Policy Document LICs Nivesh Plus CC Uploading

LIFE INSURANCE CORPORATION OF INDIA
(Established by the Life Insurance Corporation Act, 1956)

Registration Number: 512
LIC’s Nivesh Plus (UIN: 512L317V02)
(A Non-par, Linked, Life, Individual Savings Plan)
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
PART – A
Ref: NB (Address and email ID of

Branch Office):
Space for Name and Address of Policyholder Space for Address and e-
mail id of Branch Office
Dear Policyholder, Date:

Re: Your Policy No. _______________
We have pleasure in forwarding herewith the above policy document comprising of Part A to Part
G/ Customer Information Sheet, Benefit Illustration and Need Analysis documents.
We would also like to draw your kind attention to the information mentioned in the Schedule of
the Policy and the benefits available under the Policy.
Some of our plans have certain options (including riders) available under them. It is important
that the options, if any, available under this plan and mentioned in the Policy Document are
noted carefully as it will be helpful to you, in case you decide to exercise any of the available
options. It is also essential to note that such option, if available and mentioned in the document
of this plan have to be exercised in the right manner and during the stipulated time limit as
prescribed herein.
Free Look Period
We would request you to go through the terms and conditions of the Policy and in case you
disagree with any of the terms and conditions, you may return the Policy within a period of 30
days from the date of receipt of electronic or physical mode of the Policy Document, whichever
is earlier, stating the reasons of your objections and disagreement. On receipt of the policy we
shall cancel the same and the amount to be refunded to you shall be the value of units in the Unit
Fund as on the date of receipt of request plus Premium Allocation Charge which have been
deducted, if any, plus proportionate Mortality and Accident Benefit Charges, if any, for the
balance period from the date of opting for Free-Look period to the end of the policy month for
which the respective charges have been deducted plus Tax charges deducted thereon less
actual cost of medical examination (including special reports, if any) and for stamp duty.
In case you have any Complaints/Grievance, you may approach Branch-Office on the address
mentioned above or Grievance Redressal Officer/ Ombudsman, whose addresses are as under:
Address of Grievance Redressal officer:
Address and contact details of Insurance Ombudsman:
If you find any errors in this Policy Document, you may return this Policy for corrections.
Thanking you.
Yours faithfully,
p. Chief/Sr. Branch Manager

Agent’s/ Agent’s/ Intermediary’s Name Agent’s/Intermediary’s Mobile Number / Landline
Intermediary’sCode Number
LIC’s Nivesh Plus ( UIN:512L317V02) Page 1 of 28

We would also like to draw your attention to the following aspects:
1) Change of Address: In case you change your residence, kindly ensure that you inform the
change in address to the servicing Branch Office.
2) Assignment: Assignment should be in accordance with the provisions of Section 38 of the

Insurance Act, 1938, as amended from time to time. The current provisions of Section 38
are enclosed in Annexure-1 for reference.
3) Nomination: Nomination should be in accordance with the provisions of Section 39 of the

Insurance Act, 1938, as amended from time to time. The current provisions of Section 39
are enclosed in Annexure-2 for reference.
4) Policyholder or the Life Assured or the claimant, as applicable, is required to intimate the
Corporation, about the happening of the insured event resulting into a claim under the
insurance policy, at the earliest possible time.
5) The provisions of Section 45 of the Insurance Act 1938 as amended from time to time
shall be applicable: The current provisions of the same are enclosed in Annexure-3.
6) Various Sections of the Insurance Act, 1938, applicable to LIC to apply as amended from
time to time.
7) The approved version of Policy Document in respect of this plan is available on our
website: www.licindia.in
8) Please avail LIC’s e-services. Visit our website: www.licindia.in to enable us to serve you
better. You can view the actual value of units under this policy in the IRDAI prescribed
FORM D02 using a secured login through the Customer Portal on the Corporation’s
website.
9) For Customer Services, you can contact LIC call centre at +91-022 68276827 whose
services are available 24*7 in English, Hindi and 8 Regional Languages.
These measures will enable us to serve you better.

PREAMBLE
THE LIFE INSURANCE CORPORATION OF INDIA (hereinafter called “the Corporation”) having
received a Proposal along with Declaration and the Single premium from the Proposer and the
Life Assured named in the Schedule referred to herein below and the said Proposal and
Declaration with the statements contained and referred to therein having been agreed to by the
said Proposer and the Corporation as basis of this assurance do by this Policy agree, to pay the
Benefits, but without interest, at the Branch Office of the Corporation where this Policy is
serviced, to the person or persons to whom the same is payable in terms of the said Schedule,
on proof to the satisfaction of the Corporation of the Benefits having become payable as set out
in this Policy Document, of the title of the said person or persons claiming payment and of the
correctness of the age of the Life Assured stated in the Proposal if not previously admitted.
And it is hereby declared that this Policy of Assurance shall be subject to the Definitions,
Benefits, Conditions Related to Servicing Aspects, Other Terms and Conditions and Statutory
Provisions printed in this Policy and that the following Schedule and every endorsement placed
on the Policy by the Corporation shall be deemed part of the Policy.

SCHEDULE
DIVISIONAL OFFICE: BRANCH OFFICE:

Policy No. Single Premium (Rs): Date of birth of
the Life Assured:
UIN No. Basic Sum Assured (Rs):
Age of the Life
Date of Commencement of Assured:
policy: Basic Sum Assured option chosen:
Whether age
Date of Commencement of Admitted?
Risk: Fund Opted :
Proposal No:
Plan and Policy Term: Date of Proposal:
Benefit illustration
Date of Maturity: Reference No:
Date of Issuance of Policy: Whether

Settlement Option
for death benefit
taken?
Details of Rider opted:

Sr No. Rider Opted UIN Date of Rider Sum Date of
commencement Assured expiry of
of Risk for rider rider
Note: Conditions of the rider mentioned above are enclosed as endorsement to the policy.
Unless otherwise stated, all dates described and used in this Schedule are in dd/mm/yyyy formats.
Name, Gender and address of Proposer: Name, Gender and address of Life Assured:
Details of Nominee(s) under Section 39 of the Insurance Act, 1938as amended from time to time.
Type of Nomination:
Nominee(s) Nominee(s) Age Percentage Relationship to Appointee Name [in
Name Share the Life Assured case the Nominee is
a minor]
Signed on behalf of the Corporation at the above mentioned Branch Office, whose address and
e-mail ID is given on the first page and to which all communications relating to the policy should
be addressed.
Date:
Examined by:
Form No.: p. Chief/ Sr. Branch Manager

