LIC's Bima Shree

On death during first five years: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable. On death after completion of five policy years but before the date of maturity: Death Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualised premium. This death benefit shall not be less than 105% of total premiums paid upto the date of death. Where, i. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums. 3 ii. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC's Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid. B. Survival Benefit: On the life assured surviving to each of the specified durations during the policy term, provided all due premiums have been paid, a fixed percentage of Basic Sum Assured shall be payable. The fixed percentage for various policy terms is as below: Policy Term Percentag

On the life assured surviving to the end of the policy term, provided all due premiums have been paid, “Sum Assured on Maturity” along with accrued Guaranteed Additions and Loyalty Addition, if any, shall be payable. Where “Sum Assured on Maturity” is as under: 40% of Basic Sum Assured for policy term 14 years 30% of Basic Sum Assured for policy term 16 years 20% of Basic Sum assured for policy term 18 years 10% of Basic Sum assured for policy term 20, 24 and 28 years

If the premium is not paid before the expiry of the days of grace, then the policy will lapse. A lapsed policy can be 11 revived within a period of 5 consecutive complete 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 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 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/Proposer. The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of a discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation. The rate of interest applicable for revival under this product for every 12 months' period from 1st May to 30th April shall not exceed 10 year G-Sec yield p.a. compounding half yearly as at the last trading day of previous fin

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the 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 which are payable along with premium for Base Policy.

The amount of applicable taxes, as per the prevailing i. If the Life Assured (whether sane or insane) commits rates shall be payable by the policyholder on premium(s) suicide at any time within 12 months from the date of (for Base Policy and Rider(s), if any) including extra commencement of risk , the Nominee or Beneficiary of premiums, if any, which shall be collected separately the Life Assured shall be entitled to 80% of the total over and above in addition to the premium(s) payable premiums paid till the date of death, provided the policy by the policyholder. The amount of tax paid shall not be is in-force. considered for the calculation of benefits payable under ii. If the Life Assured (whether sane or insane) commits the plan. suicide within 12 months from date of revival, an amount Regarding Income tax benefits/implications on which is higher of 80% of the total premiums paid till premium(s) paid and benefits payable under this plan, the date of death or the surrender value as available please consult your tax advisor for details. on the date of death shall be payable. The Nominee or