LIC Index Plus Plan 873 Premium and Maturity Calculator

A unit-linked, non-participating, regular premium, individual life insurance plan, LIC’s Index Plus provides savings over the course of the policy as well as life insurance coverage.

Since LIC’s Index Plus is a non-participating product, the policy does not qualify for a portion of the surplus (profits) over the policy’s duration.

This plan is available for purchase online at www.licindia.in and offline through brokers, corporate agents, licensed agents, and insurance marketing firms.

KEY FEATURES

Benefits:

• Coverage for life insurance for the duration of the policy.
• Refund of mortality charges for life insurance coverage, minus any additional sum that may be owed under the policy as a result of an underwriting decision and any taxes imposed on the mortality charges for survival until maturity, as detailed in paragraph two below.
• At the conclusion of designated policy periods, Guaranteed Additions, expressed as a percentage of Annual Premium, will be deposited into the Unit Fund and used to buy units.

Flexibility to choose:

• Choose an investment fund based on your risk tolerance to invest the premiums.
• According to the age at entry as stated in Paragraph 1 below, the Basic Sum Assured is seven or ten times the Annualised Premium.
• The amount of premium that must be paid, the policy term, and the maturity age are all subject to the minimum and maximum limits mentioned in paragraph 1 below.
• The process of paying out death benefits in installments or as a lump sum.

As stated in Paragraph 4 below, partial withdrawals are permitted to meet liquidity needs.

LIC’s Linked Accident Benefit Rider is an option to increase coverage.

The risk under this plan will begin either two years after the policy’s start date or on the policy anniversary that falls on or immediately after the age of eight, whichever comes first, if the life insured was younger than eight years old at the time of entry. If the insured is eight years of age or older, the policy will begin to insure on the date the underwriting accepts the risk.

Date of vesting: On the date of vesting, which is the policy anniversary that coincides with or immediately follows the Life Assured’s eighteenth birthday, the policy will automatically transfer to the Life Assured if it was issued for the minor’s life. The Corporation and the Life Assured will be deemed to have entered into a contract on this date.

Benefits

A) Death Benefit:
If the policy is in effect, upon the death of the Life Assured prior to the Date of Maturity (including during the Grace Period):

1. Death before the Date of Commencement of Risk:
   • A sum equal to the Unit Fund Value on the day of death notification must be paid.
2. Death after the Date of Commencement of Risk:
   • An amount equal to the highest of the following shall be payable:
     • Basic Sum Assured less any partial withdrawals that may have been made in the two years prior to the death date; or
     • Unit Fund Value on the day of death notification; or
     • 105% of the total premiums paid up until the death date, less any partial withdrawals made in the two years prior to the death date.

Note: Paragraphs 1.i and 4.II, respectively, outline the Basic Sum Assured and Partial Withdrawals.

• The Unit Fund Value available on the date of death notification will be increased by mortality charges, accident benefit charges, policy administration charges, and tax charges recovered after the date of death. These charges will then be paid to the nominee or beneficiary in addition to the death benefit.
• The Unit Fund will be used to cover any Guaranteed Additions made after the death date.
• Depending on the option exercised by the Policyholder/Life Assured, the death benefit will be paid either in installments if the Settlement Option is chosen, as stated in Paragraph 4.IV, or as a lump sum (as mentioned above).

B) Maturity Benefit:

• A sum equal to the Unit Fund Value on the maturity date will be paid to the Life Assured if they survive the date of maturity.

C) Refund of Mortality Charges:

• In addition to the maturity benefit, an amount equal to the total amount of mortality charges deducted for the life insurance cover must be paid if the life assured survives the designated date of maturity and all premiums owed under the policy have been paid.
• The total amount of mortality charges excludes any additional amounts that may be charged under the policy as a result of underwriting decisions or any applicable tax charges.
• In the event that a policy is surrendered or discontinued, there will be no reimbursement of mortality charges.

