LIC's Nav Jeevan Shree

The proposer shall have an option to choose “Sum Assured on Death” as per the two options available. The options should be chosen carefully depending on your specific needs, as the premium & benefits under the plan shall vary as per the option chosen and the same shall not be altered later. Option Sum Assured on Death Option I Higher of: • 7 times of (Tabular Annual Premium multiplied by Modal adjustment factor); or • Basic Sum Assured Option II Higher of: • 10 times of (Tabular Annual Premium multiplied by Modal adjustment factor); or • Basic Sum Assured Note: In the above mentioned table: i) Modal adjustment factor shall depend on the mode of premium payment opted by the Policyholder and shall be as under: Mode of Premium Modal adjustment factor Payment Annual 1.0000 Half-yearly 1.0186 Quarterly 1.0280 Monthly 1.0344 ii) 'Tabular Annual Premium' shall be the premium for the chosen “Sum Assured on Death” option and Basic Sum Assured, based on the age of the Life Assured before 4 allowing for any rebate or loadings or any underwriting extra and does not include any taxes and Rider Premium, if any. The option once chosen cannot be altered. Death Benefit payable on death of Life Assured during the policy term after the date of commencement of risk, but before the date of Maturity provided the policy in in-force shall be “Sum Assured on Death” along with Accrued Guaranteed Additio

On Life Assured surviving the stipulated Date of Maturity, provided the policy is in-force, “Sum Assured on Maturity” along with accrued Guaranteed Additions for in-force policy, shall be payable; where “Sum Assured on Maturity” is equal the Basic Sum Assured. C. Guaranteed Additions for In-force policy: Under an in-force policy (in which all the due premiums have been paid), the Guaranteed Additions during the policy term shall accrue at the end of each policy year. 5 The Rate of Guaranteed Additions for an in-force policy shall be as under: Policy Term Rate of Guaranteed (in years) Additions (as a % of Total Tabular Annual Premium in respect of Premiums Paid) 10 to 13 8.50% 14 to 17 9.00% 18 to 20 9.50% In case, any policy is eligible for any incentive(s) in terms of increase in Rate of Guaranteed Additions as specified in Para 9 (viz. Incentive for higher Basic Sum Assured, for existing Policyholder and Nominee/ Beneficiary of the deceased Policyholder or Online Sale), the above mentioned Rate of Guaranteed Additions shall be enhanced by the respective incentive(s) to arrive at the applicable rate of Guaranteed Additions under the policy. The Guaranteed Additions applicable for an in-force policy in a policy year shall be equal to applicable Rate of Guaranteed Additions multiplied by Total Tabular Annual Premium in respect of Premiums Paid. On death of Life Assured during th

If less than one full year's premium(s) has 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. If, after atleast one full year's premium(s) has 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 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. The Death Benefit payable under a paid-up policy, on death of the Life Assured shall be Death Paid-Up Sum Assured along with accrued Guaranteed Additions for a Paid-up policy (as specified below).This Death benefit shall not be less than 105% of total premiums paid up to the date of death. However, in case of minor life, wherein the policy becomes Paid-up before the date of commencement of risk, the Death Benefit payable under such policy shall be the Return of Total Premiums paid (excluding taxes, any extra amount chargeable under the policy due to underwrit

Loan shall be available within the surrender value of the policy, during the policy term subject to the following: i. Loan can be availed under the policy after completion of first policy year provided at least 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: Policy Status Before After payment payment of two of two full full year's year's premiums premiums Under In-force policies 50% 80% Under Paid-up policies 40% 70% iii. The rate of loan interest applicable for full loan term, for the loan to be availed 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 previous financial year plus 3% or the yield earned on the Corporation's Non-Linked Non-Participating fund plus 1%, whichever is higher. For loan sanctioned during the 12 months' period commencing from 1st May, 2025 till 30th April 2026, the applicable interest rate shall be 9.50% p.a. compounding half-yearly for the entire term of the loan. The basis for determination of applicable loan interest for Policy Loan is subject to change. iv. During the policy term, in the event of default in payment of interest on the due dates and when the outstanding loan amount along with the interest is to exceed the Surrender Value, the Corporation wou

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 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 14 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 yield p.a. compounding half-yearly as at the last trading day of previous financial year plus

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.

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 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.

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 (excluding any taxes, if collected explicitly, extra premium and rider premium(s) 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 and in such case death benefit applicable for life assured age below 8 years shall be payable. 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 premium(s) 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: a) In case the age of the life assured is below 8 years at the time of revival and in such case death benefit applicable for life assured age below 8 years shall be payable; or b) For a policy lapsed without acquiring paid-up value and nothing shall be payable under such