LIC's Jeevan Umang (UIN: 512N312V02)

(A Non-Linked, Parcipang, Individual,

Life Assurance Savings (Whole Life) Plan)
LIC's Jeevan Umang is a non-linked, par cipa ng, individual, whole life assurance plan
which offers a combina on of income and protec on to your family. This plan provides
for annual survival benefits from the end of the premium paying term ll maturity and
a lump sum payment at the me of maturity or on death of the policyholder during the
policy term.
In addi on, this plan also takes care of liquidity needs through loan facility.
1.Benefits:
a) Death Benefit:
On death of the Life Assured during the policy term, provided the policy is in-force
i.e. all due premiums have been paid shall be as under:
i. On death before the commencement of Risk:
Return of premium/s paid without interest shall be payable.
ii. On Death a„er the commencement of Risk:
Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple
Reversionary Bonuses (as men oned in (d) below) and Final Addi onal bonus, if
any, shall be payable.
Where “Sum Assured on Death” is defined as the higher of 7 mes of annualised
premium or Basic Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid upto the
date of death.
Premiums referred above shall not include any taxes, extra premium and rider
premium(s), if any.
b) Survival Benefit:
On the life assured surviving to the end of the premium paying term, provided
all due premiums have been paid, a survival benefit equal to 8% of Basic Sum
Assured shall be payable each year. The first survival benefit payment is
payable at the end of premium paying term and therea„er on comple on
of each subsequent year ll the Life assured survives or ll the policy
anniversary prior to the date of maturity, whichever is earlier.
c) Maturity Benefit:
On the life assured surviving to the end of the policy term, provided the policy is
in-force , “Sum Assured on Maturity” along with vested Simple Reversionary
Bonuses(asmen onedin(d)below)andFinalAddi onalbonus,ifany,shallbepayable.
Where “Sum Assured on Maturity” is equal to Basic Sum Assured.
d) Parcipaon in profits:
Depending upon the Corpora on's experience with regard to policies issued under
this plan, the policy shall par cipate in profits during the policy term.
 During the premium paying term:
Policies shall be eligible to receive Simple Reversionary Bonuses declared as per
the experience of the Corpora on during the premium paying term, provided the
policy is in-force.
Final Addi onal Bonus may also be declared under an in-force policy in the year
when such policy results into a claim by death. However, Final Addi onal Bonus
shall not be payable under paid-up policy or on surrender of a policy during the
premium paying term.
In case the premiums are not duly paid, the policy shall cease to par cipate in
future profits during premium paying term.
AŽer the premium paying term (applicable only for fully paid-up policies or for
paid-up policies with Maturity Paid-up Sum Assured of Rs. 2 lakhs or more):
Under a fully paid-up policy (where all premiums payable during the term of the
policy are paid) or in a paid-up policy with Maturity Paid-up Sum Assured of Rs. 2
lakhs or more, the terms for par cipa on of profits a„er the premium paying term
may be in a different form and on a differen al scale depending on the
Corpora on's experience under this plan at that me.
Final Addi onal Bonus may also be declared under the policy in the year when a
policy results into a claim either by death or maturity. In addi on, applicable Final
Addi onal Bonus for surrendering policies, if any, shall also be included in Special
Surrender Value calcula on.
Under a paid-up policy with Maturity Paid-up Sum Assured of less than Rs. 2 lakhs,
the policy shall not par cipate in future profits.
The actual alloca on to policyholders, out of the surplus emerging from the
actuarial inves ga on, shall be as approved by Central Government in accordance
with provisions in this regard under LIC Act, 1956.

