LIC OF INDIA

FLEXI PLUS (UIN: 512L272V01)

FEATURES :

“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

LIC’s Flexi Plus is a unit linked assurance plan, which not only provides a lump sum benefit on death but also the maturity benefit irrespective of the survival of the Policyholder. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
Key benefits under this plan are:

Flexibility to choose the policy term
Flexibility to choose the premium paying mode as per your convenience
Flexibility to choose from 2 fund types to suit your investment needs
Flexibility of partial withdrawals to meet your emergency needs

Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.

A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums.

Eligibility Conditions And Other Restrictions:

(a) Minimum Age at entry    -           18 years (last birthday)
(b) Maximum Age at entry    -           50 years (nearest birthday)
(c) Maximum Maturity Age -           60 years (nearest birthday)
(e) Policy Term                          -      10 to 20 years

(f) Premium Amount              -

Mode	Minimum (Rs.)	Maximum (Rs.)
Yearly	15,000	100,000
Half-Yearly	10,000	50,000
Quarterly	5,000	25,000
Monthly (ECS)	2,000	8,000

(h) Sum Assured under the Plan -
(10 * annualized premium) or (105% of the total premiums paid including any premiums which have fallen due but not paid), whichever is higher

Investment of Funds:

Unit Fund: The premiums allocated to purchase units will be strictly invested according to the investment pattern committed in various fund types. Various types of fund and their investment pattern will be as under:

Fund Type	Investment in Government / Government Guaranteed Securities / Corporate Debt	Short-term investments such as money market instruments	Investment in Listed Equity Shares	Details and objective of the fund for risk /return	SFIN No.
Debt Fund Mixed Fund	Not less than 60% Not less than 45%	Not more than 40% Not more than 40%	Nil Not less than 15% & Not more than 25%	Low risk Steady Income –Lower to Medium risk	ULIF00118 0912LICFLX+DBT512 ULIF00218 0912LICFLX+MIX512

The Policyholder has the option to choose any ONE of the above 2 funds.

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 and Fund Management Charge of each type of fund and shall be computed as:

Market Value of investment held by the fund + Value of Current Assets – Value of Current Liabilities & Provisions, if any
___________________________________________________________________________________
Number of Units existing on Valuation Date (before creation / redemption of Units)

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, revival after discontinuance, 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, revival after discontinuance, 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 8 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.

Charges under the Plan:
Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:

Premium	Allocation Charge
1st Year	7.50%
2nd to 5th Year	5.00%
Thereafter	3.00%

B) Mortality Charge:
This is the cost of life cover, which includes payment of Sum Assured and all future premiums payable under the plan. This charge shall depend upon the Sum at Risk i.e. sum of Sum Assured and total amount of all future premiums payable under the policy as on the date of deduction of mortality charge.
Mortality charge, which is age specific, will be taken every month by canceling appropriate number of units out of the Policyholder’s Fund value. This charge will be deducted till the Life Assured is alive.
The rate of mortality charge per annum per Rs. 1000/- Sum at Risk for some of the ages in respect of a healthy life are as under:

Age	25	35	45	50
Rs.	1.36	1.66	3.73	6.29

C) Other Charges: The following charges shall be deducted during the term of the policy:

Policy Administration charge - This charge shall be deducted on monthly basis by cancelling appropriate number of units out of the Policyholder’s Fund Value.

The Policy Administration Charge per month shall be as follows:
            Policy Year                            Policy Admin Charge (per month)
            1st Year                                Rs. 50
            2nd Year                              Rs. 41.20
            3rd Year                                Rs. 42.44
            4th Year                                Rs. 43.71
              5th Year                               Rs. 45.02
            6th Year & Thereafter          Rs. 34.78 in 6th year escalating at 3% p.a. thereafter

Fund Management Charge – This is a charge levied as a percentage of the value of assets at following rates:

         0.50% p.a. of Unit Fund for “Debt” Fund
         0.60% p.a. of Unit Fund for “Mixed” Fund
            Fund Management Charge shall be appropriated while computing NAV.
No Fund Management Charge shall be deducted on Discontinued Policy Fund.

Switching Charge – This is a charge levied on switching of monies from one fund to another. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch. This charge will be recovered by canceling appropriate number of units out of the Policyholder’s Fund Value.

Bid/Offer Spread – Nil.

