• In terms of product structure, excluding risk coverage there is only a small difference between ULIP schemes and a Mutual fund scheme.
• Both market linked for returns, and they will both carry market risk.
• Based on the investor’s selected stock performance, his returns will reflect    exactly that in both cases.
• A fund manager will be responsible for running the scheme for both options.

Differences
Regarding regulation, Mutual Funds are regulated by the SEBI, while ULIPs are regulated by the IRDA. From an industrial point of view, while Mutual Funds focus on low costs and better performance as the USP, ULIP looks more at distribution reach as the USP.

Mutual Funds have very stringent transparency requirements compared to ULIPs, but this also ensures that the investor is availed as much information as necessary, unlike with ULIPs. Daily NAV are followed with Mutual Funds.

While keeping your premium the same a ULIP will allow you to increase your life cover. By reducing your investment allocation this is achieved. You cannot increase your life cover if you have a term policy purchased on top of a Mutual Fund. You would only have the option of purchasing a new policy, thus incurring new administration costs again.

In terms of costs of insurance, typically investing in a Mutual Fund will cost you less than it will cost for a general ULIP scheme. Mutual Funds are better suited for those that solely focus on investment and medium-term returns. ULIP products are better suited for long term investment bundled with insurance cover,

Summary:

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• A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors and invests typically in investment securities (stocks, bonds, short-term money market instruments, other mutual funds, other securities, and/or commodities such as precious metals).
• In accordance with the fund’s investment objective the mutual fund will have a fund manager that trades (buys and sells) the fund’s investments.

• The mutual funds have very fluid stocks are and are used for buying or redeeming and/or selling shares at a net asset value.
• Shares of several companies and receive dividends in lieu of them and the earnings are distributed among the share holders which is posses by Mutual funds.

Mutual Funds Work

• Depending on their fund management pattern Mutual funds can be either or both of open ended and closed ended investment companies.
• Without a limit on the number as opposed to a closed-end fund an open-end fund offers to sell its shares (units) continuously to investors either in retail or in bulk.
• Closed end funds have limited number of shares.
• Mutual funds have diversified investments spread in calculated proportions amongst securities of various economic sectors.
• Mutual funds get their earnings in two ways.

1. First is the most organic way, which is the dividend they get on the securities they hold.
2. Second is by the redemption of their shares by investors will be at a discount to the current NAVs (net asset values).

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This is a unit deferred pension plan with Single or Regular premium With or Without life cover. This Policyholder can choose the level of life cover within the limits (life cover defends on the mode and amount of premium one desires to pay). This allocated premium will be invested to purchase units in any one of the 4 following Type of Funds chosen by the Policyholder:

For single premium:3.3%

This is the percentage of the premium appropriated towards charges form the premium received. The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy

Note: Allocation rates for Top-ups:1.25%

Features:

A. Benefits on Vesting: (Pension Starting Age):

On policyholder surviving upto the  date of vesting, he can choose any one of the following:

1. the Fund Value of the units will be compulsorily utilized to provide a pension based on the then prevailing immediate annuity rates.

2. 1/3^rd of the Fund value of the units can be commuted to get proportionate pension, Policyholder has to get proportionate pension.

Policyholder has to inform LIC, 6 months prior to the date of vesting about the following:

• Annuity Option he would like to choose.
• Commutation.
• Whether he wants to purchase pension from any other Insurance Company.

If the balance in the unit account is insufficient to purchase the minimum amount of pension the same will be refunded to the Policyholder.

B. Benefit on Death before Vesting:

• With Life Cover: in case of death of the Policyholder within the policy term where life cover is opted for and is in force, the nominee shall be eligible to get the S.A. under the basic plan plus Fund Value of the Units as at the date of settlement/booking liability whichever is earlier.
• Without Life Cover: In case the policy is taken without risk cover, then the fund value of the units shall be payable to the nominee.
• Lapsed Condition: if the policy is in lapsed condition, only the Fund Value of the Units held in the Policyholder’s Unit Account shall become payable to the nominee. In all above cases, the benefit may be taken by the nominee as lumpsum/partial lumpsum or in the form of pension on his/her life at the then prevailing immediate annuity rates under the relevant Annuity Option.

Options:

Policyholder can opt for the following::

• Life Cover: The policy can be issued either with or without life insurance cover. When Policyholder wants life insurance cover he/she can choose S.A. under the basic plan and the life cover charges.
• Accident Benefits Rider (ABR) @0.50 per 1000 Accident Benefits S.A. per policy year:

On Accidental Death of Policyholder during the term of the policy a sum equal to the Accident Benefit S.A. will become payable (in addition to the above mentioned Death Benefit), provided the AB cover is opted for and is in force. This option is not available if life cover S.A. is zero.

• Critical Illness Rider (CIR) (as per rates given at the end):

An amount equal to the CIR S.A. will be payable in case of diagnosis of defined categories of Critical terms & conditions, provided the CIR cover is opted for & is in force. CIR can be added for Financial underwriting. CIR can be opted for at the inception of the policy & shall not be allowed thereafter.

Once the claim under CIR has been admitted no subsequent charge towards CIR Benefit shall be deducted. However charges towards Life Cover & ABR , if any, shall continue to be deducted on monthly basis.

ABR & CIR is allowed only if life cover is opted. Charges for Life Cover, ABR & CIR, if opted will be deducted every month by canceling appropriate no. of units out of Policyholders Fund Value.

OTHER CHARGES

1. Policy Administration Charge:

Rs. 60/- per month for first policy year & Rs.20/-p.m. payable throughout the policy term.

2. Fund Management Charge (FMC): Will be deducted at the following rates p.a. on the date of computation of NAV: Balance Fund 0.5%; Secured Fund 0.6%; Balanced Fund 0.7%; Growth Fund 0.8% p.a. The NAV, thus declared will be net of FMC.

3. Switching Charges: During the policy term four switching will be allowed free of charges within a given policy year between any fund. Subsequent switches shall be sub. to 100/- per switch. On the date of switch, the units will be transferred to new fund at offer price after deducing switching charges:

Switching is not allowed under a lapsed policy.