PART – B: DEFINITIONS
The definitions of terms/words used in the Policy Document are as under:
1. Age is the age nearer birthday of the Life Assured at the time of the commencement of
the policy except for age 0 years for which it has to be 90 days completed .
2. Accident Benefit Charge is the charge levied at the beginning of each policy month from
the Unit Fund by cancelling appropriate number of units to cover the cost of benefit under
LIC’s Linked Accidental Death Benefit Rider, if opted for.
3. Accident Benefit Sum Assured is an assured amount payable on death of the Life
Assured due to accident subject to the terms and conditions specified in Condition 5 of
Part C of this policy document, if LIC’s Linked Accidental Death Benefit Rider is opted for.
4. Appointee is the person to whom the proceeds/benefits secured under the Policy are
payable if the benefit becomes payable to the nominee and nominee is minor as on the
date of claim payment
5. Assignee is the person to whom the rights and benefits are transferred by virtue of an
Assignment.
6. Assignment is the process of transferring the rights and benefits to an “Assignee”.
Assignment should be in accordance with provision of Section 38 of the Insurance, 1938
as amended from time to time.
7. Base Policy is that part of the Policy referring to Base benefit (benefits referred to in this
policy document excluding benefits covered under Rider(s), if opted for).
8. Basic Sum Assured means the amount specified in the Schedule as opted by the
Policyholder at the time of taking the policy., where
Option 1 is equal to 1.25 times of Single Premium; and;
Option 2 is equal to 10 times of Single Premium.
The option once chosen cannot be changed.
9. Beneficiary/Claimant means the person(s)/entity who is/are entitled to receive benefits
under this Policy. The Beneficiary to whom benefits are payable is the Proposer or Life
Assured or his Assignee under Section 38 of the Insurance Act, 1938, as amended from
time to time or Nominees(s) under Section 39 of the Insurance Act, 1938, as amended
from time to time or proved Executors or Administrators or other Legal Representatives
who should take out representation to his/ her Estate or limited to the moneys payable
under this Policy from any Court of any State or Territory of the Union of India, as
applicable .
10. Business Day is the Corporation’s working day.
11. Continued Insurability is the determination of insurability of Life Assured/Proposer on
revival of policy with rider(s) if opted for, to the satisfaction of the Corporation based on
the 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
12. Corporation means the Life Insurance Corporation of India established under Section 3
of the Life Insurance Corporation Act, 1956.
13. Date of Commencement of Policy is the start date of Policy.
14. Date of Issuance of the Policy is the date when a proposal after underwriting is
accepted as a policy and this contract gets effected.
15. Date of Commencement of Risk is the date on which the Corporation accepts the risk
for insurance (cover) as evidenced in the Schedule of the policy.
16. Date of Discontinuance is the date on which the intimation is received from the
Policyholder about the surrender of the policy.
17. Date of Maturity means the date specified in the Schedule on which the Policy term
expires.
18. Date of vesting (applicable only if the age of the Life Assured is below 18 years on the
Date of Commencement of Policy) shall be the policy anniversary date coinciding with or
immediately following the completion of 18 years of age. On such vesting date, this policy
shall be deemed to be a contract between the Corporation and the Life Assured. The Life
Assured shall become the absolute owner of the policy and the proposer or his estate
shall cease to have any right or interest therein.
19. Death Benefit means the benefit, which is payable on death of life Assured, as stated in
this Policy Document .
20. Discharge Form is the form to be filled by Policyholder/claimant to claim the maturity /
surrender / death benefit under the policy.
21. Discontinuance is the state of the policy that could arise on account of surrender of the
policy.
22. Discontinuance Charge is the charge levied on the Unit Fund on the Date of
Discontinuance.
23. Discontinued Policy Fund is the segregated fund of the Corporation constituted by the
Unit Fund Value, as applicable, of all the linked insurance policies discontinued during
the lock- in period.
24. Endorsement means Conditions attached/ affixed to this Policy incorporating any
amendments, additions or modifications agreed to or issued by the Corporation.
25. Free Look Period isthe period of 30 days from the date of receipt of the electronic or
physical mode of the Policy Document, whichever is earlier, by Policyholder to review the
terms and conditions of this Policy and where the Policyholder disagrees to any of those
terms and conditions, he/ she has the option to return this Policy as detailed in condition 6
in Part D of this Policy Document.
26. Fund Management Charge is the charge levied as a percentage of the value of assets
and shall be appropriated by adjusting NAV. This is a charge levied at the time of
computation of NAV.
27. Guaranteed Additions, expressed as a percentage of Single Premium, shall be added to
the Unit Fund on completion of specific duration of policy years and are specified in
Condition 2 of Part C of this Policy Document.
28. IRDAI means Insurance Regulatory and Development Authority of India earlier called as
Insurance Regulatory and Development Authority (IRDA).
29. Life Assured is the person on whose life the insurance cover has been accepted.
30. Lock-in-period means the period of five consecutive policy years from the Date of
Commencement of the Policy, during which period the proceeds of the policies cannot be
paid, except in case of death of the Life Assured.
31. Maturity Benefit means the benefit, which is payable on maturity as stated in this Policy
Document.
32. Material Information shall mean all important, essential and relevant information and
documents explicitly sought by the Corporation in the proposal form.
The information already known to the Policyholder/Life Assured/Proposer at the time of
obtaining a policy which has a bearing on underwriting of the proposal /Policy submitted
constitutes Material Information.
33. Minor is a person who has not completed 18 years of age.
34. Mortality Charge is the charge levied at the beginning of each policy month for providing
the life insurance cover.
35. Net Asset Value (NAV) means the price per unit of the Segregated Fund.
36. Nomination is the process of nominating a person(s) who is (are) named as
“Nominee(s)” in the proposal form or subsequently included/changed by an endorsement.
Nomination should be in accordance with provision of Section 39 of the Insurance Act,
1938 as amended from time to time.
37. Nominee(s) means the person(s) nominated by the Policyholder (who is also the Life
Assured) under this Policy who is (are) authorized to receive the claim benefit payable
under this Policy and to give valid discharge to the Corporation on settlement of the claim.
38. Non-Par products means products which are not entitled for any share in surplus (profits)
during the term of the policy.
39. Partial Withdrawal is an option available to the Policyholder to withdraw units from the
Unit Fund as per terms and conditions of the policy.
40. Partial Withdrawal Charge, is the charge levied on the Unit Fund at the time of partial
withdrawal of the Fund during the policy term.
41. Policy Anniversary means one year from the Date of Commencement of the Policy and
the same date falling each one year thereafter, till the Date of Maturity.
42. Policy/ Policy Document means this document along with endorsements, if any, issued
by the Corporation which is a legal contract between the Policyholder and the
Corporation.
43. Policyholder is the legal owner of this policy.
44. Policy Month is the period from the Date of Commencement of policy, to the date prior to
the corresponding date in the following calendar month or similar periods thereafter
beginning from the dates in any calendar month corresponding to the Date of
Commencement of policy.
If the said corresponding date is not available in a calendar month, then the last day of
the calendar month will be taken for this purpose.
45. Policy Term is the period, in years, as chosen by the policyholder and as specified in the
schedule, commencing from the Date of commencement of the policy to the date of
Maturity.
46. Policy Year is the period between two consecutive policy anniversaries. This period
includes the first day and excludes the next policy anniversary day.
47. Premium Allocation Charge is the percentage of premium appropriated towards
charges from the premium received. This charge is levied at the time of receipt of
premium
48. Proposer is a person who proposes the life insurance proposal.
49. Pure Risk Products means insurance products (without any savings element) where the
payment of agreed amount is assured on the happening of death of life assured or on
happening of insured health related contingency within the term of the policy
50. Rider means the insurance cover(s) added to a base policy for additional premium or
charge.
51. Rider Benefits means an amount of benefit payable on occurrence of a specified event
covered under the rider, and is an additional benefit to benefit under base policy.
52. Rider Sum Assured is the assured amount payable on the happening of a specified
event covered under the rider, if opted.
53. Savings products means those products other than Pure risk Product.
54. Schedule is the part of Policy Document that gives the specific details of your Policy.
55. Segregated Funds means funds earmarked in respect of Linked Insurance business.
56. Settlement Option as specified in Condition 9 of Part D of this Policy Document, is the
option available under this Policy, to receive Death Benefit in installments in accordance
with the terms and conditions stated in advance at the inception of the contract.
57. Single Premium is the amount paid by the Policyholder as mentioned in the schedule of
this Policy Document to secure the benefits under the base policy.
58. Surrender means complete withdrawal / termination of the entire policy before expiry of
Policy Term.
59. Switch means a facility allowing the Policyholder to move the entire Unit Fund from one
segregated Fund to any other segregated Fund amongst the segregated funds offered
under this Product.
60. Switching Charge is the charge levied at the time of executing a switch by cancelling
appropriate number of units out of Unit Fund.
61. Underwriting is the term used to describe the process of assessing risk and ensuring
that the cost of the Insurance cover is proportionate to the risks faced by the individual
concerned. Based on underwriting, a decision on acceptance or rejection of insurance
cover as well as applicability of suitable premium or modified terms, if any, is taken.
62. Unit means a specific portion or part of the underlying segregated Linked fund which
represents policyholder’s entitlement in such funds.
63. Unit Fund Value means the summation of number of units in each segregated fund
multiplied by the net asset value (NAV) for respective segregated fund under that policy.
64. Unit Linked Insurance Products are the products where the benefits are partially or
wholly dependent on the performance of the underlying assets under each of the
segregated fund offered.
65. UIN means the Unique Identification Number allotted to this plan by Insurance Regulatory
Development Authority of India.

