It is a Non-Par, Non-Linked, Individual, Savings, Whole Life Insurance plan. It is a Limited Premium plan with Guaranteed Additions throughout Premium Paying Term
Guaranteed income equal to 10% of Sum Assured will be received as per the option selected. Income will start after the deferement period.
This product offers LifeTime Riskcover, in the Deferement Period as well as in the Income Period.
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Flexibility to select Sum Assured as per choice
Option 1 (Regular Income Benefit)
Option 2 (Flexi Income Benefit)
Flexibility to select Premium Payment Term from 5 years to 16 years
Eligibility Criteria
| Minimum | Maximum | |
| Age at Entry | 30 Days (completed) | 65 Years |
| Premium Paying Term | 5 yrs | 16 yrs |
| Sum Assured | 5 Lakhs | No Limit |
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC’s Accidental Death & Disability Benefit Rider
LIC’s Accident Benefit Rider
LIC’s New Term Assurance Rider
LIC’s Premium Waiver Benefit Rider
Deferment Period (from the end of the Premium Paying Term till the Income starts)
| PPT | Income Start Year |
| 5 yrs to 8 yrs | 11th Policy Year |
| 9 yrs | 12th Policy Year |
| 10 yrs | 13th Policy Year |
| 11 yrs | 14th Policy Year |
| 12 yrs | 15th Policy Year |
| 13 yrs | 16th Policy Year |
| 14 yrs | 17th Policy Year |
| 15 yrs | 18th Policy Year |
| 16 yrs | 19th Policy Year |
Death Benefit
On death of the Life Assured during the Policy Term, Sum Assured on Death alongwith accrued Guaranteed Additions, where “Sum Assured on Death” is defined as higher of 125% of 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.
Survival Benefit
Survival Benefit in form of Regular Income Benefit or Flexi Income Benefit as per the option chosen shall be as under:
Option I - Regular Income Benefit:
On survival of Life Assured, Regular Income Benefit equal to 10% of Basic Sum Assured shall be payable at the end of each policy year starting from the year as specified in Table 1 below, provided all due premium have been paid.
Option II - Flexi Income Benefit:
On survival of Life Assured, the policyholder shall be eligible for Flexi Income Benefit equal to 10% of Basic Sum Assured at the end of each policy year starting. Policyholder on written request can withdraw once in a policy year, a maximum of 75% of balance accumulated Flexi Income Benefit(s) including interest, i
Guaranteed Additions
Under an inforce policy, the Guaranteed Additions shall accrue at the rate of Rs. 40 per thousand Basic Sum Assured at the end of each policy year during the Premium Paying Term. There shall be no further accrual of Guaranteed Additions after Premium Paying Term.
Maturity Benefit
Maturity Benefit is not available under this plan.
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.
