LIFE INSURANCE CORPORATION OF INDIA

CENTRAL OFFICE

Dept.: Product Development “Yogakshema”

Jeevan Bima Marg
Mumbai – 400 021

Ref: CO/PD/189 Date: 13th June, 2022

To,
All HODs of Central Office
All Zonal Offices
All Divisional Offices
All Branch Offices & Satellite Offices
MDCs, ZTCs, STCs, NIA and
Audit & Inspection Depts. of Zonal Offices.

Re: INTRODUCTION OF LIC’s DHAN SANCHAY (Plan No. 865)

1. INTRODUCTION:
It has been decided to introduce LIC’s Dhan Sanchay Plan (Plan No. 865) with effect from 14th

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June, 2022.
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The Unique Identification Number (UIN) for LIC’s Dhan Sanchay Plan is 512N346V01. This
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number has to be quoted in all relevant documents furnished to the Policyholders and other users
(public, distribution channels etc).
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LIC’s Dhan Sanchay is a Non-linked, Non-participating, Individual, Savings, Life Insurance Plan.
This plan provides financial support to the family in case of unfortunate death of the life assured
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during the policy term. It also provides guaranteed income stream from the date of maturity during
the Payout Period in the form of Guaranteed Income Benefit (GIB) and a lumpsum payment
along with the last installment of Guaranteed Income Benefit (GIB) in the form of Guaranteed
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Terminal Benefit (GTB).

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This plan can be purchased Offline through agents/ other intermediaries including Point of Sales
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Persons-Life Insurance (POSP-LI) /Common Public Service Centers (CPSC-SPV) as well as

Online directly through website www.licindia.in.
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The eligibility conditions and other terms and conditions for purchase of plan through POSP-LI/
CPSC-SPV shall be as per the Guidelines, Circulars and Regulations etc issued by IRDAI
applicable to POS Plans and POSP-LI/CPSC-SPV. These conditions have been detailed
separately in Para 8 below.

The benefits and other details of the plan are given below.

2. BENEFIT OPTIONS:

Following benefit options are available at inception:

In case of Regular/ Limited Premium payment:
Option A: Level Income Benefit
Option B: Increasing Income Benefit

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 In case of Single Premium payment:
Option C: Single Premium Level Income Benefit
Option D: Single Premium enhanced cover with Level Income Benefit
The benefit option once chosen at inception cannot be altered.

3. ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN IF PROCURED THROUGH

OTHER THAN POSP-LI/ CPSC-SPV:

i. Minimum Entry Age 3 years (completed) for Policy Term 15 years

8 years (completed) for Policy Term 10 years
13 years (completed) for Policy Term 5 years
ii. Maximum Entry Age Option A & Option B: 50 years (nearer birthday)
Option C: 65 years (nearer birthday)
Option D: 40 years (nearer birthday)
iii. Minimum Maturity Age 18 years (completed)
iv. Maximum Maturity Age Option A & Option B: 65 years (nearer birthday)
Option C: 80 years (nearer birthday)
Option D: 55 years (nearer birthday)

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v. Policy Term Option A & Option B: 10 & 15 years
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Option C & Option D: 5, 10 & 15 years
vi. Premium Paying Term 5 & 10 years for 10 year Policy Term.
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(For Regular / Limited premium) 5, 10 & 15 years for 15 year Policy Term.
vii. Payout Period Option A & Option B: Equal to Premium Paying
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Term
Option C & Option D: Equal to Policy Term
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viii. Minimum Annualized / Single Option A & Option B: Rs. 30,000

Premium Option C & Option D: Rs. 2,00,000
ix. Maximum Premium* No limit
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x. Minimum Sum Assured on Death Option A & Option B: Rs. 3,30,000

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Option C: Rs. 2,50,000

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Option D: Rs. 22,00,000

xi. Maximum Sum Assured on Death No limit
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*Policyholder can choose the Annualized Premium / Single Premium in multiples of Rs 1,000.

Age at entry for the life assured is to be taken as age nearer birthday (nbd) except for the
minimum age at entry as specified in (i) above.

4. OTHER CONDITIONS FOR BASE PLAN:

i. Annualized Premium shall be the premium amount payable in a year chosen by the
policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings
for modal premiums, if any.
ii. Single Premium shall be the premium amount chosen by the policyholder excluding the
taxes, rider premiums, underwriting extra premiums, if any.

iii. Payout Period will start at the end of the policy term i.e. from the Date of Maturity.

iv. Payout Modes for payment of Guaranteed Income Benefit are Yearly, Half-yearly, Quarterly
and Monthly.
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 v. Date of Commencement of Risk: In case the age at entry of the Life Assured is less than 8
years, the risk under this plan will commence either 2 years from the date of commencement
of policy or from the policy anniversary coinciding with or immediately following the
attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will
commence immediately from the date of issuance of policy.
vi. Date of issuance of policy is a date when a proposal after underwriting is accepted as a
policy and the contract gets effected.
vii. Date of Vesting under the plan (Applicable only if the Life Assured is below 18 years
on the date of commencement of policy): If the Life Assured is alive on the vesting date
and if a request in writing for surrendering the policy has not been received by Corporation
before such vesting date from the person entitled to the policy moneys, the policy shall
automatically vest in the Life Assured on such vesting date i.e. on the policy anniversary
coinciding with or immediately following the completion of 18 years of age and shall on such
vesting be deemed to be a contract between the Corporation and Life Assured. The Life
Assured shall become the absolute owner of the policy and proposer or his estate shall
cease to have any right or interest therein.

5. BENEFITS UNDER THE BASE PLAN:

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The benefits payable under an in-force policy are as under:

A. Death Benefit during Policy Term:

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Death benefit payable on death of the Life Assured during the policy term after the date of
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commencement of risk but before the stipulated date of maturity shall be “Sum Assured on
Death”; where “Sum Assured on Death” for various options is defined as under:
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Premium Type Option Sum Assured on Death

Regular / Limited Option A & “Sum Assured on Death” shall be higher of-
Premium Option B  11 times of “Annualized Premium” or
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payment  “Sum Assured on Maturity” or

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 105% of total premiums paid upto the date of

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death;
where,
 Total premiums paid means total of all the
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premiums received, excluding any extra premium,

any rider premium and taxes.
 Sum Assured on Maturity shall be as stated in Para
7 (ii) considering the incentives as mentioned in
Para 12.
Single Premium Option C “Sum Assured on Death” shall be higher of-
payment  1.25 times of “Single Premium” or
 “Sum Assured on Maturity”;
where,
 Sum Assured on Maturity shall be as stated in Para
7 (ii) considering the incentives as mentioned in
Para 12.
Option D “Sum Assured on Death” shall be 11 times of “Single
Premium”.

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 However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the
commencement of Risk, the death benefit payable shall be refund of premium(s) paid (excluding
taxes, any extra premium and any rider premium(s)) without interest.
The Death Benefit shall be paid in lumpsum and/or in instalments over a period of 5 years (as
specified in Para 7(i)), as per the option exercised by the Policyholder/ Life Assured.
On payment of Death Benefit, the policy shall terminate and no further benefits shall be payable.

B. Maturity Benefit:
On Life Assured surviving the stipulated Date of Maturity, maturity benefit shall be payable during
the Payout Period in the form of Guaranteed Income Benefit and Guaranteed Terminal Benefit as
mentioned below:

i. Guaranteed Income Benefit (GIB):

Guaranteed Income Benefit shall be paid in advance as per the chosen Payout Mode
(yearly or half-yearly or quarterly or monthly) during the Payout Period. The first installment
of Guaranteed Income Benefit will be made on the Date of Maturity and thereafter, based
on the Payout Mode opted for by the Policyholder, every month or three months or six
months or annually from the Date of Maturity, as the case may be.
Guaranteed Income Benefit depends on the Benefit Option chosen by the policyholder,

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Policy Term, Premium Paying Term and shall be as below:
a) Under Regular/ Limited Premium payment (Option A & Option B):
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Guaranteed Income Benefit amount shall be calculated as:
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Guaranteed Income Benefit = Annualised Premium x GIB Multiple x Modal factor

for GIB
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The GIB Multiples applicable for Option A & Option B are as under:

Policy Premium Payout GIB

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Option
Term Paying Term Period Multiple
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Option A - Level 10 5 5 1.10

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Income Benefit
10 10 10 1.30
15 5 5 1.40
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15 10 10 1.60
15 15 15 1.65
Option B - 10 5 5 1.00
Increasing
Income Benefit 10 10 10 1.05
15 5 5 1.25
15 10 10 1.30
15 15 15 1.30

Under Option-A, Guaranteed Income Benefit shall remain constant during the Payout
Period.

