /
parents-in-law shall be covered for equal
benefits.
Less than or equal to that of

Insured Spouse (PI, if there is no
Insured Spouse). Further, included
children shall be covered for equal
benefits.
1.
Maximum annual benefit 30 days in year 1, 90 days per year thereafter, inclusive of stay in ICU. Maximum number of days in ICU is
period, applicable to each restricted to 15 days in year 1 and to 45 days thereafter.
insured
1.
Maximum
Lifetime 720 days inclusive of stay in ICU. Maximum number of days in ICU is restricted to 360 days
Benefit period, applicable
to each insured
initial
daily ` 4,000/-
Initial
Daily
Benefit
shall
be
in
multiples
of ` 1000/-.
ii) For Major Surgical Benefit (MSB) (under Basic Plan)
Feature
Principal Insured (PI)
Insured Spouse (if any) & Insured Insured Dependent Children (if any)
Parents / parents-in-law (if any)
1.
Major Surgical Benefit Sum 100 times of Applicable Daily Benefit Insured Spouse- 100 times of ADB of 100 times of ADB of each child
Assured (MSB SA)
(ADB) of PI (as specified in Para 1A) Insured
Spouse
above).
Insured Parents / parents-in-law- 100
times of ADB of each parent
1.
Maximum annual benefit, 100% of Major Surgical Benefit Sum Assured

applicable to each insured
1.
Maximum Lifetime Benefit, 800% of Major Surgical Benefit Sum Assured

iii) For Day Care Procedure Benefit (DCPB) (under Basic Plan)
Feature
1.
Lump sum benefit payable
1.
Maximum annual benefit, applicable 3 Surgical Procedures

to each insured
1.
Maximum
Lifetime
5 times of Applicable Daily Insured Spouse- 5 times of ADB of 5 times of ADB of each child
Benefit (ADB) of PI
Insured
Spouse
Insured Parents / parents-in-law- 5 times
of ADB of each parent
Benefit, 24 Surgical Procedures
iv) For Other Surgical Benefit (OSB) (under Basic Plan)
Feature
1.
Daily benefit amount
2 times of ADB of PI
Insured Spouse- 2 times of ADB of 2 times of ADB of each child

Insured
Spouse
Insured Parents / parents-in-law- 2 times
of ADB of each parent
1.
Maximum annual benefit, applicable to each 15 days in first policy year and 45 days per year thereafter
insured
1.
Maximum Lifetime Benefit, applicable to 360 days

each insured
FOR ACCIDENT BENEFIT RIDER OPTION:

(a)
Minimum
Accident
Benefit
Sum
Assured: ` [25]
in
'000's
(b) Maximum Accident Benefit Sum Assured: An amount equal to the Term Assurance Sum Assured in respect of the insured, subject to maximum of ` 50
lakhs overall limit considering the Accident Benefit Sum Assured in respect of all existing policies under individual as well as group policies on the life
of the insured including the policies taken from Life Insurance Corporation of India and other insurance companies and the Accident Benefit Sum
Assured under new proposals into consideration.
The
Accident
Benefit
Sum
(c)
Minimum
Entry
(d)
Maximum
Entry
(e)
Maximum
age
for
(f) Maximum term: 35 years
Assured
shall
Age:
Age:
50
cover:
60
be
in
18
years
years
multiples
years
(Nearest
(Nearest
of ` 5,000/-.
completed
Birthday)
Birthday)
FOR TERM ASSURANCE RIDER OPTION:

