Benefits
A) Death Benefit: Higher of Sum Assured and the Policyholder’s Fund Value shall be available as death benefit. B) Maturity Benefit: On the Life Assured surviving to the end of the policy term chosen, an amount equal to the Policyholder’s Fund Value is payable. Options: A) Accident Benefit Option: If you are above 18 years of age, you may opt for Accident Benefit equal to the amount of life cover subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (taken all policies with LIC of India and other insurers.) In case of death due to an accident, an additional sum equal to Accident Benefit Sum Assured shall be payable. B) Critical Illness Benefit Rider: If you are between 18 and 50 years of age, you may opt for Critical Illness Benefit equal to the life cover subject to a minimum of Rs. 50,000 and maximum of Rs. 10 lakh (including other policies with LIC of India). This benefit will be available only till the policy anniversary on which the age nearer birthday of the Life Assured is 60 years or till the end of policy term, whichever is earlier. In case of diagnosis of defined categories of Critical Illness subject to certain terms and conditions, an additional sum equal to the Critical Illness Benefit shall be payable
Method of Calculation of Unit price: Units will be allotted based on the Net Asset Value (NAV) of the respective fund as on the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of units will both be equal to the NAV). The NAV will be computed on daily basis and will be based on investment performance, Fund Management Charge and whether fund is expanding or contracting under each fund type and shall be calculated as under: Appropriation price is applied (when fund is expanding): Market value of investment held by the fund plus the expenses incurred in the purchase of the assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any new units are allocated). Expropriation price is applied (when fund is contracting): Market value of investment held by the fund less the expenses incurred in the sale of assets plus the value of any current assets plus any accrued income net of fund management charges less the value of any current liabilities less provisions, if any divided by the number of units existing at the valuation date (before any units redeemed). Applicability of Net Asset Value (NAV): The premiums received up to a particular time (presently 3 p.m.) by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the day on which premium is received shall be applicable. The premiums received after such time by the servicing branch of the corporation through ECS or by way of a local cheque or a demand draft payable at par at the place where the premium is received, the closing NAV of the next business day shall be applicable. Similarly, in respect of the valid applications received for surrender, partial withdrawal, death claim, switches and in case of complete withdrawal etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of surrender, partial withdrawal, death claim, switches and in case of complete withdrawal etc after such time by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable In case of discontinuance, as specified in Para 9 below, wherein the policyholder does not exercise the option within the period of 30 days of receipt of notice then the NAV as on the date of expiry of notice period shall be applicable. In respect of maturity claim, NAV of the date of maturity shall be applicable. The timing (presently 3 p.m.) is as per the existing guidelines and changes in this regard shall be as per the instructions from IRDA.
