Scribd Logo
Upload

Welcome to Scribd!

  • 48 views

    Bhagyalakshmi Sales Brochure W 4 5in X H 8in SP

    Uploaded by

    Mexico English
    This document describes LIC's Bhagya Lakshmi Plan, a micro insurance term life insurance plan. Key details include: 1) It provides a maturity benefit of 110% of premiums paid and a death benefit of the highest of 7 times annual premium or 105% of premiums paid. 2) It has a minimum sum assured of Rs. 50,000 and maximum of Rs. 2,00,000. Premium paying term ranges from 5-13 years. 3) Premiums can be paid yearly, half-yearly, quarterly or monthly. The policy has a grace period and provisions for revival, paid-up status, surrender and free look.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Bhagyalakshmi Sales Brochure W 4 5in X H 8in SP

    Uploaded by

    Mexico English
    48 views8 pages
    This document describes LIC's Bhagya Lakshmi Plan, a micro insurance term life insurance plan. Key details include: 1) It provides a maturity benefit of 110% of premiums paid and a death benefit of the highest of 7 times annual premium or 105% of premiums paid. 2) It has a minimum sum assured of Rs. 50,000 and maximum of Rs. 2,00,000. Premium paying term ranges from 5-13 years. 3) Premiums can be paid yearly, half-yearly, quarterly or monthly. The policy has a grace period and provisions for revival, paid-up status, surrender and free look.

    Original Title

    Bhagyalakshmi-Sales-brochure-W-4-5in-X-H-8in-SP

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document describes LIC's Bhagya Lakshmi Plan, a micro insurance term life insurance plan. Key details include: 1) It provides a maturity benefit of 110% of premiums paid and a death benefit of the highest of 7 times annual premium or 105% of premiums paid. 2) It has a minimum sum assured of Rs. 50,000 and maximum of Rs. 2,00,000. Premium paying term ranges from 5-13 years. 3) Premiums can be paid yearly, half-yearly, quarterly or monthly. The policy has a grace period and provisions for revival, paid-up status, surrender and free look.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    48 views8 pages

    Bhagyalakshmi Sales Brochure W 4 5in X H 8in SP

    Uploaded by

    Mexico English
    This document describes LIC's Bhagya Lakshmi Plan, a micro insurance term life insurance plan. Key details include: 1) It provides a maturity benefit of 110% of premiums paid and a death benefit of the highest of 7 times annual premium or 105% of premiums paid. 2) It has a minimum sum assured of Rs. 50,000 and maximum of Rs. 2,00,000. Premium paying term ranges from 5-13 years. 3) Premiums can be paid yearly, half-yearly, quarterly or monthly. The policy has a grace period and provisions for revival, paid-up status, surrender and free look.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 8

    UIN: 512N292V04

    IRDAI Regn No. 512


    LIC’s BHAGYA LAKSHMI PLAN – MICRO INSURANCE PRODUCT
    (UIN: 512N292V04)
    (A Non-Linked, Non-Participating, Individual, Life,
    Micro Insurance, Term Plan (with Return of 110% of
    Premiums on Maturity)

    LIC’s Bhagya Lakshmi is a limited premium paying, Non-linked, Non-


    participating Individual, Life, Micro Insurance, term plan with return of
    110% of total amount of premiums payable on maturity.

    1. Benefits:

    a. Maturity Benefit:
    On Life Assured surviving to the end of policy term, “Sum
    Assured on Maturity” equal to 110% of total amount of
    premiums payable during the term of the contract shall be
    payable provided all due premiums have been paid.

    The premium referred above shall not include any taxes and
    extra premium, if any.

    b. Death Benefit:
    On Life Assured’s death before the stipulated Date of
    Maturity, provided the policy is in-force by paying up-to-
    date premiums, “Sum Assured on Death” shall be payable;
    where “Sum Assured on Death” is defined as highest of 7
    times of annualised premium or 105% of total premiums
    paid upto the date of death or Sum Assured.

    The premium referred above shall not include any taxes and
    extra premium, if any.