4. Bid/Offer Spread Charges: Nil

5. Surrender Charges : Nil

6. Mortality Charges : is the cost of Life Insurance Cover. This Charge, during a policy year, will be based on the age (nbd).

Mortality Charges and CIR charges, during a policy year, will be based on Age(nbd) of the Policyholder, as at the Policy Anniversary coinciding with the due date of cancellation of units. Hence charges may increase every year on each Policy Anniversary. Further the charges will also depend on the underwriting decision at entry or subsequent revival of the policy.

7. Service Tax Charges: At present Service tax charge @ 12.36% on risk premium shall be levied on Policy Admin.,  Mortality, ABR & CIR charges, if any, and on all other charges wherever applicable.

8. Miscellaneous Charges: Rs.50 per alteration is charged (reduction in term / S.A./ change in mode to higher frequency & grant of accident benefit after the issue of policy etc.) by canceling appropriate number of Units on the date of alteration in the policy.

Right to revise charges: LIC reserves the right to revise all or any of the above charges except Premium Allocation charges and Mortality Charge with prospective effect, after giving the Policyholders a notice of 3 months.

NAV (Net Asset Value): The Bid Price and Offer Price of units will be equal to the NAV. The NAV will be computed on daily basis and will be based on the investment performance and Fund is expanding or contracting under each Fund Type. The units will be allotted and cancelled based on the NAV of the respective Fund as on the date of allotment/cancellation. For:

• Premium Payment
• Surrender
• Death Claim
• Switches etc. NAV will be based on upto 3.00pm, closing NAV of the day will be applicable. If received after 3.00 pm , next business day’s closing NAV will be applicable. In respect of amount available on vesting, NAV of the date of vesting of annuity shall be applicable.

Outstanding cheque/Demand draft shall not be accepted.

Discontinuance of Premiums:

If premiums are payable either yearly, half-yearly quarterly of Monthly (ECS) and the same have not been paid within the days of grace, the Policy will lapse. The Policyholder will have an option to receive the policy within the specified period.

1. I. Where at least 3 years’ Premiums have been paid, the Life cover, CIR, ABR, if any, shall continue during the revival period.

During this period, the charges for Life Cover CIR and AB cover, if any, shall be taken, in appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for:

• Two years from the due date of first unpaid premium, or
• Till the date of vesting or
• Till such period that the Policyholder’s fund value reduces to one annualized premium, whichever is earlier.

Benefits payable under the policy in different contingencies during the lapsation period shall be as under:

1. A. In case of Death: Life cover S.A. plus Policyholder’s Fund Value, if cover  is opted for. If Life cover is not opted for, then only Fund Value held is payable.
2. B. In case of  Death due to accident: Accident Benefit S.A. in addition to the amount under A above, if Accident Benefit is opted for.
3. C. In case of CIR claim: CIR S.A.
4. D. In case of Surrender: Fund Value in the Policyholder’s Account. Surrender value, however, shall be paid only after completion of 3 policy years.
5. E. On vesting: Policyholder’s Fund Value.
6. F. Compulsory Surrender: the Policy shall be terminated compulsorily in following cases:

• If the minimum balance in the Policyholders Fund Value will be refunded.
• In the case the policy is not revived during the revival period or on the data of vesting whichever is earlier and the balance amount in the Fund value of units shall be refunded to the policyholder.

1. II. where the policy lapses without payment of atlest 3 years premiums, The Life Cover, CIR and ABR cover, if any ,shall cease and no charges for these benefits shall be deducted.

However deduction of all other changes shall continue. the benefits under such a lapsed policy shall be payable as under:

In case of Natural Death/Accidental Death:

Policyholders Fund Value.

In case of Surrender: Fund Value of units / monetary value of units, as the case may be, held in the Policyholder Fund Value shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 yrs. from the D.O.C. of policy.

Complusory Surrender: In case the policy is not revival, then the policy shall be terminated compulsorily after completion of three years from the D.O.C. of the policy or on expiry of revival period year, then the fund value shall be converted into monetary terms and no charges shall be converted into monetary terms and no charges shall be deducted thereafter. This monetary amount shall be deducted thereafter. This monetary amount shall be paid to the Policyholder after the end of third policy year. In case premiums are paid for less than three year, if the balance in the Policyholder’s Fund Value, at any time is not sufficient to recover the recover the relevant charges, the policy shall compulsorily be terminated and the balance amount in the Policyholder’s Fund Value, if any, will be refunded to the policyholder.

Surrender Value (S.V.)

Policy can be surrendered only after completion of 3 policy years both under Single & Regular premium. S.V. will be the Policyholder’s Fund Value at the date of surrender.

If surrendered within 3 years from D.O.C. then the Fund Value shall be converted into monetary terms. No charges shall be paid on completion of  3 years from D.O.C. of policy. Once a policy is surrendered it cannot be reinstate. In case of death of the life assured after  the date of surrender but before the completion of 3 years from the D.O.C. of policy the monetary value payable to the completion of 3 years shall be payable to the nominee/legal heir immediately on death.

Top-Up (Additional Premium):

The Policyholder can pay Top-up in multiples of Rs. 1,000 without any limit at anytime during the term of the policy. In case of Monthly (ECS), Qly, Hly or Yearly mode of premium payment , such Top-up can be paid only if all due premiums have been paid under the policy.

Increase / Decrease in Benefits:

No increase in benefits will be allowed under the plan. However Policyholder can decrease any or all of the risk covers once in a year during the Policy term, provided all due premiums have been paid. When the life cover is decreased the Accident Benefit and Critical Illness rider sum assured, if any, shall also be reduced to the extent of reduced cover under the main plan. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased / restored.

The unique Identification Number (UIN) for this plan is 512L24V01. This number has to be quoted in all relevant documents furnished to the Policyholders & other users.

