IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER

This is a unit linked pension plan wherein the pension is payable after a specified period. Four types of investment Funds namely Bond, Secured, Balanced and Growth Fund are offered. Though primarily a Pension product, the plan has many attractive features and options which make it an ideal Retirement solution for the future.

BENEFITS

A)- On Vesting:
On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available.

B) On Death:
In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any, will be payable in a lump sum or as a pension.

OPTIONS
Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to all proposers who have opted for Life Cover. The quantum of the risk covers can also be reduced; subject to the minimum limits, once a year. A policy can be taken without any of the riders also.

REVIVAL
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.
PAYMENT OF PREMIUMS
Premiums can be paid in a lump sum (single premium) and also by monthly(ECS), quarterly, half-yearly and yearly modes.

CHANGE IN FUND TYPE (SWITCH)
The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.

OTHER FEAUTRES
There will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1,000 can be paid without any limit at anytime during the term of policy



a) Benefits payable on death before vesting
In case of death of the policyholder within the deferment term where Life cover is opted for and is in force, the nominee shall be eligible to get the Sum Assured under the Basic Plan together with the Policyholder’s Fund value as at the date of booking the liability. The liability shall be booked after receipt of intimation along with death certificate. The benefit may be got in a lump sum or in the form of pension or a combination of lump sum and pension as desired by the nominee. The pension will be based on the then prevailing immediate annuity rates under the relevant annuity option.In case the policy is taken without life cover, then the Policyholder’s Fund value as at the date of booking the liability, as mentioned above, shall be payable to the nominee. Again, the nominee can choose either a lump sum or pension or a combination of lump sum and pension, which will be based on the then prevailing immediate annuity rates under the
relevant annuity option. If the policy is in lapsed condition, then only the Value of the units held in the
Policyholder’s Fund shall become payable to the nominee. This benefit may be chosen either in lump sum or in the form of pension as desired by the nominee. The pension will be based on the then prevailing immediate annuity rates under the relevant annuity option.
b) Benefit on vesting
On the policyholder surviving up to the date of vesting, the Policyholder’s Fund value will compulsorily be utilised to provide an annuity based on the then prevailing immediate annuity rates under the relevant annuity option. The policyholder will have to intimate his/ her choice of annuity option to the Corporation 6 months prior to the date of vesting under the policy. There is also an option to commute up to one-third of the Fund Value of the units held in the Policyholder’s Fund value at the time of vesting of the annuity, which shall be paid in lump sum. In case commutation is opted for, the amount of annuity/pension available will be reduced proportionately. There will also be an option to purchase pension from any other life insurance company registered with IRDA subject to Regulatory provisions. If the policyholder opts to purchase pension from other insurance company, he/she will have to inform LIC six months prior to the vesting date.
In such cases, LIC will transfer the Policyholder’s Fund value directly to the chosen Company. Notwithstanding the above mentioned, in case the amount at the vesting date is insufficient to purchase the minimum amount of pension allowed by LIC, then the balance in the Policyholder’s Fund value at the vesting date shall be refunded to the Policyholder.
c) Options:
i. Life Cover
The policy can be issued either with or without life insurance cover. If life insurance cover is opted for by the policyholder, he/ she can choose Sum Assured within the following limits, subject to a minimum of Rs. 25,000. For Single premium policies: up to and equal to the Single Premium For Regular premium policies:

If Critical Illness Benefit Rider is opted for:
10 times of the annualized premium if age at entry is upto 40 years.
5 times of the annualized premium if age at entry is 41 years and above.

If Critical Illness Benefit Rider is not opted for:
20 times of the annualized premium if age at entry is upto 40 years.
10 times of the annualized premium if age at entry is 41 years and above.

Where the minimum Sum Assured under the basic plan is not in the multiples of Rs. 5,000,
it will be rounded off to the next multiple of Rs. 5,000.
ii. Accident Benefit Rider Option:
Accident Benefit (AB) can be availed of as an optional Rider benefit by paying an additional premium of Rs.0.50 for every Rs.1,000/- of the Accident Benefit Sum Assured per policy year by cancellation of appropriate number of units out of the Policyholder’s Fund value every month. On Accidental death of the Policyholder during the term of the policy, a sum equal to the Accident Benefit Sum Assured will become payable, provided the Accident benefit cover is opted for and is in force. Further, it will be available up to the
life cover Sum Assured opted for, subject to an overall limit of Rs.50 lakh taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken from Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under the new proposal into consideration. The Accident Benefit rider option will not be available in case life cover sum assured is zero. This benefit will be available only till the policy anniversary on which the age nearer birthday of the Policyholder is 70 years. No charges for this benefit shall be deducted from the Policy anniversary at which the benefit ceases.
iii. Critical Illness Rider Option :
Critical Illness Rider Benefit can be opted for only if Life cover has been opted. An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness Benefit cover is opted for and is in force. The maximum limit for this rider will be Rs.10 lakh under all policies of the Life Assured with the Corporation taken together. The Critical Illness Rider Sum Assured shall be available only if the sum assured under the life over is equal to or greater than Rs.50,000. The Critical Illness Sum Assured
shall not exceed the Sum Assured under the Basic Plan. This benefit will be available only till the policy anniversary on which the age nearer birthday of the Policyholder is 60 years or for a maximum term of 35 years whichever is less. No charges for this benefit shall be deducted from the Policy anniversary at which the benefit ceases. Further, this benefit will be available only once during the term of the policy (i.e. till a
critical illness claim, as per the conditions defined, arises under the policy). Once a claim under this Rider has been admitted, no subsequent charge towards Critical Illness Benefit Rider shall be deducted. Charges towards Life cover and Accident Benefit cover, if any, shall however continue to be deducted on a monthly basis, as usual. Critical Illness Benefit rider can be opted for at the inception of the policy only and shall
not be allowed thereafter.
d) Annuity Options
The rate at which the claim amount will be converted into an annuity is not guaranteed and will be at the rate prevalent at that time. Further a number of annuity options will be available and the rate for different options may differ.