Discontinuance Charge – The discontinuance charge for regular premium policies is as under:

Where the policy is discontinued during the policy year	Discontinuance charges for the policies having annualized premium up to Rs. 25,000/-	Discontinuance charges for the policies having annualized premium above Rs. 25,000/-
1	Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/-	Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-
2	Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-	Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/-
3	Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-	Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/-
4	Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-	Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and onwards	NIL	NIL

AP – Annualised Premium
FV – Policyholder’s Fund Value on the date of discontinuance

Service Tax Charge – A service tax charge, if any, will be as per the service tax laws and rate of service tax as applicable from time to time.

Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as change in premium mode to higher frequency, and shall be a flat amount of Rs. 50/- which will be deducted by canceling appropriate number of units out of the Policyholder’s Fund and the deduction shall be made on the date of alteration in the policy.

D) Right to revise charges: The Corporation reserves the right to revise all or any of the above charges except the Premium Allocation charge and Mortality charge. The modification in charges will be done with prospective effect with the prior approval of IRDA.
Although the charges are reviewable, they will be subject to the following maximum limit:

Policy Administration Charge

      The maximum Policy Administration Charge per month shall be as under:
                                   Year                       Policy Admin Charge (per month)
                              1st Year                                Rs. 100
                              2nd Year                              Rs. 82
                              3rd Year                               Rs. 85
                              4th Year                               Rs. 87
                                5th Year                               Rs. 90
                              6th Year & Thereafter          Rs. 70 in 6th year escalating at 3% p.a. thereafter

Fund Management Charge: The Maximum for each Fund will be as follows:

Debt Fund: 1.00% p.a. of Unit Fund
Mixed Fund: 1.10% p.a. of Unit Fund

The Maximum Fund Management Charge on Discontinued Policy Fund shall be 0.5% p.a. of Discontinued Policy Fund.
- Switching Charge shall not exceed Rs. 200/- per switch.

Miscellaneous Charge shall not exceed Rs. 100/- each time when an alteration is requested.

In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value.

Surrender: The surrender value, if any, is payable as under:

If the policy is surrendered within 5 years from the date of commencement of the policy:
If you apply for surrender of the policy within 5 years from the date of commencement of policy, then the Policyholder’s Fund Value after deducting the Discontinuance Charge, if any, shall be converted into monetary terms as per Para 8 below. This monetary amount shall be credited to the Discontinued Policy Fund and no charges shall be deducted thereafter. The Proceeds of the Discontinued Policy, as per Para 8 below, shall be payable on completion of 5 years from the date of commencement of policy.
In case of death of Life Assured after the date of surrender but before the completion of 5 years from the date of commencement of policy the Proceeds of the Discontinued Policy shall be payable to the nominee/ legal heir immediately.
If the policy is surrendered after 5 years from the date of commencement of the policy:
If you apply for surrender of the policy after 5 years from the date of commencement of policy, then the Policyholder’s Fund Value, as at the date of surrender, shall be payable. There will be no Discontinuance Charge.

Discontinuance of Premiums:

If you fail to pay premiums under the policy within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise one of the following options within a period of thirty days of receipt of such notice:

Revival of the policy, or

Complete withdrawal from the policy

Upto the expiry of 30 days of receipt of notice, the policy shall be treated as inforce and the charges for Mortality shall be taken in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value. The cover shall continue till the date of discontinuance of the policy (i.e. till the date on which the intimation is received from the policyholder for complete withdrawal of the policy or till the expiry of the notice period).