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** Limit of 50 lakhs for all L.A. with the LIC of India taken together. This benefit will be available for the full deferment period of the policy or 70 years nbd. Of L.A. whichever is earlier. This plan offers the following optional Riders by payment of additional premium:

1.   Accident Benefit Rider

2.   Term Assurance Rider

3.   Critical Illness Rider

Feature: The maturity proceeds are compulsorily used for purchase of annuity. This also provides death cover during the deferment period and so on survival to the date of vesting.This is an Endowment with profit plan where maturity proceeds will be compulsorily invested in a fund to be used for purchase of annuity (Endowment funding under Deferred Annuity Plan).

Benefits:

1. Benefits on Vesting: The S.A. under Basic Plan along with Accrued Guaranteed Additions + Terminal Bonus. If any that may be declared by corporation depending on its experience will be compulsorily converted to annuity. There is an option to commute upto 1/3^rd of S.A. under the Basic Plan together with Accrued G.A. + Bonuses. If commutation exercised then the annuity us payable for the balance amount.
2. Benefit on death before annuity vests: Provided the policy is in full force on death of the Life Assured during the deferment period of the Policy an amount equal to the S.A. under the Basic Plan along with accrued G.A., vested Simple Reversionary Bonuses and Terminal Bonuses, if any, shall be payable in a lumpsum to the appointed nominee.
3. Annuity Options: On vesting, Life Assured shall have an option to purchase annuity from LIC of India or from any other Life Insurance Company. If the Life Assured desires to purchase the annuity form other company, he/she shall be required to inform the same to LIC of India in writing three months before the date of vesting. If purchased from LIC, then the type of annuity and annuity rate will be that applicable at the time of vesting.
4. IT Rebate: 100% of premium paid with max. limit of Rs. 10,000 p.a. is allowed u/s 80CCC.

1. • Paid-up Value: On policy being paid-up all the optional/rider benefits will not apply. The Paid-up Value along with accrued G.A. and vested Simple Reversionary Bonuses, if any, will remain attached to the reduced paid – up policy.
   • The Gtd. Surrender Value: Before the Annuity vests the policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The Gtd. Surrender Value available under this plan for all modes will be equal to 30% (in case of Single premium it will be 90%) of the total premiums paid excluding first year and all extra premiums and premiums paid for optional / rider benefits. The cash value of any existing accrued Gtd. Additions and vested simple reversionary Bonuses, if any, will be allowed. Surrender Value will not be available on Term Assurance Rider option, Accident Rider option, Accident Benefit and Critical Illness Rider option premiums.
   • Special Surrender Value: The Factors for calculation of Special Surrender Value will be the same as under Endowment Plan Table 14 (for term equivalent to the deferment period).
   • The Cooling –off period: If a Policyholder is not satisfied with the “Term and Conditions” of the policy, he/ she may return the policy within 15 days from the date of receipt of the policy.
   • Premium waiver Benefit Option: This may be opted in case of the following:

1. If Critical Illness Rider has been opted for and
2. The S.A. under the basic plan is equal to the Critical Illness Rider S.A.

In case, the Life Assurance is diagnosed with any of the Critical Illness covered under the policy, the total future premiums (i.e. premium for S.A. under basic plan & premiums for riders opted for) in respect of the policy shall be waived provided the policy is in force.

• Term Assurance Rider S.A.: Provided policy is in force if opted for, an amount equal to Term Assurance Rider S.A. shall be payable on Death during the deferment period.
• Critical Illness Rider (C.I.R.) S.A.: Sub. to the terms & conditions of CIR provided the policy is in force an amount equal to the CIR S.A. shall be payable in case of diagnosis of a defined categories of Critical Illness during the deferment period of the plan sub. to the terms & conditions of CIR provided the policy is in force.

For the purpose of SUC & underwriting (Spl. Reports, Fin. U/R etc.) the S.A. under Basic Plan, Term Assurance Rider S.A. and Critical Illness Rider S.A. taken together shall be considered. Subject to Rs.4 per 1000 S.A. under Basic Plan, the cost of medical exam will be borne by Corporation



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This  is a with profit pension plan suitable for everyone who wants to provide regular financial security for their family. The Plan is suitable for employees, businessmen & retired persons.

CONDITIONS FOR ELIGIBILITY:

1. MIN AGE AT ENTRY                                            :18 YEARS (L.b.d.)
2. MAX AGE AT ENTRY                                           : 65 YEARS(L.b.d.); FOR PLAN 147 YEARS(L.b.d.)
3. MIN VESTING AGE                                               : 50 YEARS (L.b.d.)
4. MAX VESTING AGE                                              :79 YEARS (L.b.d.)
5. MIN NOTIONAL CASH OPTION                       : Rs. 50,000 (FOR REGULAR PREMIUM POLICIES)
6. MIN ANNUAL PREMIUM                                   : Rs. 2,500
7. MIN SINGLE PREMIUM                                      : Rs. 10,000
8. MODE OF PREMIUM PAYMENT                      :YLY/HLY/QLY/SSS/MLY
9. MODE REBATE ON TABULAR PREMIUM    : YLY 2.6%; HLY1.3%;QLY 0.5%;MLY/SSS NIL
10. GRACE DAYS FOR PREMIUM PAYMENT  : 30 DAYS FOR YLY& 15 DAYS FOR MLY.
11. LARGE CASH OPTION REBATES                     : For Yearly Premium                       For Single Premium
More than or equal to 5 lakhs                                              8%                                                                  5%

2,00,000 to 4,99,999                                                             7%                                                                  4%

1,00,000 to 1,99,999                                                              6%                                                                  3%

Upto 99,999                                                                                  Nil                                                                  Nil
12. MINIMUM DEFERMENT PERIOD(PPT)        : 2 YEARS
13. MAXIMUM DEFERMENT PERIOD(PPT)       : 35 YEARS
14. AGE PROOF                                                               :STANDARD AGE PROOF
15. MODE OF PENSION PAYMENT                         : YLY/HLY/QLY/MLY
16. MINIMUM PENSION PAYABLE                       :RS.250
17. LOAN/ASSIGNMENT                                           :NOT ELIGIBLE
18. REVIVAL                                                                   :ALLOWED AT 8% INTEREST COMPOUNDED HLY

Dating Back: Allowed within same financial year for a period in excess of 15 days. Interest rate @ 8%. No concession for lean months. From the D.O.C. to the date of payment of premium for Single premium plans interest is charged.