Under Option-B, Guaranteed Income Benefit shall be increased yearly by a simple rate
of 5% per annum on completion of each year of Payout Period and shall remain same

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 during the year. GIB Multiples as mentioned in Option B above are applicable for the
First Year of the Payout Period.

b) Under Single Premium payment (Option C & Option D):

Guaranteed Income Benefit amount shall be calculated as:
Guaranteed Income Benefit = Single Premium x GIB Multiple x Modal factor for GIB
GIB Multiples applicable for Option C & Option D are as under:

Option Policy Term Payout Period GIB Multiple

Option C: Single Premium 5 5 0.25
Level Income Benefit 10 10 0.18
15 15 0.16
Option D: Single Premium 5 5 0.20
enhanced cover with 10 10 0.15
Level Income Benefit 15 15 0.10

Under Option-C & Option-D, Guaranteed Income Benefit shall remain constant during
the Payout Period.
ii. Guaranteed Terminal Benefit (GTB):

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Guaranteed Terminal Benefit (GTB) as a lumpsum payment shall be payable along with
the last installment of Guaranteed Income Benefit (GIB). On such payment policy shall
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terminate.
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Guaranteed Terminal Benefit amount shall be calculated as:

a) Under Regular /Limited Premium payment (Option A & Option B):

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Guaranteed Terminal Benefit = Annualized Premium x GTB Multiple x Modal factor

for GTB
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b) Under Single Premium payment (Option C & Option D):

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Guaranteed Terminal Benefit = Single Premium x GTB Multiple x Modal

factor for GTB
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GTB multiples applicable for all options are enclosed in Annexure 1.

Annualized Premium/ Single Premium shall be as defined under Para 4. Modal factors for GIB
and modal factors for GTB are as specified in Para 12(e) below.
On the Date of Maturity the policyholder shall have an option to receive the Sum Assured on
Maturity in lumpsum in lieu of Guaranteed Income Benefit and Guaranteed Terminal Benefit as
specified in Para 7.(ii).

C. Benefits payable on Death of Life Assured during Payout Period:

On death of the Life Assured during the Payout Period, the Guaranteed Income Benefit shall
continue to be paid to the nominee as per the applicable Payout Mode for the outstanding
Payout Period and Guaranteed Terminal Benefit shall also be payable along with the last
instalment of Guaranteed Income Benefit and no alteration, whatsoever, shall be allowed to be
made by the nominee.

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6. OPTIONAL RIDER BENEFITS:
A) Under Regular/ Limited Premium Payment (Option A & Option B):
The following five optional riders are available under Regular/ Limited Premium Payment.
However, the policyholder can opt between either of LIC’s Accidental Death and Disability
Benefit Rider or LIC’s Accident Benefit Rider and/or the remaining three riders subject to the
eligibility as detailed below:
i) LIC’s Accidental Death and Disability Benefit Rider UIN (512B209V02):
LIC’s Accidental Death and Disability Benefit Rider is available as an optional Rider by payment
of an additional premium. Under an inforce policy, this Rider can be opted for at any time within
the Premium Payment Term of the Base Plan provided the outstanding Premium Payment Term
of the Base Plan is atleast 5 years. The benefit cover under this Rider shall be available upto the
policy anniversary on which the age nearer birthday of Life Assured is 70 years or till the end of
Policy Term, whichever is earlier.
If this Rider is opted for, an amount equal to the Accident Benefit Sum Assured is payable on
death due to accident (within 180 days from the date of accident), provided the Rider is inforce at
the time of accident. In case of accidental permanent disability (within 180 days from the date of
accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly
instalments spread over 10 years and future premiums, if any, shall also be waived in respect of
this Rider and the premium for Base Policy corresponding to Sum Assured on Death equal to
Accident Benefit Sum Assured (i.e. the proportion of premium to be waived under the Base

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Policy be shall equal to Accident Benefit Sum Assured divided by Sum Assured on Death),
provided the Rider is inforce at the time of accident. The premiums for other Rider(s), if opted for
and premium for Base Policy corresponding to the difference in the Sum Assured on Death and
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Accident Benefit Sum Assured (if Sum Assured on Death exceeds the Accident Benefit Sum
Assured) shall continue to be paid. If the policy becomes a claim by way of death or maturity
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before the expiry of the said period of 10 years, the disability benefit instalments which have not
fallen due will be paid along with the claim amount.
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LIC’s Accidental Death and Disability Benefit Rider shall not acquire any paid-up value and the
Rider benefit will cease to apply, if policy is in lapsed condition.
Beyond the specific details as mentioned in this Circular in respect of this Rider, any additional
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details like refund to be made in respect of this rider on surrender of Base Policy, requirements
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of claim, definition of disability etc., may be referred from the Rider Circular Ref: CO/PD/44 dated
2ndJanuary, 2014 and CO/PD/102 dated 16th December 2017.
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Eligibility conditions and restrictions:

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a) Minimum Entry Age : 18 years (completed)

b) Maximum Entry Age : The cover can be opted for at inception or at any policy
anniversary thereafter, provided the outstanding Premium
Payment Term under the Base Policy is at least 5 years.
However, in any case maximum age at entry shall not
exceed 65 years (nearer birthday).
c) Rider Term : Outstanding Policy Term of the Base Policy or (70 minus
age at entry), whichever is lower.
d)Premium Payment Term : Same as the outstanding PPT under the Base Policy
e) Premium Payment Mode : Same as Base Policy
f) Maximum Cover ceasing Age : 70 years (nearer birthday)
g)Minimum Accident Benefit : Rs. 10,000/-
Sum Assured

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 h) Maximum Accident Benefit
Sum Assured
: An amount equal to the Sum Assured on Death under the
Base Plan subject to the maximum of Rs.100 lakhs
overall limit taking all existing policies (excluding
additional limit of Rs.100 lakhs under policies taken
under LIC’s Jeevan Shiromani) of the Life Assured under
individual as well as group policies including policies with
inbuilt accident benefit taken with Life Insurance
Corporation of India and the Accident Benefit Sum
Assured under the new proposal into consideration.
Even considering the additional Accident Benefit Sum
Assured limit of Rs. 100 lakhs above this, allowed under
LIC’s Jeevan Shiromani only, the maximum Accident
Benefit cover offered to an individual in any case including
the policies taken under LIC’s Jeevan Shiromani will not
exceed Rs. 200 lakhs.

The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-only.

ii) LIC’s Accident Benefit Rider UIN (512B203V03):
LIC’s Accident Benefit Rider is available as an optional Rider by payment of an additional

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premium. ka
Under an inforce policy, this Rider can be opted for at any time within the Premium Payment
Term of the Base Policy provided the outstanding Premium Payment Term of the Base Policy is
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atleast 5 years. The benefit cover under this Rider shall be available only during the Premium
Payment Term of the Base Policy. Thereafter, the cover shall cease.
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If this benefit is opted for and if the Life Assured is involved in an accident leading to death within
180 days from the date of accident then an amount equal to the Accident Benefit Sum Assured is
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payable. However, the policy shall have to be inforce at the time of accident irrespective of
whether or not it is inforce at the time of death.
LIC’s Accident Benefit Rider shall not acquire any paid-up value and the Rider benefit will cease
9

to apply, if policy is in lapsed condition.

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Beyond the specific details as mentioned in this Circular in respect of this Rider, any additional
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details like requirements of claim etc., may be referred from the Rider Circular Ref: CO/PD/36
dated 9th November, 2013 and CO/PD/102 dated 16th December 2017.
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Eligibility conditions and restrictions:

a) Minimum Entry Age
b) Maximum Entry Age
c) Rider Term
: 18 years (completed)
: The cover can be opted for at inception or at any policy
anniversary thereafter, provided the outstanding Premium
Payment Term under the Base Policy is at least 5 years.
However, in any case maximum age at entry shall not
exceed 65 years (nearer birthday).
: Outstanding Premium Payment Term of the Base Policy or
(70 minus age at entry), whichever is lower.

d) Minimum Accident Benefit : Rs. 20,000/-

Sum Assured
e) Maximum Accident Benefit : An amount equal to the Sum Assured on Death under the
Sum Assured Base Plan subject to the maximum of Rs.100 lakhs overall
limit taking all existing policies (excluding additional limit of
Rs.100 lakhs under policies taken under LIC’s Jeevan
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 Shiromani) of the Life Assured under individual as well as
group policies including policies with inbuilt accident
benefit taken with Life Insurance Corporation of India and
the Accident Benefit Sum Assured under the new proposal
into consideration.

