LIFE INSURANCE CORPORATION OF INDIA ‘CENTRAL OFFICE Dept: Product Development "Yogakshemst Jeevan Bima Marg Mumbai 400024 Ref: COPOSO Date: 31" Janunry, 2020 To, A HO0s of Central Offee, ‘ll Zonal Ofces, ‘Al Dsional Ofices, ‘AL PRGS Unt, ‘All Branch Offices & Satelite Offices, ‘Ast & Inspection Depts. MOC, ZTCs, STCs, 4 JEEVAN LABH PLAN 4. INTRODUCTION: In view ofthe new Product Regulations, 2019 issued by IRDAI, thas been decided to modity L's Jeevan Labh Pian (Pian No. 836), Unique identification Number (UIN) SY2N304VOr, ‘The modifications are as under: 1) Definition of “Sum Assured on Death” has been modified from “aighor of Basic Sum Assured or 10 times of annualised premium” to “higher of Basic Sum ‘Assured or 7 times of annualised premium”. 1) In addition tothe exiting Riders available under the plan, the following additional Ridors have been allowed: 2). LG's Accident Benefit Rider (UIN:5128203V03) B)_LIC's Premium Waver Benefit Rider (UIN:5126204V03) |i) The following Options have also been allowor! a) Settlement Option for Maturity Benefit 1) Option to take Death Benefit in instalments |v) Revival period has boon extended from 2 years to 5 years. Y) Policy shall now acquire Surrender Value if premiums are paid for atleast two consecutive Years as against earler condition of three years. Accordingly, the policy shall become paid-up and policy loan s Of 40 full vars” premiums. ‘be availabe ater payment ‘vl Guaranteed Surrender Value factors applicable to “total premiums pald” have been modified i) Special Surender Value factors have been annexed to this Circular. vil) Grace Period has been modified from “1 calendar month but not less than 30 days” to "20 days” for yearly hal-yoarly! quarterly mode of premium payment. x) The relaxation of claim payment under dlacontinued policy sh forthe death due to Suicide and same ls mentioned under Suicide Clause, LIC’s Jeevan Lab (Plan No. 936) Paget of 17 be tbe applicableX) _"CEIS Rebato" has boon renamed as “CIS Rebate” which shall alsobe available for ‘employees of the Corporation and Its ‘Subsidaries/Associate Companies as per the prev inthis regard. “The now Unique identi {or LIC’ Jeevan Labh olan is 612N304V02. The ‘umber hs to be quoted n al relevant documents furched to the polcyhaldas ang other users (pubic, aisriuion channels et), ling Policy of the Corporation “The mosiied version ofthe plan shall be launches from 4" February, 2020. The new Plan ‘Number fr this moatied LIC s Jeevan Labh Pian shall be 936, LCs Jeevan Labh Pian is anontinked, particpain, individual, i surance savings plan ‘The benofis and othr detals of he plan with above mentioned modifications are given below. 2, ELIGIBILITY CONDITIONS AND RESTRICTIONS FOR BASE PLAN: 8) Minimum Age at err for Life Assured : [8] years (completed) 1») Maximum Age at ent for Life Assured: [59] years (nbd) for Poly Ter 16 years [54] years (nba) fr Poly Term 21 years 8 [50] years (nba) for Poly Ter 25 years ©) Maximum Age at Matty for Life Assure: (75 years (nb) ) Policy TermiPremium Paying Term : [160,211 and 25/16] years ©) Minimum Basic Sum Assured: Rs, 2,00,000/- ) Maximum Basic Sum Assured: No Limit ‘The Basic Sum Assured shall bein mutiples of Rs. 10,000: ony ‘Age at entry fr the Pooyhoder isto be taken as age nearer birthday (nf) except forthe rmiimum age at enty.e. 8 years (Completed). Date of Commencement of Risk: Under this plan the risk wil commence inmedately from {he Dae of ssuance of ply, Date of issuance of policy is a date when a proposal ater underwiing 6 aocepted as a poly and the contract ges eects, Dato of Vesting under the plan (Applicable ony ifthe Life Assured is below 18 years on, the dato of commencement of policy Ifthe Lite Assured fe alve onthe vesing ate and if 2 request in wring for surtendening the poey has not been recelved by Corporation betore ‘such vesting date from the person ened tothe policy moneys, tis pokey shal automatically vest in the Life Assured on such vesting date Le. on the poly anniversary coinciding with oF |mnmodiatelyfallowng the completion of 18 years of age and shal on such vesting be deemed to be a contract between the Corporaton and Life Assured. The Life Assured shall Become the absolute owner of the palcy and proposer Gr his estate shall cease fo have ary ght oF Interest therein 3. BENEFITS: ‘The benefits payable under an nforce policy areas under: 8) Benefits payable on death: ‘On death ofthe Life Assured during the Poly Term, Qeath Benefit equal to "Sum Assured ‘on Death alongwith vesied Simple Reversionary bonuses and Final Addtonl bonus, any, LIC’s Jeevan Labh (Plan No. 936) Page 2 of 17 few‘shall be payable: where “Sum Assured on Death is defined as higher of Basic Sum Assured ‘7 times of annualised peemiom “This Death Geneft (as define above) shal not be less than 105% of total premiums paid upto ‘the date of death ‘The premiums merioned above exclude taxes, extra premium and Rider premiums, i any. ») Benefits payable on maturity: (On survival of Life Resured to end of the Policy Term, provded all due preriums have been paid, "Sum Assured on Maturiy” alongwith vested Simple Reversionary baruses and Final ‘Adtonal bonus, fay, shall be payable; where ‘Sum Assured on Maturity” is equal to the ‘Basie Sum Assured, ©) Participation in Profits: ‘Depending upon the Corporation's experience the poles shall pricpato inthe profits and shall be eigble for simple reversionary bonus at Such rate and on such trms as may be ‘eciared by the Corporation. Final Additional Bonus may also be declared under the poy which willbe payable on the ‘expity ofthe Poly Term or on ear death provided the policy has run for certain minimum {erm as per valuation crcular issued by Acuarial Department of Cetra Ofice inthis regard Final Acdtional Bonus shal not be payable under the pat-up polices. 