Eligibility Criteria:

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.

Date of vesting: If the policy is issued on the life of a minor, the policy shall automatically vest on the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.


Benefits Payable under the policy:

A. Death Benefit:
Before Commencement Of Risk
Return of premiums paid excluding taxes, extra premium and rider premium(s), if any.

After Commencement of risk
Sum Assured on Death Plus Accrued Guaranteed Additions will be Payable Where “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium.

Death Benefit  shall not be less than 105% of the total Premiums paid (excluding any extra premium, any rider premium(s) and taxes) up to the date of death.

B. Maturity Benefit (Basic Sum Assured + Guaranteed Additions)
Guaranteed Additions @Rs 50 per thousand Basic Sum Assured will be added to the Policy at the end of each Policy.

Options available:

1) Rider Benefits:
      a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
      b) LIC’s Accident Benefit Rider (UIN:512B203V03)
      c) LIC’s New Term Assurance Rider (UIN: 512B210V01)
      d) LIC’s New Critical Illness Benefit Rider (UIN: 512A212V02)
      e) LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)

2) Settlement Option (for Maturity Benefit):

• Settlement Option is an option to receive Maturity Benefit in instalments 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.

3) 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.

4) Loan Availability after Payment of Premium of 2 Full years.