Guranteed Addition

Only under an in-force policy—that is, after all outstanding premiums have been paid—will guaranteed additions be payable.

After certain policy years have passed and all outstanding premiums have been paid and the policy is still in effect, Guaranteed Additions, expressed as a percentage of one Annualised Premium, will be added to the Unit Fund.

End of Policy Year	Guaranteed Additions (% of One Annualized Premium)	Annualized Premium < ₹48,000	Annualized Premium ≥ ₹48,000
6	3%	5%
10	6%	10%
15	12%	20%
20	15%	25%
25	18%	30%

• For all premium payment methods, the annual premium, also known as the annualised premium, will be determined as follows: The sum of the periodic premium installments divided by the frequency of premium payments during a policy year
• On the due date for Guaranteed Additions payment, the allotted Guaranteed Additions will be converted to units and credited to the selected fund type.
• Guaranteed Additions from the date of discontinuance until the date of revival will be credited on the date of revival for policies that are not currently in effect but are later brought back into effect.
• The Unit Fund will be used to cover any Guaranteed Additions made after the death date.

Note: In the event that the policy is in reduced paid-up status, guaranteed additions will not be payable.

Special Cases – Pro-rata Reduction

Guaranteed additions made after the date of withdrawal will be reduced pro rata in the event that an in-force policy has undergone one or more partial withdrawals (as detailed in Paragraph 4.II).

The following formula will be used to determine the modified rate of Guaranteed Additions in subsequent policy years:

4. Optional Benefits

I. Rider Benefits

You may opt for LIC’s Linked Accidental Death Benefit Rider (UIN: 512A211V02):

• Can be opted at any policy anniversary if:
  • Remaining policy term is ≥ 5 years
  • Policy anniversary age of Life Assured ≤ 65 years
• If the policy is in effect at the time of the accident, the benefit is available until the Date of Maturity or the policy anniversary when the life assured is 70 years old, whichever comes first.
• A lump sum payment will be made for accidental death benefits.
• Not accessible to minors
• Sum Assured for Accident Benefits ≤ Basic Sum Assured

For details, refer to the Rider Brochure or contact LIC’s nearest branch.

II. Partial Withdrawals

After five years from the start of the policy, partial withdrawals are permitted, subject to:

1. Only after Life Assured turns 18 years old are minors permitted.
2. Withdrawals may be made in a set quantity or number of units.
3. Maximum percentage of funds that can be withdrawn in a given policy year:

Policy Year	% of Unit Fund
6th–10th	20%
11th–15th	25%
16th–20th	30%
21st–25th	35%

• Minimum balance after withdrawal:
  • < ₹48,000 Annual Premium → ≥ 4 Annualized Premiums
  • ≥ ₹48,000 Annual Premium → ≥ 3 Annualized Premiums
• Contract termination withdrawals are prohibited.
• Unit Fund is subject to partial withdrawal charges (Para 9.G).
• Prorated reduction of guaranteed additions following withdrawal
• Basic/Paid-up Sum Assured is deducted from the withdrawal amount for two years after the withdrawal. After two years, the original Sum Assured was reinstated.

III. Switching

• During the policy term, the option to switch between two fund types (Para 7)
• Value of the entire fund was moved to a new fund.
• Four switches per year are free; each additional switch costs ₹100 (Para 9.F).

IV. Settlement Option

• Permits the payment of death benefits in installments.
  • Can be worked out by:
  • Policyholder during the Life Assured minority
• Life Insurance for those over the age of 18 for the duration of their lives
• Methods of payment: quarterly, monthly, half-yearly, and annual
• Payments are made within five years of the death notification date.
• Units allotted for each installment:

• Units × NAV of funds on the date of installment equals the installment value.
• The nominee or beneficiary bears the investment risk; the fund is still invested.
• No assurance of benefits or risk coverage during the settlement period
• The remaining Unit Fund will be paid in full to the legal heir upon the nominee’s death.
• During the settlement period, switching or partial withdrawal are not permitted.