PART – C: BENEFITS
1. The following benefits are payable under this policy.
A. Maturity Benefit:On the Life Assured surviving the stipulated Date of Maturity, an
amount equal to the Unit Fund Value as on date of maturity shall become payable..
B. Death Benefit: On death of the Life Assured before the stipulated Date of Maturity ,
then,
On death before the Date of Commencement of Risk:

An amount equal to the Unit Fund Value as on date of intimation of death shall be
payable.
On death after the Date of Commencement of Risk:

An amount equal to the higher of Basic Sum Assured reduced by Partial Withdrawals
made during the two years period immediately preceding the date of death or Unit
Fund Value shall be payable
Where Basic Sum Assured is as specified in the schedule of Policy Document and
Partial Withdrawal are as specified in Condition 10 of Part D below.
The liability of admissible claim shall be booked effective from the date of receipt of
intimation of death with death certificate.Mortality charge, Accident Benefit charge, and
Tax charges thereon recovered subsequent to the date of death shall be added back
to the Unit Fund Value available on the date of intimation of death and paid back to the
nominee or beneficiary along with death benefit.
Any Guaranteed Addition added subsequent to the date of death shall be recovered
from the Unit Fund.
The death benefit shall be paid to the nominee(s) in lumpsum amount as specified
above or in instalments if Settlement Option is opted for as mentioned in Condition 9 of
Part D, of this Policy document.
2. Guaranteed Additions: Guaranteed Additions as a percentage of Single Premium as

mentioned in the table below shall be added to the Unit Fund on completion of specific
duration of policy years.
End of Policy Year Guaranteed Additions (as percentage of

Single Premium)
6 3%
10 4%
15 5%
20 6%
25 7%
The allocated Guaranteed Addition shall be converted to number of units based on NAV
of the underlying Fund type as on the date of such addition and shall be credited to the
Unit Fund of the opted Fundon the due date of payment of Guaranteed Additions .
However, any Guaranteed Addition added subsequent to the date of death shall be
recovered from the Unit Fund.
3. 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 on completion of 2 years from the Date of Commencement of Policy
or on the policy anniversary coinciding with or immediately following the completion of 8
years of age, whichever is earlier.

In case the age at entry of Life Assured is 8 years or more, risk will commence
immediately from the date of risk i.e. Date of Commencement of Policy.
4. Vesting of Policy on the life of minor : If the policy is issued on the life of a minor this
policy shall automatically vest in the Life Assured on such Vesting date i.e. on the policy
anniversary coinciding with or immediately following the completion of 18 years of age
and shall on such vesting be deemed to be a contract between the Corporation and the
Life Assured.
5. Rider Benefits:
Under this policy LIC’s Linked Accidental Death Benefit Rider can be opted for even after
issuance of policy subject to the applicable terms and conditions of this rider. Whenever
the rider is opted for subsequently by the eligible Life assured, the then available version
of Linked Accidental Death Benefit Rider shall be applicable under the policy.
The rider available at the time of issuance of this policy is:
LIC’s Linked Accidental Death Benefit Rider (UIN: 512A211V02):The LIC’s Linked
Accidental Death Benefit Rider can be opted for by the eligible Life assured, at any policy
anniversary provided the outstanding policy term is at least five years but on or before the
policy anniversary on which the age nearer birthday of the Life Assured is 65 years.
Conditions of rider, if opted, are enclosed as endorsement to this policy
PART – D: CONDITIONS RELATED TO SERVICING ASPECTS
1. Proof of Age:
The Mortality Charge, Accident Benefit Charge for rider, if opted for, and eligibility
conditions viz. minimum and maximum age at entry, minimum and maximum maturity
age and Policy term are dependent on the age of Life Assured as declared in the
Proposal Form.
In case, the age of Life Assured is mis-stated in the Proposal Form and correct age is
found to be different (Higher or lower) than such age, without prejudice to the
Corporation’s other rights and remedies, including the provisions under the Insurance
Act, 1938, as amended from time to time, the Corporation shall check the eligibility of the
Life Assured based on the correct age as on the date of commencement of policy and the
following action shall be taken:
If the Life Assured remains eligible:

In case the Life Assured with the correct age as on the date of commencement of policy
is eligible with respect to minimum/maximum age at entry, minimum/maximum Maturity
age and Policy Term, all the terms and conditions of this policy shall stand/deemed to be
modified with respect to the correct age.
In case the age is found higher than the age declared in the proposal ,the Mortality
Charges, Accident Benefit Charge or Rider, if opted for, applicable for correct age shall
be deductible in such case at the rate calculated on the respective Sum at Risk as per the
status of the policy for the correct age at entry, and the Corporation shall deduct by
cancelling appropriate number of units out of Unit Fund Value, the accumulated
difference between these charges for the correct age and the charges as reckoned from
the commencement of the Policy up to the date of such payment with interest at such rate
as may be prevailing at the time of deduction.
In case the age of the Life Assured is found to be lower, the age declared in the proposal
shall be treated as the correct age for calculation of all the charges throughout the term of
the policy.

If the Life Assured is not eligible:
In case the Life Assured with the correct age as on the date of commencement of policy
is not eligible with respect to minimum/maximum age at entry, minimum/maximum
Maturity age and Policy Term, the policy shall be terminated and the Unit Fund Value as
on the date of termination shall be refunded.
2. Forfeiture in Certain Events: In case any Condition herein contained or endorsed

hereon shall be contravened or in case it is found that any untrue or incorrect statement is
contained in the proposal, personal statement, declaration and connected documents or
any material information is withheld, then and in every such case the policy shall be void
and all claims to any benefit in virtue of this policy shall be subject to the provisions of
Section 45 of the Insurance Act, 1938, as amended from time to time.
3. Surrender: A policy can be surrendered anytime during the policy term. The surrender
value, if any, shall be payable as under:
i. If the policy is Surrendered during the Lock-in-period:

If a Policyholder applies for surrender of the policy during the Lock-in-period, then the
Unit Fund Value after deducting the Discontinuance Charge as specified in condition
8.(iv).(c) of Part E of this Policy Document shall be converted into monetary amount
which shall be equal to the NAV of the underlying Fund Type as on the date of receipt
of application for surrender multiplied by the number of units in the Unit Fund after
deduction of Discontinuance Charge. This monetary amount shall be transferred to the
Discontinued Policy Fund by converting the monetary amount into the units. The
number of units transferred to the Discontinued Policy Fund shall be the monetary
amount divided by the NAV of the Discontinued Policy Fund as on the date of transfer.
The Proceeds of the Discontinued Policy Fund in respect of this policy, as specified in
Condition 4 below, shall be payable at the end of Lock-in-period.
In case of death of the Life Assured after the date of surrender but before the end of
the Lock-in-period, the Proceeds of the Discontinued Policy Fund in respect of this
Policy shall be payable to the nominee/ legal heir immediately.
ii. If the policy is Surrendered after Lock-in-period:

If a policyholder applies for surrender of the policy after the expiry of Lock-in-period,
then the Unit Fund Value as on the date of surrender shall be payable. There will be
no Discontinuance Charge under the policy.
Reinstatement of a surrendered policy shall not be allowed even if a request for

reinstatement is received from the policyholder during the lock-in-period.
4. The Proceeds of the Discontinued Policy Fund shall be calculated as under:

The Proceeds of the Discontinued Policy Fund of this Policy shall be higher of
Discontinued Policy Fund Value or the Guaranteed Monetary Amount. The Guaranteed
Monetary Amount is the accumulation of monetary amount transferred into the
Discontinued Policy Fund at the guaranteed interest rate. The guaranteed interest rate
shall accrue from the date when the monetary amount is transferred to the Discontinued
Policy Fund to the date when the policy exits from the Discontinued Policy Fund either by
death or at the end of Lock-in-period in case of surrender.
Currently this guaranteed interest rate is 4% p.a. and shall be subject to change from time
to time as declared by IRDAI.
5. Compulsory termination:
If the policy has run for at least 5 years and the balance in the Unit Fund is not sufficient
to recover the relevant charges, the policy shall be compulsorily terminated and the
balance amount in the Unit Fund, if any, shall be refunded to the Policyholder.
6. Free Look period:

During the Free Look period of 30 days from the date of receipt of the electronic or
physical mode of the Policy Document by the Policyholder, whichever is earlier, if the
Policyholder is not satisfied with the Terms & Conditions of the policy, he/she may return
the policy to the Corporation stating the reason of objections. On receipt of the same the
Corporation shall cancel the policy and the amount to be refunded shall be as under:
Value of units in the Unit Fund (as on the date of request)

Plus Unallocated Premium (equal to Allocation Charge multiplied by Premium received)
Plus Proportionate Mortality and Accident Benefit charge, if any, for the balance period
from the date of opting for Free Look to the end of the policy month for which the
respective charges have been deducted
Plus Tax Charges deducted
Less Actual cost of medical examination and special reports, if any,
Less Stamp duty @ Rs.0.20 per thousand Basic Sum Assured and Accident Benefit
Sum Assured, if any.
7. Policy Loan:
No loan facility is available under this policy.
8. Option to switch between the funds:

The Policyholder can switch between any fund types allowed under this policy during the
policy term. On switching, the entire amount is switched to the new Fund opted for.
During a given policy year, 4 switches will be allowed free of charge. Subsequent
switches shall be subject to a Switching Charge of Rs.100 per switch.
On receipt of the Policyholder’s valid request for a switch from one fund type to another,
the Unit Fund Value after deducting Switching Charge, if applicable, shall be transferred
to the New Fund type opted for by the Policyholder and shall be utilized to allocate Fund
Units at the NAV under the new Fund type on the said date of switch. If a valid application
is received up to a particular time (presently 3 p.m.) by the Servicing Branch Office, the
closing NAV of the same day shall be applicable and in respect of the applications
received after such time the closing NAV of the next business day shall be applicable.
The timing given is as per the existing guidelines and changes in this regard shall be as
per the instruction from IRDAI from time to time.
9. Settlement Option: This option shall be available to the policyholder to receive the death
proceeds in instalments.
The Policyholder can exercise the option to take Death Benefit in instalments,This
option can be exercised by the Policyholder during the minority of Life Assured or by
Life Assured aged 18 years and above, during his/her lifetime while in currency of the
policy, specifying the mode of paying the Death Benefit to the nominee(i.e. yearly, half
yearly, quarterly or monthly instalments) spread over a period of not more than five
years from the date of intimation of death of Life Assured, in writing, alongwith death
certificate. The death claim amount shall then be paid to the nominee as per the option
exercised by the Policyholder and no alteration whatsoever shall be allowed to be
made by the nominee.
The Unit Fund under such policy will continue to be invested as per the fund type
existing as on the date of intimation of death.
Each instalment shall be the total number of units as on the date of intimation of death
divided by total number of instalments (i.e. 5, 10, 20 and 60 for yearly, half-yearly,
quarterly and monthly instalments in 5 year period respectively). The number of units
arrived at in respect of each instalment will be multiplied by the NAV of the applicable
fund type as on the date of instalment payment to arrive at the amount paid out in each
instalment. The instalment payment shall be made by redeeming the units from the
Unit Fund. The first payment will be made corresponding to the date of intimation of
death and thereafter based on the mode opted by the policyholder i.e. every month or
three months or six months or annual from the date of intimation of death, as the case
may be.
During the Settlement Option Period no charges other than the Fund Management
Charge shall be deducted. 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.The investment risk during the settlement period shall be borne
by the Nominee/Beneficiary. There will not be any risk cover or guaranteed benefits
during the settlement period.
On death of the nominee after the commencement of the Settlement Option Period, the
value of the outstanding units held in the Unit Fund shall become payable to the legal
heir in lump sum.
No partial withdrawal or switching of fund by the nominee shall be allowed during the
subsistence of the period of settlement option.
10. Partial Withdrawals: A Policyholder can partially withdraw the units at any time
after the fifth policy anniversary subject to the following:
i) In case of minors, partial withdrawals shall be allowed only after Life Assured is aged
18 years or above.
ii) The Partial Withdrawal may be in the form of fixed amount or in the form of fixed
number of units.
iii) Maximum amount of Partial Withdrawal as a percentage of fund during each policy
year shall be as under:
Policy Year Percent of Unit Fund
6th to 10th 15%
11th to 15th 20%
16th to 20th 25%
21st to 25th 30%
The above Partial withdrawal shall be allowed subject to minimum balance equal to
the single premium paid in the unit fund.The partial withdrawal which would result in
termination of a contract shall not be allowed.
iv) Partial withdrawal charge as specified in Condition 8.(iv).(d) of Part E below, shall be
deducted from the Unit Fund Value.
If partial withdrawal has been made then for two years’ period immediately from the date
of withdrawal, the Basic Sum Assured, shall be reduced to the extent of the amount of
partial withdrawals made. On completion of two years’ period from the date of withdrawal
the original Basic Sum Assured shall be restored.
11. Termination of Policy:
The policy shall immediately and automatically terminate on the earliest occurrence of
any of the following events:
a) The date on which death benefit is paid if Settlement Option is not exercised; or
b) The date on which surrender benefits are settled under the policy; or
c) The date of maturity ;or
d) On payment of final installments under Settlement Options if opted in case of death
;or
e) On payment of free look cancellation amount; or
f) On compulsory termination as specified in Condition 5 of Part D of this Policy
Document.
g) In the event of forfeiture as specified in Condition 2 of Part D of this Policy Document.

PART E
1. Fund Unit Allocation and Investment of Fund:
Unit Fund: The allocated premiums will be utilized to buy units as per the fund type opted
by the Policyholder out of the four fund types options available. Various types of fund
options and broadly their investment patterns are as under:
Fund Investment Short- Investment Objective Risk SFIN

Type in term in Listed Profile
Government/ investme Equity
Government nts such Shares
Guaranteed as
Securities/ money
Corporate market
Debt instrume
nts
Bond Not less than Not more Nil To provide Low ULIF0012
Fund 60% than 40% relatively safe risk 4/12/18LI
and less volatile CULIPBN
investment D512
option mainly
through
accumulation of
income through
investment in
fixed income
securities.
Secured Not less than Not more Not less To provide Lower ULIF0022
Fund 45% and Not than 40% than 15% steady income to 4/12/18LI
more than and Not through Medium CULIPSE
85% more than investment in risk C512
55% both equities
and fixed
income
securities.
Balance Not less than Not more Not less To provide Medium ULIF0032
d Fund 30% and Not than 40% than 30% balanced risk 4/12/18LI
more than and Not income and CULIPBA
70% more than growth through L512
70% similar
proportion
investment in
both equities
and fixed
income
securities.
Growth Not less than Not more Not less To provide long High ULIF0042
Fund 20% and Not than 40% than 40% term capital risk 4/12/18LI
more than and Not growth through CULIPGR
60% more than investment W512
80% primarily in
equities.
The Policyholder will have the option to choose any ONE of the above 4 funds to invest his
premium.
Discontinued Policy Fund (SFIN: ULIF001201114LICDPFNLIF512): This fund shall be

a segregated Unit Fund and shall comprise of all the discontinued policy funds of all the
policies offered under the Unit Linked Life Insurance products.
The investment pattern of the Discontinued Policy Fund shall have the following asset mix:

Asset Type Range (in %)
Money market instruments 0% to 40%
Government securities 60% to 100%
If any of the following funds, which are attached to this Product and are approved by the
Board of the Corporation, do not comply with Regulation 8 of Annexure INV-I of the
IRDAI (Actuarial, Finance and Investment functions) Regulations, 2024 read with
the Master Circular – Investment issued there under, the policyholder will be given a
free switch to the funds detailed below.
i. Fund Name: Bond Fund, SFIN No: ULIF00124/12/18LICULIPBND512 (Low Risk)
Free Switch shall be allowed to one of the following funds:
Fund Name SFIN Risk Profile

Secured Fund ULIF00224/12/18LICULIPSEC512 Lower to Medium Risk
Balanced Fund ULIF00324/12/18LICULIPBAL512 Medium Risk
ii. Fund Name: Secured Fund, SFIN No: ULIF00224/12/18LICULIPSEC512(Lower to

Medium Risk)

Bond Fund ULIF00124/12/18LICULIPBND512 Low Risk
iii. Fund Name: Balanced Fund, SFIN No: ULIF00324/12/18LICULIPBAL512 (Medium

Risk)

Growth Fund ULIF00424/12/18LICULIPGRW512 High Risk
iv. Fund Name: Growth Fund, SFIN No: ULIF00424/12/18LICULIPGRW512, (High

Risk)

2. Fund Closure:
Although the Funds are open ended, we may close any of the existing funds with
appropriate approval. The policyholder shall be notified at least 3 months prior to the
closure of the Fund. The policyholder can switch to other existing Fund options without
switching charges during these 3 months. In case the policyholder does not switch during
this period, Corporation shall switch the units to any other Funds with similar asset
allocation and risk profile.
3. Offer and Bid Price: The Offer price is the price at which the Corporation is prepared to
create/ allot Fund Unit/s in the opted Fund Type in respect of this policy. The Bid price is
the price at which the Corporation is prepared to cancel (repurchase) Fund Unit/s in the
Fund in respect of this policy. As there is no Bid-Offer spread, the Bid price and the Offer
price under this plan are equal to the NAV.