Even considering the additional Accident Benefit Sum

Assured limit of Rs. 100 lakhs above this, allowed under
LIC’s Jeevan Shiromani only, the maximum Accident
Benefit cover offered to an individual in any case including
the policies taken under LIC’s Jeevan Shiromani will not
exceed Rs. 200 lakhs.
The Accident Benefit Sum Assured shall be in multiples of Rs. 5,000/-only.
Note: The overall limit of Accident Benefit Sum Assured shall be inclusive of Sum Assured under
all the Accident Benefit Riders i.e. the LIC’s Accidental Death and Disability Benefit Rider, LIC’s
Accident Benefit Rider and LIC’s Linked Accidental Death Benefit Rider.

iii) LIC’s New Term Assurance Rider (UIN 512B210V01):

LIC’s New Term Assurance Rider is available as an optional Rider at the inception of the policy
by payment of an additional premium. The additional premium for this Rider will need to be paid
along with the premium of the Base Policy and any other Rider(s), if opted for, during the

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Premium Payment Term of the policy. The benefit cover under this Rider shall be available
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during the Rider Term.
If this benefit is opted for, an amount equal to Term Assurance Rider Sum Assured shall be
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payable on death of the Life Assured during the Policy Term, provided the Rider cover is inforce.
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LIC’s New Term Assurance Rider shall not acquire any paid-up value and the Rider benefit will
cease to apply, if policy is in lapsed condition.
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Beyond the specific details as mentioned in this Circular in respect of this Rider, any additional
details like refund to be made in respect of this Rider on surrender of Base Plan etc. may be
referred from the Rider Circular Ref: CO/PD/59 dated 3rdNovember, 2014.
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Eligibility conditions and restrictions:

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a) Minimum Entry Age : 18 years (completed)

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b) Maximum Entry Age : Same as Base Plan or 60 years (nearer

birthday), whichever is lower.
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c) Rider Term : Policy Term of the Base Policy or (75 minus

age at entry), whichever is lower.
d) Premium Payment Term : Same as Base Policy
e)Minimum Term Assurance Rider Sum : Rs. 1,00,000/-
Assured
f) Maximum Term Assurance Rider Sum : An amount equal to Sum Assured on Death
Assured under the Base Plan subject to the maximum of
Rs. 25 lakhs overall limit taking all Term
Assurance Rider Sum Assured under all
existing policies of the Life Assured including
the new proposal into consideration.
g) Mode Rebate : Mode Rebate
Yearly 2% of tabular premium
Half-Yearly 1% of tabular premium

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 Quarterly Nil
Monthly (NACH) Nil
& SSS Mode
The Term Assurance Rider Sum Assured shall be in multiples of Rs. 5,000/- only.
iv) LIC’s New Critical Illness Benefit Rider (UIN 512A212V02):
LIC’s New Critical Illness Benefit Rider is available at the inception of the policy on payment of
an additional premium. The additional premium for this Rider will need to be paid along with the
premium of the Base Plan and any other Rider(s), if opted for, during the Premium Payment
Term of the policy. The cover under this Rider shall be available during the Rider Term.
If this Rider is opted for, on first diagnosis of any one of the 15 Critical Illnesses covered under
this Rider, the Critical Illness Sum Assured shall be payable subject to the conditions specified in
the Rider circulars Ref: CO/PD/90 dated 19thDecember, 2016 and Ref: CO/PD/162 dated 1st
October, 2020.
LIC’s New Critical Illness Benefit Rider shall not acquire any paid-up value and the Rider benefit
will cease to apply, if policy is in lapsed condition.
Beyond the specific details as mentioned in this circular in respect of this Rider, additional details
like refund to be made in respect of this Rider on surrender of base plan etc., may be referred
from the Rider circular Ref: CO/PD/90 dated 19th December, 2016.

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Eligibility conditions and restrictions: ka
a) Minimum Entry Age : 18 years (last birthday)
b) Maximum Entry Age : Same as Base Plan
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c) Rider Term/PPT : Same as the Policy Term under the Base
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policy
d) Minimum Critical Illness Sum Assured : Rs. 1,00,000/-
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e) Maximum Critical Illness Sum Assured : An amount equal to Sum Assured on Death
under the Base Plan subject to maximum of
Rs. 25 lakhs overall limit taking all existing
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policies of the Life Assured under this Rider

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and the Critical Illness Sum Assured under

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the new proposal into consideration.

f) Mode Rebate : Mode Rebate
Yearly 2% of tabular premium
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Half-Yearly 1% of tabular premium

Quarterly Nil
Monthly (NACH) Nil
& SSS Mode
Age at entry for the Policyholder is to be taken as age last birthday.
The Critical Illness Sum Assured shall be in multiples of Rs. 25,000/- only.
v) LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)
LIC’s Premium Waiver Benefit Rider shall be allowed under a proposal / policy wherein the Life
Assured is minor (i.e. upto age 17 years (nearer birthday)) at the time of opting this Rider.
This Rider is allowed on the life of eligible Proposer on payment of an additional premium. This
Rider can be opted for at any time during the Premium Payment Term of the Base policy (ie. on
the Policy Anniversary coinciding with or the next Policy Anniversary following the date of
acceptance of application) provided the outstanding Premium Payment Term of the Base policy
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and the Rider is at least 5 years. However, in any case the Rider Term shall be outstanding
Premium Payment Term of Base Policy as on date of opting this Rider or (25 minus age of the
minor Life Assured at the time of the opting the Rider), whichever is lower.
On death of Proposer of Base Policy:
If this Rider is opted for, on death of Proposer of the Base Policy (on whose life this Rider
has been opted for) during the Rider Term, premiums payable in respect of Base Policy,
falling due on and after the date of death till the expiry of Rider Term, shall be waived.
If any other Rider(s) is (are) also attached with the Base Policy, the premiums in respect of
such Rider(s) shall not be waived and hence shall continue to be paid as per respective
Rider conditions.
Further, if Premium Payment Term of the Base Policy exceeds the Rider Term, all the
premiums due under the Base Policy from the date of expiry of this Premium Waiver Benefit
Rider shall be payable by the Life Assured as per the terms and conditions of the Base
Policy.
The additional premium charged in respect of PWB Rider shall not be taken into account in
arriving at the amount to be refunded in calculating the surrender value of the policy.
The medical report and special reports, if required, at proposal stage or on revival, shall be at
the proposer’s own expense from the Corporation's appointed Medical Examiner.

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LIC’s Premium Waiver Benefit Rider shall not acquire any paid-up value and the Rider benefit
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will cease to apply, if policy is in lapsed condition.
Beyond the specific details as mentioned in this Circular in respect of this Rider, additional
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details like refund during free look period, policy stamping etc., may be referred from the Rider
Circular Ref: CO/PD/127 dated 31stJanuary, 2020.
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Eligibility conditions and restrictions:

a) Minimum Entry Age : 18 years (completed)
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b) Maximum Entry Age : 55 years (Nearer Birthday)

c) Policy Term / Rider Term : Outstanding Premium Payment Term of the Base Plan
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as on the date of opting this Rider or (25 minus age of

minor as on the date of opting this Rider), whichever is
6

lower, subject to the minimum outstanding Rider term

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of 5 years. The date of opting i.e. Date of

Commencement of this Rider shall be
33

- Date of Commencement of Base Policy, if Rider is

d) Maximum cover ceasing age
e) Mode Rebate
opted for at inception; or
- Policy anniversary coinciding with or next policy
anniversary, following the date of acceptance of
application, if Rider is opted for at a later stage as
an alteration
:70 years (nearer birthday) (i.e. if the age of the
Proposer plus Rider term exceeds 70 years then the
Rider shall not be allowed)
: Mode Rebate
Yearly 2% of tabular premium
Half-Yearly 1% of tabular premium
Quarterly Nil
Monthly (NACH) & SSS Mode Nil

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 Age at entry for the proposer is to be taken as age nearer birthday except for the minimum age
at entry i.e. 18 years.
B) Under Single Premium Payment (Option C & Option D):
Under Single Premium Payment, LIC’s Accidental Death and Disability Benefit Rider (UIN:
512B209V02) and LIC’s New Term Assurance Rider (UIN: 512B210V01) shall only be
available subject to eligibility conditions of respective riders as detailed in Para 6.(A) above and
the policyholder can opt for these riders at Policy inception only.
Note:
 The premium under LIC’s Accident Benefit Rider or LIC’s Accidental Death and Disability
Benefit Rider and LIC’s New Critical Illness Benefit Rider shall not exceed 100% of premium
under the base product, the premiums under all other life insurance riders put together shall not
exceed 30% of premiums under the base product.
 Any benefit arising under each of the riders shall not exceed the Sum Assured on Death under
Base product.
 No Rider shall be available in case of policies procured through POSP-LI/CPSC-SPV.

7. OPTIONS AVAILABLE UNDER THE BASE PLAN:

i) Option to take Death Benefit in Instalments on death of the life assured during the Policy

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Term:
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This is an option to receive Death Benefit in instalments over the period of 5 years instead of
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lump sum amount under an in-force as well as paid-up policy. This option can be exercised by
the Policyholder during the minority of the Life Assured or by the Life Assured aged 18 years and
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above, during his/her lifetime; for full or part of the Death benefits payable under the policy. The
amount opted by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute
value or as a percentage of the total claim proceeds payable.
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The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals,
as opted for, subject to minimum installment amount for different modes of payments being as
9

under:
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Mode of Instalment payment Minimum instalment amount

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Monthly Rs. 5,000/-

Quarterly Rs. 15,000/-
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Half-Yearly Rs. 25,000/-

Yearly Rs. 50,000/-
If the Net Claim Amount is less than the required amount to provide the minimum instalment
amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be
paid in lump sum only.
The interest rates applicable for arriving at the instalment payments under this option shall be as
fixed by the Corporation from time to time.
For exercising option to take Death Benefit in instalments, the Policyholder during the minority of
the Life Assured or the Life Assured, if major, can exercise this option during his/her lifetime while
in currency of the policy, specifying the Net Claim Amount for which the option is to be exercised.
The death claim amount shall then be paid to the nominee as per the option exercised by the
Policyholder/Life Assured and no alteration whatsoever shall be allowed to be made by the
nominee.
Any further instructions including applicable interest rates would be issued by Actuarial
Department, Central Office.
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ii) Option to receive Maturity Benefit in Lumpsum:
On the date of maturity, the policyholder shall have an option to receive the Maturity benefit in
lumpsum instead of instalments under an inforce as well as paid-up policy. This option can be
exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18
years and above, at least 3 months before the due date of maturity.
If the Life Assured / Policyholder exercises this option under an in-force policy, the lump sum
amount equal to the “Sum Assured on Maturity” shall be payable; where Sum Assured on
Maturity shall be as under:

