Features

It is a plan where premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover is available not only during the term but also during the extended term of the plan.

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the policy term.

Age	Annual Premium per 1000 SA
	12	16	20
15	63.30	55.20	40.40
20	64.25	56.00	41.20
25	65.20	57.00	42.30
30	66.90	58.80	44.20
35	71.05	62.40	47.55
40	78.10	68.10	52.75
45	88.45	76.45	60.15
50	103.30	88.10	-
55	121.80	-	-

Benefits

Survival Benefit:

Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year

For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year

For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year

On expiry of policy term:
Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

DEATH BENEFIT:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term

OPTIONAL RIDER BENEFIT:

Accident Benefit rider shall be available as an optional benefit for a premium at the rate of Re.1 per thousand Accident Benefit Rider Sum Assured. Accident Benefit Rider shall be available for an amount not exceeding the Sum Assured under the basic plan subject to overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes taken with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration. This rider benefit is available only during the policy term but not during extended term.

This rider shall be available for the Life Assured engaged in police duty either in any military, naval or police organisation by payment of an additional premium at the rate of Rs.0.50 per thousand Accident Benefit Rider Sum Assured.

ACCIDENTAL DEATH AND DISABILITY BENEFIT:

On death arising as a result of accident an additional amount equal to the Accident Benefit Rider Sum Assured is payable. On total and permanent disability arising due to accident (within 180 days from the date of accident) an amount equal to the Accident Benefit Rider Sum Assured will be paid over a period of 10 years in monthly instalments.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. Following disabilities due to accident are covered:

a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the
    ankle

No benefit will be paid if accidental death or disability arises due to accident in case of :

a) intentional self-injury, attempted suicide insanity or immorality or the Life
    Assured is under the influence of intoxicating liquor, drug or narcotic
b) engagement in aviation or aeronautics other than that of a passenger in any
    air craft
c) injuries resulting from riots, civil commotion, rebellion, war, invasion,
    hunting, mountaineering, steeple chasing or racing of any kind
d) accident resulting from committing any breach of law
e) accident arising from employment in armed forces or military services or police organisation.

AUTO-COVER FACILITY:

If at least two full years’ premiums have been paid in respect of this policy, any  subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.

PAID UP VALUE:

If after at least three full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void after the expiry of two years Auto Cover Period from the due date of First Unpaid Premium, but shall subsist as a paid up policy for an amount equal to the total premiums paid (excluding any extra/optional premium) less the survival benefits paid earlier, if any. This amount shall be called as Paid Up Value. This paid up value shall be payable on the date of expiry of policy term or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies. The policy, thereafter, shall be free from all liabilities for payment of the within mentioned premiums.

The Accident Benefit Rider will cease to apply if the policy is in lapsed condition. During the Auto Cover Period also, the Accident Benefit Rider shall not be available. The extended term cover shall not be available in case of paid-up policies.

GUARANTEED SURRENDER VALUE:

The Guaranteed Surrender Value shall be available after completion of at least three policy years and at least three full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid excluding the premiums for the first policy year, all extra premiums paid, the premiums paid for Accident Benefit Rider and the amount of survival benefits paid earlier.

OTHER BENEFITS:

The plan offers other benefits as follows :      

Loan : Loan facility is available under this plan after the policy acquires paid up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

Grace Period : A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

Revival : Subject to production of satisfactory evidence of continued insurability,  a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years from the due date of first unpaid premium. The rate of interest applicable will be as decided by the Corporation from time to time.

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

Eligibility

FOR BASIC PLAN:   

Minimum age at entry	:14 years (completed)
Maximum age at entry	:57 years (nearest birthday) for Term 12 years
	:51 years (nearest birthday) for Term 16 years
	45 years (nearest birthday) for Term 20 years
Age at expiry of extended term	:Maximum 75 years (nearest birthday)
Term	:12, 16 and 20 years.
Minimum Sum Assured	:Rs. 50,000 /-
Maximum Sum assured	:No limit

Sum Assured will be in multiples of Rs.5,000 /- only. 

FOR THE ACCIDENT BENEFIT RIDER OPTION :

Minimum age at entry	:18 years (completed)
Maximum age at entry	:57 years (nearest birthday) for Term 12 years
	:51 years (nearest birthday) for Term 16 years
	45 years (nearest birthday) for Term 20 years
Minimum Sum Assured	:Rs. 50,000 /-

Sum Assured will be in multiples of Rs.5,000 /- only.

REBATES / EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSURED:

Mode Rebate / Extra

Rebates are available at the following rates:

Yearly mode	:2% of tabular premium
Half-yearly mode	:1% of tabular premium
Quarterly and SSS modes	:NIL
Monthly mode	5% extra on tabular premium

High Sum Assured Rebates:

Less than Rs. 1 Lakh	:NIL
Rs. 1 Lakh and Less than Rs.2 Lakh	:Rs.5 per thousand Sum Assured
Rs. 2 Lakh and above	:Rs.7.5 per thousand Sum Assured

EXCLUSIONS:

This policy will be void if the Life Assured commits suicide at anytime on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party's bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid, at least one calendar month prior to death.