4, OPTIONAL RIDER BENEFITS: The folowing five optional Riders are available under tis plan. However, the policyholder can opt betwoan either of LIC Aecidantal Death and Dieablly Benoft Rider or LIC's Accident Boneft Rider 1) LiC's Accidental Death and Disability Benefit Rider (UIN 5128209V02) C's Acodenfal Death and Disabilly Benefit Rider i availabe as an cptional Rider by ‘payment of addtional premium. Under an inforce poe, this Rider can be oped for at any {ime within the Promium Paying Torm ofthe Base Pan provided the outstanding Premium Paying Term of the Base Pian as wel the Rider Is aleast§ years. The bare cover under verssny on which age. iLend-ofPoscy Term, whichever is earbet Wf thie benefit is opted for, an amount equal to the Accident Benefit Sum Assured is payable on death due to aceldent, prowded the Rider i nforce atthe tne of accident. In fave of accidental permanent dsbilty (wihin 180 days from the date of acodent), an amount equal to the Acadent Benefit Sum Assured wil be paid in equal monthly instalments spread over 10 years and future premiums, If any, shall abo be waived In respect of the Rider and the premium for Base Policy coresponding to Basic Sum ‘Assured equal to Accident Benet Sum Assured. The promiums for oer ride), # opted for, and premium for Base Pobcy comespanding to the dference inthe Basic Sum [Assured and Accident Benefit Sum Assure (f Basic Sum Assured exceads the Accent Benefit Sum Assured) shal canine to be ald. the pay becomes a claim by way of ‘death or matury before the expiry of the said period of 10 years, the dlsabity benefit instalments which have nat falen due willbe paid along with the claim aroun. “The premium for this Rider wil nat be required to be paid after all premiums under the Base Plan have been pal or after the cover ceasing age in respect of this Rider, ‘whichever seater. LCs Accidental Death and Disabity Beneft Rider shall not acquire any Fai-up value and the Rider beneft wil cease to apply, poi in lapsed conan. LIC’ Jeevan Lab (Plan No. 936) Page 3 of 17 byBeyond the speci detas as mentioned in thie Circular in respect ofthis Rider, any ‘adaltonaldetls tke refund tobe mace in respect ofthis der on suerder of base plan, ‘equltements of clam, definition of eisabity ete. may be referred from fe Rider Creu Ref: COIPO/44 dated 2™ January, 2014 and CO/PD/102 dated 16° Decanter 2017. ‘Eligibility conditions and restrictions: Rina Entry 8 18 years (complete) ') Maximum Enty Age The cover can be opted for at inception oat any poley anniversary theese, prowded the ‘utstanding Premium Payeg Term under the Base Polcy as woll as sider is at last years Le the cover ean be optes for, on or before 5" poly anniversary in case ef PPT= 10 ears, on {before 10" policy anniversary in case of PeT= 15 years. and. on cr before 11 policy anniversary in case of PPT= 16 yeare under the Base Polity. However, In any case. the maximum age at entry ‘sal not exceed 65 years (nearer bithday). ©) Rider Term (Outstanding plcy term of the Base Pian or (70 minus age at en), whichever is lower 1) Maximum cover ceasing Age 70 years (nearer bithday) ©) Minimum Accident Benefit Sum Assured: Rs, 10,000/- 18) Maximum Accident Benefit Sum Assured: An amount equal tothe Basic Sum Ascured Under the Base Policy subject to the madmum of RS 100 lakhs ovecl it taking all ‘existing polices (excluding eddsonal It of Rs. 10 lakhs Under poles taken under LCs Jeevan Shiromany) ofthe Life Assured under incivisual as well a8 group pies including poles with inbull accident benef taken wih Life Insurance Corporation of Ina and the Acident Beneft Sum Assurod under the nw proposal io consieraton Even considering the addtional Accident Beneft Sum Ascured ik 3 Re, 100 lakhs above this, alowed under LIC's Jeevan Shiomary only, the maximum Accident Benet ‘over offered to an iniidual in any case including the poscies taken under LIC's| ‘Jeevan Shiroman wil net exceed Rs. 200 lakhs. “The Accident Bena Sum Assured shal bein miles of Rs. §,000/-onl, 1) Lic's Accident Benefit Rider UIN (512820309) C's Acodent Bonoft Riser i avaiable as an optional Rider by payment of addtional premium. Under an iforce policy, this Rar canbe opted frat any time within the Premium Paying Term ofthe Base Polity provided the oulstanaing Premium Paying Term of the Gase Pian ‘aswell the rir is atleast 5 years. The benef caver under this Ror shel be avail ti the ond of Premium Paving Term of, this benefit is opted for and i he Life Assured i involved in an accident teading to death within 180 days fem the date of accent then an amour equal to the Recent Benet ‘Sum Assured is payable. However, the polcy shall have to be inforeo atthe tme of accident respective of whether or nat is nfores athe te of death, LUC's Accident Bonet Rider shal ot acquire any pald-up value and the Rider benef wil ‘ease to apply, pobcy isin lapsed condition, Beyond the specific details 2s mentioned in this Goular in repect otis Rider, any addlonal detais Ike requiromerts of claim et, may be referred from the Rider Ccular Ref: COmPDI9S dated 9” November, 2013 and COIPDII02 dated 16" December 2017, LIC’s Jeevan Lab (Plan No, 936) Page 4 of 17 re‘Etinbilty conditions and restrictions: 2) Mira Enty Age “B years (completed) 1) Maxanum Enty Age “The cover can be opted for at inception or at any policy ‘anniversary thereat, provided ‘he outstanding Premum Paying Tetm under the Bate Potcy as well {25 rider i atleast 6 year Le. the cover can ba opted fox, on or before 8 poly anniversary in case of PPT= 10 years, on or Before 10" poy anniversary in case of PPT= 15 years and on or bof 11° paey ‘niversary incase of PPT= 16 yoars under the Basa Pley. However, 9 any case the maxomum age at lenty shall not exceed 68 years (nearer bithday). ©) Rider Term Outstanding premium paying term of he Babo Pian 8) Cover ceasing Age “oyears (nearer bithday) ©) Minimum Acadent Benefit Sum Assured: Re 20,0001. ) Maximum Accident Beneft Sum Assured: An