2. Eligibility Condions and Other Restricon :

a) Minimum Basic Sum Assured : Rs. 2,00,000
b) Maximum Basic Sum Assured : No limit
(The Basic Sum Assured shall be in mul ples of Rs. 25,000/-)
c) Premium Paying Term : 15, 20, 25 and 30 years
d) Policy Term : (100 – age at entry) years
e) Minimum Age at entry : 90 days (completed)
f) Maximum Age at entry : 55 years (nearer birthday)
g) Minimum Age at the end of
premium paying term : 30 years (nearer birthday)
h) Maximum Age at the end
of premium paying term : 70 years (nearer birthday)
i) Age at maturity : 100 years (nearer birthday)
Date of commencement of risk:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan
will commence either one day before the comple on of 2 years from the date
of commencement of policy or one day before the policy anniversary coinciding
with or immediately following the comple on of 8 years of age, whichever is
earlier. For those aged 8 years or more, risk will commence immediately from the
dateofissuanceofpolicy.
 Date of vesng under this plan:
If the policy is issued on the life of a minor, the policy shall automacally vest in
the Life Assured on the policy anniversary coinciding with or immediately
following the compleon of 18 years of age and shall on such vesng be deemed
to be a contract between the Corporaon and Life Assured.
3. Opons available:
I. Rider Benefits:
The following five oponal riders are available under this plan by payment of
addional premium. However, the policyholder can opt between either of the LIC's
Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider.
Therefore, a maximum of four riders can be availed under a policy.
a) LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
This rider can be opted for at any me under an in-force policy within the
premium paying term of the Base plan provided the outstanding premium paying
term of the Base plan as well as rider is atleast 5 years. The benefit cover under this
rider shall be available upto the policy anniversary on which the age nearer
birthday of the Life Assured is 70 years. If this rider is opted for, in case of accidental
death, the Accident Benefit Sum Assured will be payable in lumpsum In case of
accidental disability arising due to accident (within 180 days from the date of
accident), an amount equal to the Accident Benefit Sum Assured will be paid in
equal monthly instalments spread over 10 years and future premiums for
Accident Benefit Sum Assured as well as premiums for the poron of Basic
Sum Assured under the Base policy which is equal to Accident Benefit Sum
Assured, shall be waived.
b) LIC's Accident Benefit Rider (UIN:512B203V03)
This rider can be opted for at any me under an in-force policy within the
premium paying term of the Base plan provided the outstanding premium paying
term of the Base plan as well as rider is atleast 5 years. The benefit cover under this
rider shall be available only during the premium paying term. If this rider is opted
for, in case of accidental death, the Accident Benefit Sum Assured will be payable
in lumpsum
c) LIC's New Term Assurance Rider (UIN: 512B210V01)
This rider is available at incepon of the policy only. The benefit cover under this
rider shall be available for a term of 35 years or ll the policy anniversary on which
the age nearer birthday of the Life assured is 75 years, whichever is earlier. If this
rider is opted for, an amount equal to Term Assurance Rider Sum Assured shall be
payable on death of the Life Assured.
d) LIC's New Cri€cal Illness Benefit Rider (UIN: 512A212V01)
This rider is available at the incepon of the policy only. The cover under this rider
shall be available for a policy term of 35 years or ll the policy anniversary on which
the age of the Life Assured is 75 years, whichever is earlier. If this rider is opted for,
on first diagnosis of any one of the specified 15 Crical Illnesses covered under this
rider, the Crical Illness Sum Assured shall be payable.
e) LIC's Premium Waiver Benefit Rider (UIN: 512B204V03)
Under an in-force policy, this rider can be opted for on the life of Proposer of the
policy, at any me coinciding with the policy anniversary but within the premium
paying term of the Base Policy provided the outstanding premium paying term of
the Base Policy and the rider is at least five years. Further, this rider shall be
allowed under the policy wherein the Life Assured is Minor at the me of opng
this rider. The Rider term shall be (25 minus age of the minor Life Assured) at the
me of opng this rider. If the Rider term plus proposer's age is more than 70
years, the Rider shall not be allowed.
If this rider is opted for, on death of proposer, payment of premiums in respect of
base policy falling due a—er the date of death ll the expiry of rider term shall be
waived. However, in such case, if the premium paying term of the Base policy
exceeds the rider term, all the further premiums due under the Base policy from
the date of expiry of this Premium Waiver Benefit Rider term shall be payable by the
Life Assured. On non-payment of such premiums the policy would become paid-up.
The premium for LIC's Accident Benefit Rider/LIC's Accidental Death and Disability
Benefit Rider and LIC's New Crical Illness Benefit Rider shall not exceed 100% of
premium under the Base plan and the premiums under all other life insurance
riders put together shall not exceed 30% of premiums under the base plan.
Each of above Rider Sum Assured cannot exceed the Basic Sum Assured under the
Base plan.
For more details on the above riders, refer to the rider brochure or contact LIC's
nearest Branch Office.