(a)
Minimum
Term
Assurance
Sum
Assured: ` [100]
in
'000's
(b) Maximum Term Assurance Sum Assured: An amount equal to the Major Surgical Benefit Sum Assured (MSB SA) at the time of inception/ inclusion
into the policy (i.e. 100 times of Initial Daily Hospital Cash Benefit) in respect of the insured, subject to the maximum of ` 25 lakh overall limit taking all
term assurance riders under all existing policies of the Life Assured and Term Assurance Sum Assured under other proposals into consideration.
The
Term
Assurance
(c)
Minimum
(d)
Maximum
(e)
Maximum
(f) Maximum Term: 35 years
Sum
Entry
Entry
Maturity
Assured
shall
Age:
Age:
Age:
50
60
be
18
in
years
years
multiples
years
(Nearest
(Nearest
of ` 25,000/-.
(completed)
Birthday)
Birthday)
6.
Other
Features:
A) Death Benefit under the basic plan: No death benefits will be payable on the death of any Insured unless any of the Rider Benefits mentioned above
has been opted for.
On death of the Principal Insured;
a) The surviving Insured Spouse will become the Principal Insured provided the option is exercised at the beginning of the contract and the Policy will
continue. In such case, the premium for the Insured Spouse will change from the date coinciding with or following instalment premium due date and the
new premium would be based on tabular premium rates applicable for PIs and the age for calculation of revised premium rate will be the age at entry of
the spouse. If the option is not exercised at the beginning of the contract, the Insured Spouse will not become PI and the policy will terminate.
b) If the Insured Spouse had predeceased the Principal Insured, then the other Insured will have the option to take a new policy and the existing Policy
will
terminate.
In
respect
of
these
other
Insured:
i. The new policy will be issued without any underwriting if the new policy is bought within 90 days of the termination of the existing Policy.
ii.
The
maximum
entry
age
condition
will
not
apply
for
the
new
policy.
iii. The outstanding Waiting periods and outstanding period of any Exclusion will however apply under the new policy.
iv. Other terms and conditions including premium rates will be as applicable for the new policy.
In the event of death of an Insured person other than the Principal Insured, the policy will continue after removal of the Insured and change in premium
will apply from the instalment premium due date coinciding with or next following the date of intimation of death of the Insured.
B) Maturity Benefit: No benefits are payable at end of the Cover Period.
C) Discontinuance of premiums: A grace period of one month but not less than 30 days will be allowed for payment of yearly or half yearly or quarterly
premiums
and
15
days
for
monthly
premiums.
If premium is not paid before the expiry of the days of grace, the Policy lapses and all the benefits payable under this plan will cease.
D) Revival: A lapsed policy may be revived by the PI within a period of 2 years from the due date of first unpaid premium but before the expiry of cover
in respect of PI, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium
together with interest at such rate as may be fixed by the Corporation from time to time. The Corporation reserves the right to accept at original terms,
accept with modified terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is
approved by the Corporation and is specifically communicated to the PI.
Waiting periods and Exclusions, as described in Para 14 and 15 respectively, will apply on revival. The Principal Insured may need to provide satisfactory
evidence of good health in respect of each Insured as required by the Corporation, at his own expense. The Date of Revival will be when all requirements
for revival/reinstatement are met and approved by the Corporation at its sole discretion.
No benefit will be paid for an event that occurred during the lapse period till the Date of Revival when the Policy was in a discontinued state.
Further, if the Automatic Renewal Date falls between the revival period and revival is done after the Automatic Renewal Date, the premium before and
after the Automatic Renewal Date may be different.
Revival will not be allowed post the revival period.
E)
No surrender value will be available under the plan.
7.
Cooling
off
If you are not satisfied with the Terms and Conditions of the policy, you may return the policy to us within 15 days.
8.
No loan will be available under this plan.
9.
No Assignment will be allowed under this plan.
Surrender:
period:
Loan:
Assignment:
10.
Exclusions:
No benefits are available hereunder and no payment will be made by the Corporation for any claim under this policy on account of hospitalization or