 Under Regular / Limited Premium payment (Option A & Option B):

Sum Assured on Maturity = Annualised Premium x Maturity Benefit Multiplier

 Under Single Premium payment (Option C & Option D):

Sum Assured on Maturity = Single Premium x Maturity Benefit Multiplier

Maturity Benefit Multipliers applicable for each of the options are as specified in Annexure 2.
In case of a paid-up policy, if the Life Assured / Policyholder exercises this option, the lumpsum
amount equal to the “Maturity Paid-up Sum Assured” (as defined in Para 14) shall be payable.

r
On payment of the “Sum Assured on Maturity” or “Maturity Paid-up Sum Assured”, as applicable,
ka
policy shall terminate and no other benefits shall be payable under the policy.
ar
In case, if the loan and the loan interest if any, subsists as on the date of Maturity, then the same
shall be recovered from “Sum Assured on Maturity” or from “Maturity Paid-up Sum Assured”, as
_s

applicable.

iii) Option to commute the outstanding installments during the Payout Period:
-s

During Payout Period, the Policyholder shall have an option to commute the outstanding
Guaranteed Income Benefit and Guaranteed Terminal Benefit. In such case, the lumpsum
9

amount as mentioned below shall be paid and thereafter the policy shall terminate: -
6

i. Under an in-force policy, the lumpsum amount payable shall be higher of:
63

(a) Sum Assured on Maturity minus sum total of Guaranteed Income Benefit already
paid; or
33

(b) The discounted value of outstanding payouts i.e. unpaid Guaranteed Income
Benefit and Guaranteed Terminal Benefit.
ii. Under a paid-up policy, the lump sum amount payable shall be higher of:
(a) Maturity Paid-up Sum Assured minus sum total of Reduced Guaranteed Income
Benefit already paid; or
(b) The discounted value of outstanding payouts i.e. discounted value of unpaid
Reduced Guaranteed Income Benefit and Reduced Guaranteed Terminal Benefit.
Reduced Guaranteed Income Benefit and Reduced Guaranteed Terminal Benefit shall
be as defined in Para 14.
Under policies wherein loan and the loan interest if any, is recovered as on the Date of Maturity,
the lumpsum amount payable on commutation during the Payout Period shall be as specified in
Para 18.vi.

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 The interest rates applicable for discounting the outstanding payouts shall be as fixed by the
Corporation from time to time. Instructions including the applicable interest rate shall be issued by
Actuarial Department, Central Office.

8. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS FOR PLAN PURCHASED

THROUGH POSP-LI/CPSC-SPV:
This plan can also be purchased through Point of Sales Persons-Life Insurance (POSP-LI) and
Common Public Service Centers (CPSC-SPV). However, in such cases the eligibility conditions
and other terms and conditions shall be as per the Guidelines, Circulars and Regulations etc.
issued by the IRDAI applicable to POS Plans and POSP-LI/CPSC-SPV. Currently, the
Parameters/Eligibility and other conditions applicable to plan purchased through POSP-LI and
CPSC-SPV are as follows:

i. Option not allowed Option D – Single Premium enhanced cover with

Level Income Benefit
ii. Minimum Entry Age 3 years (completed) for Policy Term 15 years
8 years (completed) for Policy Term 10 years
13 years (completed) for Policy Term 5 years
iii. Maximum Entry Age Option A & Option B: 50 years (nearer birthday)
Option C: 65 years (age nearer birthday) minus
Policy Term

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iv. Minimum Maturity Age
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18 years (completed)
v. Maximum Maturity Age 65 years (nearer birthday)
ar
vi. Policy Term Option A & Option B: 10 & 15 years
Option C: 5,10 & 15 years
_s

vii. Premium Paying Term 5 & 10 years for 10 year Policy Term.
(For Regular / Limited premium) 5, 10 & 15 years for 15 year Policy Term.
-s

viii. Payout Period Option A & Option B: Equal to Premium Paying

Term
Option C: Equal to Policy Term
9

ix. Minimum Annualized / Single Option A & Option B: Rs. 30,000

6

Premium Option C: Rs. 2,00,000

63

Policyholder can choose the Annualized Premium /

Single Premium in multiples of Rs 1,000.
33

x. Minimum Sum Assured on Death Option A & Option B: Rs. 3,30,000

Option C: Rs. 2,50,000
Age at entry for the life assured is to be taken as age nearer birthday (nbd) except for the
minimum age at entry as specified in (ii) above.

xi. Maximum Sum Assured on Death (per life):

The maximum allowable Sum Assured on Death to each individual will be decided as per
the non-medical limits under this plan in accordance with the Underwriting policy of the
Corporation in respect of this plan.
LIC’s Dhan Sanchay plan falls under the category of Non-Linked, Non-Participating,
Endowment category of POS-Life products if the same is purchased through POSP-LI or
CPSC-SPV. The maximum allowable Sum Assured on Death to each individual in respect
of all policies under all plans in this category of Non-Linked, Non-Participating, Endowment
products, if purchased through POSP-LI and CPSC-SPV channel (both inclusive) shall be
Rs 25 lakhs. The plans introduced in above category, as of now are LIC’s Dhan Sanchay
(Plan No. 865), LIC’s Bima Ratna (Plan No. 864), LIC’s Dhan Rekha (Plan No. 863) and
- 13 -
 LIC’s Bima Jyoti (Plan No. 860) where the total limit in Sum Assured on Death of Rs. 25
Lakhs shall apply. As and when new plans falling in the above category are introduced the
total limit of Sum Assured on Death of Rs. 25 Lakhs per life shall include such plans also.
Detailed instructions in this regard will be issued by NB&R Department, Central Office.

xii. Waiting Period:

In case the Plan is purchased through POSP-LI or CPSC-SPV, on death of the Life Assured
within the first 90 days from the date of commencement of risk, the Corporation shall refund
the total premiums paid, provided the policy is in force and death is not on account of an
accident. However, in case of death due to accident during waiting period “Sum Assured on
Death” shall be payable. This clause shall not be applicable in case age at entry of the Life
Assured is below 8 years.

xiii. Riders:
No Rider shall be available in case the policy is purchased through POSP-LI/ CPSC-SPV.

xiv. Key Features Document (KFD)-cum-Proposal Form:

Key Features Document (KFD)-cum-Proposal Forms to be used in case of sale through
POSP-LI and CPSC-SPV are as detailed in Para 32 below.
Detailed administrative instructions in respect of POSP-LI and CPSC-SPV shall be issued by
Marketing Department and MBAC Department respectively.

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9. MODE OF PREMIUM PAYMENT:
ka
Premium can be paid either in lumpsum (Single Premium) or for a Regular /Limited Period. Under
ar
Regular/Limited Premium payment (Option A & Option B), the premium can be paid with modes
of premium payment Yearly, Half Yearly, Quarterly, and Monthly (NACH only) or through salary
_s

deductions (SSS).
-s

10. PREMIUM RATES:

Class-I extra premium rates in respect of Base Plan and tabular premium rates as well as Class-I
extra premium rates in respect of available Riders are enclosed as tabulated below:
6 9

Annexure 3 Class-I Extra premium rates per Rs. 1000/- Sum Assured on Death for Base
63

Plan
Annexure 4 Tabular Premium rates per Rs. 1000/- Accident Benefit Sum Assured for
33

LIC’s Accidental Death and Disability Benefit Rider Category I & II

Annexure 5 Tabular Premium rates per Rs. 1000/- Term Assurance Rider Sum Assured
for LIC’s New Term Assurance Rider
Annexure 6 Class-I Extra premium rates per Rs. 1000/- Term Assurance Rider Sum
Assured for LIC’s New Term Assurance Rider
Annexure 7 Tabular Premium rates per Rs. 1000/- Critical Illness Sum Assured for LIC’s
New Critical Illness Benefit Rider
Annexure 8 Class-I Extra premium rates per Rs. 1000/- Critical Illness Sum Assured for
LIC’s New Critical Illness Benefit Rider
Annexure 9 Tabular Premium rates per Rs. 100/- Base Plan Premium for LIC’s
Premium Waiver Benefit Rider
Annexure 10 Class- I Extra premium rates per Rs. 100/- Base Plan Premium for LIC’s
Premium Waiver Benefit Rider

- 14 -
 The premium rate for LIC’s Accident Benefit Rider is as under;
i. Rs. 0.50 per thousand Accident Benefit Sum Assured irrespective of age.
ii. Rs. 1.00 per thousand Accident Benefit Sum Assured, if the Life Assured is engaged in police
duty in any police organization other than paramilitary forces and opts for this cover while
engaged in police duty.
The above premium rates are exclusive of taxes.