amount equal to the Basic Sum Assured Under the Base Policy subject tothe mandmum of RS. 100 lakhs overall lit taking all ‘existing poles (excluding addtonal Int of Ri 100 lakhs under potties taken under Uc’ Jeevan Shiromani of the Life Assured under incividual as wel as group poboss Inclusing pats with inout accent benoit taken with Life Insurance Corporation of Inga and the Accident Benefit Sum Assured under the new proposal ira consideration, Even considering the addtional Accident Benefit Sum Assured int of Rs, 100 las ‘ove this, alowed under LICs Jeevan Shiomani only. the maximum Accident Benefit cover offered fo an individual in any case incudeg the poles tacen under LCS “Jeovan Shiman wl not exceed Re. 200 lakhs ‘The Accident Beneft Sum Assured shal bein multiples of Rs. 6000-01. Note :The overall imit of Accident Benefit Sum Assured shall be In:lusive of Sum ‘Assured under all the Accident Benefit Riders ie. the LiC's Accidental Death and. Disability Benefit Rider, LIC's Accident Benefit Rider and LIC's Linked Accidental Death Benefit Rider i) Lic’s Now Term Assurance Rider (UIN 6128210V0%}: LCs New Term Assurance Rider is avaiable as an optional Rider at the inception ofthe polcy by payment of additonal premium, The onal premium for ths Rider vl eed to ‘be paid along with the premium ofthe Base Policy and any oer Rides), opted fr, ‘uring the Premium Paying Term ofthe poly. The benefit cover under ts Rger hall be ‘vallable during tha Poey Term, this bene is opted for, an amount equal fo Term Assurance Rider Sim Assured shall be payable on death ofthe Life Assured during the Polcy Term, provide the Rider cover IS infore, LUc's New Term Assurance Rider shall not acque any paid-up valu andthe Rider bene wil cease to appt, poly isin apse conan, Beyond the specic deals as mentioned in this Cicular in respect ofthis Rider, ary ‘addtional deta ike fund to be mado in respac ofthis Rider on surrender of Base Plan (, may be referred ftom the Rider Creular Ret COIPDIGS dated 3 November, 2014. num Entry Age (8 years (completed) b) Maximum Enty Age [59] years (nbd) for Poly Term 1 years [A] years (nba) fr Pokey Term 21 Years & [50] years (nba) for Poly Term 25 years LIC’s Jevan Lab (Plan No. 936) Page Sof 17 pew©) Policy Term ‘Same as Base Policy ©) Premium Paying Term ‘Same as Bae Pocy ©) Minimum Term Assurance Rider Sum Assured: Re, 1000001. {) Maximum Term Assurance Rider Sum Assured: An amount equal to Basic Sum Assured Under the Base Poicy subject to the maximum of Rs 25 take overall im taking all Term ‘Assurance Rider Sum Assured under all existing plises ofthe Lie Assured including the ‘new proposal into consideration ‘The Term Assurance Rider Sum Assured can be token in mutipes of Ps, §,000-ony. 'v) L1o's Now Critica lines s Genet Rider (UIN 6124212V0", LUC's New Crital ness Beneft Rider is available at the Inception of the pocy on payment of atonal premium. The adational premium for hs Rider wilnee to be paid ‘song withthe premium ofthe Base Plan and any cher Ridr() oped for, ring the Promium Paying Term of the poley. The cover under this Rider shall be avalible ding ‘the Policy Term, his Rider is opted for, on fst diagnosis of any one ofthe 15 Critical lnesses covered under this Rider, the Creal linese ‘Sum Assured shall be payable subjct 10 the ‘onctions specified n the Rider Circular Ret CO/PDIO0 dated To" Dovoniber, 2016, C's New Ciel liness Benoft Rider shal not acquire any pad-up value and the Rider benefit will cease to apply, if poy isin lapsed conation Beyond the specie details as mentioned inthis Circular in respect ofthis Rider, adational ‘deta ke refund tobe made in respect ofthis Rider on surrender of Bace Pan ete, may be refered fom the rider ccuar Ret. COVPDIGO dated 10" December, 2018. ‘Eligibility conditions and restictions: 2) Mrimum Enty Age ‘ayars (as ithay) ®) Masmum Ent Age {50} year be or Poly Tam 18 years {4 year ba) Paley Tem 21 yours & {50 years for Posey Tem 25 Yeas ©) Policy TerniPeT ‘Same as Base Polley {9 Minimum Crea linass Sum Assured: Re, 1.00000" ©) Maxinm Crticalinees Sum Assured : An amount equal o Basie Sun Assured under the Base Poti subject tothe maximum of R.25 lakhs overall nt taking all xing policies ofthe Life Assured undar this Rider andthe Critalliness Sun Assured under the new proposal into consideration, ‘Age at entry forthe Polyolderis tobe taken as age as bith, ‘The Citca lines Sum Assured shal bo in multiples of Rs 5,000 ony ¥)LiG's Premium Waver Benefit Rider (VIN: 5128204V03): LC’s Premium Waiver Benefit Rider shall bo alowed only under a proposal / policy wherein the Li upto age 17 years ino) at th 8 Rider ‘This Rider is allowed on the if of eligible Proposer on payment of adtional premium. ‘This Rider can be opted for at anytime during the Premium Paying Term of the Base Poley (e. on the Poly Anniversary comnidng wih or the next Peloy Anniversary folowing tho date of acoplance of application) provided the outstanding Premium Paying ‘Term ofthe Base Poboy and the Riders at lact 8 years. However, inary eaza the Rider ‘Term shall bo outstanding premium paying term of Base Poscy as on date of oping this fider or (25 minus age of the minor Lia Assured atthe time of the ooting the Rider), ‘whichever flower. LIC’s Jeevan Labh (Plan No. 936) Page 6 017 WeePro ie Tf this Rider Is opted for, on death cf Proposer of the Basa Policy (on whose ie this Riger has been oped fo") during the Rider Term, premiums payable respect of base Policy, faling cue on and after the date of death il the expiry of Fider Term. shall be waives, anyother Riders iar) also attached with the Base Potoy, the premiums in respect ‘of such Riders) shall not be waived and hence shall continue fo be pad 88 per ‘respective Rider condone Further, i Premium Paying Term of the Base Polley exceeds the Rider Term, al the Dremiums due under the Base Poly ftom the date of expry of this