LIC's Jeevan Utsav

On death of the Life Assured after the date of commencement of risk, Death Benefit equal to “Sum Assured on Death” along with accrued Guaranteed Additions shall be payable, provided the policy is in-force. This Death Benefit shall not be less than 105% of total premiums paid up to the date of death. “Sum Assured on Death” is defined as higher of 'Basic Sum Assured' or '7 times of Annualized Premium'. Where, 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. “Total Premiums Paid” means total of all the premiums received, excluding any extra premium, any rider premium and taxes if collected explicitly. However, in case of minor Life Assured, whose age at entry is below 8 years on death before the commencement of Risk (as specified in Para 2 above) the death benefit shall be refund of premium(s) paid (excluding taxes, any extra premium, rider premium(s), if any), without interest. 4 B. Survival Benefit: Survival Benefit in the form of Regular Income Benefit or Flexi Income Benefit as per the option chosen shall be as under: Option I - Regular Income Benefit: On survival of Life Assured, Regular Income Benefit equal to 10% of Basic Sum Assured shall be payable at the end of each policy year starting from the year as specified in

Maturity benefit is not available under this plan. D. Guaranteed Additions: Under an inforce policy, the Guaranteed Additions shall accrue at the rate of ₹ 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. There shall be no further accrual of Guaranteed Additions after Premium Paying Term. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy. Under an inforce policy on death of Life Assured during the Premium Paying Term, the Guaranteed Addition in the year of death shall be payable for full policy year. In case of surrender of an inforce policy during the Premium Paying Term, the Guaranteed Additions for the policy year in which the policy is surrendered will be added on proportionate basis in proportion 6 to the completed months for the Policy Year in which policy is surrendered.

If less than one full year's premiums have been paid in respect of this policy and any subsequent premium be not duly paid, all the benefits under this policy shall cease after the expiry of grace period from the date of First Unpaid Premium and nothing shall be payable and the Premiums paid thitherto are also not refundable. If, after at least one full year's premiums have been paid and any subsequent premiums be not duly paid, on completion of first policy year this policy shall not be wholly void, but shall subsist as a paid-up policy till the life assured survives or policy terminates, whichever is earlier. 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. The Basic Sum Assured under a paid-up policy shall be reduced to such a sum, called 'Paid-up Sum Assured' and shall be equal to '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. The Guaranteed Addition accrued under the policy for the period for which premiums have been paid will remain attached where the policy becomes paid-up by no

Loan can be availed under the Policy subject to the following terms and conditions as the Corporation may specify from time to time:

If the premiums are 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. 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 plan for every 12 months' period from 1st May to 30th April shall not exceed 10 year G-Sec Rate 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

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. 10 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 Policy Document, whichever is earlier, stating the reason of 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, special reports, if any and stamp duty charges.

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 excluding any taxes if collected explicitly,, extra premium and rider premiums , 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 if collected explicitly, extra premium and rider premiums, 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. 19 This clause shall not be applicable: i. In case the age of the life assured is below 8 years at the time of revival; or ii.For a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.