surgery directly or indirectly caused by, based on, arising out of or howsoever attributable to any of the following:
i. Any Pre-existing Condition unless disclosed to and accepted by the Corporation prior to the Date of Cover Commencement or the Date of Revival (if
the
Policy
is
revived
after
discontinuance
of
the
Cover).
ii. Any treatment or Surgery not performed by a Physician/Surgeon or any treatment or Surgery of a purely experimental nature.
iii.
Any
routine
or
prescribed
medical
check
up
or
examination.
iv.
Medical
Expenses
relating
to
any
treatment
primarily
for
diagnostic,
X-ray
or
laboratory
examinations.
v.
Any
Sickness
that
has
been
classified
as
an
Epidemic
by
the
Central
or
State
Government.
vi. Circumcision, cosmetic or aesthetic treatments of any description, change of gender surgery, plastic surgery (unless such plastic surgery is necessary
for the treatment of Illness or accidental Bodily Injury as a direct result of the insured event and performed with in 6 months of the same).
vii.
Hospitalisation
or
Surgery
for
donation
of
an
organ.
viii.
Treatment
for
correction
of
birth
defects
or
congenital
anomalies.
ix.
Dental
treatment
or
surgery
of
any
kind
unless
necessitated
by
Accidental
Bodily
Injury.
x. Convalescence, general debility, nervous or other breakdown, rest cure, congenital diseases or defect or anomaly, sterilisation or infertility (diagnosis
and treatment), any sanatoriums, spa or rest cures or long term care or hospitalization undertaken as a preventive or recuperative measure.
xi. Self afflicted injuries or conditions (attempted suicide), and/or the use or misuse of any drugs or alcohol.
xii. Any sexually transmitted diseases or any condition directly or indirectly caused to or associated with Human Immuno Deficiency (HIV) Virus or any
Syndrome
or
condition
of
a
similar
kind
commonly
referred
to
as
AIDS.
xiii. Removal or correction or replacement of any material that was implanted in a former surgery before Date of Cover commencement or Date of
Revival
(if
the
Policy
is
revived
after
discontinuance
of
the
Cover).
xiv. Any diagnosis or treatment arising from or traceable to pregnancy (whether uterine or extra uterine), childbirth including caesarean section, medical
termination of pregnancy and/or any treatment related to pre and post natal care of the mother or the new born.
xv. Hospitalisation for the sole purpose of physiotherapy or any ailment for which hospitalization is not warranted due to advancement in medical
technology.
xvi. War, invasion, act of foreign enemy, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection military or usurped
power
of
civil
commotion
or
loot
or
pillage
in
connection
herewith.
xvii. Naval or military operations(including duties of peace time) of the armed forces or air force and participation in operations requiring the use of arms
or
which
are
ordered
by
military
authorities
for
combating
terrorists,
rebels
and
the
like.
xviii. Any natural peril (including but not limited to avalanche, earthquake, volcanic eruptions or any kind of natural hazard).
xix. Participation in any hazardous activity or sports including but not limited to racing, scuba diving, aerial sports, bungee jumping and mountaineering
or
in
any
criminal
or
illegal
activities.
xx.
Radioactive
contamination.
xxi.
Non-allopathic
methods
of
treatment
or
surgery.
xxii.
Participation
in
any
criminal
or
illegal
activities.
xxiii. Treatment arising from the Insureds failure to act on proper medical advice.
BENEFITS OFFERED
1.Benefits offered under the plan are
Hospital
Major
Day
Premium waiver Benefit (PWB)
cash
Surgical
Care
Other
benefit
Benefit
Procedure
Surgical
Ambulance
(HCB)
(MSB)
Benefit
Benefit
Benefit
A) Hospital Cash Benefit: If you or any of the insured lives covered under the policy is hospitalised due to Accidental Body Injury or Sickness and the
stay in hospital exceeds a continuous period of 24 hours, then for any continuous period of 24 hours or part thereof, provided any such part stay exceeds a
continuous period of 4 hours (after having completed the 24 hours as above) in a non-ICU ward/room of a hospital, an amount equal to the Applicable
Daily Benefit (ADB) available under the policy during that policy year shall be payable subject to benefit limits and conditions mentioned in Para 11A)
and exclusions mentioned in Para 15 below.
During the first year of cover commencement in respect of each insured, the Applicable Daily Benefit shall be the Initial Daily Benefit amount chosen by
you and mentioned in the policy Schedule.
The
amount
of
ADB