II. Op€on to take Death Benefit in instalments:

This is an opon to receive death benefit in instalments over the chosen period of 5
or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up
policy. This opon can be exercised by the Policyholder during minority of the Life
Assured or by Life Assured aged 18 years and above, during his/her life me; for full
or part of Death benefits payable under the policy. The amount opted for by the
Policyholder/Life Assured (ie. Net Claim Amount) can be either in absolute value or
as a percentage of the total claim proceeds payable.
The instalments shall be paid in advance at yearly or half-yearly or quarterly or
monthly intervals, as opted for, subject to minimum instalment amount for
different modes of payments being as under:
Mode of Instalment payment Minimum instalment amount
Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum
instalment amount as per the opon exercised by the Policyholder/Life Assured,
the claim proceed shall be paid in lumpsum only.
 The interest rates applicable for arriving at the instalment payments under this
op
on shall be as fixed by the Corpora
on from
me to
me.
For exercising op
on to take Death Benefit in instalments, the Policyholder during
minority of the Life Assured or the Life Assured, if major, can exercise this op
on
during his/her life
me while in currency of the policy, specifying the period of
Instalment payment and net claim amount for which the op
on is to be exercised.
The death claim amount shall then be paid to the nominee as per the op
on
exercised by the Policyholder/Life Assured and no altera
on, whatsoever, shall be
allowed to be made by the nominee.
4. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode
(monthly premiums through NACH only) or through salary deduc
ons during the
Premium Paying Term of the policy.
5. Grace Period
A grace period of 30 days shall be allowed for payment of yearly or half-yearly or
quarterly premiums and 15 days for monthly premiums from the date of first
unpaid premium. During this period, the policy shall be considered in-force with
the risk cover without any interrup
on as per the terms of the policy. If the
premium is not paid before the expiry of the days of grace, the Policy lapses.
The above grace period will also apply to rider premiums which are payable along
with premium for base policy.
6. Sample Illustrave Premium :
The sample illustra
ve annual premiums (in Rs.) for Basic Sum Assured of Rs 2 lakh
for Standard lives are as under
AGE PREMIUM PAYING TERM
15 20 25 30
20 15739 10692 7830 6105
30 15739 10692 7879 6282
40 15739 10741 8291 6880
50 15739 11544 – --