If you do not exercise any option within the stipulated period of 30 days, you shall be deemed to have exercised the option of complete withdrawal from the policy.
The benefits payable under the policy during the notice period shall be same as that under an inforce policy, except Partial Withdrawal, which shall not be allowed if all due premiums have not been paid.
The benefits payable when you exercise the option for complete withdrawal or you do not exercise any option during the notice period shall be as under:
If the policy is discontinued within 5 years from the date of commencement of the policy: If you exercise the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated. The Policyholder’s Fund Value as on the date of discontinuance of policy after deducting the Discontinuance Charge shall be converted into monetary terms as specified below and shall be transferred to the Discontinued Policy Fund.
However, you shall have the right to revive such policy within two years from the date of discontinuance but not later than the expiry of 5 years from the date of commencement of policy. On revival of policy, all benefits, as per the terms and conditions of the policy, shall continue from the date of revival.
In case the policy is not revived, then the Proceeds of the Discontinued Policy as specified below shall be paid after completion of 5 years from the date of commencement of policy.
In case of death of the Life Assured before the completion of 5 years from the date of commencement of the policy, the Proceeds of the Discontinued Policy shall be paid to the nominee / legal heir immediately.
If the policy is discontinued after 5 years from the date of commencement of the policy: If you exercises the option for complete withdrawal from the policy, or you do not exercise the option within the period of 30 days of receipt of notice, then the policy shall be compulsorily terminated and Policyholder’s Fund value shall be payable.
Method of calculation of Monetary Amount and Proceeds of the Discontinued Policy:
The conversion to monetary amount shall be as under:
The NAV on the date of application for surrender or as on the date of discontinuance of the policy (in case of complete withdrawal of the policy), as the case may be, multiplied by the number of units (after deduction of discontinuance of charge) in the Policyholder’s Fund Value as on that date will be the monetary amount.
The Proceeds of the Discontinued Policy shall be calculated as under:
The monetary amount calculated as above shall be transferred to the Discontinued Policy Fund. This Fund will earn a minimum guarantee of the interest rate, as applicable to saving bank account of State Bank of India from the date of discontinuance of the policy to the date of completion of 5 years from the commencement of the policy or upto the date of revival, if applicable. In case of death of the life assured, the interest shall accrue from the date of discontinuance of the policy to the date of booking of liability. The Proceeds of the discontinued policy shall be the monetary amount plus the interest accrued on the Discontinued Policy Fund.

Other Features:
Guarantee of interest rate on Discontinued Policy Fund:A guaranteed minimum interest rate, as applicable to saving bank account of State Bank of India shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.

Partial Withdrawals: Youmay encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:

Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.

Partial withdrawal shall not be allowed to nominee/ legal heir after death of life assured.

Switching: You can switch between the two fund types for the entire Fund Value during the policy term subject to switching charges, if any.

Switching shall not be allowed if due premiums have not been paid.

Increase / Decrease of risk covers:No increase / decrease of benefits will be allowed under the plan.

Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. However, in case of discontinuance within 5 years from the date of commencement of policy, if you exercise the option for complete withdrawal or do not exercise any option, you have the right to revive such policy within two years from the date of discontinuance but not later than the expiry of 5 years from the date of commencement of the policy.

If you exercise the option to revive such policy, then:

The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.
The discontinuance charge deducted from the fund, if any, shall be added back to the Fund along with the Proceeds of the discontinued policy.
All outstanding applicable policy administration charges, premium allocation charges and service tax charges due since the date of discontinuance shall be deducted from the policy fund.
Units of the segregated fund chosen by the Policyholder shall be allotted at the NAV as on the date of revival.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to you.
Irrespective of what is stated above, if the Policyholder’s Fund Value is not sufficient to recover the charges during the notice period, the policy shall terminate and thereafter revival will not be allowed.

Reinstatement:

A policy once surrendered cannot be reinstated.

Risks borne by the Policyholder:
LIC’s Flexi Plus is a Unit Linked Life Insurance product, which is different from the traditional insurance products.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Flexi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. The amount to be refunded in case the policy is returned within the cooling-off period shall be determined as under:
Value of units in the Policyholder’s Fund
            Plus           Unallocated premium
            Plus           PolicyAdministration charge deducted
            Plus           Service tax deducted
Less            Charges @ Rs.0.20per thousand Sum Assured (where Sum Assured is 105% * term* annualized Premium)
            Less            Actual cost of medical examination and special reports, if any.

Loan:

No loan shall be allowed under this plan.

Assignment:

Assignment shall not be allowed under this plan.

Exclusions:

In case the Life Assured commits suicide at any time within one year, the Corporation will not entertain any claim by virtue of the policy except to the extent of the Policyholder’s Fund Value on death.

BENEFITS :

LIC’s Flexi Plus is a unit linked assurance plan, which not only provides a lump sum benefit on death but also the maturity benefit irrespective of the survival of the Policyholder. This plan is specially designed for you to provide a very good combination of protection and long term savings and also provides you greater flexibility to build a better life and realise your dreams.
Key benefits under this plan are:

Flexibility to choose the policy term
Flexibility to choose the premium paying mode as per your convenience
Flexibility to choose from 2 fund types to suit your investment needs
Flexibility of partial withdrawals to meet your emergency needs

Benefits:

A) Death Benefit:
On death during the policy term, when the cover is in full force:

Immediate lumpsum payment equal to Sum Assured shall be paid to the nominee / legal heir.
An amount equal to sum of all future premiums payable after the date of death shall be credited to the Policyholder’s Fund. The units shall be allocated at the unit price applicable for the fund type opted under the policy on the date of booking of liability of death.