Benefit during Deferment Period: Term Rider Option is available only for annual premium policies at extra premium. When Term Rider Option is availed and if the Policyholder dies during the Deferment Period (PPT) while the policy is in force, then the nominee will get Term Assurance Sum Assured along with all premiums paid upto the date of policyholder’s death (excluding Term Assurance premium and extra premium if any), with 5% interest p.a. (compounding or otherwise) will be paid. Only premiums paid upto the date of death with 5% interest as stated above will be paid when policy is not in force. For those who have not opted for Term Assurance S.A., but Policy is in force, all accumulated premium till death together will be death together with 5% interest (compounding / otherwise) will be paid to the nominee.

Term Rider Assurance Restrictions:

Maximum Age at entry 50 years; Minimum age at entry 18 years; Maximum Term 35 years; Minimum Term 10 years; Minimum Term Assurance Sum Assured Rs.1,00,000;  Maximum age at Maturity 60 years;  Maximum Term Assurance S.A. would be equal to twice the Notional Cash Option subject to a maximum of Rs. 25 lakhs ( overall limits on riders on all plans.)

Benefits after Vesting /at Maturity: The Notional Cash Option together with Reversionary Bonuses and Final Additional Bonuses, if any will be compulsorily converted into Annuity. The Annuity /Policyholder can commute 25% of the annuity purchase price and receive a lumpsum and balance amount will be converted into annuity. A rebate of 3% will be available on the purchase price of the annuity current at the vesting date/maturity. (The annuity rates of Jeevan Akshay prevailing at the sate of vesting will be considered for this plan).

Income Tax Benefit: 100% of premium paid with max. limit of Rs. 1 lakh p.a. is allowed as deduction u/s80CCC.

The following options are available for the annuitant to receive pension. Annuitants may exercise one of the following options atleast 6 months before the date of vesting.

1. Pension for life with return of purchase price.
2. Pension for life with pension increasing at a simple rate of 3 % p.a.
3. Pension for life.
4. Joint and last survivor annuity to the annuitant and his/her spouse under which pension payable to the spouse on death of the purchaser will be 50% of the payable to the pensioner.
5. Pension guaranteed for 5/10/20 years & life thereafter.

Non-forfeiture regulations:

Paid-up Benefits: The policy shall not become wholly void if subsequent premiums could not be paid after paying first two years full premiums. But, the amount of Notional Cash option shall be reduced to such a sum as it bears to the original ratio, as the number of premiums actually paid shall bear to the total number of policy. The policy so reduced will thereafter be free from all liabilities for payment of the within mentioned premiums but small not be entitled to participate in future profits. The existing vested bonus addition will attach to the reduced paid up policy and this will determine the reduced annuity payable on vesting. This option of commutation of 25% age. If the annuity payable is less than the minimum of Rs. 250/-, the LIC will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lumpsum subject to deduction of tax if any, at source as per the prevailing taxation rules. The life cover will cease in the event of non-payment of the premiums within the days of grace. For the Term Rider Option Paid-up benefit is not available.

SURRENDER VALUE:

For Single Premium Policy 90% of the premium paid is given as surrender value after completion of 2 years from the date of the commencement of the policy but before the start of pension.

For Annual Premium Policy 90% of the premium paid is given excluding first year premium, all if any, if surrendered after 2 years but before the start of pension.

Surrender Value Premium

Surrender values are not available for the Term Rider Benefit.

Special Surrender value: For Annual Premium Policies, Special Surrender Value is given after 2 years from the date of commencement and during deferment period, if at least 2 years full policies, Special Surrender Value is given one year after the date of commencement and during determent period.

DEFINITIONS:

Vesting dates: Date on which normal Pension becomes payable to the Policyholder

Deferment Period: Period between the date of commencement of the Policy & the Vesting Date. This is also the ‘The Premium Paying Term’.

Notional Cash Option: The Policyholder will not get this amount. This is an amount based on which annuity/pension is calculated.

Commutation: As per selected option the Policyholder may exercise the option to receive 25% of the Notional Cash Option including bonus in lump sum & balance in Annuity/Pension

Special note:

• In our opinion, Annuity with return of purchase price on the death of the Annuitant is the best option. Hence, for the above mention options according to Annuitant’s suitability.
• Yearly & Single Premium payment, taking tax angle into consideration i.e. we have given 10,000 premium only for two popular modes of payment.
• While arriving at PPM before & after commutation you may get difference of Rs.1 in some cases as the calculation has been based on Basic Pension which has been rounded off to the nearest rupee.
• For calculation purpose, only monthly Deferred Annuity rates applicable for option “Annuity with return of purchase price on the death of the Annuitant” are taken into account. Basic PPM & Basic AP given are based on present Jeevan Akshay-VI Annuity Rates (plan introduced w.e.f. 10-9-2007). PPM ,AP,NCO+BONUS (before & after Commutation) and Amount of Commutation, are arrived after taking into account present Bonus rate announced by LIC, valuation as at 31.03.2007;
• The bonus rates for Table 147 &148 are different please note that. The Assumed Pension given is calculated only for New Jeevan Suraksha Table 147. Bonus Rates of New Jeevan Suraksha -1 Table 147 & New Jeevan Dhara-1 Table 148 as at 31-3-2007:



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Most suitable plan for retired employees who would like to make one time investment. Also suitable for people who need regular and periodical amount without interrupts (businessmen or professionals).

1. Investment (Single premium) In the beginning made only once .

2. The annuity rates are applicable for new business under the plan as well as under deferred annuity policies which vest on or after 10.09.2007

3. Annuity is payable Yly/Hly/Qly (However in this Pension Ready Reckoner most popular modes of Yly & Mly only  have been given).