    2. Eligibility Conditions and Other Restrictions:

    a) Minimum Sum Assured : `50,000/-


    b) Maximum Sum Assured per life* : `2,00,000/-
    (The Sum Assured will
    be in multiples of
    `1,000/-)
    *Total sum assured under all the policies issued to an individual
    under this plan and under all policies issued in the earlier versions
    of this plan shall not exceed `2,00,000.
    c) Minimum age at entry : 8 years (completed)
    d) Maximum age at entry : 42 years (nearer birthday)
    for Premium Paying Term
    5 years 55 years (nearer
    birthday) for Premium
    Paying Term 6 to 13 years
    subject to Maximum
    Maturity Age of 65 years
    e) Minimum Premium Paying Term : 5 years
    f ) Maximum Premium Paying Term : 13 years
    g) Policy Term : Premium Paying Term
    + 2 years
    1
    h) Maximum age at maturity : 65 years (nearer birthday)
    (depending on the
    Premium Paying Term
    chosen)
    i) Minimum Instalment Premium : `500

    3. Payment of Premiums:
    Premiums can be paid regularly at yearly, half-yearly, quarterly or
    monthly mode during the premium paying term of the policy.

    4. Grace Period:
    A grace period of 30 days shall be allowed for payment of monthly
    premiums and 60 days for other modes of premium payments
    from the date of first unpaid premium. During this period, the
    policy shall be considered in-force with the risk cover without any
    interruption as per the terms of the policy. If the premium is not
    paid before the expiry of the days of grace, the Policy lapses.

    5. Sample Premium Rates:

    Following are some of the sample premium rates (in `) (exclusive


    of taxes) per `1000/- Sum Assured:
    AGE TERM (PPT) in years
    In years 7(5) 10(8) 15(13)
    20 127.45 64.35 37.20
    30 129.30 65.80 38.55
    40 138.30 72.80 44.25
    50 - 91.40 57.15

    6. Rebates:

    Mode Rebate:
    Yearly mode : 2% of Tabular Premium
    Half-yearly mode : 1% of Tabular premium
    Other modes : NIL
    High Sum Assured Rebate: Nil

    7. 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 consecutive years from the date of first unpaid premium
    but before the date of maturity as the case may be. 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 Corporation from time to time and on
    satisfaction of Continued Insurability of the Life Assured on the
    basis of information, documents and reports that are already
    available and any additional information in this regard if and as
    may be required in accordance with the Underwriting Policy of
    the Corporation at the time of revival, being furnished by the
    Policyholder/Life Assured.

    2
    The Corporation reserves the right to accept at original terms,
    accept with modified terms or decline the revival of a discontinued
    policy. The revival of a discontinued policy shall take effect only
    after the same is approved, accepted and revival receipt is issued
    by the Corporation.

    8. Paid-up Policy:

    If less than one year’s premiums have been paid and any
    subsequent premium be not duly paid, all the benefits under the
    policy shall cease after the expiry of grace period from the date of
    first unpaid premium and nothing shall be payable.

    If at least one full policy year’s premiums have been paid and any
    subsequent premium be not duly paid, this policy shall not be
    wholly void, but shall continue as a paid-up policy.

    The Sum Assured on Death under a paid-up policy shall be


    reduced to such a sum, called ‘Death Paid-up Sum Assured’ and
    shall be equal to Sum Assured on Death multiplied by the ratio
    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 such a sum called ‘Maturity Paid-up Sum Assured’ and
    shall be equal to Sum Assured on Maturity multiplied by the ratio
    of the total period for which premiums have already been paid
    bears to the maximum period for which premiums were originally
    payable.

    In any case, the Death Paid-up Sum Assured or Maturity Paid-up Sum
    Assured mentioned above shall not be less than the total premiums
    paid under the policy.

    9. Surrender:

    The policy can be surrendered provided atleast one full policy


    year’s premiums have been paid. On surrender of the policy,
    the Corporation shall pay the Surrender Value equal to higher of
    Guaranteed Surrender Value or Special Surrender Value.

    The Special Surrender Value is reviewable and shall be


    determined by the Corporation from time to time subject to
    prior approval of IRDAI.

    The Guaranteed Surrender Value (GSV) payable during the policy


    term shall be equal to the total premiums paid (excluding taxes
    & extra premium, if any) multiplied by the Guaranteed Surrender
    Value factors 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:

    3
    GSV factors applicable to total premiums paid
    Policy
    year/ 7 8 9 10 11 12 13 14 15
    Policy
    Term
    1 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
    2 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
    3 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
    4 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
    5 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
    6 90.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
    7 90.00% 90.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
    8 - 90.00% 90.00% 65.00% 60.00% 57.50% 56.00% 55.00% 54.29%
    9 - - 90.00% 90.00% 70.00% 65.00% 62.00% 60.00% 58.57%
    10 - - - 90.00% 90.00% 72.50% 68.00% 65.00% 62.86%
    11 - - - - 90.00% 90.00% 74.00% 70.00% 67.14%
    12 - - - - - 90.00% 90.00% 75.00% 71.43%
    13 - - - - - - 90.00% 90.00% 75.71%
    14 - - - - - - - 90.00% 90.00%

    15 - - - - - - - - 90.00%

    10. Policy Loan:

    No loan facility will be available under this plan.