4. Method of calculation of Unit Value: The NAV will be computed on daily basis and will
be based on investment performance, Fund Management Charge of each Fund type 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)
Where, Valuation Date is the date of calculation of NAV.
The Unit Fund Value will be subject to deduction of charges, as specified in the Condition
8 below
5. Force Majeure Conditions:

I. Corporation will declare a ‘Single’ Net Asset Value (NAV) for each segregated fund
on a day-to-day basis.
II. In the event of certain force majeure conditions as specified below , the declaration of
NAV on a day-to-day basis may be deferred and could include other actions as a part
of investment strategy (e.g. taking exposure of any Segregated Fund(SFIN) upto
100% in Money Market Instruments.
a. Corporation shall value the Funds( SFIN) on each day for which financial
markets are open. However, the Corporation may value the SFIN less frequently in
extreme circumstances external to the Corporation i.e. in force majeure events,
where the value of the assets is too uncertain. In such circumstances, the
Corporation may defer the valuation of the assets for up to 30 days until the
Corporation is certain that the valuation of SFINcan be resumed.
b. The Corporation will inform IRDAI of such deferment of the valuation of assets.
During the continuance of the force majeure events, all requests for servicing the
policy including policy related payments shall be kept in abeyance.
c. The Corporation will continue to invest as per the investment pattern of the Fund
type opted by the Policyholder. However, the Corporation reserves the right to
change the exposure of all/ or any part of the Fund to Money Market Instruments (
as defined under Regulation 1.(8) Schedule III of IRDAI (Actuarial, Finance and
Investment functions) Regulations 2024) in circumstances mentioned in point (a & b)
above. The exposure of the chosen fund shall be reinstated within reasonable
timelines once the force majeure situation ends
d. Few examples of such circumstances as mentioned in points ( a& b) above are::
i. When one or more stock exchanges which provide a basis for valuation of the
assets of the Fund are closed otherwise than for ordinary holidays.
ii. When, as a result of political, economic, monetary or any circumstances which
are not in the control of the Corporation, the disposal of the assets of the Fund
would be detrimental to the interests of the continuing Policyholders.
iii. In the event of natural calamities, strikes, war, civil unrest, riots and bandhs.
iv. In the event of any force majeure or disaster that affects the normal functioning
of the Corporation.
e. In such an event, an intimation of such force majeure event shall be uploaded on

the Corporation’s website for information.
6. Applicability of Net Asset Value:
i. The allocation and redemption of units for various transaction will be at the NAV as
described below:
Type of Transaction Applicable NAV (Where transaction is
received before cut off Time)
Single Premium received: NAV of Date of underwriting acceptance of risk
a) In case of Offline sale: by way of i.e. Date of commencement of policy.
a local cheque or a demand
draft payable at par at the place
where premium is received.
b) In case of Online sale: by any
digital payment mode.
Partial withdrawal, Switch or Free- NAV of the date of our receipt of the request
look cancellation online or in writing.
Surrender NAV of the date of our receipt of surrender
request in writing
Death claim NAV of the date of our receipt of the intimation of
death in writing along with death certificate.
Guaranteed Addition NAV of the date of allocation
Settlement Option NAV of date of instalment payment under
Settlement Option.
Maturity Benefit NAV of the Date of Maturity.
Termination NAV of Date of Termination.
Policy Alteration NAV of date of alteration in the policy.
ii. Currently, the cut-off time is 3.00 p.m. as per the existing IRDAI guidelines and changes in
this regard shall be as per the instructions from IRDAI. In case of New Business the cut-off
time of 3.00p.m. for determination of NAV shall be in reference to the date of acceptance
of risk i.e date of commencement of policy.
iii. If the transaction request is received before the cut-off time in respect of:
a) Single Premium payment, at any branch office of the Corporation(applicable for offline
sale) or by any digital payment mode (applicable for online sale); or
b) Other Transaction by servicing branch of the Corporation; or
c) Successful Registration of Service Requests as and when made available on LIC’s
Customer Portal.
the closing NAV of that day shall be applicable.
iv. If the transaction request is received after the cut-off time in respect of:
a) Single Premium payment, at any branch office of the Corporation (applicable for
offline sale) or by any digital payment mode (applicable for online sale); or
b) Other Transaction by servicing branch of the Corporation; or
c) Successful Registration of Service Requests as and when made available on LIC’s
Customer Portal
the closing NAV of the next business day shall be applicable.
7. Allocation of Units: The premium paid by the Policyholder shall be subject to Premium
Allocation Charge as per details given in Condition 8(i) below. The allocated premiums will
be utilized to buy units as per the Fund type opted by the Policyholder out of the Four Fund
types options available. 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 (both the Bid
price and Offer price of units will be equal to the NAV).
8. Charges :
(i) Premium Allocation Charge: This is the percentage of the premium appropriated towards
charges from the premium received. The balance known as allocation rate constitutes that
part of the premium which is utilized to purchase units of the chosen fund for the policy.
The allocation charges are as below:
 For Offline sale: 3.30%
 For Online sale: 1.50%
(ii) Mortality Charge:

Mortality Charge is the cost of Life Insurance cover which is age specific and this will be
taken at the beginning of each policy month by canceling the appropriate number of units
out of the Unit Fund Value. The monthly charges will be one twelfth of the annual Mortality
Charges given in the Table Below.
In case the age at entry of the Life Assured is less than 8 years, the mortality charge will
be deducted from the policy anniversary after completion of 2 years from the Date of
Commencement of Policy or from the Policy Anniversary coinciding with or immediately
following the completion of 8 years of age, whichever is earlier
This charge shall depend upon the Sum at Risk i.e. the difference between the Basic Sum
Assured and the Unit Fund value as on the date of deduction of charge, after deduction of
all other charges, and shall be deducted only if, the Basic Sum Assured is more than the
Unit Fund Value on the date of deduction.
Where Basic Sum Assured is as specified in the schedule of policy document.
In case of partial withdrawals, the Basic Sum assured shall be reduced to the extent of all
Partial Withdrawals made during the two years period immediately preceding the date of
deduction of Mortality Charges.
.
Mortality charges, during a policy year, will be based on the age nearer birthday of the Life
Assured as on the Policy anniversary coinciding with or immediately preceding the due
date of cancellation of units and hence may increase every year on each policy
anniversary. Further, this charge shall also depend on health, occupation and lifestyle of
the Policyholderat the entry stage of the contract.
These age-specific charges are as given below:

Annual Mortality Charge per Rs 1000/- Sum at Risk
Ag Mortali Ag Mortali Ag Mortali Ag Mortali Ag Mortali Ag Mortali
e ty e ty e ty e ty e ty e ty
Charg Charg Charg Charg Charg Charg
e e e e e e
2 1.24 16 1.04 30 1.32 44 3.17 58 13.03 72 38.92
3 0.63 17 1.12 31 1.36 45 3.48 59 14.03 73 42.71
4 0.37 18 1.18 32 1.41 46 3.85 60 15.07 74 46.92
5 0.25 19 1.22 33 1.47 47 4.28 61 16.16 75 51.60
6 0.21 20 1.25 34 1.54 48 4.77 62 17.32 76 56.78
7 0.20 21 1.26 35 1.62 49 5.34 63 18.58 77 62.53
8 0.23 22 1.26 36 1.72 50 5.99 64 19.97 78 68.88
9 0.28 23 1.26 37 1.83 51 6.71 65 21.51 79 75.91
10 0.36 24 1.26 38 1.96 52 7.49 66 23.23 80 83.68
11 0.46 25 1.26 39 2.11 53 8.33 67 25.16 81 92.26
12 0.58 26 1.26 40 2.27 54 9.22 68 27.32 82 101.72
13 0.70 27 1.26 41 2.45 55 10.14 69 29.75 83 112.16
14 0.83 28 1.27 42 2.66 56 11.09 70 32.48 84 123.66
15 0.94 29 1.29 43 2.89 57 12.05 71 35.52
(iii) Accident Death Benefit Charge (if LIC’s Linked Accidental Death Benefit Rider is opted
for)-
This is the charge to cover the cost of LIC’s Linked Accidental Death Benefit Rider (if
opted for) levied at the beginning of each policy month by cancelling appropriate number
of units out of the Unit Fund Value. A level annual charge shall be at the rate of Rs. 0.40
per thousand Accident Benefit Sum Assured per policy year. If the Life Assured is
engaged in police duty in any police organization other than paramilitary forces and opted
for this cover while engaged in police duty, then the level annual charge shall be at the
rate of Rs 0.80 per thousand Accident Benefit Sum Assured per policy year.
The monthly charges will be one twelfth of the annual Accident Benefit Charge.
(iv) Other Charges -