for
each
policy
year,
after
the
first
policy
year,
shall
consist
of
2
parts:
An arithmetic addition of an amount equal to 5% (five percent) of the Initial Daily Benefit to the Applicable Daily Benefit of the previous Policy Year.
Such increase in the Applicable Daily Benefit shall be effected on each policy anniversary during the Cover Period and shall continue until it attains a
maximum amount of 1.5 times the Initial Daily Benefit. Thereafter, this amount in each Policy Year in future shall remain at that maximum level attained.
Further arithmetic addition of an amount equal to No Claim Benefit (as described in Para 1.G) below) provided the policy attracts and is eligible for
it. There shall be no maximum limit for such increase which means that if this policy is eligible for No Claim Benefit, the same shall be granted
throughout the Cover Period without any maximum limit.
For members included subsequently under the policy, the benefit in the first year shall be equal to Initial Daily Benefit amount and thereafter the
Applicable Daily Benefit shall increase as above.
If any of the member insured is required to stay in an Intensive Care Unit of a hospital, two times the Applicable Daily Benefit will be payable subject to
benefit limits and conditions mentioned in Para 11A) and exclusions mentioned in Para 15 below.
During one period of 24 continuous hours (i.e. one day) of Hospitalisation (after having completed the 24 hours as above), if the said Hospitalisation
included stay in an Intensive Care Unit as well as in any other in-patient (non-Intensive Care Unit) ward of the Hospital, the Corporation shall pay
benefits as if the admission was to the Intensive Care Unit provided that the period of Hospitalisation in the Intensive Care Unit was at least 4 continuous
hours.
No benefit will be payable for the first 24 hours of hospitalisation. However, for every Hospitalization that extends for a continuous period of 7 days or
more, the Daily Hospital Cash Benefit would also be paid for first 24 hours (day one) of hospitalization, regardless of whether the Insured was admitted
in a general or special ward or in an intensive care unit.
B) Major Surgical Benefit: In the event of an Insured under this plan, due to medical necessity, undergoing one of the surgeries defined in Major Surgical
Benefit Annexure, within the cover period in a hospital due to Accidental Bodily Injury or Sickness, the respective benefit percentage of the Major
Surgical Benefit Sum Assured, as specified against each of the eligible surgeries mentioned in Major Surgical Benefit Annexure, shall be paid subject to
benefit limits and conditions mentioned in Para 11B) and exclusions mentioned in Para 15 below.
C) Day Care Procedure Benefit: In the event of an Insured under this Plan undergoing any specified Day Care Procedure mentioned in the Day Care
Procedure Benefit Annexure due to medical necessity, a lump sum amount equal to 5 (five) times the Applicable Daily Benefit shall be paid, regardless of
the actual costs incurred, subject to benefit limits and conditions mentioned in Para 11C) and exclusions mentioned in Para 15 below.
D) Other Surgical Benefit: In the event of an Insured under this Plan, due to medical necessity, undergoing any Surgery not listed under Major Surgical
Benefit or Day Care Procedure Benefit, causing the Insureds Hospitalization to exceed a continuous period of 24 hours within the Cover Period, then, a
daily benefit equal to 2 (two) times the Applicable Daily Benefit shall be paid for each continuous period of 24 hours or part thereof provided any such
part stay exceeds a continuous period of 4 hours of Hospitalization, subject to benefit limits and conditions mentioned in Para 11D) and exclusions
mentioned in Para 15 below.
E) Ambulance Benefit: In the event that a Major Surgical Benefit falling under Category 1 or Category 2 (as mentioned in the Major Surgical Benefit
Annexure) is payable and emergency transportation costs by an ambulance have been incurred, an additional lump sum of ` 1,000 will be payable in lieu
of ambulance expenses.
F) Premium Waiver Benefit: In the event that a Major Surgical Benefit falling under Category 1 or Category 2 (as mentioned in the Major Surgical
Benefit Annexure) is payable in respect of any Insured covered under the policy, the total annualized premium i.e. total one year premium in respect of
that Policy from the date of instalment premium due coinciding with or next following the date of the Surgery will be waived.
G) No claim benefit: A no claim benefit will be paid in the event that during the period between Date of Commencement of policy and next Automatic