Payment of Premiums

Over the course of the policy, you have the option of paying your premiums annually, semi-annually, quarterly, or monthly (through NACH only).

• At the outset, the method of premium payment must be selected.
• Subject to the Minimum Premium and Premium multiples clauses outlined in Paragraph 1 above, you may switch the payment method at any subsequent policy anniversary during the premium-paying term.

6. Grace Period

• There will be a 30-day grace period for paying quarterly, half-yearly, or annual premiums.
• For monthly (NACH) premiums, there will be a grace period of 15 days, starting on the date of the first premium that is not paid.

7. Investment of Funds

Unit Fund

You can invest your premiums both initially and when you switch between the two funds listed below. Units of the selected Fund will be purchased with each premium paid, after the Premium Allocation Charge has been deducted.

• Other charges may be subtracted from the Unit Fund through unit cancellations or changes to the Net Asset Value (NAV).
• Depending on the NAV, the value of the units may rise or fall.

Available Funds and Investment Pattern

Fund Type	Government / Govt Guaranteed Securities / Corporate Debt	Short-term Investments (Money Market Instruments)	Investment in Listed Equity Shares	Details & Objective	Risk Profile	SFIN No.
Flexi Growth Fund	0% to 20%	0% to 40%	40% to 100%	To provide long-term capital appreciation through investment primarily in select stocks part of NSE NIFTY100 Index.	Very High Risk	ULIF00510/11/23 LICULIPFLX512
Flexi Smart Growth Fund	0% to 20%	0% to 40%	40% to 100%	To provide long-term capital appreciation through investment primarily in select stocks part of NSE NIFTY50 Index.	Very High Risk	ULIF00610/11/23 LICULIPFSG512

Discontinued Policy Fund

SFIN: ULIF001201114LICDPFNLIF512

• Investment Pattern:
  • Money Market Instruments: 0% to 40%
  • Government Securities: 60% to 100%
• The policyholder will be offered a free switch to another available fund if one of the funds included in this plan does not adhere to IRDAI regulations:

Current Fund	SFIN	Risk Profile	Free Switch Fund	SFIN	Risk Profile
Flexi Growth Fund	ULIF00510/11/23 LICULIPFLX512	Very High Risk	Flexi Smart Growth Fund	ULIF00610/11/23 LICULIPFSG512	Very High Risk
Flexi Smart Growth Fund	ULIF00610/11/23 LICULIPFSG512	Very High Risk	Flexi Growth Fund	ULIF00510/11/23 LICULIPFLX512	Very High Risk

Fund Closure

• Although the funds are open-ended, they can be closed with prior IRDAI approval.
• At least three months before closure, you will receive notification.
• You can move to different funds during this time without incurring switching fees.
• The Corporation will transfer units to a fund with a comparable asset allocation and risk profile based on NAV as of the switch date if no switch is made.

8. Method of Calculation of Unit Value

• The Net Asset Value (NAV) of the corresponding fund on the allotment date determines how many units are distributed.
• Bid-Offer Spread: NAV (Bid price + Offer price).
• NAV is calculated every day:

• Valuation Date: Date of NAV calculation.
• Unit Fund value is subject to deduction of charges (as per Para 9).

Applicability of NAV

Type of Transaction	Applicable NAV
First Premium (Offline cheque/DD)	NAV of the date of underwriting acceptance (Date of Commencement of Policy)
First Premium (Online)	NAV of the date of underwriting acceptance
Renewal Premium (NACH/Digital)	NAV of the date of receipt of instruction/transaction realization or premium due date, whichever is later
Renewal Premium (Offline cheque/DD)	NAV of date of receipt of instrument or premium due date, whichever is later
Partial Withdrawal, Fund Switch, Free-look Cancellation	NAV of date of receipt of request
Surrender	NAV of date of receipt of surrender request
Death Claim	NAV of date of receipt of death intimation and death certificate
Guaranteed Addition	NAV of allocation date
Revival	NAV on date of revival (after adjustment of all due premiums)
Settlement Option	NAV of installment payment under settlement option
Maturity Benefit	NAV of maturity date
Discontinuance	NAV of date of discontinuance
Termination	NAV of termination date
Policy Alteration	NAV of alteration date

• Cut-off Time: 3:00 PM as per IRDAI guidelines.
• Transaction Request Rules:
  • Requests before cut-off: NAV of that day.
  • Requests after cut-off: NAV of next business day.
• Offline Premiums: Only CTS 2010 cheque/DD from participating banks accepted.