11. GRACE PERIOD FOR PAYMENT OF PREMIUM: (Applicable for Regular/ Limited Premium
payment only)
A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums
and 15 days for monthly mode of premium payment. If premium is not paid before the expiry of the
days of grace, the policy lapses.
The above grace period will also apply to Rider premiums, if opted, as the Rider premiums are to
be paid along with the premium of the Base Plan.
If the death of the Life Assured occurs within the grace period but before the payment of premium
then due, the policy will be treated as in-force and the benefits will be paid after deduction of the
said unpaid premium and also the balance premium(s) falling due before the next policy
anniversary.
If case of death of Life Assured under an in-force policy wherein all the premiums due till the date
of death have been paid and where the mode of payment of premium is other than yearly, balance

r
ka
premium(s), if any, falling due from the date of death and before the next policy anniversary shall
be deducted from the claim amount.
ar
In case of death due to suicide, provision of Para 22 shall be applicable.
_s

12. LOADINGS AND INCENTIVES:

a) Modal Loading for premium payment (Applicable for Regular /Limited Premium
-s

payment):

Mode Loading (as a % of Annualised Premium)

9

Yearly Mode Nil

6

Half-yearly Mode 1.5%

63

Quarterly Mode 2.5%

Monthly (NACH) & SSS Mode 3.0%
33

b) Incentive for High Premium:

In case of Annualised Premium of Rs 50,000 and above or Single Premium of Rs
3,00,000 and above, the GIB Multiple, GTB Multiple and Maturity Benefit Multiplier shall
be increased by a fixed percentage as detailed in the following Tables depending on the
Option chosen by the policyholder and premium amount.
i. Option A & Option B:
Premium Incentive for High Annualized Premium
Paying Upto Rs. Rs. 50,000 Rs. 75,000 Rs. 1,00,000 Rs. 2,00,000
Term 49,000 to to to & above
Rs. 74,000 Rs. 99,000 Rs. 1,99,000
5 Nil 0.70% 1.40% 1.70% 2.20%
10 Nil 0.30% 1.40% 1.70% 2.20%
15 Nil 0.20% 1.20% 1.70% 2.20%

- 15 -
 ii. Option C & Option D:

Incentive for High Single Premium

Premium Up to Rs. Rs. 3,00,000 Rs. 5,00,000 Rs. 10,00,000 Rs.
Band 2,99,000 to to to 25,00,000
Rs. 4,99,000 Rs. 9,99,000 Rs. 24,99,000 & above
Incentive Nil 0.50% 1.25% 2.00% 2.25%

c) Incentive for Online sale:

Proposal to be completed under online sales without any assistance of Agent /
Intermediaries shall be eligible for Online incentive / rebate.
Incentive for Base Plan: The GIB Multiple, GTB Multiple and Maturity Benefit Multiplier
shall be increased by a fixed percentage as detailed in the following Table depending on
the Premium Paying Term.
Premium Paying Term Incentive for Online sale
Single Premium 2.0%
5 years 7.0%
10 years 7.5%
15 years 10.0%

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ka
Rebate for Rider(s): The rebate on tabular rider(s) premium shall be at the following rates:
ar
Premium Paying Term of Rider Rebate for Online sale
(Percentage of Tabular
_s

Rider Premium)
Single Premium 2.0%
-s

5 years 7.0%
10 years 7.5%
15 years 10.0%
6 9

d) Corporation’s Insurance Scheme (CIS) :

63

Proposals completed under Corporation’s Insurance Scheme (CIS) with regard to

employees of the Corporation and its Subsidiaries/ Step Down Subsidiaries/ Associate
33

Companies as per the prevailing policy of the Corporation in this regard, shall be eligible
for incentive under Base Plan and Rebate for Rider(s), if opted for, provided policy is not
taken through any intermediary such as Agent, Corporate Agent, Broker, Insurance
Marketing Firms, Online Sale, POSP-LI and CPSC-CPV.

Incentive for Base Plan: The GIB Multiple, GTB Multiple and Maturity Benefit Multiplier
shall be increased by a fixed percentage as detailed in the following Table depending on
the Premium Paying Term.
Premium Paying Term Incentive for CIS
Single Premium 2.0%
5 years 7.0%
10 years 7.5%
15 years 10.0%

- 16 -
 Rebate for Rider(s): The rebate on tabular rider(s) premium shall be at the following rates:

Premium Paying Term of Rider Rebate for CIS (Percentage

of Tabular Rider Premium)
Single Premium 2.0%
5 years 7.0%
10 years 7.5%
15 years 10.0%

Instructions in this regard, as applicable from time to time, shall be issued by Actuarial
Department, Central Office.

e) Modal Factors for GIB & GTB:

Modal Factors applicable for Guaranteed Income Benefit and Guaranteed Terminal
Benefit for the Payout Mode are as under:

Payout Mode Modal factor for GIB Modal factor for GTB
Yearly 1.0000 1.000
Half-yearly 0.5050 1.020
Quarterly 0.2537 1.035

r
Monthly 0.0850
ka 1.045
ar
Illustration showing working together of all Loadings and Incentives:
_s

Modal Point:
-s

Benefit Option: Option A- Level Income Benefit

Annualized premium: 1,00,000
9

Sales Channel: Online

6

Age/Term/PPT: 30/15/10 years

63

GIB Multiple = 1.60

GTB Multiple = 3.7221
33

Maturity Benefit Multiplier: 14.6858

Incentive for High Premium : 1.70%
Incentive for Online Sale : 7.50%

Calculation of Installment Premium:

Premium amount to be paid for different modes:
Mode of premium payment Premium
Yearly Rs. 100,000/-
Half-yearly 100000 * (1+1.5%) / 2 = Rs. 50,750/-
Quarterly 100000 * (1+2.5%) / 4 = Rs. 25,625/-
Monthly 100000 * (1+3.0%) / 12 = Rs.8,583/-

Calculation of applicable GIB Multiple, GTB Multiple & Maturity Benefit Multiplier:
Applicable GIB Multiple = GIB Multiple (given for Option/ Term/PPT) * (1+ Incentive for
High Premium + Incentive for Online Sale)
- 17 -
Applicable GIB Multiple = 1.60 * (1+ 1.70%+7.50%) = 1.7472 (Rounded to 4 decimal
places)

Applicable GTB Multiple = GTB Multiple (given for Option/ Age/Term/PPT) * (1+ Incentive
for High Premium+ Incentive for Online Sale)

Applicable GTB Multiple = 3.7221 * (1+ 1.70%+7.50%) = 4.0645 (Rounded to 4 decimal

places)

Applicable Maturity Benefit Multiplier = Maturity Benefit Multiplier (given for Option/
Age/Term/PPT) * (1+ Incentive for High Premium+ Incentive for Online Sale)

Applicable Maturity Benefit Multiplier = 14.6858 * (1+ 1.70%+7.50%) = 16.0369 (Rounded

to 4 decimal places)

Calculation of GIB and GTB amounts:

GIB amount = Annualized Premium* Applicable GIB Multiple* Modal factor for GIB

GIB amount = 100,000 * 1.7472* Modal factor for GIB

= 174,720 * Modal factor for GIB

r
GTB amount = Annualized Premium * Applicable GTB Multiple* Modal factor for GTB
ka
GTB amount = 100000 * 4.0645 * Modal factor for GTB
ar
= 406,450 * Modal factor for GTB
_s

Since the Modal factor for GIB and GTB are:

Payout Mode Modal factor for GIB Modal factor for GTB
-s

Yearly 1.0000 1.000

Half-yearly 0.5050 1.020
Quarterly 0.2537 1.035
9

Monthly 0.0850 1.045

6
63

The GIB and GTB amount to be paid for different Payout Modes shall be as under:
Payout Mode GIB amount GTB amount
Yearly 174,720*1.0 = 174,720 406,450 *1.0 = 4,06,450
33

Half-yearly 174,720*0.5050 = 88,234 406,450 * 1.020 = 414,579

Quarterly 174,720 * 0.2537 =44,326 406,450 * 1.035 = 420,676
Monthly 174,720 *0.0850= 14,851 406,450 *1.045 = 424,740

Calculation of Sum Assured on Maturity:

Sum Assured on Maturity for the given model point shall be as under:

Sum Assured on Maturity = Annualized Premium * Applicable Maturity Benefit Multiplier

= 100,000 * 16.0369
=16,03,690
Calculation of Sum Assured on Death:
Under Option A & Option B, Sum Assured on Death shall be higher of 11 times of
Annualized Premium or Sum Assured on Maturity or 105% of total premiums paid upto the
date of death. Since Sum Assured on Maturity is always higher than 105% of total
premiums paid, the Sum Assured on Death for the given Model Point shall be as under:

- 18 -
 Sum Assured on Death= Higher of (11* Annualized Premium or Sum Assured on Maturity)
= Higher of (11* 1,00,000 or 16,03,690)
= 16,03,690

13. COMMISSION PAYABLE TO AGENTS / INTERMEDIARIES & CREDIT TO DEVELOPMENT

OFFICERS:
A. Commission payable to Agents, Corporate Agents, Brokers, Insurance Marketing Firms
(IMF):
i. Regular /Limited Premium payment (Option A & Option B):
Commission rates (as percentage of premium net of applicable taxes, if any) payable during the
Premium Payment Term are as under:

a. If Annualized Premium is less than Rs. 50,000/-

Premium Paying 1st Year 2nd & 3rd Year 4th Year and
Term onwards
5 years 10% 5% 5%
10 years 20% 7.5% 5%
15 years 25% 7.5% 5%
Bonus Commission: 40% on 1st year commission.

