Eligibility Conditions:

Sum Assured on Death Options

Single Premium- Option A : 10 times of Tabular Premium
Single Premium- Option B : 1.25 times of Tabular Premium
5 years PPT Option 1 : Higher of 10 times of tabular Premium Plus Modal Loading or Basic Sum Assured
5 years PPT Option 2 : Higher of 7 times of tabular Premium Plus Modal Loading or Basic Sum Assured

Date of commencement of risk: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.

Death Benefit :

On Death During the first 5 years

• Before Commencement of Risk: Refund of Premium Paid excluding GST and extra Premium
• After Commencement of Risk : Sum Assured on Death as per Option Selected will be payable

On Death after 5 years

• Sum Assured on Death as per Option Selected will be payable  + Loyalty Additions if any
• Loyalty Additions will be Payable after completion of 5 years only

Maturity Benefit:

• On Life Assured surviving the stipulated Date of Maturity, provided the policy is in-force, “Sum Assured on Maturity” along with Loyalty Addition, if any, shall be payable, where “Sum Assured on Maturity” is equal to Basic Sum Assured.
• Loyalty Additions will be Payable after completion of 5 years only.

Options available: 

Rider Benefits:
a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
b) LIC’s New Term Assurance Rider (UIN: 512B210V01)

Settlement Option (for Maturity Benefit):

• Settlement Option is an option to receive Maturity Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as Paid-up policy
• This option can be exercised by the Policyholder during minority of the Life Assured or by the Life Assured aged 18 years and above, for full or part of the maturity proceeds payable under the policy.

Option to take Death Benefit in installments:

• This is an option to receive Death Benefit in installments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy.
• This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of the Death benefits payable under the policy

Loan Availablility after Payment of Premium of 2 Full years for 5 years PPT and after 3 months from date of Completion of Policy for Single Premium for Single Premium.