On maturity date, units available in the Policyholder’s Fund will be multiplied by the NAV as on that date and the total fund value will be given to the nominee/legal heir.

B) Maturity Benefit:
On Life Assured surviving the date of maturity, an amount equal to Policyholder’s Fund Value shall be payable.

Risks borne by the Policyholder:
LIC’s Flexi Plus is a Unit Linked Life Insurance product, which is different from the traditional insurance products.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Flexi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

JEEVAN SUGAM - Single Premium , Multiple benefits

LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you.
The plan will be open for sale for a maximum period of 45 days from the date of launch.

BENEFITS

Death Benefit:

  On death during first five policy years:
Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra        premium charged shall be payable.
On death after completion of five policy years:
  Basic Sum assured i.e. 10 times the single premium (net of service tax) excluding any extra premium charged along with loyalty addition, if any, shall be payable.

Maturity Benefit:

On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

Loyalty Addition:

Depending upon the Corporation’s experience with regard to policies issued under this plan, this policy will be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death after completion of five policy years, on surrender during the last policy year and on maturity, at such rate and on such terms as may be declared by the Corporation.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

Minimum Entry Age : 8 years (completed)
Maximum Entry Age : 45 years (nearest birthday)
Minimum/Maximum Basic Sum Assured : 10 times of single premium paid (excluding

extra premium, if any)

Minimum Maturity Sum Assured : Rs. 60,000/-
Maximum Maturity Sum Assured : No Limit

Maturity Sum Assured shall be available in multiples of Rs. 5,000/-.

Policy Term : 10 years
Premium payment mode : Single premium only

Sample Premium Rates:

Specimen Single Premium rates (exclusive of Service Tax) for some of the ages per Rs.1000/- Maturity Sum Assured are as under:

Age at entry (Nearest Birthday)	Single Premium Rates (Rs.)
10	537.75
20	552.90
30	562.65
40	629.35

INCENTIVE FOR HIGH MATURITY SUM ASSURED:

Incentive for higher Maturity Sum Assured by way of increase in the Maturity Sum Assured is as under:

Maturity Sum Assured	Increase in Maturity Sum Assured
Below Rs.150,000	Nil
Rs.150,000 to Rs. 399,999	3.50%
Rs.400,000 and above	4.50%

If the policy holder opts for Maturity Sum Assured Rs. 150000/- or above, the Maturity Sum Assured shall be automatically increased by the percentage corresponding to opted Maturity Sum Assured as shown above. This Increased Maturity Sum Assured shall be the Maturity Sum Assured payable at the time of maturity along with Loyalty Addition, if any.
For e.g. if opted Maturity Sum Assured by the Proposer is Rs. 150,000/-. Maturity Sum Assured payable at Maturity is Rs. 150,000 * (1+3.5%) i.e. Rs. 155,250/-

LOAN

Loan can be availed under this plan any time during the policy term. Loan shall be equal to 60% of the surrender value as on the date of sanction of loan.

SURRENDER VALUE

The policy can be surrendered for cash at any time during the policy term. The minimum Guaranteed Surrender Value allowable shall be as under:

First year: 70% of the Single premium (net of service tax) excluding all extra premiums, if any.
Thereafter: 90% of the Single premium (net of service tax) excluding all extra premiums, if any.

Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the Guaranteed Surrender Value.
The Special Surrender Value will be the discounted value of the Maturity Sum Assured as on date of surrender. If the policy is surrendered during the last policy year it shall be eligible for loyalty addition, if any.

SERVICE TAX: Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.

The amount of service tax as per the prevailing rates shall be payable by the policyholder on the premium.

COOLING-OFF PERIOD

If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the risk premium, expenses incurred on medical examination, if any, and stamp duty.

EXCLUSIONS

The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within one year from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of a maximum of (i) 90% of the single premium paid excluding any extra premium paid or (ii) third party’s bonafide beneficial interest acquired in the policy for valuable consideration (but limited to applicable death benefit of this policy) of which notice has been given in writing to the branch where the policy is being presently serviced (where the policy records are kept) at least one calendar month prior to death.

"Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance."

Notes:

i) The single premium shown above is exclusive of service tax.

ii) This illustration is applicable to a standard (from medical, life style and occupation point of view) life.

iii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a. (Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, 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 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

iv) Under Scenario 1 where interest rate earned by the Corporation is assumed to be 6% p.a. throughout the term, the projected Loyalty Addition is nil.

v) The main objective of the illustration 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 quantification.