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b. If Annualized Premium is Rs. 50,000/- and above
ar
Premium 1st Year 2nd & 3rd 4th Year and onwards 5th 10th 15th
Paying Year (Except for 5th, 10th & Year Year Year
_s

Term 15th year)

5 years 10% 5% 5% 7.5% - -
10 years 20% 7.5% 5% 7.5% 7.5% -
-s

15 years 25% 7.5% 5% 7.5% 7.5% 7.5%

Bonus Commission: 40% on 1st year commission.
6 9

ii. Single Premium payment (Option C & Option D):

63

Commission shall be @ 2% of the Single Premium paid (net of any applicable taxes). No bonus
commission shall be payable under Single Premium policy.
33

B. Commission payable to POSP-LI / CPSC-SPV:

For the POSP-LI engaged directly by the Corporation and CPSC-SPV, commission as
mentioned in Para 13.A above shall be payable. However, bonus commission shall not be
payable.

For the POSP-LI engaged by Intermediaries, no commission is payable to POSP-LI by the

Corporation.
C. Online Sale:
Insurance Intermediary shall not be involved and hence no commission is payable.
D. Development Officer’s Credit (D.O. Credit):

Credit (as a % of the first year premium net of taxes) to Development Officers shall be as under:

- 19 -
 Premium Payment Term D.O. Credit
Single Premium 5%
5 years 30%
10 years 60%
15 years 100%

14. PAID-UP VALUE (Applicable for Regular/Limited Premium payment):

If less than two full years’ premiums have been paid in respect of the policy and any subsequent
premium be not duly paid, all the benefits under the policy shall cease after the expiry of grace
period from the date of First Unpaid Premium and nothing shall be payable.

If, after at least two full years’ premiums have been paid and any subsequent premiums be not
duly paid, the policy shall not be wholly void, but shall subsist as a paid-up policy till the end of
policy term.

The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called
‘Death Paid-up Sum Assured’ and shall be equal to Sum Assured on Death multiplied by the
ratio of the total period for which premiums have already been paid bears to the maximum period
for which premiums were originally payable, i.e. Death Paid-up Sum Assured is equal to [Sum
Assured on Death * (Total period for which premiums have been paid/ Maximum period for which
premiums were payable)].

r
In case of Death of Life Assured during the policy term under a paid-up policy, ‘Death Paid-up
ka
Sum Assured’ shall be payable in lump sum and thereafter no further benefits shall be payable.
ar
The Maturity Benefit payable under a paid-up policy, during the Payout Period, shall be in the
form of Reduced Guaranteed Income Benefit & Reduced Guaranteed Terminal Benefit and the
_s

same shall be as under:

- Reduced Guaranteed Income Benefit shall be equal to Guaranteed Income Benefit
-s

multiplied by the ratio of “Maturity Paid-up Sum Assured” bears to “Sum Assured on
Maturity”, i.e. Reduced Guaranteed Income Benefit is equal to [Guaranteed Income
Benefit * (Maturity Paid-up Sum Assured / Sum Assured on Maturity)].
6 9

- Reduced Guaranteed Terminal Benefit shall be equal to Guaranteed Terminal Benefit

multiplied by the ratio of “Maturity Paid-up Sum Assured” bears to “Sum Assured on
63

Maturity”, i.e. Reduced Guaranteed Terminal Benefit is equal to [Guaranteed Terminal

Benefit * (Maturity Paid-up Sum Assured / Sum Assured on Maturity)].
33

Where ‘Maturity Paid-up Sum Assured’ under a paid-up policy shall be equal to Sum Assured
on Maturity multiplied by the ratio of the total period for which premiums have already been paid
bears to the maximum period for which premiums were originally payable, i.e. Maturity Paid-up
Sum Assured is equal to [Sum Assured on Maturity * (Total period for which premiums have
been paid/ Maximum period for which premiums were originally payable)].

However, if the Reduced Guaranteed Income Benefit is less than Rs 12,000/- p.a., the “Maturity
Paid-up Sum Assured” shall be payable to the policyholder as lumpsum and policy shall
terminate. In such case, no further benefits shall be payable under the policy.

On the date of Maturity the policyholder shall have an option to receive the “Maturity Paid-up
Sum Assured” in lumpsum (as specified in Para 7 (ii)) in lieu of Reduced Guaranteed Income
Benefit & Reduced Guaranteed Terminal Benefit.

- 20 -
 If loan subsists on the date of maturity under a paid-up policy, Reduced Guaranteed Income
Benefit and Reduced Guaranteed Terminal Benefit (as specified in Para 18.iv(b)) shall be
payable.

In case of death of the Life Assured during the Payout Period, the Reduced Guaranteed Income
Benefit shall continue to be paid to the nominee as per the applicable Payout Mode for the
outstanding Payout Period and Reduced Guaranteed Terminal Benefit shall also be payable
along with the last instalment of Reduced Guaranteed Income Benefit.

Notwithstanding what is stated above, if at least three full years’ premiums have been paid in
respect of the policy, and any subsequent premium be not duly paid, in the event of the death of
the Life Assured within six months from the due date of First Unpaid Premium, “Sum Assured on
Death” will be paid after deduction of (a) unpaid premium(s) for the base policy with interest
thereon up to the date of death on the same terms as for revival of the policy during such period,
and (b) the balance premium(s) for the base policy falling due from the date of death and before
the next policy anniversary. This provision shall not apply in case of death due to suicide.

Notwithstanding what is stated above, if at least five full years' premiums have been paid in
respect of the policy, and any subsequent premium be not duly paid, in the event of death of the
Life Assured within 12 months from the due date of First Unpaid Premium, “Sum Assured on
Death” shall be paid after deduction of (a) unpaid premium(s) for the base policy with interest
thereon up to the date of death on the same terms as for revival of the policy during such period,

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and (b) the balance premium(s) for the base policy falling due from the date of death and before
ka
the next policy anniversary. This provision shall not apply in case of death due to suicide.

The above mentioned non-forfeiture provisions do not apply to any Riders as they do not acquire
ar
any paid up value.
_s

The rider benefits ceases to apply, if policy is in lapsed condition.

-s

15. SURRENDER VALUE:

Under Regular/ Limited Premium payment (Option A & Option B), the policy can be surrendered
provided at least two full years’ premiums have been paid.
6 9

Under Single Premium payment (Option C & Option D), the policy can be surrendered at any time
63

during the policy term subject to realization of the premium cheque.

On surrender of the policy, the Corporation shall pay the Surrender Value equal to higher of
33

Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

i. Guaranteed Surrender Value (GSV):

a) Under Regular/ Limited Premium payment (Option A & Option B):

The Guaranteed Surrender Value payable during the policy term shall be equal to the total
premiums paid multiplied by the GSV factor applicable to total premiums paid.

Premiums referred above shall not include any taxes, extra premium and rider premium(s), if
any.

The Guaranteed Surrender Value (GSV) factors applicable to total premiums paid are
expressed as percentages and depend on the policy term and policy year in which the policy
will be surrendered and are as under:

- 21 -
 Guaranteed Surrender Value (GSV) factors applicable to the total premiums paid
under Regular / Limited Premium payment (Option A & Option B)
Policy Term
Policy Year
10 15
1 0.00% 0.00%
2 30.00% 30.00%
3 35.00% 35.00%
4 50.00% 50.00%
5 50.00% 50.00%
6 50.00% 50.00%
7 50.00% 50.00%
8 65.00% 54.29%
9 90.00% 58.57%
10 90.00% 62.86%
11 - 67.14%
12 - 71.43%

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13 - ka 75.71%
14 - 90.00%
15 - 90.00%
ar

b) Under Single Premium payment (Option C & Option D):

_s

The Guaranteed Surrender Value payable during the policy term shall be as under:
-s

During the first three policy years - 75% of the Single Premium
After the third policy year- 90% of the Single Premium
6 9

Single Premium referred above shall not include any taxes, extra premium and Rider
premium(s), if any.
63

ii.Special Surrender Value (SSV):

33

The Special Surrender Value shall be as under:

a) Under Regular/ Limited Premium payment (Option A & Option B):

The Special Surrender Value will be the SSV factor multiplied by [(Number of premiums paid
/ Total Number of premiums payable) x Sum Assured on Maturity].

b) Under Single Premium payment (Option C & Option D):

The Special Surrender Value will be the SSV factor multiplied by Sum Assured on Maturity.

The Special Surrender Value factors shall depend on the policy term and the duration
elapsed as on date of surrender since commencement of the policy. The Special Surrender
Value factors shall be as under:

- 22 -
 Under an inforce/ fully paid up policy:

The Special Surrender Value factors applicable for inforce/ fully paid up policies are
enclosed as Annexure 11.
Under paid-up policy wherein premiums have been paid for at least 3 full years (Option
A & Option B):

The SSV factors applicable for such paid-up policies shall be same as SSV Factors
applicable for inforce policies.