4. The annuity is assured throughout the period for which it is payable and the first installment in accordance with the desired mode of annuity will be paid 1 year/6 months / 3months or 1month after the date of purchase of the annuity.

5. Cooling off  Period: If  “Term & Conditions” of the policy does not satisfied Policyholder then he/she may return the policy within 15 days from the date of receipt of the policy.

Various options available & benefits to the annuitant for taking Annuity are:

Special Note: In our opinion, Pension payable with return of purchase price (Option3) is the best option. Hence, ready pension is given for this option only.

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• Domiciliary Treatment Benefit (DTB)
• Hospital Cash Benefit (HCB)
• Major Surgical Benefit (MSB)

This plan fulfills the need for the hospitalization expenses in case of insured falling sick/undergoing Major Surgical (see list). apart form investment.

DTB (treatment taken at home) is also paid sub. to certain conditions if min. 3 years’ premium have been paid.

Extent of claim benefit of HCB  & MSB can be decided while taking the policy itself. LIC will release the funds to the Policyholder as & when claim for HCB & MSB is submitted.

A portion of the premium will be utilized for Health Insurance Cover. Each premium paid by the PI will be invested (after deduction of Allocation Charges) to purchase units.

Premium Allocation Charge: For the 1st year will be 30%  & 6% thereafter.

Health Insurance Charges:

HCB & MSB charge will be taken every month by canceling appropriate no. of units out of  Policy Fund. However, for an insured Child, charges for MSB shall be deducted from the policy anniversary coinciding with or immediately following the 18th birthday of that child. These charges, will be based on age nbd and hence may increase every year.

In case of HCB, the charges during the policy term will be applied on the Initial Daily Benefit.

Other Charges:

• Policy Administration Charge: 1st policy year 75/- Subsequent year 25/-
  

• Service Tax: on Health Insurance charges (Currently@ 12.36%)

Above Charges will be deducted by canceling appropriate no. of units out of Policy Fund per month.

• Fund Management Charge (FMC): 1.25% p.a. of Unit Fund deductible on daily basis, the NAV thus declared will be of FMC

Hospital Cash Benefit (HCB):

Benefit payable on Hospitalizaiton: If any of the insured lives is hospitalized due to Accidental Body Injury or Sickness and the stay in hospital exceeds a continuous period of 48 hours, then for any continuous period of 24 hours or part thereof thereafter, provided such part stay exceeds a continuous period of 4 hours in a Non-ICU ward/room, an amount equal to the Applicable Daily Benefit, and if admitted in ICU, double the Benefit shall be payable  subject to terms & conditions.

The amount of  Initial Daily Benefit will increase at each policy anniversary by 5% till it reaches a max. of 1.5 times which is considered as Applicable Daily Benefit.

Hospital Cash Benefit Limits:

• In the 1st Policy year a max. of 18 days hospitalization of which not more than 9 days shall be in ICU for each insured. From 2nd year onwards it will be 60 & 30 days respectively.

• No benefit would be paid  for the first 48 hours (2days ) of hospitalization.

• HCB would be payable, in respect of each Insured, during entire term of Policy shall be limited to a max. of 365 days & in case of Insured Child it will be 90 days till the completion of 5 years of child’s age

Applicable for both HCB/MSB:

• if a person is covered under various policies under this plan, then the max. benefit under all policies put, then the max. benefit under all policies put together shall not exceed the cap on benefits under this plan.
• MSB will be payable only if occurred within India if  Hospitalization under HCB & Surgery under.

Major Surgical Benefit (MSB):

MSB S.A. percentage, as specified shall be payable, in the event of any Insured lives, undergoing any of the listed surgeries. This benefit will remain fixed throughout. The above benefit will remain fixed throughout. The above benefit is sub. to exclusions & following terms & conditions:

• In case of claim, eligible for payment and regardless of actual costs, LIC will pay chosen MSB amount, calculated as a percentage of  S.A.  against each of the eligible surgeries.
• MSB for any Surgery is not payable, more than once for same Surgery during policy term
• Max. Benefit Amount payable in any Policy year during the Cover Period shall not exceed 100% of S.A. in respect of each insured.
• MSB shall be paid as a lump sum and is subject to proof to the satisfaction of LIC.
• Total Benefit Amount payable in respect of each Insured during the Cover Period shall not exceed a lifetime max lifetime max. limit of  3 times the S.A. Once the total Benefit amount Paid in respect of an Insured equals this lifetime max. limit, the MSB in respect of that Insured will cease.
• All surgical procedures claimed should be confirmed as essential & required, by a qualified Physical/Surgeon & to the satisfaction of LIC.
• Child included in the policy will be automatically covered for MSB from policy anniversary on which age l.b.d. is 18 yrs.

There will be no option for the PI to exclude the cover. Till that period such child is not covered for this benefit.

Domiciliary Treatment Benefit (DTB):

If at least 3 years’ premium have been paid, an amount  shall be payable out of Policy Fund equal to the actual amount spent to meet any medical expenses/domiciliary treatment over and above those paid through HCB & MSB incurred in respect of any of the Insured lives at any time, sub. to following conditions:

1. Max. 50%  of the policy Fund (Leaving at least one annualised prem. after payment.)
2. In a policy year Max. 2 payments allowed .
3. At least Rs. 2,500 is  Claimed amount ;

DTB ceases in respect of the child reaching 25 years n.b.d.

Expenses being claimed should not be older than one year. Payments subject to production of proof of medical treatment & supporting bills for treatment.

On completion of Policy term benefits:If any Balance in Policy Fund, will be payable.

On Death Payable Benefit:

1. If on single life policy is issued: In case of death of the legal heir, PI or the nominee shall get the Fund Value of units held in the Policy Fund.
2. If one or more insured lives (other than PI) are also covered:

On death of  PI before completion of 3 years form the D.O. C of policy- the nominee or legal heir shall get the Fund Value of units held in the Policy Fund and Policy will terminate.