SECTION 45 OF INSURANCE ACT, 1938:

No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling 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 that the age of the life assured was incorrectly stated in the proposal.

SECTION 41 OF 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: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.

SOURCE LIC OF INDIA

LIC FLEXI PLUS (UIN: 512L272V01)

FEATURES

“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

Flexibility to choose the policy term
Flexibility to choose the premium paying mode as per your convenience
Flexibility to choose from 2 fund types to suit your investment needs
Flexibility of partial withdrawals to meet your emergency needs

Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the term of the policy.

A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (ECS) premiums.

Eligibility Conditions And Other Restrictions:

Mode	Minimum (Rs.)	Maximum (Rs.)
Yearly	15,000	100,000
Half-Yearly	10,000	50,000
Quarterly	5,000	25,000
Monthly (ECS)	2,000	8,000

(h) Sum Assured under the Plan -
(10 * annualized premium) or (105% of the total premiums paid including any premiums which have fallen due but not paid), whichever is higher

Investment of Funds:

Fund Type	Investment in Government / Government Guaranteed Securities / Corporate Debt	Short-term investments such as money market instruments	Investment in Listed Equity Shares	Details and objective of the fund for risk /return	SFIN No.
Debt Fund Mixed Fund	Not less than 60% Not less than 45%	Not more than 40% Not more than 40%	Nil Not less than 15% & Not more than 25%	Low risk Steady Income –Lower to Medium risk	ULIF00118 0912LICFLX+DBT512 ULIF00218 0912LICFLX+MIX512

The Policyholder has the option to choose any ONE of the above 2 funds.

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 and Fund Management Charge of each type of fund and shall be computed as:

Charges under the Plan:
Premium Allocation Charge: This is the percentage of the premium deducted towards charges from the premium received. The balance constitutes that part of the premium which is utilized to purchase (Investment) units for the policy. The allocation charges are as below:

Premium	Allocation Charge
1st Year	7.50%
2nd to 5th Year	5.00%
Thereafter	3.00%

Age	25	35	45	50
Rs.	1.36	1.66	3.73	6.29

C) Other Charges: The following charges shall be deducted during the term of the policy:

Policy Administration charge - This charge shall be deducted on monthly basis by cancelling appropriate number of units out of the Policyholder’s Fund Value.

Fund Management Charge – This is a charge levied as a percentage of the value of assets at following rates:

Switching Charge – This is a charge levied on switching of monies from one fund to another. Within a given policy year 4 switches will be allowed free of charge. Subsequent switches in that year shall be subject to a switching charge of Rs. 100 per switch. This charge will be recovered by canceling appropriate number of units out of the Policyholder’s Fund Value.

Bid/Offer Spread – Nil.

Discontinuance Charge – The discontinuance charge for regular premium policies is as under:

Where the policy is discontinued during the policy year	Discontinuance charges for the policies having annualized premium up to Rs. 25,000/-	Discontinuance charges for the policies having annualized premium above Rs. 25,000/-
1	Lower of 15% * (AP or FV) subject to a maximum of Rs. 2500/-	Lower of 6% * (AP or FV) subject to maximum of Rs. 6000/-
2	Lower of 7.5% * (AP or FV) subject to a maximum of Rs. 1750/-	Lower of 4% * (AP or FV) subject to maximum of Rs. 4000/-
3	Lower of 5% * (AP or FV) subject to a maximum of Rs. 1250/-	Lower of 3% * (AP or FV) subject to maximum of Rs. 3000/-
4	Lower of 3% * (AP or FV) subject to a maximum of Rs. 750/-	Lower of 2% * (AP or FV) subject to maximum of Rs. 2000/-
5 and onwards	NIL	NIL

AP – Annualised Premium
FV – Policyholder’s Fund Value on the date of discontinuance

Service Tax Charge – A service tax charge, if any, will be as per the service tax laws and rate of service tax as applicable from time to time.

Miscellaneous Charge – This is a charge levied for an alteration within the contract, such as change in premium mode to higher frequency, and shall be a flat amount of Rs. 50/- which will be deducted by canceling appropriate number of units out of the Policyholder’s Fund and the deduction shall be made on the date of alteration in the policy.