9. Charges under the Plan

The following are the specific charges (subject to taxes as stated in Paragraph 9.I below):

A) Premium Allocation Charge

This represents the portion of the premium that was taken out and applied to charges. The remainder, also referred to as the allocation rate, is the portion of the premium that is used to buy units of the policy’s selected fund.

Premium Allocation Charges (% of Instalment Premium):

Premium Type	Offline Sale	Online Sale
1st Year	8.00%	3.00%
2nd to 5th Year	5.50%	2.00%
Thereafter	4.00%	1.50%

Instalment Premium is the premium to be paid by the Policyholder as per the premium payment frequency opted.
The cap on Premium Allocation Charge is as per Para 9.L below.

B) Mortality Charge

The mortality charge is the age-specific cost of life insurance coverage that is subtracted from the unit fund value at the start of each policy month. One-twelfth of the annual Mortality Charge is the monthly fee.

Sum at Risk during the policy term:

Highest of:

• Basic Sum Assured (for in-force policies) or Paid-up Sum Assured (for reduced paid-up policies)
• Unit Fund Value
• 105% of total Premium Received

Less:

• Unit Fund Value

Accident Benefit Charges, Policy Administration Charges, and Tax on these charges are subtracted before calculating the Unit Fund Value. Only when the Basic/ Paid-up Sum Assured surpasses the Unit Fund Value are mortality charges subtracted.

Basic/ Paid-up Partial Withdrawals: Partial withdrawals during the previous two years are deducted from the sum assured and 105% of the total premiums.

Mortality Charge per annum per 1000 of Sum at Risk (for healthy life):

Age	25	35	45	50	60
Rate	1.26	1.62	3.48	5.99	15.07

• Mortality charges for policies with reduced paid-up amounts begin the month after the first unpaid premium.
• Charges are applied starting in the month of policy revival, and risk coverage is promptly restored.

C) Accident Benefit Charges (if LIC’s Linked Accidental Death Benefit Rider is opted)

• The rider’s cost is subtracted from the Unit Fund Value at the start of each policy month.
• Rate: ₹0.40 per thousand annually for Accident Benefit Sum Assured.
• Special case: ₹0.80 per thousand for Life Assured in police service (apart from paramilitary).
• Monthly fees equal one-twelfth of the yearly fee.

D) Fund Management Charge (FMC)

• Charged as a percentage of Unit Fund Value, deducted via Net Asset Value (NAV).

Fund Type	Charge p.a.
Flexi Growth / Flexi Smart Growth	1.35%
Discontinued Policy Fund	0.50%

• FMC is computed daily and NAV declared is net of FMC.

E) Policy Administration Charge

• deducted from the Unit Fund Value at the start of each policy month starting in the sixth policy year, with a maximum monthly levy of ₹500 (₹6,000 annually).

Policy Year	Charges
First 5 Years	NIL
6th Year	Minimum of [(1/12 × 3.25% × Annualized Premium) or ₹125] per month
7th Year onwards	6th Year charges escalated at 5% p.a.

F) Switching Charge

• levied when money is transferred between segregated funds.
• There are four free switches per policy year.
• Each additional switch costs ₹100.

G) Partial Withdrawal Charge

• Each withdrawal has a flat fee of ₹100, which is subtracted from the unit fund value.

H) Discontinuance Charge

• Deducted from the Unit Fund Value when the policy is discontinued by cancelling units.

