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

This is a unit linked Endowment plan with regular premium paying term which offers investment cum insurance during the term of the policy. You can choose the level of cover within the limits, which will depend on the level of premium you agree to pay.

Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

1.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.

2. Eligibility  Conditions  And  Other  Restrictions:
(a) Minimum Age at entry        -     0 (age last birthday)
(b) Maximum Age at entry       -      65 years (age nearer birthday)
(c) Minimum Maturity Age       -      18 years (completed)
(d) Maximum Maturity Age      -      75 years (age nearer birthday)
(e) Policy Term                      -     10, 15 to 30 years
(f) Minimum Premium             -        Regular premium (other than monthly (ECS) mode):
                                                    Rs. [5,000] p.a.  for policy term 20 to 30 years
                                                    Rs. [10,000] p.a.  for policy term 15 to 19 years
                                                    Rs. [15,000] p.a.  for policy term 10 years

                                                     Regular premium (for monthly (ECS) mode):
                                                     Rs. [1,000] p.m.  for policy term 15 to 30 years
                                                     Rs. [1,500] p.m.  for policy term 10 years

(g) Sum Assured under the Basic Plan  -  
Minimum Sum Assured : 5 times the annualized premium
Maximum Sum Assured :
30 times of the annualized premium if age at entry is upto 45 years
20 times of the annualized premium if age at entry is 46 to 60 years
10 times of the annualized premium if age at entry is 61 years and above

Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

Commencement of risk in case of minor: Risk will commence either after 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 7 years of age, whichever is later in case  the age at entry of the life assured is less than or equal to 10 years. Where the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. In case of minors aged 12 years or more risk will commence immediately.

3. Other Features:

  • Partial Withdrawals: Youmay encash the units partially after the third policy anniversary subject to the following:
  1. In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
  2. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
  3. For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
  4. Under Regular Premium policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
  5. Under Regular Premium policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.

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

  6. Increase / Decrease of risk covers: No increase of covers will be allowed under the plan. You can, however, decrease any or all of the risk covers within the specified limit once in a year during the Policy term, provided all due premiums under the Policy have been paid. The reduced levels of cover will be available within the limits specified in para 4 above. Further, once reduction in risk cover is allowed, the same cannot be subsequently increased/ restored. 

    Option to continue the cover after the revival period: If atleast three years’ premiums have been paid under the policy, the policyholder may opt for continuation of cover even beyond the revival period without reviving the policy and paying any further premiums. This option shall be required to be exercised atleast one month before the completion of the revival period. If this option is availed, the cover under the policy shall continue by deduction of relevant charges out of policy fund. This option shall continue till the Policyholder’s Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.

    Discontinuance of premiums: If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.

    I) Where atleast 3 years’ premiums have been paid, the Life Cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period.

During this period, the charges for Mortality, Accident Benefit and / or Critical Illness Benefit cover, if any, shall be taken, in addition to other charges, by cancelling an appropriate number of units out of the Policyholder’s Fund Value every month. This will continue to provide relevant risk covers for :

      1. two years from the due date of first unpaid premium, or
      2. till the date of maturity, or
      3. till such period that the Policyholder’s Fund Value reduces to one annualized premium,

whichever is earlier.

Further, the policyholder may opt for continuation of cover even beyond the revival period without reviving the policy and paying any further premiums. This option shall be required to be exercised atleast one month before the completion of the revival period. If this option is availed, the cover under the policy shall continue by deduction of relevant charges out of policy fund. This option shall continue till the Policyholder’s Fund Value reaches one annualized premium. No further premiums shall be allowed to be paid after the revival period is over.

The benefits payable under the policy in different contingencies during this period shall be as under:

  1. In case of Death: Higher of Sum Assured under the Basic Plan or the Policyholder’s Fund Value. The Sum Assured shall be subject to provisions of Partial Withdrawals made, if any.
  2. In case of Death due to accident: Accident Benefit Sum Assured in addition to the amount under A above, if Accident Benefit is opted for.
  3. In case of Critical Illness claim: Critical Illness Rider Sum Assured, if opted for.
  4. On maturity: The Policyholder’s Fund Value.
  5. In case of Surrender (including Compulsory surrender): The Policyholder’s Fund Value. The Surrender value, however, shall be paid only after the completion of 3 policy years.
  6. In case of Partial Withdrawals: For 2 years period from the date of withdrawal, the sum assured under the basic plan shall be reduced to the extent of the amount of partial withdrawals made.

  7. II. Where the policy lapses without payment of at least 3 years’ premiums, the Life Cover, Accident Benefit / Critical Illness Benefit rider covers, if any, shall cease and no charges for these benefits shall be deducted. However, deduction of all the other charges shall continue. The benefits under such a lapsed policy shall be payable as under:
  8. In case of Death: The Policyholder’s Fund Value.
  9. In case of death due to accident: Only, the amount as under G above.
  10. In case of Critical Illness claim: Nil
  11. In case of Surrender (including Compulsory surrender): Policyholder’s Fund Value / monetary value as the case may be, shall be payable after the completion of the third policy anniversary. No amount shall be payable within 3 years from the date of commencement of policy.
  12. In case of Partial withdrawal: Partial Withdrawals shall not be allowed under such a policy even after completion of 3 years period.

  • Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.

If premiums have not been paid for atleast 3 full years, the policy may be revived within two years from the due date of first unpaid premium. 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.

If atleast 3 full years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity, if earlier. No proof of continued insurability shall be required and all arrears of premium without interest shall be required to be paid.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed 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 the Policyholder.

Irrespective of what is stated above, if less than 3 years’ premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall terminate and thereafter revival will not be entertained. If 3 years or more than 3 years premiums have been paid and the Policyholder’s Fund Value reduces to one annualized premium, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.

  • Settlement Option: When the policy comes for maturity, you may exercise “Settlement Option” and may receive the policy money in instalments spread over a period of not more than five years from the date of maturity. There shall not be any life cover during this period. The value of instalment payable on the date specified shall be subject to investment risk i.e. the NAV may go up or down depending upon the performance of the fund.

    4. Reinstatement:
    A policy once surrendered cannot be reinstated.

    5.  Risks borne by the Policyholder:

    1. LIC’s Money Plus - I is a Unit Linked Life Insurance products which is different from the traditional insurance products and are subject to the risk factors.
    2. 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.
    3. Life Insurance Corporation of India is only the name of the Insurance Company and LIC’s Money Plus - I 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.
    4. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
    5. 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.
    6. All benefits under the policy are also subject to the Tax Laws and other financial enactments as they exist from time to time.

    6.  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 Less charges @ Rs.0.20per thousand Sum Assured under Basic plan
    Less Actual cost of medical examination and special reports, if any.

    7.  Loan:
    No loan will be available under this plan.

    8.  Assignment:
    Assignment will be allowed under this plan.

    9.  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.

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