a) Fund Management Charge : This is a charge levied as a percentage of the value of
assets and shall be appropriated by adjusting the NAV. Fund Management (FMC)
Charge shall be as under:
 1.35% p.a. of Unit Fund for all the four Funds available under an inforce policy i.e.
Bond Fund, Secured Fund, Balanced Fund and Growth Fund
 0.50% p.a. of Unit Fund for “Discontinued Policy Fund”
This is a charge levied at the time of computation of NAV, which will be done on daily
basis. The NAV thus declared will be net of FMC.
b) Switching Charge: This is a charge levied on switching from one segregated fund to
another and will be levied at the time of effecting a switch by canceling appropriate
number of units out of the Unit Fund Value. During a given policy year, 4 switches shall
be allowed free of charge. Subsequent switches, if any, shall be subject to a Switching
Charge of Rs. 100 per switch.
c) Discontinuance Charge: This charge will be levied by cancelling appropriate number of

units from the Unit Fund Value as on the date of Discontinuance of Policy. The
Discontinuance Charge applicable is as under:
Where the policy Discontinuance Charges Discontinuance

is discontinued for the Policies having Charges for the
during the Single Premium up to Rs Policies having
policy year 3,00,000 Single Premium
above Rs 3,00,000
Lower of 2% * (SP or FV) Lower of 1% * (SP or
1 subject to maximum of Rs. FV) subject to
3000/- maximum of Rs. 6000/-
Lower of 1.5% * (SP or Lower of 0.70% * (SP
2 FV) subject to maximum or FV) subject to
of Rs. 2000/- maximum of Rs. 5000/-
Lower of 1.% * (SP or FV) Lower of 0.5% * (SP or
3 subject to maximum of Rs. FV) subject to
1500/- maximum of Rs. 4000/-
Lower of 0.5% * (SP or Lower of 0.35% * (SP
4 FV) subject to maximum or FV) subject to
of Rs. 1000/- maximum of Rs. 2000/-
5 and onwards NIL NIL
Where
SP- Single Premium
FV – Unit Fund Value on the date of discontinuance of the policy.
“Date of discontinuance of the Policy” shall be the date on which the intimation is
received from the Life Assured /Policyholder about surrender of the policy.
d) Partial Withdrawal Charge: This is a charge levied on the Unit Fund Value at the time
of partial withdrawal of the fund and shall be a flat amount of Rs. 100/- which will be
deducted by cancelling appropriate number of units out of Unit Fund and the deduction
shall be made on the date on which partial withdrawal takes place.
e) Tax Charge: Tax charges, if any, will be as per prevailing Tax laws and rate of tax as
applicable from time to time.
Tax Charge shall be levied on all or any of the charges applicable to this plan as per the
prevailing Tax laws/ notification etc. as issued by Government of India or any other
Constitutional Tax Authority of India from time to time in this regardwithout any reference

to the policyholder..
f) Miscellaneous Charge: This is a charge levied for an alteration within the contract,
such as Grant of Accident Benefit Rider after the issue of the policy, and shall be a flat
amount of Rs. 100/- which will be deducted by cancelling appropriate number of units
out of Unit Fund Value and the deduction shall be made on the date of alteration in the
policy.
The Corporation reserves the right to accept or decline an alteration in the policy. The
alteration shall take effect from the policy anniversary coincident with or following
the alteration only after the same is approved by the Corporation and is specifically
communicated in writing to the policyholder.
9. Rightto revise charges: The Corporation reserves the right to revise all or any of the
above charges except Mortality Charge and Accident Benefit Charge. The modification in
charges will be done with prospective effect with the appropriate approval and after giving
the policyholders a notice of 3 months which shall be notified through our website.
Although the charges are reviewable, they will be subject to maximum charges as declared
by IRDAI from time to time. The current cap on charges is as under:
a. The Fund Management Charge shall not exceed the limit specified by IRDAI which
are currently same as condition 8(iv).a.
b. Partial withdrawal charge shall not exceed Rs. 500/- on each withdrawal.
c. Switching Charge shall not exceed Rs. 500/- per switch.
d. Discontinuance charge shall not exceed the limits specified by IRDAI which are
currently same as Condition 8 (iv.).c.
e. Miscellaneous Charge shall not exceed Rs. 500/- 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 Unit Fund Value. If such revision in charges is made during
the lock-in-period, withdrawal shall be allowed only after the expiry of Lock-in-period.
PART – F: OTHER TERMS AND CONDITIONS
1. a) Assignments: Assignment is allowed under this plan as per Section 38 of the Insurance
Act, 1938, as amended from time to time. The current provisions of Section 38 are contained
in Annexure-1 of this Policy Document.
The notice of assignment should be submitted for registration to the office of the
Corporation, where the policy is serviced.
b) Nominations: Nomination by the holder of a policy of life assurance is required as per

Section 39 of the Insurance Act, 1938, as amended from time to time. The current provisions
of Section 39 are contained in Annexure-2 of this Policy Document.
The notice of nomination or change of nomination should be submitted for registration to the
office of the Corporation, where the policy is serviced. In registering nomination the
Corporation does not accept any responsibility or express any opinion as to its validity or
legal effect.
2. Increase/Decrease in Benefits: No increase/decrease of Basic Sum Assured will be

allowed under the plan.The policyholder can, however, cancel the LIC’s Linked Accidental
Benefit Rider at anytime during the policy term. However, once the rider is cancelled, the
same cannot be subsequently restored.
3. Suicide Exclusion: Notwithstanding the provision of benefits payable on deathmentioned

anywhere in this Policy Document, the provisions related to claim payment in case of death
due to suicide shall be subject to the conditions as specified herein under:
If the Life Assured commits suicide within 12 months from the Date of Commencement of
Policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund
Value, as available on the date of intimation of death with death certificate. The Corporation
will not entertain any other claim by virtue of this policy and the policy shall terminate.
Any charges and Tax levied thereon other than Fund Management Charges (FMC) and Tax
levied on FMC recovered subsequent to the date of death shall be added back to the unit
fund value as available on the date of intimation of death.Any Guaranteed Addition added
subsequently to the date of death shall be recovered from the Unit Fund.
This clause shall not be applicable in case of Life Assured whose age at the time of entry is
below 8 years i.e.if the age of the Life Assured is below 8 years on suicide, the death benefit
as specified in Condition 1(B) of Part C shall be payable.
4. Risks borne by the Life Assured: The Value of the units as well as the Benefits relating to
the Unit Fund Value are subject to market and other risks and there can be no assurance
that the objectives of any of the above funds will be achieved. Further, the value of units
within each Fund Type can go up or down depending on the different factors affecting the
capital markets and may also be affected by changes in the general level of interest rates
and other economic factors. All benefits under the policy are also subject to the Tax Laws
and other Financial enactments as they become applicable from time to time.
5. Normal requirements for a claim:
a) Death Claim: The normal documents which the claimant shall submit while lodging the
claim in case of death of the Life Assured shall be claim forms, as prescribed by the
Corporation, accompanied with original policy document, NEFT mandate from the
claimant for direct credit of the claim amount to the bank account, proof of title, proof of
death, medical treatment prior to the death, school/ college/ employer's certificate,
whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted
under the policy, the proof of age of the Life Assured shall also be submitted
In case of unnatural death or death on account of or arising from an accident, the

Corporation may call for the copies of First Information Report (FIR), Panchnama and
Post Mortem report. The Corporation may also call for additional documents as may be
required by them.
Policyholder or the Life Assured or the claimant, as applicable, is required to intimate the
Corporation, about the happening of the insured event resulting into a claim under the
insurance policy, at the earliest possible time.
b) On termination of policy other than Death Claim: In case of termination of a policy for
any reason other than Death Claim,the Life Assured shall submit the discharge form
along with the original policy document, NEFT mandate from the claimant for direct
credit of the claim amount to the bank account besides proof of age, if the age is not
admitted earlier.
In addition to above, any requirement mandated under any statutory provisions or as may be
required as per law shall also be required to be submitted.
6. Legislative Changes: The terms and conditions including the premiums and benefits
payable under this policy are subject to variation in accordance with the relevant Legislation
& Regulations.
7. Unit Statement: Unit statement shall be issued on yearly basis on every Policy Anniversary
and also as and when a transaction takes place.
8. Benefit Illustration: Your customized Benefit Illustration is enclosed to this Policy

Document.
9. Need Analysis Document: Your Need Analysis document under Suitability Assesment is
enclosed to this Policy Document.