temium Water Benefit Rider shall be payable by the Life Ascured as per the terms and conditions of the Base Poly “The addtional premium charg in respect of PW Rider shall ot be taken nto account in arriving at te amount to be refunded in calculating the surender vaie ofthe potcy. ‘The medical report and special reports, required, at proposal tage or on revival, hall be atthe proposers oun expence fom the Corporations appointed Macs! Examiner LUC’s Premium Waiver Beneft Rider shall not aoqure any pat-up value and the Rider benefit will cease o apply I pale isn lapsed conation, Beyond the specific detalls 2s mentioned in this Circular in respect ofthis Rider, adetona ‘etal tke refund during fee ook peiod, poly stamping ee. may be fetered from the Rider Circular Ret COIPOI127 dated 81" January, 2020, Eligibility conditions and restrictor 2) Micimum Enty Age [18] years (completes) 1b) Maximum Enty Age [55] years (Nearer Bithsay) ©) Policy Term Rider Term: Outstanding Premium Paying Term of he Base Policy a8, ‘on the date of opting this Fier or (25 minus age of minor 8 on the date of opting ths Ride), whchever i ower, Subject to the minmam outstanding. Rider term of § years. The date of opting Le: Date of Commencement of {hs Rider ena be ™ Date of Commencement of Base Folly, If Rider is ‘opted for at ncaption: oF « Poicy anniversary coinciding wih or next policy niversary, follwing the date of acceptance of plication I Rider is opted fora the later stage a ‘an aeration 4) Maximum cover ceasing ag 70] years (Nearer Birthay) (Ge. the Rider Term plus age of the Froposer is more than 70 years, the Reder shai not be alowed) Note: The premium under LIC's Accident Benefit Rider or LIC's Accidental Death and. Disability Benefit Rider and LG's New Critical liness Benefit Rider shall not exceed 100% of premium under the base produc, the premiums under all ether life insurance, Fiders put together shall not exceed 30% of premiums under the bas» product. Any benefit arising under each of the riders shall not exceed the Sum Assured under Base, product IC's Jeevan Labh (Plan No. 936) Page 7of 17 bee5. OPTION AVAILABLE UNDER THE BASE PLAN: 1) Settlement Option (for Maturity Benefit: Settlement Option is an opton to recave Maturty Beneft in instalments over the chosen period of 5 or 10 or 15 years instoad ofumpsum ammount under an infer as wel as pad lp policy. This option can be exercised by the Polcyholser during minor) of the Life ‘Assured or by Life Assured aged 18 years and above, for flor pat of Waturty proceeds payable under the poly. The amount opted for by the Poleyolaerife Assured (Ve, Net ‘Claim Amount) can be’ ether in absolute value or as a parcentage ote total claim proceeds payable ‘The instalments shall be pa in advance at yearly or ha-yearty or quatery or monthly intovais, a5 opted for subjed (0 minmum instant amount for ctferent mode. of payments being as uncer ‘Mode of instalment payment | Monthy Re. 50000 7 ‘Quarters Halt Veariy Rs. 25,00 Yeatiy Rs. 60,0000 ‘tthe net claim amounts less than the requred amount to provide the mismum instalment ‘amount a8 per the option exercised by the Life Assured, the claim procsads shall be paid intumpsu ony ‘The interest ries applicable for arriving at the instalment payments under Setiment (Option shall be as fed bythe Corporation from time to tne. rcising the Maturity Benefit, the Pocyholder! Life [Assured shall be fequred to exercise option for payment of net calm amount in instalments atleast $ months before the due date of matty lim, ‘The fest payment willbe made on the date of maturity and thereafter, based on the mode of instalment payment opted for bythe poleyholder, every month or three month or sb ‘month or annually fem the date of matuy, asthe case may be. ‘After the commencement of Instalment payments under Settlement Option against Maturity Benefit: + Ifa Life Assured, who has exercised Setleoment Option against Maturty Benefit, sires to withdraw ths option and commute the outstanding instalnents, the samme shall be allowed on receipt of written request rom the Life Assured. In such case, the Tumpsum amount which is higher of the following shal be pald snd’ poley. shal terminate: ~ dscounted vale fal the fur instalments due: or = the onginl amount for which settement option was exercised less (um of {otal instalments already pa), +The intrest rates applicable for discounting the future instalment payments shall be 3s fixed by the Corporation from te to time. + Alter the Date of Maturty, In case of death ofthe Life Assured, wep has exercised Settlement Opton, the outstanding instalments wil continue to be pal tothe nominee {85 per the option exercised by the Life Assuted and no aeration whatsoever shal be ‘lowed to be made by the nominee, ‘Any further instructions including applicable interest rates shall be issued by Actuarial Department, Cental ofice. LIC’s Jeevan Labl (Plan No, 936) Page of 17 wee1) Option to take Death Benefit in instalments: ‘Thi is an option to receive Death Boreft in instalments over the chosen period ofS or 10, of 1 years neload of kmpsum amount under an inforce a¢ wel a8 pals-up poly. Ths ‘option can be exercised by the Polloyolderauing minority ofthe Lie Assured or by Life Assured aged 18 years and above, during hisher ie tne; ofl or part of Death benefts payable under the poey. The amount opted by the Polcyholdefifefssured (le. Net iain Amount) can be either in absolute value or as a percentage ofthe total aim proceeds payable, ‘The instalments shall be pal in advance at yearty or hal yeary or quater or monthly Intervals, a8 opted fr, subject to mamum instalment amount for ferent modes of payments being asunder: ‘Mode of instalment payment | Minimum instalment amount Rs. 6 000% Re. 15 00 — IF the Nat Claim Amount is fess than the required amount to provide the minimum instalment amount as per the option exercised by the