From D.O.C. of policy-payment of Premiums will cease on death of  PI after completion of 3 years.  However, cover shall continue for or till the fund is sufficient to recover the charges for HCB & MSB, surviving insured lives till max. benefit ceasing age  which is earlier.

Till the fund is sufficient to recover all the charges or till the end of policy term, which is earlier Policy will continue. At the end of the policy term, balance in the Policy Fund, if any shall be refunded is earlier. At the end of the policy term, balance amount, if any, will be refunded to nominee/legal heir.

One the death of the Insured member(s), other than PI — payment of premiums cover for PI and other Insured members, if any shall continue.

Benefits will have to be claimed by the legal guardian if all the children covered are minor. On death of PI and spouse (whether insured or not), shall continue and can be claimed by the eldest major child covered.

On death of all Insured members- The nominee or legal heir shall get the Fund Value of units held in the Policy Fund.

Surrender benefits: Surrender value, if any, only after completion of 3rd policy anniversary is payable. It will be the Policy Fund value at the date of the date of surrender. No Surrender charge.

ADDITIONAL FEATURES:

• INCREASE IN PREMIUM :increase in premium: in multipls of Rs. 500 shall be allowed. There will not be any increase in benefitsn amount under HCB & MSB.
  REDUCTION IN PREMIUM PAID:  May be allowed sub. to min premium & benefit limits. How ever, there would be no change in benefit amounts provided to PI & other insured lives.
  Cover to new addition members: If the PI gets married/remarried during policy term, spouse can be included

No benefits are available and no payment will be made by LIC for any claim for HCB & MSB on account of any of the following:

1. 1. Pre-existing condition- any medical condition or related condition that have arisen at some point prior to the commencement of this coverage known to PI or insured will be deemed to be pre-existing.

The following conditions will be also deemed to be “pre-existing”;

• A condition arising between signing the application form & conformation of acceptance by LIC.
• A sickness, illness, complication or ailment arising out of or connected to the pre-existing illness.

In case of MSB, Surgery triggered by health related causes (not by Accident) within first 180 days from the Date of Commencement & 90 Days from the Date of revival/reinstatement after discontinuance of cover.

• In case of HCB : treatment not performed by a Physician or treatment of a purely experimental nature.
• In case of MSB: any treatment not performed by a Physician / Surgeon.
• Any treatement including Surgery that is performed un-conventionally under experimental conditions & purely experimental in future.
• Sickness classified as an Epidemic by Govt.
• Circumcision, cosmetic or aesthetic treatment, change of gender surgery or treatment, treatment (unless due to illness/accidental Bodily Injury with in 6 months)
• Hospitalisation/Surgery for donation of an organ.
• Hospitalisation / Surgery for correction of birth detects or congenital anomalies.
• Dental treatment or surgery of any unless necessitated by Accidental Bodily Injury.
• Convalescence, general debility, nervous or other breakdown, rest cure, congenital diseases or defect or anomaly, sterilisation or infertility (diagnosis and treatment ), any sanatorium, spa or rest cures or long term care or hospitalistion undertaken as a preventive or recuperative measure.
• Self afflicted injuries or conditions(attempted suicide), and/or the use or misuse of any drug or alcohol.
  • Any sexually transmitted diseases like AIDS.
  • Removal or conditional or replacement of any material that was implanted in a former Surgery before Date of Cover commencement.
  • In case of MSB any diagnosis or treatement or Surgery arising form or traceable to pregnancy (whether uterine or extra uterine).

In case of HCB any dignosis or treatement arising form  or traceable to pregnancy(whether uterine or extra uterine ), children including caesarean

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W.e.f. 23-08-2007

Highlights of the plan:

1. No Surrender Charge

2. Option of AB Rider.

3. Freedom to choose Premium.

4. Facility of encasement of units in installments available at Maturity.

5. Easy Liquidity (partial Withdrawal).

6. Unlimited Switches from one Fund to other ( 4 free switches in a year).

7. Life risk cover with good returns on Investment.

8. Choice of 4 investment Funds as per ones risk appetite.

During the term of the policy, this is a Unit Linked Payment Endowment Plan which offers Investment-Cum-Insurance during the term of the policy. During the first year, the level of life cover will depend on the policy term chosen & amount of premium payable. The policy holder’s fund value will be subject to deduction of charges.

Payment is limited to only 5 years under this plan for a selected term of 5 to 20 years. The payment of premium every year during 2nd to 5th year will be 25% of the 1st year premium. The allocated premium will be invested to buy units in any one of the following type of Funds chosen by the policy holder:

1. SUC=Basic S.A. less 1st year premium paid
2. MHR & Introduction: As per current rules
3. Medical Exam. LIC cost borne
4. As per Endowment Assurance Plan all conditions will be underwritten.

Special Reports

For Majors:  According to the existing Spl. Report Chart For Minor lives,  plan will be allowed to std. lives only.

For Minors: According to the chart (Cir.2090/4/1-11-2006)

Taken together will apply to all the existing  rules regarding max. S.A. allowed to minor live for all policies taken together will apply.Date of commencement of Risk is the date from which life assurance benefits can be enjoyed. Date of completion of the proposal is the D.O.C. of risk and D.O.C. Policy both.
1. Death Benefit: Nominee shall be eligible to get Basic S.A. or value of units held in Policyholder’s Fund which ever is higher, as at the booking of the liability in case of the Death of the Policyholder. Basic plan shall be reduced to the extent of amount of partial withdrawals made if particial withdrawals has been made during the last 2 years from the date of the death S.A. under. The value of units held in the Policyholder’s Fund shall become payable to the nominee, if less than three years’ premium have been paid & the policy is in lapsed condition.
2.Maturity Benefit:An amount equal to the value of the units held in Policyholder’s Fund is payable on the date of maturity of Policyholder’s surviving.

