It is a non linked, with profits, limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 10 Lakh especially designed for targeted High Net-worth Individuals. This plan provides lump sum financial support to family in case of death but also provides payment in case of diagnosis of specified critical illness.
It gives you lump sum amount in case of death during policy term and incase of survival, survival benefit amount is payable on Term – 4 Years, Term – 2 Years and on completion of Term.
In case of death of Proposer wherein life assured is minor, all future premiums will be borne by LIC.
Policy is eligible for guaranteed bonus at the rate of Rs. 50.00 per thousand per year during first 5 policy term and thereafter at the rate of Rs. 55.00 per thousand per year.
Standalone Additional Accident Benefit Maximum of Rs. 1,00,00,00/- is allowed other than regular accidental benefit under other policies.
Eligibility Criteria
| Minimum | Maximum |
Entry Age | 8 Years (completed) | 55 Years (nearer birthday) for Policy Term 14 Years |
Term | 14, 16, 18, 20, 24 and 28 Years | |
PPT | (Policy Term - 4) Years | |
Sum Assured | ₹ 10,00,000/- | No Limit |
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC’s Accidental Death and Disability Rider
LIC’s Accident Benefit Rider
LIC’s New Term Insurance Rider
LIC’s Premium Waiver Benefit Rider
Death Benefit
On death of the Life Assured during First Five Policy Years: Dearth Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition shall be payable.
On death after completion of Five Policy Years but before the date of Maturity: Dearth Benefit defined as sum of “Sum Assured on Death” and accrued Guaranteed Addition and Loyalty Addition shall be payable.
Where “Sum Assured on Death” is defined as higher of 125% Basic Sum Assured or 7 times of annualised premium.
This Death Benefit (as defined above) shall not be less than 105% of total premiums paid upto the date of death. Where,
1. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC’s Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid.
Survival Benefit
| Policy Term | Survival Benefits Years |
| 14 Years | 30% of Basic Sum Assured on each of 10th and 12th Policy Anniversary |
| 16 Years | 35% of Basic Sum Assured on each of 12th and 14th Policy Anniversary |
| 18 Years | 40% of Basic Sum Assured on each of 14th and 16th Policy Anniversary |
| 20 Years | 45% of Basic Sum Assured on each of 16th and 18th Policy Anniversary |
| 24 Years | 45% of Basic Sum Assured on each of 20th and 22nd Policy Anniversary |
| 28 Years | 45% of Basic Sum Assured on each of 24th and 26th Policy Anniversary |
Maturity Benefit
40% of Basic Sum Assured on Maturity alongwith accrued Guaranteed Additions and Loyalty Addition.
Loan Facility is available after completion of first policy year provided one full year’s premium has been paid.
Option to Surrender the Policy
The policy can be surrendered by the policyholder after completion of first policy year provided atleast one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to higher of Guaranteed Surrender Value and Special Surrender Value.