Poleyholdartfe acsured, the aim proceeds shat! be paid in umpsum ony. “The intrest rates applicable for ariving atthe instalment payments under this option shall be as fixe by te Corporation from time t time Fo exercising option to take Death Beneft in instalments, the Poleyhoer during mina Of the Lif Assured or the Life Assured, iP maj, can exercse ths oplen during hisher Wetime who in currency ofthe paley. spectying the perio of Instalmet payment and net ‘claim amount for which the option is to be exariced. The death calm amount shal then be paid tothe nominee as per the option exerised by he Poleyholderife Assured and No aiterstion whatsoever shal be alowed tobe made bythe nominee. ‘Any further instructions incuding appllesbe interest rates shall be issued by Actuarial Deparment, Central fice. 6, MODE OF PREMIUM PAYMENT: Te movies of premium payment alowable are Yearly, Half Yeary, Quarry and Monthy (through NACH only or trough salary deductions ($88) 7. PREMIUM RATES: ‘The tabular premium rates and Class ~ | extra premium rt ‘2 avaiable Riders aro enclosed and tabuleted bolow- In ospect of Base plan as wel Annexure: Particulars ‘Annexure 1 | Tabular Premium alas per Rs. 10007 Basic Sum Pasured or Base iase- | Ex promim rales por Re. OOO Batic Sum Assured Tor | Annexure2 | Base'Plan ‘The tabular premium rafea par Re 10000 Accident Bonet Sum [Assured for IC's Accidental Death and Disability Benefit Rider. ‘annexure | Thefe are two categories for Accisent Beneft premium rates Category. rates are applicable o all the tfe asswed except those faling “under ‘category. Category rates are applicable to Life Assurede engaged in police duly in any police oWganzaton other LLC's Jeevan Lab (Plan No. 936) Page 9 of 17 beyTan paramniary Tras and OpC Tor Ts Gover wile engaged polloe dy. [Annexure | TabUEr Promium rales por Rs. TOOL Torn Assurance Rider Sum | ‘Assured for LIC's New Torm Assurance Rider | Annenure s | OBS [Extra premium rats per Rs. 1000/- Term Assurance Rider Sum Assured for LIG's Now Term Assurance Ridet | [Annexure ¢ | Tabular Premium rales per Rs. 1000/- Crea ness Sum Assured °S | ferLic's New Critical liness Benefit Rider “annexure? | C886: | Extra promium rales per Rs. 10000 Cia Tiness Sum ‘Assured for LIC's New Critical Ilness Benefit Rider ‘Annexuree | Tabular Promium rates per Rs. 100/- Base Pian Premium for IC's [Annexure 9 ‘The premium rate for LIG’s Accident Benefit Riders as under |. Rs. 050 por thousand Accident Bene Sum Assured inespectve of age il R6. 1.00 per thousand Accident Beneft Summ Assured, he Life Assured ls engaged in police duy in any poice organization other than paramtary force and opts for ths cover ‘wile engaged in ptce duty. ‘The above premium rates are exsive of taxes. 8. GRACE PERIOD FOR PAYMENT OF PREMIUM: [A grace period of 30 days wil be alowed for payment of yeary or hal-yeaty or quarterly premiums and 15 days for monthly mode of premium payment. If premium isnot pa before {he exiy ofthe days of grace, the Policy lapses. ‘The above grace period wil also apply to Rider premiums, opted, asthe Ride premiums are tobe paid along vith premium for Base Plan, Hf the death of the Life Assured occurs wihin the grace period but belo the payment of premium then due, the poicy wil be feated af Inorce and the benefits wil be pass aftr ‘deduction ofthe said unpad premium and also the balance premiums) fling due before the re policy annwversary. In case of death of Life Assured under an inforee policy wherein all the preniums due tithe alo of death have bean pala and where the moe of payment of premium ls ether than Yearly, balance premium(s), any, faling duo fom date of deat and betes the next policy ‘niversary shal be deducted from the claim amount 9. REBATES: ‘The rebates for Base Pan areas under Me Mode. Percentage ‘Yearly mode i of tabular promi Haltyearty mode 19% oF tabular premio ‘Quarterly, monthly & SSS mode | NIL (Mlah Basle Sum Assured Rebate: ‘BascSum Assured (BSA) Rebate pers 1000 BSA £2.00,000 to 460,000 Nt 500,000 6 9.90,000 125% BSA 410,00,00 to 14 80:000, 150% BSA 18,0000 and above 175% BSA IC's Jeevan Lab (Plan No, 936) Page 10017 qe‘Rebate under Corporation's Insurance Scheme (C18); Proposals completed under Corporation's Insurance. Scheme (CIS) with regard to ‘employees of the Corporation and is Subsidaes/Step Down Siosilaras/Associats Companies as por the prevaling poley of the Corporation inthis regard atthe me of ‘completion, shall be sige for CIS rebate on tabular premium for base plana well asthe fider(s) premium, # opted for, at the folowing rales, provided pocy isnot taken through _ny intermediary such as Agen Corporate AgenY Broker Ineuzance Markating Feme te Premium paying Term 1S Rebate Ho years 5 15 years & above 10% Instructions in ths regard, 2s applicable from time to tine, shall be lsued by Actuarial Department, Cenval Ofte. 10.COMMISSION / REMUNERATION PAYABLE TO THE AGENTS AND OTHER INSURANCE INTERMEDIARIES & CREDIT TO DEVELOPMENT OFFICERS: 42) Commission payable to Agents, Corporate Agen, Brokers and Insuance Marketing Fms (as percentage of premium excluding taxes, f any) during the Pramim Paying Term sre asunder PromiumPavingTem "Year *AS*Vear Subsequent Years iO Years 20% 75% 3% 15 Years and more 25% 75% 5% Bonus Commission: 40% of 1H year commission +) Development Officor’s Credit (0.0. Credit: Credit (as a % ofthe fst year premium ‘excluding taxes) are as uncer: Premium Paying Term creat “0 Years 60% 16 years and more 100% ‘1. PAID-UP VALUE: Water atleast two fal years’ premiums have been pald and any subsequent premiums be not {uly pag, this policy shall not be wholly vod, bu shall subsist 28 a paK-Up poy ‘The Sum Assured on Death under the paid-up poly shal be reduced fo such a sum, calod "Death Paid-up Sum Assured” and shall be equal 'o Sum Assured on Desth muliied by the rato of the total period for which premiums have