Policy Year	Annualized Premium ≤ ₹50,000	Annualized Premium > ₹50,000
1	Lower of 20% of (AP/FV), max ₹3,000	Lower of 6% of (AP/FV), max ₹6,000
2	Lower of 15% of (AP/FV), max ₹2,000	Lower of 4% of (AP/FV), max ₹5,000
3	Lower of 10% of (AP/FV), max ₹1,500	Lower of 3% of (AP/FV), max ₹4,000
4	Lower of 5% of (AP/FV), max ₹1,000	Lower of 2% of (AP/FV), max ₹2,000
5 onwards	NIL	NIL

AP: Annualized Premium
FV: Unit Fund Value on discontinuance date

• When the policy is terminated by cancelling units, the amount is subtracted from the Unit Fund Value.

I) Tax Charge

• Imposed on relevant fees in accordance with current Indian tax laws.

J) Miscellaneous Charge

• Each change (such as adding a rider or changing the premium mode) costs a flat ₹100, which is subtracted from the unit fund value.
• Change takes effect following LIC’s written approval.

K) Bid Offer Spread

L) Right to Revise Charges

• With IRDAI approval and three months’ notice, LIC may make changes to charges in the future (with the exception of mortality and accident benefits).

Caps on Charges (as per IRDAI):

• Premium Allocation: ≤ 12.5% of Annualized Premium
• Policy Administration: ≤ ₹500/month
• Fund Management: ≤ rates in Para 9.D
• Partial Withdrawal: ≤ ₹500 per withdrawal
• Switching: ≤ ₹500 per switch
• Discontinuance: ≤ rates in Para 9.H
• Miscellaneous: ≤ ₹500 per alteration

If you disagree with the charges revision, you have the option to withdraw the unit fund value, but there are lock-in restrictions.

10. Surrender

• Surrender anytime during policy term.

During 5-year lock-in period:

• Value of the Unit Fund less Discontinuance The charge was moved to the Discontinued Policy Fund (Para 12).
• Until lock-in expires, funds remain in the Discontinued Policy Fund. There is no risk cover available; only FMC is deducted.
• Proceeds are paid to the nominee upon death following surrender but while still in lock-in; the policy ends.

After 5-year lock-in period:

• When the policy is surrendered, the full unit fund value is due; the policy ends. No charges for discontinuance.
• Even during lock-in, the surrendered policy cannot be reinstated.

11. Discontinuance of Premiums
The policy will be in a state of discontinuance if you don’t pay your premiums by the end of the Grace Period.

• The policy will be regarded as being in effect during the Grace Period, and benefits will be paid out in the same way as they would be under an active policy.
• In addition to the other applicable charges listed in Paragraph 9, any applicable charges for mortality and accident benefit coverage will be subtracted.

Treatment of Discontinued Policy:

I) If the policy is discontinued during the 5 years’ lock-in period:

• The risk cover and rider cover, if any, will end when the Grace Period ends and the Unit Fund Value—after subtracting any applicable Discontinuance Charges (Para 9.H)—is moved to the Discontinued Policy Fund (Para 12).
• The Discontinued Policy Fund may only be used to cover Fund Management Charges, which are 50 basis points annually.
• Within three months of the first unpaid premium, you will receive a communication outlining the status of your policy and your option to renew it within three years.

Options under this case:
A. Revival during the revival period: The policy will be revived in accordance with Paragraph 14 if you choose to do so during the three-year revival period. III.
B. Failure to revive: The policy will terminate and the proceeds of the Discontinued Policy Fund (Para 12.B) will be paid at the conclusion of the revival period or lock-in period, whichever comes first.

C. No revival option was used: The fund stays in the Discontinued Policy Fund and the policy continues without risk coverage. At the conclusion of the lock-in period, the policy will terminate and proceeds will be paid.
D. Option to surrender: You can give up the policy at any moment, and the money will be paid out on the surrender date or at the conclusion of the lock-in period, whichever comes first.

