LIC's Yuva Term

Death benefit payable on death of the Life Assured during the policy term after the date of commencement of risk but before the date of maturity, provided the policy is inforce and claim is admissible shall be “Sum 3 Assured on Death”. Under Regular premium and Limited premium payment, “Sum Assured on Death” is defined as the highest of: • 7 times of Annualised Premium; or • 105% of “Total Premiums Paid” upto the date of death; or • Absolute amount assured to be paid on death. Under Single premium payment, “Sum Assured on Death” is defined as the higher of: • 125% of Single Premium; or • Absolute amount assured to be paid on death. Where, i. “Annualized Premium” shall be the premium amount 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. iii. “Single Premium” shall be the premium amount payable, excluding the taxes, rider premiums, underwriting extra premiums. Absolute amount assured to be paid on death shall depend on Death Benefit Option chosen at the time of taking this policy and is as under: • Option I: Level Sum Assured Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured, which shall remain the same throughout the policy term. • Option II: Inc

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.

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 ) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.

i) Under Regular/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, rider 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 Nomi- nee or beneficiary of the Life Assured shall be entitled to 80 % of the Single Pre- mium paid excluding any extra premium, rider premium and taxes, if collected explicitly.