already been paid bears othe maximum period for which premiums were orginally payable i. Basie Sum Assured“ total period for lwhich premiums have already boon paid! the maximum pecod for which premisms were Gtgialy payable). In addon to the “Death Pald-Up Sum Assured", vested Simple Reversionary Bonuses accrued ti the date of policy becoming pald-up is payable on Life ‘Assured death ‘The Sum Assured on Maturity under the paid-up pofey shall be reduced to such a sum, caled “Maturity Pald-up Sum Assured” and shall be equal to Sum Assured on Natur ‘muted by the rato of te total period for which premiums have aready been paid Dears 10 the maximum period for which premiums were orginally payable fe. Basic Sum Assured " total period for which premiums have already been pald / the maximum period for which ‘remiums were originally payable) In adaton to the ‘Matuny Paid-Up Sum Assured, vested Simple Reversionary Bonuses accrued til the date of palcy becoming paid-p i payable on the expiry ofthe Policy Term. LIC’s Jevan Labh (Plan No. 936) Page 11 of 17 Pe.‘The polcy So reduced shal thereafter be free from all abit for payment of the wahin ‘mentioned premiums, but shall not be ened to partpate in future profit. However the ‘vested simpie revericnary Bonuses shal remain atached othe paid up poy. Notwithstanding what is stated above, if atoast 3 full years’ premiums have been paid in respect ofthis policy, and any subsequent premium be not duly pad. the event of he death of the Life Assured wehin six months ffom the. due” date of first unpaid premium, Sum ‘Assured on Death along with vested Simple Reversionary Bonuses and Final Addonal ‘Bonus i any, wil be paid after deduction of (2) unpald premitn(s) for the 2ase policy with interest thereon upto the date of death on the same terms as for revival ofthe Pecy dung ‘uch pariod, and () the balance premiums) forthe bass policy fling due rom the date of ath and before the next Policy anniversary. This preison shal not apply case of death tue to suc "Notwithstanding whats elated above, at last five full year’ premiums heve been paid in respect ofthis poly and any subsequent premium be not Guy pala, inthe event of death of the Lif Assured within 12 months from the fest Unpaid premium, Sum Assured on Death ‘along with vested Simple Reversonary Bonuses and Fil Aditonal Bone any, wil Be paid afer deduction af (a) unpaid premian(s) forthe base palcy wih interest hereon upto the Sate of death onthe same terms’ as fo revival of Policy Ging such pevod. and (e) the balance premium(s) fr the base pale fling due from the date of death and before the net Policy anniversary. This provision shal nat apply incase of death due to sue ‘All of the above mentioned Paid. value provisions do not apply to Riders as Rider) donot ‘Squire any pad up value. The Rider(s) c2ase to apply, pokey i In lapsed conden 12, SURRENDER VALUE: ‘The poloy can be surtendered at any time during the Polley Term provided atest two full years premiums have been paid. On surrender of policy, the Corporation shall pay the Surrender value equal to higher of Guarantoed Surrender Value or Special Surrender Value. Guaranteed Su ‘The Guaranteed Surrender Valve shal be equal to the total premiums pal (excusing any ‘extra premium, any premiums for Rides), i opted for and taxes) wlio’ by the ‘Guaranteed Surrender Value factor applicable to total oreniums paid. These Guarantoed Surrender Valve factors expressed as perceniages wil depend on the Poly Term snd Poly yearn which the poliy i surrendered and is encosed as Annexure 10, In addition, the surender value of vested Simple Reversionary bonuses, f any, shal so be payable, whichis equal to vested bonuses mulipsed by the Guaranteed Surender Value Face Appbcaba to Vested Bonuses. These favors exprossed as percentages will ‘epend on the Poicy Term and poly year in which the poly is surendered and are fncloced as Annexure 14 ‘Special Surrender Value: ‘The Special Surender Value wil be the sum of Maturity Pakd-up Sum Assured (ae specied in Paral) and the vested Simpl Reversionary Bonuses, # ay, mulled by Fespectve Special Sumtender Value factors ae applicable, Currently these Special Surrender Value factors are same but are subject to change. These wi depend on the Policy Term and the duration elapsed since commencement ofthe poley and ws enclosed ‘8 Annenure 12. Further, if the policy is surrendered during the lat poley year the same stall be treated 3s ‘scouring of Maturity Clam, where the Maturity Claim shal be: ‘In case of in-orce policy. "Sum Assured on Maturity” along wih vested Simple Reversionary bonuses and Final Adational bonus, fan LIC’s Jeevan Labh (Plan No. 936) Page 12 of 17 De‘+ In case of pac-up policy. "Maturty Pald-up Sum Assured” (38 mentioned in Para 11) along wth vested Simple Reversionary Bonuses, Instructions regarding discounting of matunty calm alongwith applicable lterest rate shal be issued by Actuarial Deparment, Central Ofice. ders) wll ot acquire any surender value, However, in case of LIC’ Accidental Desth and Disabilty Beneft Rider, LIC's New Term Assurance Rider and LIC New Critical lines Benefit Rider, refund of adational rider premiums charged in respect of cover after premium paying torm shal be refunded i pect of these der. In respect of LICs 2remium Waiver Benefit Rider and LIC’ Accident Benefit Rider nothing sal be paid on surrender. 