Renewal Date or between two Automatic Renewal Dates (described in Para 4 below) there are no claims in respect of any Insured covered under your
policy. The amount of the no claim benefit would be equal to 5% (five percent) of the Initial Daily Benefit in respect of each Insured and the resulting
amount shall be added to arrive at the Applicable Daily Benefit in respect of each Insured for the Policy Year next following the most recent Automatic
Renewal Date.
ii)
Benefit
Limits
and
Conditions:
A)
Hospital
Cash
Benefit:
i)
The
Hospital
Cash
Benefit
shall
be
payable
only
if
Hospitalisation
has
occurred
within
India.
ii) The total number of days for which hospital cash benefit would be payable, in respect of each Insured, in a Policy Year would be restricted to a) A maximum of 30 (thirty) days of Hospitalization out of which not more than 15 (fifteen) days shall be in an Intensive Care Unit in the first Policy Year
following
the
date
of
commencement
of
cover
in
respect
of
that
Insured
b) A maximum of 90 (ninety) days of Hospitalization out of which not more than 45 (forty five) days shall be in an Intensive Care Unit in the second and
subsequent
Policy
Years
following
the
date
of
commencement
of
cover
in
respect
of
that
Insured
iii) The total number of days of Hospitalization for which Hospital Cash Benefit is payable during the Cover Period, in respect of each and every Insured
covered under the policy, shall be limited to a maximum of 720 (seven hundred and twenty) days out of which not more than 360 (three hundred and
sixty) days shall be in an Intensive Care Unit. Upon attainment of this limit by an Insured, the Hospital Cash Benefit in respect of that Insured shall cease
immediately.
iv) The Benefit Limits specified in the above clauses in respect of an Insured under this Policy, shall solely and exclusively apply to that Insured. Any
unclaimed
Hospital
Cash
Benefit
of
any
one
Insured
is
not
transferable
to
any
other
Insured.
v) The Hospital Cash Benefit shall not be payable in the event of an Insured under this Policy undergoing any specified Day Care Procedure (as
mentioned in the Day Care Procedure Benefit Annexure).
B)
Major
Surgical
Benefit:
i) If more than one Surgery is performed on the Insured, through the same incision or by making different incisions, during the same surgical session, the
Corporation shall only pay for that Surgery performed in respect of which the largest amount shall become payable.
ii) The Major Surgical Benefit shall be paid as a lump sum as specified for the benefit concerned and is subject to providing proof of Surgery to the
satisfaction
of
the
Corporation.
iii) All Surgical Procedures claimed should be confirmed as essential and required, by a qualified Physician or Surgeon, to the satisfaction of the
Corporation.
iv) The Major Surgical Benefit will be payable only after the Corporation is satisfied on the basis of medical evidence that the specified Surgery covered
under
the
Policy
has
been
performed.
v)
The
Major
Surgical
Benefit
shall
be
payable
only
if
the
Surgery
has
been
performed
within
India.
vi) The amount in lieu of ambulance expenses shall be payable only once in respect of each Insured in any Policy Year and is subject to providing
satisfactory
evidence
to
the
Corporation.
vii) The total amount payable in respect of each Insured under the Major Surgical Benefit in any Policy Year during the Cover Period shall not exceed
100%
of
the
Major
Surgical
Benefit
Sum
Assured
in
that
Policy
year.
viii) The total amount payable in respect of each Insured during the Cover Period under the Major Surgical Benefit shall not exceed a maximum limit of
800% of the Major Surgical Benefit Sum Assured. If the total amount paid in respect of an Insured equals this lifetime maximum limit, the Major Surgical
Benefit
in
respect
of
that
Insured
will
cease
immediately.
ix) The Benefit Limits specified in the above clauses in respect of an Insured under this Policy, shall solely and exclusively apply to that Insured. Any
unclaimed
Major
Surgical
Benefit
of
any
one
Insured
is
not
transferable
to
any
other
Insured.
x) The Major Surgical benefit for any surgery cannot be claimed and shall not be payable more than once for the same surgery during the term of the
policy.
C)
Day
Care
Procedure
Benefit:
i) If more than one Day Care Procedure is performed on the Insured, through the same incision or by making different incisions, during the same surgical
session,
the
Corporation
shall
only
pay
for
one
Day
Care
Surgical
Procedure.
ii) The Day Care Procedure Benefit shall be paid as a lump sum and is subject to providing proof of Surgery to the satisfaction of the Corporation.