• The Nominee or Beneficiary as of the date of death notification will receive the proceeds of the Discontinued Policy Fund in the event of a death that occurs during the revival or lock-in period.

II) If the policy is discontinued after the 5 years’ lock-in period:

• The policy will become a reduced paid-up policy when the Grace Period ends.
• Paid-Up Sum Assured is equal to Basic Sum Assured × (Total premiums paid ÷ Original premiums payable).
• Without rider coverage, the policy remains in reduced paid-up status. The following policy month following the first unpaid premium will see the start of mortality charges for the paid-up policy. With the exception of the Accident Benefit Charge, all other relevant charges will still be subtracted.

Options under this case:
A. Revival: In accordance with Paragraph 14, the policy will be revived if it is chosen. iii. B. No revival: The policy stays in reduced paid-up status until the end of the maturity or revival period, whichever comes first; at that point, the unit fund value is payable and the policy expires.
C. Total surrender or withdrawal: Policy expires; Unit Fund value is reimbursed.
D. Death prior to the end of maturity or revival: The maximum amount due will be:

• Paid-up Partial withdrawals during the two years prior to death decreased the sum assured.
• Value of the unit fund at the time of death notification
• 105% of all premiums paid, less any partial withdrawals made in the two years prior to death

12. Treatment while money is in Discontinued Policy Fund

• If the policy is surrendered or premiums are not paid during the five-year lock-in period, the policy enters discontinuance.

A. Conversion of Unit Fund Value:

• The Discontinued Policy Fund receives the Unit Fund Value following Discontinuance Charges upon discontinuance.
• Rider’s insurance and risk insurance, if any, stop.
• Fund NAV × Units in the Unit Fund at discontinuance equals the number of units allotted.

B. Proceeds of Discontinued Policy Fund:

• Fund (SFIN: ULIF001201114LICDPFNLIF512) comprises all discontinued policies’ units. Only Fund Management Charges apply.
• Fund continues until policy exits due to death, surrender, revival, termination at end of lock-in, or 3-year revival period, whichever applies.
• Proceeds shall be the higher of:
  • Unit Fund Value in the Discontinued Policy Fund
  • Guaranteed amount calculated at minimum guaranteed interest rate (currently 4% p.a., subject to IRDAI updates)

13. Compulsory Termination

• If the policy has run at least 5 years with 5 premiums paid and Unit Fund balance is insufficient to recover charges, policy is compulsorily terminated, and the balance is refunded.

14. Other Features
i) Top-up: Not allowed
ii) Increase/Decrease in Benefits: Not allowed. Accidental Death Benefit Rider can be canceled but not restored.
iii) Revival:

• During lock-in: Pay all due premiums; Discontinuance Charges and Policy Fund proceeds added back.
• After lock-in: Pay all due premiums and charges; revival subject to Corporation’s approval and satisfaction of insurability.

15. Reinstatement

• Reinstatement of surrendered policy is not allowed, even during 5-year lock-in.

16. Risk Factors & Disclaimers

• Unit Linked Life Insurance is different from traditional insurance; NAVs may fluctuate.
• LIC Index Plus is a unit-linked contract, not indicative of future returns.
• Read brochure, benefit illustration, and policy document before purchase.

17. Policy Alteration

• Premium mode alteration allowed with minimum premium requirements and 100/- miscellaneous charge.
• Corporation reserves right to approve/decline alterations.

18. Loan

• Not available under this plan

19. Termination of Policy

• Policy terminates on the earliest of:
  a) Death benefit payment (if Settlement Option not exercised)
  b) Surrender benefits settled
  c) Date of maturity
  d) Final installment under Settlement Option
  e) Death of Nominee after Settlement Option commencement
  f) Free-look cancellation
  g) Compulsory termination (Para 13)
  h) Discontinuance (Para 11)
  i) Forfeiture (Para 20)

20. Forfeiture

• If any incorrect statement or withheld material information is found, policy is void as per Section 45, Insurance Act 1938.