Policy Administration Charge

Fund Management Charge: The Maximum for each Fund will be as follows:

Debt Fund: 1.00% p.a. of Unit Fund
Mixed Fund: 1.10% p.a. of Unit Fund

The Maximum Fund Management Charge on Discontinued Policy Fund shall be 0.5% p.a. of Discontinued Policy Fund.
- Switching Charge shall not exceed Rs. 200/- per switch.

Miscellaneous Charge shall not exceed Rs. 100/- each time when an alteration is requested.

In case the policyholder does not agree with the revision of charges the policyholder shall have the option to withdraw the Policyholder’s Fund Value.

Surrender: The surrender value, if any, is payable as under:

Discontinuance of Premiums:

Revival of the policy, or

Complete withdrawal from the policy

Other Features:
Guarantee of interest rate on Discontinued Policy Fund:A guaranteed minimum interest rate, as applicable to saving bank account of State Bank of India shall be credited to the Discontinued Policy Fund constituted by the fund value of all discontinued policies.

Partial Withdrawals: Youmay encash the units partially after the fifth policy anniversary and provided all due premiums have been paid subject to the following:

Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
Partial withdrawal shall be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund.

Partial withdrawal shall not be allowed to nominee/ legal heir after death of life assured.

Switching: You can switch between the two fund types for the entire Fund Value during the policy term subject to switching charges, if any.

Switching shall not be allowed if due premiums have not been paid.

Increase / Decrease of risk covers:No increase / decrease of benefits will be allowed under the plan.

Revival: If due premium is not paid within the days of grace, a notice shall be sent to you within a period of fifteen days from the date of expiry of grace period to exercise the option for revival within a period of thirty days of receipt of such notice. However, in case of discontinuance within 5 years from the date of commencement of policy, if you exercise the option for complete withdrawal or do not exercise any option, you have the right to revive such policy within two years from the date of discontinuance but not later than the expiry of 5 years from the date of commencement of the policy.

If you exercise the option to revive such policy, then:

The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.
The discontinuance charge deducted from the fund, if any, shall be added back to the Fund along with the Proceeds of the discontinued policy.
All outstanding applicable policy administration charges, premium allocation charges and service tax charges due since the date of discontinuance shall be deducted from the policy fund.
Units of the segregated fund chosen by the Policyholder shall be allotted at the NAV as on the date of revival.

Reinstatement:

A policy once surrendered cannot be reinstated.

Risks borne by the Policyholder:
LIC’s Flexi Plus is a Unit Linked Life Insurance product, which is different from the traditional insurance products.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Flexi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

Cooling off period:

Loan:

No loan shall be allowed under this plan.

Assignment:

Assignment shall not be allowed under this plan.

Exclusions:

BENIFITS

“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

Flexibility to choose the policy term
Flexibility to choose the premium paying mode as per your convenience
Flexibility to choose from 2 fund types to suit your investment needs
Flexibility of partial withdrawals to meet your emergency needs

Benefits:

A) Death Benefit:
On death during the policy term, when the cover is in full force:

Immediate lumpsum payment equal to Sum Assured shall be paid to the nominee / legal heir.
An amount equal to sum of all future premiums payable after the date of death shall be credited to the Policyholder’s Fund. The units shall be allocated at the unit price applicable for the fund type opted under the policy on the date of booking of liability of death.

Risks borne by the Policyholder:
LIC’s Flexi Plus is a Unit Linked Life Insurance product, which is different from the traditional insurance products.
The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Flexi Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

Benefit Illustration:

“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”

Benefit Illustration:

Statutory warning

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. If your policy offers guaranteed returns then these will be clearly marked “guaranteed” in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependant on a number of factors including future investment performance.”

This illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life.

The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, 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 6% p.a. or 10% p.a., as the case may be. The Projected Investment Rate of Return is not guaranteed.

The main objective of the illustration 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 quantification.

LIC does not authorize its agents/intermediaries, staff and officials to express their opinion on the future performance of the “ULIP” fund, excepting the above illustrative rate of 6% and 10% growth.

SECTION 45 OF INSURANCE ACT, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling 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 that the age of the life assured was incorrectly stated in the proposal.
SECTION 41 OF 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: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Note: “Conditions apply” for which please refer to the Policy document or contact our nearest Branch Office.
“Insurance is the subject matter of solicitation”

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FLEXI PLUS (UIN: 512L272V01)

JEEVAN SUGAM - Single Premium , Multiple benefits

LIC FLEXI PLUS (UIN: 512L272V01)

FEATURES

BENIFITS

Benefit Illustration:

Statutory warning