    11. Taxes:

    Statutory Taxes, if any, imposed on such insurance plans by the Govt.


    of India or any other constitutional tax Authority of India shall be as
    per the Tax laws and the rate of tax as applicable from time to time.

    The amount of applicable Taxes as per the prevailing rates shall be


    payable by the policyholder on premiums payable under the policy,
    which shall be collected separately over and above in addition to the
    premiums payable by the policyholder. The amount of tax paid shall
    not be considered for the calculation of benefits payable under the
    plan.

    Regarding Income tax benefits/implications on premium(s) paid and


    benefits payable under this plan, please consult your tax advisor for
    details.

    12. Free Look Period:

    If the Policyholder is not satisfied with the “Terms and Conditions” of


    the policy, the policy may be returned to the Corporation within 15
    days from the date of receipt of the policy bond stating the reasons
    of objections. On receipt of the same the Corporation shall cancel the
    policy and return the amount of premium deposited after deducting
    the proportionate risk premium for the period of cover and charges
    for stamp duty.
    4
    13. Exclusions:

    a) Suicide :
    A policy shall be void
    i. If the Life Assured (whether sane or insane) commits
    suicide at any time within 12 months from the date
    of commencement of risk, the Corporation will not
    entertain any claim under the policy except for 80% of
    the total premiums paid, provided the policy is inforce.
    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 till the date of death or the surrender
    value available as on the date of death, shall be payable.
    The Corporation will not entertain any other claim under
    the policy.
    This clause shall not be applicable for a policy lapsed
    without acquiring paid-up value and nothing shall be
    payable under such policies.
    Note: Premiums referred above shall not include any
    taxes and extra premiums, if any.

    SECTION 45 OF THE INSURANCE ACT, 1938:


    The provision of Section 45 of the Insurance Act, 1938 shall be applicable
    as amended from time to time. The simplified version of this provision is
    as under:
    Provisions regarding policy not being called into question in terms of
    Section 45 of the Insurance Act, 1938 are as follows:
    1. No Policy of Life Insurance shall be called in question on any ground
    whatsoever after 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
    question 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 writing to the insured
    or legal representative or nominee or assignees of insured, as
    applicable, mentioning the ground and materials on which such
    decision is based.
    5
    3. Fraud means any of the following acts committed 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 suggestion, as a fact of that which is not true and which the
    insured does not believe to be true;
    b. The active concealment of a fact by the insured having
    knowledge or belief of the fact;
    c. Any other act fitted 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 mis-
    statement was true to the best of his knowledge and there
    was no deliberate intention 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 question 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 writing to the insured or legal representative or nominee
    or assignees of insured, as applicable, mentioning the ground
    and materials on which decision to repudiate the policy of life
    insurance is based.
    7. In case repudiation is on ground of mis-statement and not on
    fraud, the premium collected on policy till the date of repudiation
    shall be paid to the insured or legal representative or nominee or
    assignees of insured, within a period of 90 days from the date of
    repudiation.
    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 time if he is entitled to do
    so and no policy shall be deemed to be called in question merely
    because the terms of the policy are adjusted on subsequent proof
    of age of life insured. So, this Section will not be applicable for
    questioning age or adjustment based on proof of age submitted
    subsequently.
    [Disclaimer: This is not a comprehensive list of Section 45 of the
    Insurance Act, 1938 and only a simplified version prepared for general
    information. Policy Holders are advised to refer to Section 45 of the
    Insurance Act, 1938, for complete and accurate details.]

    6
    PROHIBITION OF REBATES SECTION 41 OF THE INSURANCE ACT,
    1938:
    1) No person shall allow or offer to allow, either directly or
    indirectly, as an inducement to any person to take out or
    renew or continue an insurance in respect of any kind of
    risk relating 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 continuing a policy accept any rebate,
    except such rebate as may be allowed in accordance with the
    published prospectuses or tables of the insurer.
    2) Any person making default in complying with the provisions
    of this section 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 Micro Insurance Office.

    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /


    FRAUDULENT OFFERS
    IRDAI is not involved in activities like selling insurance policies,
    announcing bonus or investment of premiums. Public receiving
    such phone calls are requested to lodge a police complaint.

    Registered Office:
    Life Insurance Corporation of India
    Central Office, Yogakshema,
    Jeevan Bima Marg,
    Mumbai – 400021.
    Website: www.licindia.in
    Registration Number: 512
    7

    You might also like