LIC's New Endowment Plan

Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any. Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of annualized 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 payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums 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. Maturity Benefit: 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. 3 C. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled

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. 3 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 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. Simple Reversionary Bonuses shall be declared annually at the end of each financial year. Once de- clared, they form part of the guaranteed benefits of the plan on such terms and conditions as declared by the Corporation. In the event of policy being surrendered, the surrender value of vested bonuses, if any, as applicable on the date of surrender shall be payable. Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity at such rates and on such terms as may be declared by the Corporation. Final Additional Bonus shall not be payable under paid- up policies. The actual allocation to policyholders, out of the surplus emerging from the actuarial

If less than one full year's premium(s) has been paid 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 atleast one full year's premium(s) has been paid and any subsequent premiums be not duly paid, on com- pletion of first policy year the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term. The Sum Assured on Death under the 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 pe- riod for which premiums have already been paid bears to the maximum period for which premiums were original- ly payable. The Death Benefit payable under the paid-up 12 policy, on death of the Life Assured, shall be Death Paid- Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. The Sum Assured on Maturity under the paid-up policy shall be reduced to such a sum, called Maturity Paid-up Sum Assured and 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 origina

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 comple- tion of first policy year provided one full year's pre- mium(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 payment After payment of two full of two full year's premiums year's premiums Under In- 50% 75% force policies Under Paid- 40% 65% up policies iii. The rate of loan interest applicable for 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. com- pounding half-yearly as at the last trading date of previous financial year plus 3% or the yield earned on the Corporation's Non-Linked Participating fund plus 1%, whichever is higher. For loan sanctioned during 12 months' period commencing from 1st May, 2024 to 30th April, 2025 the applicable inter- est rate shall be 9.5% p.a. compounding half-yearly 18 for entire term of the loan. The basis for determi- nation of interest rate 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 would be entitl

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 con- secutive 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 (com- pounding 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 Pro- poser (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 informa- tion in this regard if and as may be required in accor- 11 dance 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. com- pounding half yearly as at the last trading day of previous financial

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 in- curred 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 with in 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 20 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 with- out 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