Corporation.
iv) The Day Care Procedure Benefit will be payable only after the Corporation is satisfied on the basis of medical evidence that the specified Surgical
Procedure
covered
under
the
policy
has
been
performed.
v) The Day Care Procedure Benefit shall be payable only if the Surgical Procedure has been performed within India.
vi) In respect of each Insured, the Day Care Procedure Benefit will be payable only up to a maximum of 3 (three) Surgical Procedures in any Policy Year
during
the
Cover
Period.
vii) In respect of each Insured during the Cover Period, the Day Care Procedure Benefit will be payable only up to a maximum of 24 (twenty four)
Surgical Procedures. If the number of Surgical Procedures eligible for the Day Care Procedure Benefit in respect of an Insured equals this lifetime
maximum
limit,
the
Day
Care
Procedure
Benefit
in
respect
of
that
Insured
will
cease
immediately.
viii) The Benefit Limits specified in the above clauses in respect of an Insured under this Policy, shall solely and exclusively apply to that Insured. Any
unclaimed
Day
Care
Procedure
Benefit
of
any
one
Insured
is
not
transferable
to
any
other
Insured.
ix) If a Day Care Procedure Benefit is performed no Hospital Cash Benefit shall be paid.
D)
Other
Surgical
Benefit:
i) If more than one Surgical Procedure is performed on the Insured, through the same incision or by making different incisions, during the same surgical
session,
the
Corporation
shall
only
pay
for
one
Surgical
Procedure.
ii) The Other Surgical Benefit shall be paid as a Daily Benefit and is subject to providing proof of Surgery to the satisfaction of the Corporation.
Corporation.
iv) The Other Surgical Benefit will be payable only after the Corporation is satisfied on the basis of medical evidence that the specified Surgical
Procedure
covered
under
the
policy
has
been
performed.
v) The Other Surgical Benefit shall be payable only if the Surgical Procedure has been performed within India.
vi) The total number of days of Hospitalization for which the Other Surgical Benefit is payable during a Policy Year in respect of each and every Insured
covered under the Policy shall not exceed 15 (fifteen) days in the first Policy Year following the date of commencement of cover in respect of that Insured
and 45 (forty five) days for the second and subsequent Policy Years following the date of commencement of cover in respect of that Insured.
vii) The total number of days of Hospitalization for which the Other Surgical Benefit is payable during the Cover Period, in respect of each and every
Insured covered under the Policy shall not exceed a maximum limit of 360 (three hundred and sixty) days. Upon attainment of this lifetime maximum
limit,
the
Other
Surgical
Benefit
in
respect
of
that
Insured
will
cease
immediately.
viii) The Benefit Limits specified in the above clauses in respect of an Insured under this Policy, shall solely and exclusively apply to that Insured. Any
unclaimed Other Surgical Benefit on any one Insured is not transferable to any other Insured.
iii)
Commencement
And
Termination
Of
Benefit
Covers:
The Hospital Cash Benefit, Major Surgical Benefit, Day Care Procedure Benefit and Other Surgical Benefit cover in respect of each Insured covered
under your policy shall commence on the Date of Cover Commencement individually stated in the Policy Schedule.
The Hospital Cash Benefit, Major Surgical Benefit, Day Care Procedure Benefit and Other Surgical Benefit cover in respect of each Insured shall
terminate
at
the
earliest
of
the
following:
i.
The
Date
of
Cover
Expiry
mentioned
in
the
Policy
Schedule;
ii.
On
exhausting
all
the
lifetime
maximum
Benefit
Limits
as
specified
in
Para
11
above;
iii. On death or Date of Cover Expiry of the Principal Insured and if the Policy does not continue with the Insured Spouse as the Principal Insured;
iv. On death or Date of Cover Expiry of Insured Spouse after the Policy continues with the Insured Spouse as the Principal Insured after the PI dies or
reaches
his/her
Date
of
Cover
Expiry.
v.
On
death
of
the
Insured;
vi.
In
respect
of
the
Insured
Spouse,
on
divorce
or
legal
separation
from
the
Principal
Insured;
vii. On termination of the Policy due to non-payment of premium or any other reason.
iv)
Termination
of
Policy:
A)
If
policy
is
issued
on
single
life:
The
policy
shall
terminate
at
the
earliest
of
the
following:
i)
Non-payment
of
premiums
within
the
revival
period;
ii)
On
death;
iii)
On
the
Date
of
Cover
Expiry
mentioned
in
the
Policy
Schedule;
iv)
On
exhausting
all
the
lifetime
maximum
Benefit
Limits