Under paid-up policy wherein premiums have not been paid for at least 3 full years
(Option A & Option B):

The SSV factors applicable for such paid-up policies shall be equal to the SSV factors
applicable for inforce policies multiplied by 0.80.

LIC’s Accidental Death and Disability Benefit Rider, LIC’s New Term Assurance Rider and LIC’s
New Critical Illness Benefit Rider will not acquire any surrender value. However, refund of
additional Rider premiums charged in respect of cover after Premium Payment Term shall be
refunded in respect of these riders and shall be as prescribed in their respective introductory
circulars.

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16. REVIVALS (Applicable for Regular/Limited Premium policies only):
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If the premium is not paid within the days of grace, the policy lapses. The lapsed policy may be
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revived during the lifetime of the Life Assured, but within a period of 5 consecutive years from the
date of First Unpaid Premium and before the date of maturity, as the case may be. The revival
shall be effected on payment of all the arrears of premium(s) together with interest (compounding
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half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of
Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider
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is opted for) on the basis of information, documents and reports that are already available and any
additional information in this regard if and as may be required in accordance with the Underwriting
Policy of the Corporation at the time of revival, being furnished by the Policyholder/ Life Assured/
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Proposer.
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The Corporation, however, reserves the right to accept at original terms, accept at modified terms
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or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect
only after the same is approved, accepted and revival receipt is issued by the Corporation.
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Revival of Rider(s), if opted for, will be considered only along with revival of the Base Policy, and
not in isolation.
Instructions regarding the applicable interest rate shall be issued by Actuarial Department, Central
Office.

17. ALTERATIONS:
The following alterations shall be allowed:
 Any changes not involving change in base premium and corresponding benefit structure.
 Under Regular/Limited Premium, inclusion of LIC’s Accidental Death and Disability Benefit
Rider, LIC’s Accident Benefit Rider, and LIC’s Premium Waiver Benefit Rider. However,
inclusion of riders is not applicable in case of plan sold though POSP-LI / CPSC.
 Change in Payout Mode for payment of Guaranteed Income Benefit. Any change in
Payout Mode shall be allowed if the same is intimated to the Corporation at least 3
months before the date of Maturity.
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 Condition regarding alteration shall be as per instructions issued by CRM/PS Department,
Central Office from time to time.

18. LOAN:
Loan shall be available under the policy during the policy term i.e. before the start of the Payout
Period subject to the following:

i. Under Regular/Limited premium payment (Option A & Option B), loan can be availed during
the policy term provided at least two full years’ premiums have been paid.

Under Single Premium payment (Option C & Option D), loan can be availed during the policy
term at any time after three months from completion of the policy (i.e. 3 months from the Date
of issuance of policy) or after expiry of the Free-Look Period, whichever is later.

ii. The maximum Loan that can be granted during the policy term shall be as under:

Under Regular/ Limited Premium payment (Option A & Option B):

 For in-force policies :upto 90% of Surrender Value

 For paid-up policies :upto 80% of Surrender Value

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Under Single Premium payment (Option C & Option D): upto 75% of Surrender Value.
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iii. In the event of default in payment of loan interest on the due dates and when the outstanding
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loan amount along with interest is to exceed the surrender value, the Corporation would be
entitled to foreclose such policies. Such policies when being foreclosed shall be entitled to
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payment of the difference of surrender value and the outstanding loan amount along with
interest, if any.
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iv. In case, if the loan and the loan interest if any, subsists as on the date of Maturity, then the
outstanding loan and loan interest, if any, shall be recovered from the “Sum Assured on
Maturity” in respect of in-force policy or from “Maturity Paid-up Sum Assured” in respect of
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paid-up policy. Subsequent to the recovery of loan along with loan interest, if any, if the
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difference between the “Sum Assured on Maturity” / “Maturity Paid-up Sum Assured”, as
applicable, and the outstanding loan amount along with interest, if any, is not sufficient to
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provide a Reduced Guaranteed Income Benefit (as calculated below) of at least Rs. 12,000/-
p.a., then this difference, shall be payable as lumpsum and policy shall terminate.
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If the difference between the “Sum Assured on Maturity” / “Maturity Paid-up Sum Assured”, as
applicable, and the outstanding loan amount along with interest, if any, is sufficient to provide
a Reduced Guaranteed Income Benefit (as calculated below) of at least Rs. 12,000/- p.a., then
such Reduced Guaranteed Income Benefit and Reduced Guaranteed Terminal Benefit
payable during the Payout Period shall be as under:

a) Under an in-force policy:

The Reduced Guaranteed Income Benefit shall be equal to Guaranteed Income Benefit
multiplied by ratio of the difference between the Sum Assured on Maturity and the
outstanding loan amount along with interest, if any, bears to Sum Assured on Maturity, i.e.
Reduced Guaranteed Income Benefit is equal to [Guaranteed Income Benefit * {(Sum
Assured on Maturity - outstanding loan amount along with interest, if any) / Sum Assured
on Maturity}].

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 The Reduced Guaranteed Terminal Benefit shall be equal to Guaranteed Terminal
Benefit multiplied by ratio of the difference between the Sum Assured on Maturity and the
outstanding loan amount along with interest, if any, bears to Sum Assured on Maturity, i.e.
Reduced Guaranteed Terminal Benefit is equal to [Guaranteed Terminal Benefit * {(Sum
Assured on Maturity - outstanding loan amount along with interest, if any) / Sum Assured
on Maturity}].

b) Under a paid-up policy

The Reduced Guaranteed Income Benefit shall be equal to Guaranteed Income Benefit
multiplied by ratio of the difference between the Maturity Paid-up Sum Assured and the
outstanding loan amount along with interest, if any, bears to Sum Assured on Maturity, i.e.
Reduced Guaranteed Income Benefit is equal to [Guaranteed Income Benefit * {(Maturity
Paid-up Sum Assured - outstanding loan amount along with interest, if any) / Sum Assured
on Maturity}].

The Reduced Guaranteed Terminal Benefit shall be equal to Guaranteed Terminal

Benefit multiplied by ratio of the difference between the Maturity paid-up Sum Assured and
the outstanding loan amount along with interest, if any, bears to Sum Assured on Maturity,
i.e. Reduced Guaranteed Terminal Benefit is equal to [Guaranteed Terminal Benefit *
{(Maturity Paid-up Sum Assured - outstanding loan amount along with interest, if any) /
Sum Assured on Maturity}].

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v.
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On death of the Life Assured during the Payout Period, the Reduced Guaranteed Income
Benefit shall continue to be paid to the nominee as per the applicable Payout Mode for the
outstanding Payout Period and Reduced Guaranteed Terminal Benefit shall also be payable
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along with the last instalment of Reduced Guaranteed Income Benefit.
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vi. During Payout Period, the Policyholder shall have an option to commute the outstanding
Reduced Guaranteed Income Benefit and Reduced Guaranteed Terminal Benefit. In such
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case, the lumpsum amount as mentioned below shall be paid and thereafter the policy shall
terminate:-
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In case of inforce policy the lumpsum amount payable shall be higher of:
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a) Sum Assured on Maturity minus recovered loan along with loan interest, if any, minus
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sum total of Reduced Guaranteed Income Benefit already paid; or

b) The discounted value of outstanding payouts i.e. unpaid Reduced Guaranteed Income
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Benefit and Reduced Guaranteed Terminal Benefit.

Reduced Guaranteed Income Benefit and Reduced Guaranteed Terminal Benefit shall be
as defined under Para 18.iv(a) above.

In case of paid-up policy the lumpsum amount payable shall be higher of:

a) Maturity Paid-up Sum Assured minus recovered loan along with loan interest, if any,
minus sum total of Reduced Guaranteed Income Benefit already paid; or
b) The discounted value of outstanding payouts i.e. unpaid Reduced Guaranteed Income
Benefit and Reduced Guaranteed Terminal Benefit.
Reduced Guaranteed Income Benefit and Reduced Guaranteed Terminal Benefit shall be
as defined under Para 18.iv(b) above.

vii. The rate of interest to be charged for the loan amount would be determined by the Corporation
from time to time.

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viii. The loan during the minority of Life Assured can be availed by the proposer provided the loan
is raised for the benefit of the minor Life Assured.

ix. In case the policy shall mature or surrendered or becomes a claim by death, the amount of
outstanding Loan together with all interest shall be recovered from the claim benefit payment.

x. Loan shall not be available to the policyholder during the Payout Period.

Further conditions regarding loan shall be as per instructions issued by CRM/PS Department from
time to time.

Instructions regarding the applicable interest rate shall be issued by Actuarial Department, Central
Office.

19. TERMINATION OF POLICY:

The policy shall immediately and automatically terminate on the earliest occurrence of any of the
following events:
a) The date on which lumpsum death benefit/final instalment of death benefit is paid; or
b) The date on which surrender benefits are settled under the policy; or
c) The date of maturity, if option to receive Maturity Benefit in lumpsum is exercised; or
d) On payment of final instalment of Guaranteed Income Benefit along with Guaranteed

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Terminal Benefit; or
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e) On payment of lumpsum, if the Option to commute the outstanding benefit installments
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during the Payout Period is exercised; or
f) In the event of default in payment of loan interest as specified in Para 18; or
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g) Under Regular / Limited premium payment (Option A & Option B), on expiry of Revival
Period if the policy which has not acquired paid up status, has not been revived within the
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revival period; or
h) On payment of free look cancellation amount; or
i) On payment of lumpsum, if the Reduced Guaranteed Income Benefit is less than Rs.
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12,000 p.a.; or
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j) In the event of forfeiture as specified in Para 23.

