LIC's Jeevan Lakshya

On death of the Life Assured during the policy term before the stipulated Date of Maturity provided the policy is in- force i.e. all due premiums have been paid, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as higher of: - 7 times of annualised premium or - Sum of 110% of Basic Sum Assured, which shall be payable on date of maturity and Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity. Where, (i) “Annualized Premium” shall be the premium payable in a year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, and (ii) “Total Premiums Paid” means the total of all premiums paid under the Base product excluding any extra premium and taxes, if collected explicitly. The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity. 3 The Death Benefit defined above shall not be less than 105% of total premiums paid upto the date of death. B. Maturity Benefit: On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assur

On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured. C. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in-force. In case of death under a policy which is in-force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured. In case, the premiums are not duly paid, the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid-up value. However, the policy shall be considered as in-force on death during the grace period. Simple Reversionary Bonuses shall be declared annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan on such terms and conditions as declared by the Corporat

If less than one full years' premium(s) has been paid, 11 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 one full years' premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year, the policy shall not be wholly void, but shall subsist as a paid-up policy till the end of the Policy Term. The benefit payable in case of death under a paid-up policy called “Death Paid-up Sum Assured”, shall be equal to the sum of: • 110% of Basic Sum Assured 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 which shall be payable on the date of maturity; and • Reduced Income Benefit i.e. 10% of Basic Sum assured 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, shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy anniversary prior to date of maturity. The vested Simple Reversionary Bonuses and Final Additional Bonus, if any shall also be payable on due date of Maturity. This Death Benefit shall not be less than

Loan shall be available, within the surrender value, during the policy term subject to the following: i. Loan can be availed under the policy after completion of first policy year provided one full year's premium(s) has been paid. ii. The maximum loan allowed under the policy as a percentage of surrender value shall be as under: Before payment After payment of Policy Status of two full year's two full year's premiums premiums Under In-force 50% 75% policies Under Paid-up 40% 65% policies iii. The rate of loan interest applicable for the full loan term, for the loan to be availed under this policy 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 date of the previous financial year plus 3% or the yield earned on the Corporations' Non-Linked Participating Fund plus 1%, whichever is higher. For loan sanctioned during 12 month's period commencing from 1st May, 2024 to 30th April, 2025 the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan. The basis for determination of interest rate for Policy Loan are subject to change. iv. During the policy term, in the event of default in payment of interest on the due dates and when the 16 outstanding loan amount along with the interest is to exceed the Surrender Value, the Corporation would be entitled to fo

If premium is not paid within the grace period then the policy will lapse. A lapsed policy can be 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 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. 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 financial year plus 3% or the yield earned on the Corporation's Non-Linked Participating Fund plus 1% wh

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for 9 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.

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document , whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and rider(s), if any) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges. 18

Suicide: 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 shall be entitled to 80% of the total premiums paid till the date of death, provided the policy is in-force. 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 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 for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies. Note: Premiums referred above shall not include any taxes, if collected explicitly, extra premiums and any rider premium(s), other than Term Assurance Rider, if any. 19