13. REVIVALS: the premium i not paid wahin the days of grace, the palcy lapses. The lapsed poicy may bo ‘evived during the ietie ofthe Life Assured, but win a porid of 5 consecutive years from the date of frt unpaid premium and betore tho date of matury, 2s the case may be. The revival shal be effected on payment of all the arrears of premuum(s)togser wih Inerest (Compounding half year) at such rate as may be fed bythe Corporation fron time to time and fn satisfaction of Contd Ineuraity ofthe Life Assured andor Proposer (fLIC's Premium Waiver Benefit Rider's opted for) on the basis of information, documents ac reports that afe ‘ready avaiable and any additonal information inthis gard and as may be required in ‘2ccordance with the Underwriting Poly of the Corporation at the time of revival, being ‘urnished by the Poseyholerife Assured Propose, ‘The Corporation, however, eserves the right to accept at orignal terms, accept at modified terms or decine the revival of @ iscontinued poley. The revval of dscontaued pobcy shall, {ako lect only afer the same fe approved, Sccepied and ravval recat 's sued by the otporation. Revival of Riders), oped for, wil be considered ony along with revival ofthe Base Policy, ‘and notin slain, Instructions regarding the appcable intrest rte shall be issued by Actuarial Department, Cental Office 14, ALTERATIONS, ‘The fllowing aterations shall be alowed: ‘+ Any change not involving change in Base premium rates snd corresponding benef ‘+ Reduction in Term ofthe pot subject othe retiction mentioned in 2ara2 (8) above. ‘+ Inclusion of LIC's Accidental Death & Disablty Benet Rider /LIC's Accident Benefit Rider andor LG's Premium Wawver Benefit Ride, Conditions regarding alterations shal be as per the instruction issued by CRM department ‘rom time to be 45.LOAN: Loan fact is avatable under this plan, aftr payment of premiums for at ast 2 ful years, subject to allowing conditions: (@ The maximum Loan that can be granted shall be as undor + For infor poles : upto 80% of Surender Value ‘For paid-up polis: upto 80% of Surender Value (The loan during the minoity of Life Assured can be availed by the Poposer provided ‘the loan i aged fer he benefit ofthe minor Life Assured (i) The rat of interest to be charged forthe loan amount sal be deterned fom ime totime by the Corporation LLC's Jeevan Labh (Plan No, 936) Page 13 of 17 ey(i) In the event of default in payment of loan intrest on the due dates and when the Cutslanding loan along with ntorest Iso excaed the surrender value, the Corporation ‘hall be enliled to foredose such polcies. Such potcies when being forecosed shall be entitled to payment ofthe difeence of surrender value andthe lan outstanding ‘amount along wth nest any (©) In case the palcy shal mature or surrendered or become @ claim by death, the ‘amount of the Loan or any portion thereof whichis outstanding, gether wih al inteest wil be deducted fom the aim benef payment Further condtions regarding losn shall be 2s per the instructions issued by CRM department from tme tome. Instuctions regarding the applicable interest rate shal be issued by Actuaal Department, Cental Ofte. 46. TERMINATION OF POLICY: ‘The pocy shall immedately and automaticaly terminate on the east occurence of any of the folowing events: '2) The date on which lumpsum death benefial instalment of death bereft is pad or 5) The date on which aurrander benefits are sted under the poly; ot ©) The date of maturty i sattement option fs not exercised, oF {| On payment ffial instalments under Setement Option @} Inthe event of default payment of ian intrest oe speci in Para‘ (My 1) On exory of Revval Pered I the policy, which hes not acquired paid up sta, has not beer revved within the revival period oF 9) On payment of roe lok cancelation amount: or FA) Inevent of frfetre as spectied in Para 18 below. 17, UNDERWRITING, AGE PROOF AND MEDICAL REQUIREMENTS : NB & R department wilssue instuctons in this regars 48, SUICIDE CLAUSE: [Notwistanding the provision of benefits payable on death mentioned anjwhore in tis Ceuta. the provisions related to claim payment in case of death due to Suicide shall be subject fo the condtions as spectied herein under: |. tf the Lite Assured (whether sane or insane) commits suis at anytime within +2 months {fom the date of commencement of isk, the Corporation wil not entertan any aim under ths poly except for 80% ofthe foal premiums pad, provide the poly is orca I, tf the Life Assured (whether sane or ineane) commit suede within 12 months from date ‘of revival an amount wich is higher of 60% of the total premiums paid the date of ‘death or the surender value applicable a3 on the date of death shall 3¢ payable. The Corporation will not entertain any other claim under this poy. This clause shall not be applcabe fora policy lapsed without acquiring paid up value nd nothing shall be payable under such poly The relaxation (claim concession) mentioned above under Paidup Yalue provisions (Para.14} shall ot be appscabe incase of death due to sue. ‘The pramium mentioned above shall exclude any taxes, extra premium and Rider premiums cher than Term Aesuranes Rider premium, an 19, FORFEITURE IN CERTAIN EVENTS: In eae ti found that any unrue or ncorec statement is contained inthe proposal (ncuding ‘roposal for Premium WaWer Bei Ride, # opted fr), personal statement, declaration and LLC's Jeevan Lab (Plan No, 936) Page 14 of 17 he‘connected documents or any material information is withheld, then and in evey such case the poly shall be void and all claims to any beneft by uitue thereat shall be subject to the rovsions of Secon 45 ofthe Insurance Ac, 1838 ae amended from time to me. 20. TAXES: ‘Statutory Taxes, any, imposed on such insurance plans by the Governmert of nia or any ‘other constitutional ax Authority of Inia shall be as par the Tax laws and the rate of tax 28 ‘Sppcable rom tie to me ‘The amount of applicable taxes as por the provaling rates, shall be payable by the poloyholder on premiums (for base patcy and Riders), # ary) incuding Sava premiums, ‘which shall be collected separately over and above in adiion tothe premiums payable by the Dolcyholder. The amount of tax pakd shall nt be considered forthe caluston of Benefits payable under the plan ‘Tho instructions regarding Issues related to taxes wil be fsued by Finance & Accounts Department, Central ofice, separately, as applicable from