as
specified
in
Para
11
above.
B)
If
policy
is
issued
on
more
than
one
life:
The
policy
shall
terminate
at
the
earliest
of
the
following:
i)
Non-payment
of
premiums
within
the
revival
period;
ii)
On
PI
exhausting
all
the
lifetime
maximum
Benefit
Limits
as
specified
in
Para
11
above.
iii) On death or Date of Cover Expiry, of the Principal Insured and if the Policy does not continue with the Insured Spouse as the Principal Insured.
iv) On the death or Date of Cover Expiry, of Insured Spouse after the Policy continues with the Insured Spouse as the Principal Insured after the PI dies
or reaches his/her Date of Cover Expiry.
v) Waiting Period:
General
waiting
period:
There shall be no general waiting period in case Hospitalization or Surgery is due to Accidental Bodily Injury. There shall be a general waiting period
during which no benefits shall be payable in the event of Hospitalization or Surgery, if the said Hospitalization or Surgery occurred due to Sickness.
i. The general waiting period shall be 90 (ninety) days from the Date of Cover Commencement in respect of each Insured.
ii. If the policy is revived after discontinuance of the Cover then the following shall apply in respect of each Insured:
a) If the request for revival is received by the Corporation within 90 (ninety) days from the due date of the first unpaid premium, then there shall be a
general
waiting
period
of
45
(forty
five)
days
from
the
Date
of
Revival
in
respect
of
each
Insured.
b) If the request for revival is received by the Corporation beyond 90 (ninety) days from the due date of the first unpaid premium, then there shall be a
general waiting period of 90 (ninety) days from the Date of Revival in respect of each Insured.
Specific
waiting
period:
In addition, in respect of each Insured, no benefits are available hereunder and no payment will
be made by the Corporation for any claim under this Policy on account of Hospitalization or
Surgery directly or indirectly caused by, based on, arising out of or howsoever attributable to any
of the following during the specific waiting period:
i.
Treatment
for
adenoid
or
tonsillar
disorders
ii.
Treatment
for
anal
fistula
or
anal
fissure
iii.
Treatment
for
benign
enlargement
of
prostate
gland
iv. Treatment for benign uterine disorders like fibroids, uterine prolapse, dysfunctional
uterine
bleeding
etc
v.
Treatment
for
Cataract
vi.
Treatment
for
Gall
stones
vii.
Treatment
for
slip
disc
viii.
Treatment
for
Piles
ix.
Treatment
for
benign
thyroid
disorders
x.
Treatment
for
Hernia
xi.
Treatment
for
hydrocele
xii.
Treatment
for
degenerative
joint
conditions
xiii.
Treatment
for
sinus
disorders
xiv.
Treatment
for
kidney
or
urinary
tract
stones
xv.
Treatment
for
varicose
veins
xvi.
Treatment
for
Carpal
tunnel
syndrome
xvii. Treatment for benign breast disorders e.g. fibroadenoma, fibrocystic disease etc
The specific
waiting period
in respect of
the treatments
specified in
the list
above shall be as
follows:
i. The specific waiting period shall be 2 (two) years from the Date of Cover Commencement in respect of each Insured.
ii. If the policy is revived after discontinuance of the Cover then the following shall apply in respect of each Insured:
a) If the request for revival is received by the Corporation within less than 90 (ninety) days from the due date of the first unpaid premium, then the
specific waiting period shall continue to be till 2 (two) years from the Date of Cover Commencement in respect of each Insured.
b) If the request for revival is received by the Corporation beyond 90 (ninety) days from the due date of the first unpaid premium, then there shall be a
specific waiting period of 2 (two) years from the Date of Revival in respect of each Insured.
No charges for this benefit shall be deducted after the benefit ceases.
Benefit Illustration :
SECTION
45
OF
INSURANCE
ACT,
1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground
that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document
leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which
it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement
was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be
deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly
stated in the proposal.
SECTION
41
OF
INSURANCE
ACT
1938:
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium
shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in
accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a
policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this subsection if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent
employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