10. Issuance of Duplicate Policy:
The Policyholder can make an application for duplicate Policy on payment of policy
preparation charges and policy stamp charges which are specified from time to time* upon
loss of Policy Document along with other requirements as may be prescribed by the
Corporation.
*As on January 2024, the applicable duplicate policy preparation charge is Rs. 75 and
policy stamp charge is 0.20 paise per thousand of Basic Sum Assured and Accident Benefit
Sum Assured, if any. In addition, Indemnity Bond notarized as per requisite stamp value is
also required and the stamp fee for the same shall be borne by the Policyholder.
11. Governing Law and Jurisdiction:

The Policy shall be governed by the laws of India and the Indian Courts shall have
jurisdiction to settle any disputes arising under the Policy.
PART – G: STATUTORY PROVISIONS
Section 45 of the Insurance Act, 1938:

The provision of Section 45 of the Insurance Act 1938 as amended from time to time shall be
applicable.. The current provisions are contained in Annexure-3 of this Policy Document.
Grievance Redressal Mechanism:
Of the Corporation:
The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/ Zonal/
Central Office to redress grievances of customers. The customers can visit our website
(https://licindia.in/web/guest/grievances) for names and contact details of the GROs and
other information related to grievances.
For ensuring quick redressal of customer grievances the Corporation has introduced
Customer friendly Integrated Complaint Management System through our Customer Portal
(website) which is http://www.licindia.in, where a registered policy holder can directly register
complaint/ grievance and track its status. Customers can also contact at e-mail id
co_complaints@licindia.com for redressal of any grievances.
Claimants not satisfied with the decision of death claim repudiation have the option of
referring their cases for review to Zonal Office Claims Dispute Redressal Committee or
Central Office Claims Dispute Redressal Committee. A retired High Court/ District Court
Judge is member of each of the Claims Dispute Redressal Committees.
Of IRDAI:
In case the customer is not satisfied with the response or do not receive the response from
us within 15 days, then the customer may approach the Policyholder’s Protection and
Grievance Redressal Department through any of the following modes:
i) Calling Toll Free Number 155255/18004254732(i.e. IRDAI Grievance Call Centre) -

(BIMA BHAROSA SHIKAYAT NIVARAN KENDRA))
ii) Sending an email to complaints@irdai.gov.in
iii) Register the complaint online at https://www.bimabharosa.irdai.gov.in
iv) Address for sending the complaint through courier/letter:
General Manager, Policyholders Protection and Grievance Redressal Department -,
Insurance Regulatory and Development Authority of India, Survey No. 115/1, Financial
District, Nanakramguda, Gachibowli, Hyderabad – 500 032, Telangana..
Of Ombudsman:
For redressal of Claims related grievances, claimants can also approach Insurance
Ombudsman who provides for low cost and speedy arbitration to customers.
The Ombudsman, as per Insurance Ombudsman Rules, 2017, can receive and consider
complaints or disputes relating to the matters such as:

(a). Delay in settlement of claims, beyond the time specified in the regulations, framed under
the Insurance Regulatory and Development Authority of India Act, 1999;
(b). Any partial or total repudiation of claims by the life insurer, General insurer or the health
insurer;
(c). Disputes over premium paid or payable in terms of insurance policy;
(d). Misrepresentation of policy terms and conditions at any time in the policy document or
policy contract;
(e). Legal construction of insurance policies in so far as the dispute relates to claim;
(f). Policy servicing related grievances against insurers and their agents and intermediaries;
(g). Issuance of life insurance policy, general insurance policy including health insurance
policy which is not in conformity with the proposal form submitted by the proposer;
(h). Non-issuance of insurance policy after receipt of premium in life insurance and general
insurance including health insurance; and
(i). Any other matter resulting from the violation of provisions of the Insurance Act, 1938 or
the regulations, circulars, guidelines or instructions issued by the IRDAI from time to time
or the terms and conditions of the policy contract, in so far as they relate to issues
mentioned at clauses (a) to (f)
Note: In case of dispute in respect of interpretation of these terms and conditions and the
English version shall stand valid.
YOU ARE REQUESTED TO EXAMINE THIS POLICY, AND IF ANY MISTAKE BE FOUND
THEREIN, RETURN IT IMMEDIATELY FOR CORRECTION.

Annexure 1
Assignment - As per Section 38 of the Insurance Act 1938,
(1) A transfer or assignment of a policy of insurance, wholly or in part, whether with or without
consideration, may be made only by an endorsement upon the policy itself or by a separate
instrument, signed in either case by the transferor or by the assignor or his duly authorised agent
and attested by at least one witness, specifically setting forth the fact of transfer or assignment
and the reasons thereof, the antecedents of the assignee and the terms on which the assignment
is made.
(2) An insurer may, accept the transfer or assignment, or decline to act upon any endorsement
made under sub-section(1), where it has sufficient reason to believe that such transfer or
assignment is not bonafide or is not in the interest of the policyholder or in public interest or is for
the purpose of trading of insurance policy.
(3) The insurer shall, before refusing to act upon the endorsement, record in writing the reasons
for such refusal and communicate the same to the policyholder not later than thirty days from the
date of the policy-holder giving notice of such transfer or assignment.
(4) Any person aggrieved by the decision of an insurer to decline to act upon such transfer or
assignment may within a period of thirty days from the date of receipt of the communication from
the insurer containing reasons for such refusal, prefer a claim to the Authority.
(5) Subject to the provisions in sub-section (2), the transfer or assignment shall be complete and
effectual upon the execution of such endorsement or instrument duly attested but except, where
the transfer or assignment is in favour of the insurer, shall not be operative as against an insurer,
and shall not confer upon the transferee or assignee, or his legal representative, any right to sue
for the amount of such policy or the moneys secured thereby until a notice in writing of the
transfer or assignment and either the said endorsement or instrument itself or a copy thereof
certified to be correct by both transferor and transferee or their duly authorised agents have been
delivered to the insurer:
Provided that where the insurer maintains one or more places of business in India, such notice
shall be delivered only at the place where the policy is being serviced.
(6) The date on which the notice referred to in sub-section (5) is delivered to the insurer shall
regulate the priority of all claims under a transfer or assignment as between persons interested in
the policy; and where there is more than one instrument of transfer or assignment the priority of
the claims under such instruments shall be governed by the order in which the notices referred to
in sub-section (5) are delivered:
Provided that if any dispute as to priority of payment arises as between assignees, the dispute
shall be referred to the Authority.
(7) Upon the receipt of the notice referred to in sub-section (5), the insurer shall record the fact of
such transfer or assignment together with the date thereof and the name of the transferee or the
assignee and shall, on the request of the person by whom the notice was given, or of the
transferee or assignee, on payment of such fee as may be specified by the regulations, grant a
written acknowledgement of the receipt of such notice; and any such acknowledgement shall be
conclusive evidence against the insurer that he has duly received the notice to which such
acknowledgement relates.
(8) Subject to the terms and conditions of the transfer or assignment, the insurer shall, from the
date of the receipt of the notice referred to in sub-section (5), recognize the transferee or
assignee named in the notice as the absolute transferee or assignee entitled to benefit under the
policy, and such person shall be subject to all liabilities and equities to which the transferor or
assignor was subject at the date of the transfer or assignment and may institute any proceedings
in relation to the policy, obtain a loan under the policy or surrender the policy without obtaining
the consent of the transferor or assignor or making him a party to such proceedings.

Explanation – Except where the endorsement referred to in sub-section (1) expressly indicates
that the assignment or transfer is conditional in terms of subsection (10) hereunder, every
assignment or transfer shall be deemed to be an absolute assignment or transfer and the
assignee or transferee, as the case may be, shall be deemed to be the absolute assignee or
transferee respectively.
(9) Any rights and remedies of an assignee or transferee of a policy of life insurance under an
assignment or transfer effected prior to the commencement of the Insurance Laws (Amendment)
Act, 2015 shall not be affected by the provisions of this section.
(10) Notwithstanding any law or custom having the force of law to the contrary, an assignment
in favour of a person made upon the condition that-
a. The proceeds under the policy shall become payable to the policyholder or the
nominee or nominees in the event of either the assignee or transferee predeceasing
the insured; or
b. The insured surviving the term of the policy , shall be valid:
Provided that a conditional assignee shall not be entitled to obtain a loan on the policy or
surrender a policy.
(11) In the case of the partial assignment or transfer of a policy of insurance under sub-section
(1), the liability of the insurer shall be limited to the amount secured by partial assignment or
transfer and such policyholder shall not be entitled to further assign or transfer the residual
amount payable under the same policy.