time to time. 21. FREE LOOK PERIOD: Ifa Poleyholder is not satsfed wih the “Terms and Conatons ofthe poly, helshe may ‘slum the pokey to the Cerpraton stating the reasons of objecton, within “8 days fom he date of receipt ofthe potcy ‘The fetund of premium the Plyler shal be sujet flowing deictons: ‘Stamp duty on poy 2. dual co ot dial examination and special reports, any: 3. Proportonae risk premium (er respect of Base pobey ahd Rider, feted for forthe petlod of cover as per CO. Creular Ref CO! PDI 39 dated 31" December, 2013 and irctar Ret'CO! PO! 90 doted 10" Decamber, 2018, 22, BACK-DATING INTEREST: “The potcies can be dated back within the same fnandal year, Back-dtng Interest 36 applicable atthe time of completion ofthe policy (at the ate as feed by the Corporation from {ie to time) wil be charged forthe period in excess of one month. However, ithe poly Is back dated fo leen months, viz, Apri, May. July & August, Interest to be charged fr petiod in excess of tree months. The period upo 14 days to be ignored and 18 ys oF mares fo be rounded toa month fortis csielaton ‘Any furthor instruction ‘tom Sma fo ime. 23. POLICY STAMPING: For Base Pian, policy stamping charges wil be atthe rate of 20 pase per trousand of Basic Sum Assured, For Rider, policy stamping charges willbe atthe rate of 20 pas per thousand Rider Sum ‘Assured, opted Tor. ‘Any updates in his regard shall be issued by Legal Department, Cerra Oe 24, REINSURANCE: "Normal procedure for Reinsurance shat apply as per appleable Reinsurance Treaty. 25, ASSIGNMENTS/NOMINATIONS: 12) Assignments: Assignment is alowed under this plan as per Section 38 of Insurance ‘Act, 1938, 28 amended rom time tome LIC’s Jeevan Lab (PI em n No. 936) Page 18 of 17Es 20. ue we ‘The notice of assignment should be submited for registration to ne office of the Corporation, whore the poi is served ). Nominations: Nomination by the holder of a policy of fe assurance on hishher on fe Is requrod as por Section 39 ofthe insurance Act, 1038, os amended fom tie to tm. ‘Th noice of nomination or change of nomination shoU be submited for registration to any Granch/Satlita coffee of the Corporation. In registering nomination the Corporation does nt accept any responsibilty oF express any opinion as ots valiy or toga effect NORMAL REQUIREMENTS FOR CLA 9) Death Cain: The normal documents which the claimant shal submit while lodging the lam in case of death of the Life Assured or Proposer (applicable it LIG's Premium Waiver Beneft Rider is opted on shal be claim forms, as prescribed bythe Corporation, ‘2ccompanied with orignal poicy document, NEFT mandate from the Caimant for dct {edit ofthe claim amount to the bank account, proof of tile, proof of death, medial treatment peor tothe death (f any). schodlcotegelomployar's corti, whichever Is ‘ppicable, to the salsacton ofthe Corporation. If the ages rot adiited under the ply, the pref of age ofthe Life assured ehall also be submited, rin 90 days from the date of death, intimation of death along with death certeste ‘must be notified in wring to the ofce ofthe Corporation where the poly s serviced for any claim fo be admissible. However delay in Intmation of the genune claim by the aimant ¥ ary, may be condoned by the Corporation, on mer and, where delay Ie raved to befor reasons beyond hslher contra, b) Maturity 1 Surender Cisim: In case of matrtylsurender of the poly. the Life ‘Assured/Proposer shall submit the discharge form along. with the ofgiralpoicy Slocument, NEFT mandate frm the claimant for drectcretof the clam amount fo the ‘bank account besides proof of age, the ages not admit ear. ©) Claim under Rider): In case of caim under Riders), the respective ier circular may De refered to In adton to above, any requirement mandated under any stator provision or as may be ‘equired 2s per law or any instructions isued by CRM department in this regard shal lso be required tobe submits, [ACCOUNTING OF INCOME AND OUTGO: Instructions regarding the accountng procedure to be folowod under the plan shall be issued Separately by Finance & Accounts Deparment, Centra ffes. PROPOSAL FORM: Proposal Frm No. 300, 240 & 360 as issued by NBR Department shal be used under this plan, POLICY DOCUMENT AND SALES BROCHURE: ‘The specimen Poicy Document and Sales Brochure wil be sent by the Corporate Communications Department, Cerra Ofc, ‘This Circular has tobe readin conjunction wih the Poicy Document and Sales Brochure, DISCLOSURES: | the time of sale, a customized BenefttNustration shall be provided tothe prospective Pleyholder. Such Benet ivstraton shal be ened by bot the prospecive poloyhelder an Intermediary and shal frm par of te poly document. Jeevan Labh (Plan No. 936) Page 16 0f17|‘Suitattty information tobe cofected including racommendtions tobe made shal be apart of the poly records. ‘Separate instructions on the above sha be issued by Marketing Department, Central Offce 31. ADDRESS OF OMBUDSMAN: ‘Al the stage of Issuance of poly the adéress and contact detas ofthe nearest Insurance ‘Ombudsman isto be mentioned in the Policy Document. In case of ary change in adress by poloyoder, the addres and contact deta ofthe nearest Insurance Ombudsman fom the transfering in branch has to be informed tothe potyholderaiong wih confmatin of change In address Further ins tutions inthis regard tobe issued by CRM Department, Central oe, cutive DI keting Product Development / SBA) nd Annes, 3,4,5,6,7,8,9, 10, 11812 Note: This document is the propery of the Life Insurance Corporation cf India and its production in any form and or transmission andlor pubicabon on any socal medium without the express permission of Life Insurance Corporation of Inda willbe Weated asa vltion of the LUC of india Sta) Regulation, 1960, as amended rom time to te, and the relevant provisions of the information Technology A, 2008. LiC’s Jeevan Labh (Plan No, 936) Page 17 0f17|