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2. Benefits:
A) Death Benefit:Higher of Sum Assured or the Policyholder’s Fund Value shall be available as death benefit.
B) Maturity Benefit: On the Life Assured surviving the maturity date of the contract, an amount equal to the Policyholder’s Fund Value is payable.
3. Options:
Accident Benefit Option:
If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000/- and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers). In case of death by Accident, an additional sum equal to Accident Benefit sum assured shall be payable.
4. Eligibility Conditions and Other Restrictions:
| (a) | Minimum Age at entry | 12 years (age last birthday) |
| (b) | Maximum Age at entry | 60 years (age nearer birthday) |
| (c) | Minimum Maturity Age | 18 years (completed) |
| (d) | Maximum Maturity Age | 65 years (age nearer birthday) |
| (e) | Minimum Policy Term | 5 years |
| (f) | Maximum Policy Term | 20 years |
| (g) | Minimum Premium | Rs.20,000/- for first Premium |
| (h) | Sum Assured under the Basic Plan | Higher of 5 times the first year’s annualized premium or half of the policy term times the first year’s annualized premium. |
Where the minimum Sum assured is not in the multiples of Rs. 5,000/-, it will be rounded off to the next multiple of Rs. 5,000/-.
5. Investment of Funds: Plan offers following four Funds detailed below:
| Fund Type | Investment in Government / Government Guaranteed Securities / Corporate Debt | Short-term Investment such as money market Instruments (Including Govt. Securities & Corporate Debt) | Investment in Listed Equity Shares | Details and objective of the fund for risk/return |
| Bond Fund | Not less than 60% | 100% | Nil | Low risk |
| Secured Fund | Not less than 45% | Not more than 85% | Not less than 15% & Not more than 55% | Steady Income - Lower to Medium risk |
| Balanced Fund | Not less than 30% | Not more than 70% | Not less than 30% & Not more than 70% | Balanced Income and growth - Medium risk |
| Growth Fund | Not less than 20% | Not more than 60% | Not less than 40% & Not more than 55% | Long term Capital growth - High Risk |
The Policyholder has the option to choose any ONE of the above 4 funds.
6. Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under:Appropriation price is applied (when fund is expanding): Market value of investments held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated).
Expropriation price is applied (when fund is contracting): Market value of investments held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed).
Applicability of Net Asset Value (NAV): The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the Corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable.
Similarly, in respect of the valid applications received for surrender, partial withdrawal, death claim, switches etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim, switches etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable.
In respect of maturity claim, NAV of the date of maturity shall be applicable.
The timing given is as per the existing guidelines and changes in this regard shall be as per the instruction from IRDA.