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20. ONLINE SALE OF POLICIES:

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Instructions relating to online sale of policies, if any, will be issued by Digital Marketing
Department, Central Office.

21. UNDERWRITING, AGE PROOF AND MEDICAL REQUIREMENTS:

NB&R department will issue instructions in this regard.

22. SUICIDE CLAUSE:

Notwithstanding the provision of benefits payable on death mentioned anywhere in this Circular,
the provisions related to claim payment in case of death due to Suicide shall be subject to the
conditions as specified herein under:

i. Under Regular/Limited Premium payment (Option A & Option B):

i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months
from the date of commencement of risk, the nominee or beneficiary of the Life Assured

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 shall be entitled to 80% of the total premiums paid excluding any taxes, extra premium and
rider premiums other than Term Assurance Rider, if any, provided the policy is in-force.
This clause shall not be applicable in case age at entry of the Life Assured is below 8
years.

ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of
revival, an amount which is higher of 80% of the total premiums paid till the date of death
(excluding any taxes, extra premium and rider premiums other than Term Assurance rider,
if any), or the surrender value available as on the date of death, shall be payable. The
nominee or beneficiary of the Life Assured shall not be entitled to any other claim under
the policy.

This clause shall not be applicable:

• In case the age of the life assured is below 8 years at the time of revival; or
• For a policy lapsed without acquiring paid-up value and nothing shall be payable under
such policies.
The relaxation (claim concession) mentioned above under Paid-up Value provisions
(Para.14) shall not be applicable in case of death due to suicide.
Premium Waiver Benefit Rider is applicable on the life of the proposer and hence the
applicable proportion of the PWB rider premium shall be paid back on suicide by the Proposer.

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ii. Under Single Premium payment (Option C & Option D):
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If the Life Assured (whether sane or insane) commits suicide at any time within 12 months
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from the date of commencement of risk, the nominee or beneficiary of the Life Assured shall
be entitled to 80% of the Single Premium paid excluding any taxes, extra premium and rider
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premiums other than Term Assurance Rider, if any. This clause shall not be applicable in case
age at entry of the Life Assured is below 8 years.
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23. FORFEITURE IN CERTAIN EVENTS:

In case it is found that any untrue or incorrect statement is contained in the proposal, personal
9

statement, declaration and connected documents or any material information is withheld, then
and in every such case the policy shall be void and all claims to any benefit by virtue thereof shall
6

be subject to the provisions of Section 45 of the Insurance Act, 1938 as amended from time to
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time.
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24. TAXES:
Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other
Constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax shall be as
applicable from time to time.
The amount of applicable taxes, as per the prevailing rates shall be payable by the policyholder
on premiums (for base policy and Rider(s), if any) including extra premiums, which shall be
collected separately over and above in addition to the premiums payable by the policyholder. The
amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
The instructions regarding issues related to taxes will be issued separately by Taxation
Department, Central Office, separately, as applicable from time to time.

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25. FREE LOOK PERIOD:
If a Policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return
the policy to the Corporation stating the reasons of objections, within 30 days from the date of
receipt of Policy Document (from receipt of first of the electronic/physical mode).
The refund of premium to the Policyholder shall be subject to following deductions:
1. Stamp duty on policy;
2. Actual cost of medical examination and special reports, if any;
3. Proportionate risk premium (in respect of Base policy and Rider, if opted for) for the period of
cover as per C.O. Circular Ref: CO/ PD/ 39 dated 31stDecember, 2013 and Ref: CO/PD/90
dated 19th December, 2016.

26. BACK-DATING INTEREST:

The policies can be dated back within the same financial year but not before the Date of
Introduction of this Plan. Back-dating interest as applicable at the time of completion of the policy
(at the rate as fixed by the Corporation from time to time) will be charged for the period in excess
of one month. However, if the policy is back dated to lean months, viz. April, May, July & August,
interest is to be charged for period in excess of three months. The period upto 14 days is to be
ignored and 15 days or more is to be rounded to a month for this calculation.
Any further instructions would be issued by Actuarial Department, Central Office, as applicable
from time to time.

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27. POLICY STAMPING:
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For Base Plan, policy stamping charges will be at the rate of 20 paise per thousand Sum
Assured on Death.
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For Rider, policy stamping charges will be at the rate of 20 paise per thousand Rider Sum
Assured, if opted for. In case of Premium Waiver Benefit Rider, PWB Sum Assured shall be total
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premiums to be waived under the Base policy during the PWB Rider Term.
Any updates in this regard shall be issued by Legal Department, Central Office.
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28. REINSURANCE:
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Normal procedure for Reinsurance shall apply as per applicable Reinsurance Treaty.
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29. ASSIGNMENTS/NOMINATIONS:
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a) Assignments: Assignment is allowed under this plan as per Section 38 of Insurance Act,
1938, as amended from time to time.
The notice of assignment should be submitted for registration to the office of the Corporation,
where the policy is serviced.
b) Nominations: Nomination by the holder of a policy of life assurance on his/her own life is
required as per Section 39 of the Insurance Act, 1938, as amended from time to time.
The notice of nomination or change of nomination should be submitted for registration to the
office of the Corporation, where the policy is serviced. In registering nomination, the
Corporation does not accept any responsibility or express any opinion as to its validity or legal
effect.

30. NORMAL REQUIREMENTS FOR CLAIM:

Death Claim: The normal documents which the claimant shall submit while lodging the claim in
case of death of the Life Assured or proposer (applicable if LIC’s Premium Waiver Benefit Rider
is opted for) shall be claim forms, as prescribed by the Corporation, accompanied with original
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 policy document, NEFT mandate from the claimant for direct credit of the claim amount to the
bank account, proof of title, proof of death, medical treatment prior to the death (if any),
school/college/employer’s certificate, whichever is applicable, to the satisfaction of the
Corporation. If the age is not admitted under the policy, the proof of age of the Life assured shall
also be submitted.

In case of unnatural death or death on account of or arising from an accident, the Corporation
may call for the copies of First Information Report (FIR), Panchnama and Post Mortem report.
The Corporation may also call for additional documents as may be required by them.
Within 90 days from the date of death, intimation of death along with death certificate must be
notified in writing to the office of the Corporation where the policy is serviced for any claim to be
admissible. However, delay in intimation of the genuine claim by the claimant, if any, may be
condoned by the Corporation on merit and where delay is proved to be for reasons beyond
his/her control.
Maturity/ Surrender Claim: In case of maturity/surrender of the policy, the Life Assured/Proposer
shall submit the discharge form along with the original policy document, NEFT mandate from the
claimant for direct credit of the claim amount to the bank account besides proof of age, if the age
is not admitted earlier.
Claim under Rider(s): In case of claim under Rider(s), the respective rider circular may be
referred to.

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In addition to above, any requirement mandated under any statutory provision or as may be
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required as per law or any instructions issued by CRM/Claims department in this regard shall
also be required to be submitted.
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31. ACCOUNTING OF INCOME AND OUTGO:
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Instructions regarding the accounting procedure to be followed under the plan shall be issued
separately by Finance & Accounts Department, Central Office.
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32. PROPOSAL FORM:

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Proposal Form No. 300, 340 and 360 as issued by NB&R Department shall be used under this
plan. In addition to the proposal form addendum to proposal shall also be used and is enclosed
6

as Annexure-12.
63

For sale initiated by POSP-LI or CPSC-SPV, Key Features Document (KFD)-cum-Proposal

Forms as given in Annexure 13, 14 & 15 of this circular shall be used.
33

33. POLICY DOCUMENT AND SALES BROCHURE:

The specimen Policy Document and Sales Brochure will be sent by the Corporate
Communications Department, Central Office.
This circular has to read in conjunction with the Policy Document and Sales Brochure.

34. DISCLOSURES:
At the time of sale, a customized Benefit Illustration shall be provided to the prospective
Policyholder. Such Benefit Illustration shall be signed by both the prospective policyholder and
intermediary and shall form part of the Policy Document.
Suitability information to be collected, including recommendations to be made, shall be a part of
the policy records.

Separate instructions on the above shall be issued by Marketing Department, Central Office.
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35. ADDRESS OF OMBUDSMAN:
At the stage of issuance of policy the address and contact details of the nearest Insurance
Ombudsman is to be mentioned in the Policy Document. In case of any change in address by
policyholder, the address and contact details of the nearest Insurance Ombudsman from the
transferring in branch has to be informed to the policyholder along with confirmation of change in
address.

Further, instructions in this regard to be issued by CRM/Claims Department, Central Office.

Secretary (Actuarial)

Encl – Annexure 1 to 15

Note: This document is the property of the Life Insurance Corporation of India and its reproduction in
any form and / or transmission and/or publication on any social medium without the express
permission of Life Insurance Corporation of India will be treated as a violation of the LIC of India
(Staff) Regulation, 1960, as amended from time to time, and the relevant provisions of the Information

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Technology Act, 2008. ka
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