LIC's New Jeevan Sathi - Limited Premium

Two options for “Sum Assured on Death” are available under the product. The Proposer (i.e Primary Life Assured) has to choose one of the below mentioned options at the proposal stage itself subject to the eligibility conditions as mentioned in Para 2 above. Option Sum Assured on Death Option I Higher of 7 times of Tabular Annual Premium or Basic Sum Assured Option II Higher of 10.5 times of Tabular Annual Premium or Basic Sum Assured Note: 'Tabular Annual Premium' shall be the premium for the Basic Sum Assured and chosen “Sum Assured on Death” Option, based on ages of both lives assured before allowing for any rebate or loadings or any underwriting extra and does not include any taxes and Rider Premium, if any. 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. The Death Benefit payable under an in-force policy is as detailed below: 4 i. On first death during the policy term: On first death during the Policy Term, provided all due premiums have been paid, after the date of commencement of risk but before the stipulated date of Maturity, “Sum Assured on Death” shall be payable to the surviving Life Assured. Such policy shall continue for the surviving Life Assured. All further premiums from policy anniversary following the date of first deat

On survival of at least one of the lives assured at 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.

The Guaranteed Addition under a paid-up policy shall be sum of the following: a) For the period for which full years' premiums have been paid: The Guaranteed Additions accrued under the policy with the rate as applicable for an in-force policy, shall remain attached under the policy. b) For the policy year for which the full years' premiums have not been paid (the year in which the policy 15 becomes paid-up) and for subsequent policy years: The Guaranteed Additions shall be as under: (i)For the policy year for which the full years' premiums have not been paid, Guaranteed Additions shall accrue at the end of that policy year and shall be sum of proportionate Guaranteed Additions for in- force period, with the rate as applicable for an in- force policy and proportionate Guaranteed Additions for the period policy is paid-up, with the Rate of Guaranteed Additions applicable for paid-up policy (as mentioned below). (ii)For subsequent policy years during the policy term, the Guaranteed Additions shall accrue at the end of each completed policy year with the Rate of Guaranteed Additions applicable for paid-up policy (as mentioned below). The Rate of Guaranteed Additions applicable for paid-up policy shall be equal to applicable Rate of Guaranteed Additions for an in-force policy (as specified in Para 4) multiplied by ratio of total period for which premiums have already been paid to t

Loan shall be available within the surrender value of the policy, during the Policy Term subject to the following: i. Loan can be availed by the Policyholder under both the Option I and Option II after completion of first policy year, provided atleast one full year's premium has been paid. ii. The maximum loan allowed under the policy as a percentage of Surrender Value under both Option I and Option II shall be as under: Policy status Loan as % of Surrender Value In-force 75 % Paid -up 50% iii. The rate of loan interest applicable for full loan term (both during the policy term and after the end of the policy 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 loans sanctioned during the 12 months period commencing from 1st May 2025 to 30th April 2026, the applicable interest rate shall be 9.50% p.a. compounding half-yearly. 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 loan interest on the due dates and when the outstanding loan amount along with interest is to exceed the surrender value, the Co

If the premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived during the life time of both the lives assured, but within 13 a period of 5 consecutive years from the date of First Unpaid Premium but before the end of policy term. 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 both the lives 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 both the lives 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 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 3 % or the yield earned on the Corporation's Non-Lin

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 premium is not paid before the expiry of the days of grace, the Policy lapses. 11 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 opted for] for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.

In case of death due to suicide of either Life Assured or both lives assured simultaneously within 12 months from the date of commencement of risk or from the date of revival of the policy, as applicable, the Nominee or Beneficiary of the Policyholder shall be entitled to 80% of the total premiums paid till the date of death for the Life Assured or the surrender value available as on date of death, whichever is higher, provided the policy is in-force. Premium referred above shall not include any taxes, if collected explicitly, extra premium and Rider premium(s) other than Term Assurance Rider Premium, if any. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies. 21