21. Taxes

• Statutory taxes on premiums as per applicable tax laws. Consult your tax advisor for income tax implications.

22. Free Look Period

• Return policy within 30 days from receipt if dissatisfied. Refund = Unit Fund Value + Unallocated Premium + Proportionate Charges + Tax – Medical/stamp costs

23. Exclusions (Suicide Clause)

• Death due to suicide within 12 months from policy commencement/revival: Only Unit Fund Value payable; policy terminates.
• Charges/taxes and guaranteed additions adjustments apply.
• Clause not applicable if age at entry/revival < 8 years.

24. Sample Benefit Illustration

Illustration Details:

• Age of Life Assured: 30
• Policy Term: 25 years
• Premium Paying Mode: Half-yearly
• Premium (`): 50,000
• Basic Sum Assured (`): 10,00,000
• Mode of Purchase: Offline
• Type of Fund: Flexi Growth Fund

Benefits under Plan

Benefit	@4% p.a. (`)	@8% p.a. (`)
Total Maturity Benefit (Fund Value)	32,61,345	56,78,503
Net Yield	6.30%	–

Policy Year-wise Illustration

End of Policy Duration (Year)	Cumulative Premium (`)	Guaranteed Additions (`)	Fund Value (`)	Death Benefit (`)	Fund Value (`)	Death Benefit (`)
6	6,00,000	5,000	5,99,947	10,00,000	6,80,716	10,00,000
10	10,00,000	10,000	10,60,743	10,60,743	13,07,764	13,07,764
15	15,00,000	20,000	17,07,366	17,07,366	23,46,412	23,46,412
20	20,00,000	25,000	24,35,514	24,35,514	37,57,282	37,57,282
25	25,00,000	30,000	32,61,345	32,61,345	56,78,503	56,78,503

Disclaimer

1. This illustration is applicable to a non-smoker male/female standard life (from medical, lifestyle, and occupation point of view) for a policy purchased offline, wherein LIC’s linked Accidental Death Benefit rider is not opted.
2. The illustration assumes a Projected Investment Rate of Return of 4% p.a. or 8% p.a., as applicable. This rate is not guaranteed and does not represent upper or lower limits; the actual policy value depends on several factors, including future investment performance.
3. The above illustration considers the prevailing GST of 18%, which is subject to change.
4. The objective is to help the client understand the product features and the flow of benefits in different scenarios.
5. LIC agents, intermediaries, staff, and officials are not authorized to provide opinions on the future performance of the ULIP fund beyond the illustrative rates of 4% and 8% growth.

Section 45 of the Insurance Act, 1938

• No life insurance policy can be questioned after three years from the date of policy issuance, risk commencement, revival, or rider addition, whichever is later.
• Within three years, a policy may be questioned on the grounds of fraud, provided the insurer communicates the grounds in writing.
• Fraud includes:
  • Suggesting false facts knowingly,
  • Concealing facts knowingly,
  • Acts intended to deceive,
  • Acts declared fraudulent by law.
• Silence on facts is not fraud unless there is a duty to disclose.
• Policies cannot be repudiated on fraud grounds if misstatement or suppression was not deliberate.
• Policies may be questioned within three years for material misstatements affecting life expectancy; premiums collected till repudiation must be returned within 90 days.
• Proof of age may be requested anytime; adjustments in policy terms due to incorrect age do not constitute questioning the policy.

Prohibition of Rebates (Section 41, Insurance Act, 1938)

1. No person shall offer/accept rebates of commission or premium, except as per published prospectuses or tables.
2. Violators may face a penalty of up to ₹10 lakh.

Important Notes

• This brochure provides salient features only. For details, refer to the Policy Document on LIC India or contact the nearest Branch Office.
• To purchase online, visit LIC India Online.
• Beware of spurious calls and fraudulent offers. IRDAI does not sell policies or announce bonuses. Report suspicious calls to the police.