OPTIONS:

Policyholder can opt for the Rider given below:

Accident Benefit Rider (ABR) @0.50  per  1000

Accident Benefit S.A. per policy year:
S.A. will become payable (in addition to the above mentioned Death Benefit), provided the AB cover is opted for and is in force. On the Accidental Death of the Policyholder during the  term of the policy a sum equal to the Accident Benefit

The ABR Benefit can be opted from Policy Anniversary coinciding with or immediately following the completion of 18 yrs of age, if the Age at entry of the L.A. is less than 18 yrs. By the  cancellation of appropriate units from the fund on a monthly basis, the charges for ABR if any will be deducted.

CHARGES:

Premium Allocation Charges:The balance known as allocation rate constitutes that part of the premium which is utilized to purchase units for the policy. This is the percentage of premium appropriated towards charges from the premium received.

Ex: if 20,000 is the Yly prem. then Allocation charge of Rs. 3,000 at 15%(See table below ) is deducted. Balance prem. of  purchase units. After purchasing units for Rs. 17,000 is utilized to purchase units. After purchasing units for Rs. 17,000 all other relevant charges will be deducted by canceling the units.

Mortality  Charge is the cost of Life Insurance Cover (as per chart given):

Mortality Charges during a policy year, will be based on Age (nbd) of the Policyholder, as the Policy Anniversary coinciding with the due date of cancellation of units. Hence charges may increase every year on each Policy Anniversary.

Mortality Charges shall depend upon the difference between the S.A. under the Basic plan and Fund Value of units as on the date of deduction, after deduction of all other charges( This shall be deducted only if, the Basic S.A. is more than the Fund Value of the units).

OTHER CHARGES:

1. Switching Charges: 4 switches will be allowed free of charge during the policy term within a given policy year between any Fund.  Subsequent switches shall be subject to Rs.100/- per switch. Switching shall not be allowed under a lapsed policy.
2. Bid/Offer Spread Charges: Nil
3. Fund management Charge (FMC) Per annum For: Bond Fund 0.75%; Balance Fund 0.75%; Secured Fund 1%; Secured Fund 1%; Balanced Fund 1.25%; Growth Fund 1.50%. The NAV, thus declared will be net FMC.
4. Policy Administration Charges: Will be Rs. 2o per month thereafter throughout the term of the policy and Rs. 60 per month during the first policy year.
5. Surrender Charges : Nil
6. Service Tax Charges: At present Service tax charge @12.36% on risk premium shall be charge levied on Mortality & ABR charges, if any. This will be deducted monthly by canceling appropriate units.
   1. Premium Payment
   2. Partial Withdrawal
   3. Switches
   4. Surrender
   5. Death Claim etc.

Extra Charge: Charge for higher EMR shall be multiples of Class I extra charge as applicable in other plans. The Std. extra to be charged in case of Occupation, shall be the rates applicable to Endowment Plan. Mortality charges will include – health extra for sub – std. lives, standard extra for occupation, residence, etc. and age proof extra for NSAP-2 and NSAP-3. Class I extra charge for Life Cover will be 25% of the Mortality Charges for Std. Lives .

Miscellaneous Charges:


Levied for an alteration within the contract, such as reduction in policy term,  grant of Accident Benefit after the issue of the policy, change in premium mode to higher frequency, change in premium mode to higher frequency,grant of Accident Benefit after the issue of the policy etc., may be allowed subject to a charge of Rs. 50/-.

Right to revise charges: LIC reserves the right  to revise all or any of the above charges except Premium Allocation charge and Mortality Charge with prospective effect, after giving the Policyholders a notice of 3 months.

The Policyholder’s Fund Value will be subject to deduction of charges. Units will be allotted and canceled based on the NAV of the respective Funds as on the date of allotment/cancellation.

NAV (Net Asset Value): Bid Price and Offer Price of units will be equal to the NAV. It will be computed on daily basis and is bases on the investment performance, Fund Management Charges and whether fund is expanding or contracting under each Fund.

For:

Nav will be based on the time, the request received by LIC. If received upto 3:00 pm, closing NAV of the day will be applicable. If received after 3:00 pm, next business day’s closing NAV will be applicable. Outstation Cheque/ D.D shall not be  accepted.

Partial Withdrawals: After 3rd Policy Anniversary subject to certain conditions the Policyholder can partially withdraw the units anytime. Partial withdrawals may be in the form of fixed number of units or in the form of fixed amount

In case of minors, partial withdrawals allowed only on or after L.A. attains majority. For 2 years period from the date of withdrawals, the basic S.A. shall be reduced to the extent of the amount of partial withdrawals made.

Where less than 3 years’ premiums have been paid and further premiums are not paid , the partial withdrawals shall not be allowed.

Where at least 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of Rs.10,000/- in the Policyholder’s Fund Value.

GRACE PERIOD:  If premiums are not paid within the days of  grace, the  policy lapses. One calendar month but not less than 30 days will be allowed for payment of Yly or Qly premiums and 15 days will be allowed if premiums are paid Monthly (ECS).

Revival / Discontinuance of premiums: The Period during which the policy can be “Revival Period”. Lapsed policy can be revived during the period of First Unpaid Premium (FUP)  or before date of maturity, whichever is earlier. The Period during which the policy can be revived will be called “Revival Period”.

• If premiums have not been paid for at least  3 full years the policy may be revived within two years from the due date of  FUP. Revival shall be made on submission of proof of continued insurability. During this period No Life or ABR Cover is available hence no charges are deducted for the same.
• If at least 3 years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years form the due of FUP, but before the date of maturity, if earlier. For Revival No proof  of  continued insurance. During this period, Life or ABR covered will be in force & the charges will be deducted as long as there is min. balance of  Rs. 5,000 in the Fund (after deducting the charges).

In both the above cases of 1&2, all arrears of premium without interest can be paid.

SURRENDER VALUE:

There will be no Surrender Charge.The surrender value, if any, is payable only after the completion of the 3rd policy anniversary.At the date of surrender the surrender value will be the value of units held in the Policyholder’s Fund.