7. Rebates:
Mode Rebate:
Yearly mode -2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly, Monthly (NACH) & - NIL
Salary deduc
on
High Basic Sum Assured Rebate:
Basic Sum Assured (BSA) Rebate on tabular premium(Rs.)
2,00,000 to 4,75,000 Nil
5,00,000 to 9,75,000 1.25 ‰ BSA
10,00,000 to 24,75,000 1.75 ‰ BSA
25,00,000 and above 2.00 ‰ BSA
 8. Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed
policy can be revived within a period of 5 consecu
ve years from the date of first
unpaid premium. The revival shall be effected on payment of all the arrears of
premium(s) together with interest (compounding half-yearly) at such rate as may
be fixed by the Corpora
on from
me to
me and on sa
sfac
on of Con
nued
Insurability of the Life Assured and/or Proposer ((if LIC's Premium Waiver Benefit
Rider is opted for) on the basis of informa
on, documents and reports that are
already available and any addi
onal informa
on in this regard if and as may be
required in accordance with the Underwri
ng Policy of the Corpora
on at the
me
of revival, being furnished by the Policyholder/Life Assured/Proposer The
Corpora
on reserves the right to accept at original terms, accept with modified
terms or decline the revival of a discon
nued policy. The revival of a discon
nued
policy shall take effect only a£er the same is approved by the Corpora
on and is
specifically communicated in wri
ng to the Life Assured.
If revival period falls beyond the premium paying term and the policy is revived
a£er the due date of survival benefit(s), then:-
I. the unpaid survival benefit(s) (applicable in case of paid-up policy wherein the
Maturity Paid-up Sum Assured is less than 2 lakhs) or;
ii. the difference between Survival benefits on full Basic Sum Assured and Survival
benefits on Maturity Paid-up Sum Assured (applicable in case of paid-up policy
wherein the Maturity Paid-up Sum Assured is equal to or greater than 2 lakhs) shall
be paid to the policy holder.
Revival of rider, if opted for, will be considered along with revival of the Base Policy,
and not in isola
on
9. Paid-up Value:
If less than two years' premiums have been paid and any subsequent premium be
not duly paid, all the benefits under the policy shall cease a£er the expiry of grace
period from the date of first unpaid premium and nothing shall be payable.
If a£er at least two full years' premiums have been paid and any subsequent
premiums be not duly paid, this policy shall not be wholly void but shall subsist as a
paid-up policy
ll the end of policy term.
The Sum Assured on Death under a paid-up policy shall be reduced to a sum called
“Death Paid-up Sum Assured” and shall be equal to Sum Assured on Death
mul
plied by the ra
o of the total period for which premiums have already been
paid bears to the maximum period for which premiums were originally payable.
The Sum Assured on Maturity under a paid-up policy shall be reduced to a sum
called “Maturity Paid-up Sum Assured” and shall be equal to Sum Assured on
Maturity mul
plied by the ra
o of the total period for which premiums have
already been paid bears to the maximum period for which premiums were
originally payable.
 Survival benefits under a paid-up policy:
1. If Maturity Paid-up Sum Assured is less than the minimum Basic Sum Assured i.e.
Rs. 2 lakhs, Survival Benefits shall not be paid under such policies.
2. If Maturity Paid-up Sum Assured is equal to or more than minimum Basic Sum
Assured of Rs. 2 lakhs, Survival Benefits equal to 8% of Maturity Paid-up Sum
Assured shall be payable each year. The first survival benefit payment is payable
at the end of premium paying term and therea­er on comple€on of each
subsequent year €ll the Life assured survives or €ll the policy anniversary prior to
the date of maturity, whichever is earlier.
Under a paid-up policy, in case of death of the Life Assured during the policy term,
Death Paid-up Sum Assured along with vested Simple Reversionary Bonuses, if
any, shall be payable and on Life Assured surviving to the end of the policy term,
Maturity Paid-up Sum Assured along with vested Simple Reversionary Bonuses, if
any, shall be payable.A paid-up policy shall not be en€tled to par€cipate in the
future profits during the premium paying term, however, the vested Simple
Reversionary Bonuses shall remain a† ached to the reduced paid-up policy.
Further, if a paid-up policy wherein the Maturity Paid-up Sum Assured is Rs. 2 lakhs
or more, con€nues a­er premium paying term, it may par€cipate in future profits
a­er the premium paying term, depending on the Corpora€on's experience under
such paid-up policies.
Rider(s) shall not acquire any paid-up value and the rider benefit(s) cease to apply,
if policy is in lapsed condi€on.
10. Surrender:
The policy can be surrendered at any €me provided two full years' premiums have
been paid. On surrender of the policy, the Corpora€on shall pay the Surrender
Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.
The Special Surrender Value is reviewable and shall be determined by the
Corpora€on from €me to €me subject to prior approval of IRDAI.
The Guaranteed Surrender Value payable during the policy term shall be equal to
the total premiums paid (excluding extra premiums, taxes and premiums for riders,
if opted for) mul€plied by the Guaranteed Surrender Value factor applicable to
total premiums paid. These Guaranteed Surrender Value factors expressed as
percentages will depend on the policy term and policy year in which the policy is
surrendered and are as specified below:
In addion, surrender value of vested Simple Reversionary Bonuses, if any, shall also
be payable, which is equal to vested bonuses mulplied by Guaranteed Surrender
Value factors applicable to vested bonuses. These Guaranteed Surrender Value factors
in percentage will depend on the policy term and policy year in which the policy is
surrendered and are as specifiedbelow:
 11. Policy Loan:
Loan can be availed during the policy term provided atleast two full years'
premiums have been paid and subject to the terms and condions as the
Corporaon may specify from me to me.
If loan is availed during the premium paying term:
The maximum loan as a percentage of surrender value shall be as under:
• For in-force policies- upto 90%
• For paid-up policies- upto 80%
If loan is availed a­er the premium paying term:
The maximum permissible amount of new loan (where no previous loan
taken earlier is outstanding) for policies which are entled for survival
benefits shall be arrived at in such a way that the effecve annual interest
amount payable on loan does not exceed 50% of the annual survival benefit
payable under the policy.
The interest rate to be charged for policy loan and as applicable for enre
term of the loan shall be determined at periodic intervals. The applicable
interest rate shall be as declared by the Corporaon based on the method
approved by the IRDAI.
Any loan outstanding along with interest shall be recovered from claim
proceeds at the me of exit.
12. Taxes:
Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or
any other constuonal Tax Authority of India shall be as per the Tax laws and the
rate of tax as applicable from me to me.
The amount of applicable taxes as per the prevailing rates, shall be payable by the
policyholder on premiums (for base policy and rider(s), if any) including extra
premiums, if any, which shall be collected separately over and above in addion to
the premiums payable by the policyholder. The amount of tax paid shall not be
considered for the calculaon of benefits payable under the plan.
Regarding Income tax benefits/implicaons on premium(s) paid and benefits
payable under this plan, please consult your tax advisor for details.
13. Free Look Period:
If the Policyholder is not sasfied with the “Terms and Condions” of the policy,
the policy may be returned to the Corporaon within 15 days from the date of
receipt of the policy bond stang the reasons of objecons. On receipt of the same
the Corporaon shall cancel the policy and return the amount of premium
deposited a­er deducng the proporonate risk premium (for base plan and
rider(s), if any) for the period of cover, expenses incurred on medical examinaon,
special reports, if any and stamp duty charges.
14. Exclusion:
Suicide: This policy shall be void
I. If the Life Assured (whether sane or insane) commits suicide at any me within 12
months from the date of commencement of risk, the Corporaon will not
entertain any claim under this policy except for 80% of the total premiums paid,
provided the policy is in-force. This clause shall not be applicable in case age at
entry of the Life Assured is below 8 years.
II. If the Life Assured (whether sane or insane) commits suicide within 12 months
from date of revival, an amount which is higher of 80% of the total premiums paid
ll the date of death or the surrender value available as on the date of death, shall
be payable. The Corporaon will not entertain any other claim under this policy.
This clause shall not be applicable:
a) In case the age of Life Assured is below 8 years at the me of revival; or
b) For a policy lapsed without acquiring paid-up value and nothing shall be
payable under such policy.
Note: Premiums referred above shall not include any taxes, extra premiums and
any rider premium(s) other than Term Assurance Rider, if any.
Age of life Assured (nearer birthday) 25
Policy Term (Years) 75
Premium Paying Term (Years) 30
Premium payment mode Yearly
Basic Sum Assured 5,00,000
Premium (excluding Taxes) 14,758

