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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.
*For the Life Assured of age less than 12 years before the commencement of risk, the Policyholder’s Fund Value shall be paid in case of death.
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:
A) Accident Benefit Option:
If you are above18 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.
B) Critical Illness Benefit Rider:
If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs.50,000 and maximum of Rs. 5 lakh (including other policies with LIC of India) provided the policy term is 10 years and above. In case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, an additional sum equal to the Critical Illness Benefit shall be payable.
4. Eligibility Conditions and Other Restrictions:
| (a) | Minimum Age at entry | 0 years (age last birthday) |
| (b) | Maximum Age at entry | 65 years (age nearer birthday) |
| (c) | Minimum Maturity Age | 18 years (completed) |
| (d) | Maximum Maturity Age | For PPT 3 years: 70 years nearest birthday. For Single Premium, PPT 4 or 5 Years: 75 years nearest birthday. |
| (e) | Minimum Policy Term | 5 years |
| (f) | Maximum Policy Term | 20 years |
| (g) | Minimum Premium | Rs. 20,000 for Single Premium |
| (h) | Sum Assured under the Basic Plan | Regular 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.
Commencement of risk in case of minor:
Risk will commence either after 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 7 years of age, whichever is later in case the age at entry of the life assured is less than or equal to 10 years. Where the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. In case of minors aged12 years or more risk will commence immediately.
| 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 - |
5. Investment of Funds: The plan offers following four funds detailed below:
The Policyholder has the option to choose any ONE out 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 premium is received shall be applicable. The premiums received after such time by the 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.
