LIC's Yuva Credit Life

Death benefit, payable on death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated Date of Maturity, provided the policy is in-force and claim is admissible shall be “Sum Assured on Death”. For Limited premium payment policy, “Sum Assured on Death” is defined as the higher of: • 105% of “Total Premiums Paid” up to the date of death; or • Absolute amount assured to be paid on death. Where, “Total Premiums Paid” means the total of all premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly. 3 For Single premium policy, “Sum Assured on Death” is defined as : • Absolute amount assured to be paid on death Where Single Premium shall be the premium amount payable excluding taxes and underwriting extra premiums. Absolute amount assured to be paid on death shall be as specified in the Risk Cover Schedule. The Risk Cover Schedule shall show the Sum Assured on Death for each Policy Year and shall be based on the chosen interest rate p.a. effective on an equated yearly repayment basis, irrespective of the actual loan repayment. At the inception, the Sum Assured on Death shall be equal to the Basic Sum Assured and subsequently at each Policy Year, Sum Assured on Death shall be as mentioned in the Risk Cover Schedule. Death Benefit as specified in the Risk Cover Schedule may be higher or low

On survival of the life assured to the end of the policy term, no maturity benefit is payable.

No loan will be available under this plan.

(applicable for Limited Premium Payment) 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 the Life Assured but 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 Insurabili- ty of the Life 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 the Policyholder/Life Assured. The Corporation, however, reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation 6 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. compounding half yearly as at the last trading day of previo

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 Cor- poration shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.

i) Under Limited Premium Policy: If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy as applicable, the nominee or beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid (excluding any extra premium and taxes if collected explicitly) till the date of death, provided the policy is in force.. This clause shall not be applicable for a lapsed policy as nothing is payable under such policies. ii) Under Single Premium Policy: If the Life assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk under the policy, the Nom- inee or beneficiary of the Life Assured shall be entitled to 80% of the Single Premium paid excluding any extra premium and taxes ,if collected explicitly.