Benefits available under different scenarios: (Amount in Rs)

Total Premium Guaranteed Benefit Non Guaranteed Benefit Total Maturity Benefit Total Death Benefit
End of inclusive of Final Addional inclusive of Final Addional
Paid ll the end Survival Sum Assured Sum Assured (Simple Reversionary Bonus)
Year Bonus, if any Bonus, if any
of the year (Rs.) Benefit on Death on Maturity Scenario 1 Scenario 2 Scenario 1 Scenario 2 Scenario 1 Scenario 2
5 73,925 0 5,00,000 0 0 1,07,500 0 0 5,00,000 6,07,500
10 1,47,850 0 5,00,000 0 0 2,15,000 0 0 5,00,000 7,15,000
15 2,21,775 0 5,00,000 0 0 3,22,500 0 0 5,00,000 8,27,500
20 2,95,700 0 5,00,000 0 0 4,30,000 0 0 5,00,000 9,47,500
25 3,69,625 0 5,00,000 0 0 5,37,500 0 0 5,00,000 11,50,000
30 4,43,550 40,000 5,00,000 0 0 6,45,000 0 0 5,00,000 14,20,000
35 4,43,550 40,000 5,00,000 0 0 6,98,750 0 0 5,00,000 17,73,750
40 4,43,550 40,000 5,00,000 0 0 7,52,500 0 0 5,00,000 21,40,000
45 4,43,550 40,000 5,00,000 0 0 8,06,250 0 0 5,00,000 25,58,250
50 4,43,550 40,000 5,00,000 0 0 8,60,000 0 0 5,00,000 30,65,500
55 4,43,550 40,000 5,00,000 0 0 9,13,750 0 0 5,00,000 36,56,250
60 4,43,550 40,000 5,00,000 0 0 9,67,500 0 0 5,00,000 43,12,500
65 4,43,550 40,000 5,00,000 0 0 10,21,250 0 0 5,00,000 50,03,250
70 4,43,550 40,000 5,00,000 0 0 10,75,000 0 0 5,00,000 56,86,000
75 4,43,550 0 5,00,000 5,00,000 0 11,28,750 5,00,000 63,08,250 5,00,000 63,08,250

