LIC's New Jeevan Anand

Provided all due premiums have been paid, the fol- lowing death benefit shall be paid: • On Death during the policyterm i.e. before the stipulated Date of Maturity: Death benefit, equal to “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable;where, “Sum Assured on Death” is defined as 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 paidupto date of death. Where, i. “Annualized Premium” shall be the premium payable in a year, excluding the taxes, rider pre- miums, underwriting extra premiums and load- ings for modal premiums ii. “Total Premiums Paid” means total of all the premiums paid under the base product, exclud- ing any extra premium, and taxes, if collected explicitly. • On death after expiry of the policy term i.e. from the stipulated Date of Maturity: Basic Sum Assured shall be payable. B. Benefits payable at the end of Policy Term (i.e. On Maturity): On Life Assured surviving to the stipulated Date of Maturity, provided the policy is in-force i.e. all due premiums have been paid, “Sum Assured on Matu- rity” along with vested Simple Reversionary Bonus- es and Final Additional Bonus, if any, shall be pay- able; where “Sum Assured on Maturity” is equal to Basic Sum Assured. C. Participation in Profits: The policy shall

Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount un- der an in-force as well as paid-up policy. This op- tion can be exercised by the Life Assured, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum instalment amount for different modes of payments being as under: Mode of Instalment Minimum instalment payment amount Monthly ₹ 5,000/- Quarterly ₹ 15,000/- Half-Yearly ₹ 25,000/- Yearly ₹ 50,000/- If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Life Assured, the claim proceeds shall be paid in lumpsum only. For all the instalment payment options commencing during the 12 months' period from 1st May to 30th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than the 10 year semi-annual G- Sec yield p.a. minus 2%; where, the 10 year semi-annual G-Sec yield shall be as at last trading day of previ- ous financial year. Accordingly, for the 12 months 7

If less than oneyear's premium(s) has been paid, and any sub- sequent 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 atleast one full year's 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 continue as a paid-up policy. During 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 total period for which premiums have already been paid bears to the maximum period for 10 which premium were originally payable. The Death Benefit payable under the paid-up policy, on death of the Life As- sured during the Policy Term, 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. This “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 total period for which premiums have already been paid bears to the maximum period for which premium were original

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: Policy Sta- Before payment After payment tus of two full year's of two full premiums year's premiums Under 50% 75% In-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. compounding half-yearly as at the last trading date of previous finan- cial year plus 3% or the yield earned on the Corpora- tion's Non-Linked Participating fund plus 1%, which- ever is higher. For loan sanctioned during 12 months' 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 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 16 exceed the Surrender Value, the Corporation would be entitled to

If premiumis not paid within the grace period then the pol- icy will lapse. A lapsed policy can be revivedwithin a peri- 9 od of 5 consecutive complete years from the date of first unpaid premium but before the end of policy term, 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 infor- mation 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 at modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved, acceptedand revival receipt is issued by the Corporation. The rate of interest applicable for revival under this prod- uct 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

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 daysfrom 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 plan and rider(s), if any) for the period ofcover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.

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 paidtill the date of death, provided the policy is in-force. ii. If the Life Assured (whether sane or in- sane) 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 toany other claim under thepolicy. 18 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.