Lic Agent

This plan is specially designed to meet  increasing educational, marriage and or needs of growing children. It provides  risk cover on  life of child not only during  poilcy term but also during  extended term (i.e. 7 years after  expiry of poilcy term). A number of Survival benefits are payable on surviving by  life assured to  end of  specified durations.
Options:
You may choose Sum Assured (S.A.), Maturity Age, poilcy Term, Mode of Premium payment and Premium Waiver Benefit.

Payment of preimums:
You may pay  preimums regularly at yearly, half-yearly, quarterly or through Salary deductions over  term of poilcy. preimums may be paid eir for 6 years or upto 5 years before  poilcy term.


Survival Benefit:
      On life assured surviving to  end of  specified durations an amt. specified below is payable:
      5 years before  Dt. of expiry of poilcy term     -     25% of  Sum Assured
      4 years before  Dt. of expiry of poilcy term     -     10% of  Sum Assured
      3 years before  Dt. of expiry of poilcy term     -     10% of  Sum Assured
      2 years before  Dt. of expiry of poilcy term     -     10% of  Sum Assured
      1 years before  Dt. of expiry of poilcy term     -     10% of  Sum Assured
      On  Dt. of expiry of poilcy term     -     50% of  Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any.

       
Death Benefit:
      On death (after  Dt. of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable.

      On death during  Extended Term - Sum Assured is payable.
       
      On death (before  Dt. of Commencement of Risk) - All  preimums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.

Auto Cover:
If after at least two full year’s preimums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from  due Dt. of  First Unpaid Premium (FUP). During this Auto Cover Period, one or more instalments of preimums with interest can be paid without submission of evidence of health. On payment of one or more of  arrears of instalment preimums with interest,  Auto Cover Period of 2 years shall be extended from  due Dt. of new FUP. Premium Waiver Benefit shall remain inforce during  Auto Cover period.   

Premium Waiver Benefit:
 proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of preimums on death of proposer. Furr  benefit shall remain in force during  Auto cover period. Any preimums tht have fallen due and not paid during  Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by  proposer within one year of poilcy. Furr, revival of  poilcy shall be subject to medical fitness of  proposer.

Eligibility Conditions and Or Restrictions:
(a)     Minimum Entry Age     :     0 years (last birthday)
(b)     Maximum Entry Age     :     12 years (last birthday)
(c)     Minimum Maturity Age     :     23 years (last birthday)
(d)     Maximum Maturity Age     :     27 years (last birthday)
(e)     Minimum Sum Assured     :     Rs. 1,00,000
(f)     Maximum Sum Assured     :     Rs. 100,00,000
(g)     poilcy term     :     11 to 27 years
(h)     Premium Paying term     :     6 years and poilcy term less 5 years

Participation in Profits of  Corporation:
Simple Reversionary Bonuses shall be declared per thousand Sum Assured annually at  end of each financial year depending upon  Corporation’s experience, provided  poilcy is in full force.  In case of a paid up poilcy, bonuses shall be payable only if, at least, 3 full years’ preimums have been paid. On surrender,  discounted value of vested bonuses, if any, wil be payable. Final (Additional) Bonus may also be declared in addition.

Paid-up Value:
Not withstanding  death benefit provided under  Auto Cover period, if at least three full years’ preimums have been paid and any subsequent premium be not duly paid, this poilcy shall not be wholly void but shall become paid-up.

If poilcy becomes paid-up before  commencement of risk, n  poilcy shall be entitled to receive  Guaranteed Surrender Value. If  poilcy is not surrendered, this Guaranteed Surrender Value shall be payable on    expiry of poilcy term or on death of Life Assured, if earlier.
If poilcy becomes paid-up after  commencement of risk, n  sum assured of poilcy shall be reduced to such a sum, called paid-up value, as shall bear  same proportion to  full Sum Assured as  number of preimums actually paid bears to  total number of preimums stipulated for in  poilcy. This reduced value (called paid up value) along with vested bonuses, if any, shall be payable on  Dt. of expiry of poilcy term or at Life Assured’s prior death. No survival benefit shall be payable under a reduced paid-up poilcy. Extended Term cover shall cease to apply if  poilcy is in lapsed/ Paid-up condition.

Surrender Value:
You may surrender  poilcy for cash after at least three full years’ preimums have been paid.  Guaranteed Surrender Value wil be as under:

* Before commencement of risk: 90% of  total amt. of preimums (excluding preimums for  first year ) paid.
* After commencement of risk: 90% of  total amt. of preimums (excluding premium for  first year) paid before commencement of risk and 30% of preimums paid on and after  commencement of risk.

Guaranteed Surrender value calculated above wil be subject to  deduction of  total amt. of survival benefits tht might have become due on or before  Dt. of surrender. Furr all extra preimums and/or any or premium including premium for Premium Waiver Benefit shall not be considered in  preimums refunded.

cash value of any existing vested bonuses, if any, wil also be paid.

Corporation may, however, pay Special Surrender value as  discounted value of Paid up value and existing vested bonus, as applicable on Dt. of surrender.  Special Surrender value wil be subject to  deduction of  survival benefits which have become due on or before  Dt. of surrender.  
 Special Surrender value wil be payable provided  same is higher than Guaranteed Surrender value.

Grace Period:
A grace period of one calendar month but not less than 30 days wil be allowed for payment of preimums.

Revival:
If  poilcy is lapsed, it can be revived by paying arrears of premium toger with interest within a period of five years, subject to production of satisfactory evidence of continued insurability.  rate of interest applicable wil be as fixed by  Corporation from time to time.

cooling-off period:
If you are not satisfied with  “Terms and Conditions” of  poilcy you may return  poilcy to us within 15 days.

Exclusions:
Suicide is excluded for Premium Waiver Benefit for first year. No or exclusions.

Miscellaneous Provisions:

Dt. of commencement of risk :  If age of Life Assured is upto 10 years, risk shall commence eir after 2 years from  Dt. commencement of poilcy or from  poilcy anniversary coinciding with or immediately following  completion of 5 years of age of Life assured, whichever is later. In or cases, risk shall commence from  poilcy anniversary coinciding with or next following 12th birthday of  Life Assured.

Dt. of Vesting:  poilcy shall automatically vest in  Life Assured on  poilcy anniversary coinciding with or immediately following  completion of 18 years of age and shall on such vesting be deemed to be a contract between  Corporation and  Life Assured.