Disclaimer:
I) This illustraon is applicable to a standard (from medical, life style and occupaon
point of view) life wherein any riders are not opted.
ii) Some benefits are guaranteed and some benefits which are Non Guaranteed
benefits with returns based on the future performance are shown for two
different rates of assumed future investment returns.
iii) The Non Guaranteed benefits in above illustraon are calculated so that they are
consistent with the Projected Investment Rate of Return assumpon of 4% p.a.
(Scenario 1) and 8% p.a. (Scenario 2). In other words, in preparing this benefit
illustraon, it is assumed that the Projected Investment Rate of Return that LICI
will be able to earn throughout the term of the policy will be 4% p.a. or 8% p.a., as
the case may be. The Projected Investment Rate of Return is not guaranteed
and they are not the upper or lower limits of what you might get back, as the
value of your policy is dependent on a number of factors including actual future
investment performance.
iv) The main objecve of the illustraon is that the client is able to appreciate the
features of the product and the flow of benefits in different circumstances with
some level of quanficaon.
SECTION 45 OF THE INSURANCE ACT, 1938
The provision of Secon 45 of the Insurance Act, 1938 shall be as amended from
me to me. The simplified version of this provision is as under:
Provisions regarding policy not being called into queson in terms of Secon 45 of
the Insurance Act, 1938 are as follows:
1. No Policy of Life Insurance shall be called in queson on any ground
whatsoever aer expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in queson within
3 years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in wring to the insured or legal
representave or nominee or assignees of insured, as applicable, menoning the
ground and materials on which such decision is based.
3. Fraud means any of the following acts commi ed by insured or by his agent, with the
intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
a. The suggeson, as a fact of that which is not true and which the insured does
not believe to be true;
b. The acve concealment of a fact by the insured having knowledge or belief of
the fact;
c. Any other act fi ed to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the
duty of the insured or his agent keeping silence to speak or silence is in itself
equivalent to speak.
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the
Insured / beneficiary can prove that the misstatement was true to the best of his
knowledge and there was no deliberate intenon to suppress the fact or that such
mis-statement of or suppression of material fact are within the knowledge of the
insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in queson within 3 years on the ground that
any statement of or suppression of a fact material to expectancy of life of the
insured was incorrectly made in the proposal or other document basis which
policy was issued or revived or rider issued. For this, the insurer should
communicate in wring to the insured or legal representave or nominee or
assignees of insured, as applicable, menoning the ground and materials on which
decision to repudiate the policy of life insurance is based.
7. In case repudiaon is on ground of mis-statement and not on fraud, the premium
collected on policy ll the date of repudiaon shall be paid to the insured or legal
representave or nominee or assignees of insured, within a period of 90 days from
the date of repudiaon.
8. Fact shall not be considered material unless it has a direct bearing on the risk
undertaken by the insurer. The onus is on insurer to show that if the insurer had
been aware of the said fact, no life insurance policy would have been issued to
the insured.
9. The insurer can call for proof of age at any me if he is entled to do so and no
policy shall be deemed to be called in queson merely because the terms of the
policy are adjusted on subsequent proof of age of life insured. So, this Secon will
not be applicable for quesoning age or adjustment based on proof of age
submi ed subsequently.

[Disclaimer: This is not a comprehensive list of Secon 45 of the Insurance Act, 1938
and only a simplified version prepared for general informaon. Policyholders are
advised to refer to the Insurance Act, 1938, for complete and accurate details.]

PROHIBITION OF REBATES (SECTION 41 OF THE INSURANCE ACT, 1938):

No person shall allow or offer to allow, either directly or indirectly, as an inducement to
any person to take out or renew or connue an insurance in respect of any kind of risk
relang to lives or property in India, any rebate of the whole or part of the commission
payable or any rebate of the premium shown on the policy, nor shall any person taking
out or renewing or connuing a policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses or tables of the insurer.
1) Any person making default in complying with the provisions of this secon shall be
liable for a penalty which may extend to ten lakh rupees.

This product brochure gives only salient features of the plan. For
further details please refer to the Policy document on our
website www.licindia.in or contact our nearest Branch Office.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /

FRAUDULENT OFFERS
IRDAI is not involved in acvies like selling insurance policies,
announcing bonus or investment of premiums. Public receiving
such phone calls are requested to lodge a police compliant.
 Registered Office:
Life Insurance Corpora�on of India,
Central Office,
Yogakshema, Jeevan Bima Marg, Mumbai – 400021.
Website: www.licindia.in,
Registra�on Number: 512