INSURANCE PLANS LIC'S JEEVAN LAKSHYA IN INDIA

Benefits: Death Benefit: On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force by paying upto-date premiums, Death Benefit, defined as sum of “Sum Assured on Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the sum of: Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity. The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death. Premiums referred above exclude tax, extra premium and rider premium(s), if any. Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured. In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period. Final Additional Bonus shall not be payable under reduced paid-up policies.

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Insurance Plans   LIC's JEEVAN LAKSHYA
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