Compulsory Surrender: In case the policy is not received during the period of revival, then the policy shall be terminated after completion of three years from the date of commencement of policy or on expiry of revival period, whichever is later of policy or on expiry of revival period, which is later or if the balance in the Fund Value falls below Rs. 5,000.

Settlement Option:

On month prior to the date of maturity Policyholder may exercise “Settlement Option” .

(for other conditions of Settlement Options you may after refer artical under Fortune Plus Table 187.)

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General Conditions:

Min. age at entry:  20 years (nbd).

Max. age at entry:  60 years (nbd).

Max. Maturity age: 70 years (nbd).

Modes Allowed: ALL

Min. S.A.: Rs. 50,000.

Max. SA.: Any amount.

Min Term: 5yrs for SP & 10 yrs for regular.

Max Term: 25 years.

SA in multiples: Rs 5000

Premium paying term: Policy Term OR P.T. minus 3

Requirements in writing:

Female lives category: I/II/III

Non-Medical General :  Allowed

Non-Medical Professional:  Allowed

Non-Medical Special:  Allowed

Age proof: Std.(Without restr.)/NSAP-1(WR 5 lakhs)

Form Number:  300

Dating Back @ 8%: Allowed

Actual Sum assured: 1.5 times of SA (less premiums paid for single premium).

Policy Servicing:

Policy Loan @ 9%: Yes.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: Yes.

Assignment: Yes.

TRB & CIR: Yes.

.

Accident benefit** per 1000 SA Re 1* (for Regular Prem.). **Max Accident Benefit SA is 50 laksh for all policies of the LA with LIC taken together.

For DAB rates for Ltd. Payment & Single premium see below chart.

==> By payment of additional premium, this plan offers the following optional Riders. (a) Term Assurance Rider (b) Critical Illness Rider (c) Accident Benefit Rider.

.

.

.

Features:

It is similar to Jeevan Chhaya plan if it is mixed with Profit Plan, but the advantage is that the minimum term is 5 years whereas in Jeevan Chhaya, minimum term is 18 years. This plan is suitable for person who want to provide funds for children’s education/marriage and other needs. This plan will cater to the needs of wide range of age group of children. Irrespective of whether the Life assured survives to the end of the policy term or dies during the term of the policy the benefits are payable at pre-specified durations.

Benefits:

1. Cooling off period: A policy holder can return the policy within 15 days from the date of receipt of the policy if he/she is not satisfied with the “Terms & conditions” of the policy.

2. Critical Illness Rider: If opted, in case of diagnosis of defined categories of critical illness during the term of the policy an amount equal to critical illness rider SA is payable.

3. Assured Benefits: At the start of every year during the last 3 policy years before maturity, provided the policy is in full force, an amount equal to 20% of the basic SA.

Along with reversionary bonuses declared from time to time for the full term, plus terminal bonus and balance 40% of the basic SA if any, shall be payable. The above benefits shall be payable to the nominee in case of earlier death of the policy holder.

4. Paid-up Value: The SA under the basic plan shall be reduced to such a sum called Paid-up value after at least 3 full years premiums have been paid and any subsequent premium be not duly paid. To the reduced paid up policy, the paid up value along with vested Simple Reversionary bonuses, if any, will remain attached. All the optional/rider benefits will not apply on policy being paid-up. On maturity or earlier death of the Life Assured, the paid-up value along with attached bonuses if any shall be payable.  If the policy is in paid-up condition, no assured benefit will be payable.

5. The Gtd. Surrender Value (GSV): After the policy is kept in force by payment of premiums for atleast 3 years, this policy can be surrendered for cash. The cash value will be allowed of any existing vested simple reversionary bonuses. On Term Assurance rider, Accident Benefit and critical illness Rider options premiums, surrender value will not be available. The GSV available under this plan for all modes will be equal to 30% (in case of Single premium it will be 90%) of the total premiums paid excluding first year and all extra premiums and premiums paid for optional/rider benefits.

6. Death Benefits: On the death of the Life Assured, under the basic plan, an amount equal to SA shall be payable immediately to the nominee. Thereafter, no premiums are payable. (a) In case of accidental death, Accident Benefit Rider SA + Term Assurance Rider SA + Basic SA are payable IF accident Benefit + Term Assurance Rider is opted. (b) Term Assurance Rider SA + Term basic SA is payable if Term Assurance Rider is opted.

To the nominee, the above death benefit is paid to the nominee immediately. Provided policy is in full force, if death occurs during the policy term, Bonus is paid only at Maturity.

7. Premium Waiver Benefits: This may opted in case of the following: (a)  If critical illness rider has been opted for and (b) The critical illness rider SA is equal to SA under the basic plan.

Provided the policy is in force, the total future premiums (i.e. premium for SA under the basic plan and premiums for the riders opted for) in respect of the policy shall be waived in case LA is diagnosed with any of the Critical Illness cover under the policy.

8. Other details: Plan is not allowed for (a) Pregnant Ladies (b) When Occupational Extra is chargeable. Plan is allowed only to Group A deformity with loss of one limb at standard rates. Medical Examination cost will be borne by LIC to a limit of Rs 4 per 1000 SA under the basic plan.

Example: For a term of 18 years on 19-11-2004, Mr Andy takes a policy for Rs. 5 lakhs. (a) During 13th policy year, if Mr Andy dies, his nominee will get Rs 5 lakh as death benefit immediately and future premiums are waived. In addition, nominee will also get Rs 1 lakh each at the end of 15th, 16th & 17th policy year. At the end of 18 years term i.e. on maturity, Rs 2 lakhs plus 378000 accrued bonuses for the full term @ 42 per 1000 SA & Terminal Bonus, if any is paid. (b) Mr. Andy will get 20% of basic SA on survival till the maturity i.e. Rs 1 lakh each on the balance 40% of basic SA i.e. Rs. 2 lakhs on 19-11-2022 i.e. at the end of 18th year alongwith the vested Reversionary Bonuses & Terminal Bonus, if any.

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