Life Insurance Company

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Life Insurance Company

History of insurance in India

In 1914, the Government of India started publishing returns of Insurance Companies

Governor of RBI, to propose recommendations for reforms in the insurance sector.The

Types of Insurance in India

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Term Life Insurance Policy

Whole Life Insurance Policy

Money Back Plan

VISION AND MISSION

Shri D.K. Mittal, (Secretary,

Shri Yogesh Lohiya, (Chairman Cum Managing Director, GIC of India )

The date of maturity, or

Specified dates at periodic intervals, or

Unfortunate death, if it occurs earlier.

Certificate of Baptism or Certified Extract from Family Bible, if it contains age or

Passport issued by the Passport Authorities in India.

By cash, local cheque (subject to realization of cheque), Demand Draft at Branch

The DD and cheques or Money Order may be sent by post.

Many Banks do accept standing instructions to remit the premiums. So by

Through Internet : Payment of premiums can be made through Internet through

Citibank Kiosks at Industrial Assurance Building, Churchgate, New India

Revival Of Lapsed Policy:

The Corporation offers three convenient schemes of revival viz., Ordinary

Change Of Address And Transfer Of Policy Records:

Loss Of Policy Document:

Loss of the Policy Document should be immediately intimated to the Branch

The Corporation generally allows concessions on payment of premiums,

Nomination is a right conferred on the holder of a Policy of Life Assurance on his

Assignment means transfer of rights, title and interest. When an assignment is

Assignment can be either conditional or absolute. On assignment (other than to

Survival Benefit/Maturity Claims:

LIC settles survival benefit/maturity claims on or before the due date.

Following type of complaints fall within the purview of the Ombdusman

Initiatives In Policy Servicing Areas:

Payment of premiums can be made through internet through service providers,

Grievance Redressal Machinery:

A machinery for redressal of policyholders grievances exist in all the offices of

The Designated Officers at the various offices of the Corporation are :

INFORMATION TECHNOLOGY & LIC

Child Career Plan

Child Future Plan

The Endowment Assurance Policy

The Money Back Policy-20 Years

The Whole Life Policy

Two YearTemporary Assurance Policy

New Bima Gold

Health Protection Plus

Bima Nivesh 2005

Group Term Insurance Schemes

Group Insurance Scheme in Lieu Of EDLI

Group Gr-atuity Scheme

Group SuperAnnuation Scheme

Group Savings Linked Insurance Scheme

Group Leave Encashment Scheme

Group Mortgage Redemption Assurance Scheme

Group Critical Illness Rider

JanaShree Bima Yojana (JBY)

Shiksha Sahayog Yojana

Aam Admi Bima Yojana

All types of plans are allowed subject to the conditions that

Critical Illness Benefit is not granted.