Annexure 2
Nomination - As Section 39 of the Insurance Act 1938.
(1) The holder of a policy of life insurance on his own life may, when effecting the policy or at any
time before the policy matures for payment, nominate the person or persons to whom the money
secured by the policy shall be paid in the event of his death:
Provided that, where any nominee is a minor, it shall be lawful for the policy holder to appoint any
person in the manner laid down by the insurer, to receive the money secured by policy in the
event of his death during the minority of the nominee.
(2) Any such nomination in order to be effectual shall, unless it is incorporated in the text of the
policy itself, be made by an endorsement on the policy communicated to the insurer and
registered by him in the records relating to the policy and any such nomination may at any time
before the policy matures for payment be cancelled or changed by an endorsement or a further
endorsement or a will, as the case may be, but unless notice in writing of any such cancellation
or change has been delivered to the insurer, the insurer shall not be liable for any payment under
the policy made bona fide by him to a nominee mentioned in the text of the policy or registered in
records of the insurer.
(3) The insurer shall furnish to the policy holder a written acknowledgement of having registered
a nomination or a cancellation or change thereof, and may charge such fee as may be specified
by regulations for registering such cancellation or change.
(4) A transfer or assignment of a policy made in accordance with section 38 shall automatically
cancel a nomination:
Provided that the assignment of a policy to the insurer who bears the risk on the policy at the
time of the assignment, in consideration of a loan granted by that insurer on the security of the
policy within its surrender value, or its reassignment on repayment of the loan shall not cancel a
nomination, but shall affect the rights of the nominee only to the extent of the insurer’s interest in
the policy:
Provided further that the transfer or assignment of a policy, whether wholly or in part, in
consideration of a loan advanced by the transferee or assignee to the policyholder, shall not
cancel the nomination but shall affect the rights of the nominee only to the extent of the interest
of the transferee or assignee, as the case may be, in the policy:
Provided also that the nomination, which has been automatically cancelled consequent upon the
transfer or assignment, the same nomination shall stand automatically revived when the policy is
reassigned by the assignee or retransferred by the transferee in favour of the policyholder on
repayment of loan other than on a security of policy to the insurer.
(5) Where the policy matures for payment during the lifetime of the person whose life is insured
or where the nominee or, if there are more nominees than one, all the nominees die before the
policy matures for payment, the amount secured by the policy shall be payable to the
policyholder or his heirs or legal representatives or the holder of a succession certificate, as the
case may be.
(6) Where the nominee or if there are more nominees than one, a nominee or nominees survive
the person whose life is insured, the amount secured by the policy shall be payable to such
survivor or survivors.
(7) Subject to the other provisions of this section, where the holder of a policy of insurance on his
own life nominates his parents, or his spouse, or his children, or his spouse and children, or any
of them, the nominee or nominees shall be beneficially entitled to the amount payable by the
insurer to him or them under sub-section (6) unless it is proved that the holder of the policy,
having regard to the nature of his title to the policy, could not have conferred any such beneficial
title on the nominee.

(8) Subject as aforesaid, where the nominee, or if there are more nominees than one, a nominee
or nominees, to whom sub-section (7) applies, die after the person whose life is insured but
before the amount secured by the policy is paid, the amount secured by the policy, or so much of
the amount secured by the policy as represents the share of the nominee or nominees so dying
(as the case may be), shall be payable to the heirs or legal representatives of the nominee or
nominees or the holder of a succession certificate, as the case may be, and they shall be
beneficially entitled to such amount.
(9) Nothing in sub-sections (7) and (8) shall operate to destroy or impede the right of any creditor
to be paid out of the proceeds of any policy of life insurance.
(10) The provisions of sub-sections (7) and (8) shall apply to all policies of life insurance maturing
for payment after the commencement of the Insurance Laws (Amendment) Act, 2015.
(11) Where a policyholder dies after the maturity of the policy but the proceeds and benefit of his
policy has not been made to him because of his death, in such a case, his nominee shall be
entitled to the proceeds and benefit of his policy.
(12) The provisions of this section shall not apply to any policy of life insurance to which section 6
of the Married Women’s Property Act, 1874, applies or has at any time applied;
Provided that where a nomination made whether before or after the commencement of the
Insurance Laws (Amendment) Act, 2015, in favour of the wife of the person who has insured his
life or of his wife and children or any of them is expressed, whether or not on the face of the
policy, as being made under this section, the said section 6 shall be deemed not to apply or not
to have applied to the policy.

Annexure 3
Section 45 as per the Insurance Act 1938.
(1) No policy of life insurance shall be called in question on any ground whatsoever after the
expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the
date of commencement of risk or the date of revival of the policy or the date of the rider to the
policy, whichever is later.
(2) A policy of life insurance may be called in question at any time within three years from the
date of issuance of the policy or the date of commencement of risk or the date of revival of the
policy or the date of the rider to the policy, whichever is later on the ground of fraud:
Provided that the insurer shall have to communicate in writing to the insured or the legal
representatives or nominees or assignees of the insured the grounds and materials on which
such decision is based.
Explanation I- For the purposes of this sub-section, the expression “fraud” means any of the
following acts committed by the 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 specially declares to be fraudulent.
Explanation II- Mere silence as to facts likely to affect the assessment of the risk by the insurer is
not fraud, unless the circumstances of the case are such that regard being had to them, it is the
duty of the insured or his agent, keeping silence to speak, or unless his silence is, in itself,
equivalent to speak.
(3) Notwithstanding anything contained in subsection (2), no insurer shall repudiate a life
insurance policy on the ground of fraud if the insured can prove that the misstatement of or
suppression of a material fact was true to the best of his knowledge and belief or that there was
no deliberate intention to suppress the fact or that such misstatement of or suppression of a
material fact are within the knowledge of the insurer:
Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the
policyholder is not alive.
Explanation – A person who solicits and negotiates a contract of insurance shall be deemed for
the purpose of the formation of the contract, to be the agent of the insurer.
(4) A policy of life insurance may be called in question at any time within three years from the
date of issuance of the policy or the date of commencement of risk or the date of revival of the
policy or the date of the rider to the policy, whichever is later, on the ground that any statement of
or suppression of a fact material to the expectancy of the life of the insured was incorrectly made
in the proposal or other document on the basis of which the policy was issued or revived or rider
issued:
Provided that the insurer shall have to communicate in writing to the insured or the legal
representatives or nominees or assignees of the insured the grounds and materials on which
such decision to repudiate the policy of life insurance is based:
Provided further that in case of repudiation of the policy on the ground of misstatement or
suppression of a material fact, and not on the ground of fraud the premiums collected on the
policy till the date of repudiation shall be paid to the insured or the legal representatives or
nominees or assignees of the insured within a period of ninety days from the date of such
repudiation.
Explanation - For the purposes of this sub-section, the misstatement of or suppression of fact
shall not be considered material unless it has a direct bearing on the risk undertaken by the

insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life
insurance policy would have been issued to the insured.
(5) 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 insured was
incorrectly stated in the proposal.

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LIFE INSURANCE CORPORATION OF INDIA

(Established by the Life Insurance Corporation Act, 1956)

Ref: NB (Address and email ID of

Dear Policyholder, Date:

p. Chief/Sr. Branch Manager

LIC’s Nivesh Plus ( UIN:512L317V02) Page 1 of 28

2) Assignment: Assignment should be in accordance with the provisions of Section 38 of the

3) Nomination: Nomination should be in accordance with the provisions of Section 39 of the

These measures will enable us to serve you better.

LIC’s Nivesh Plus ( UIN:512L317V02) Page 2 of 28

LIC’s Nivesh Plus ( UIN:512L317V02) Page 3 of 28

DIVISIONAL OFFICE: BRANCH OFFICE:

Date of Issuance of Policy: Whether

Details of Rider opted:

LIC’s Nivesh Plus ( UIN:512L317V02) Page 4 of 28

The definitions of terms/words used in the Policy Document are as under:

LIC’s Nivesh Plus ( UIN:512L317V02) Page 7 of 28

1. The following benefits are payable under this policy.

On death before the Date of Commencement of Risk:

On death after the Date of Commencement of Risk:

2. Guaranteed Additions: Guaranteed Additions as a percentage of Single Premium as

End of Policy Year Guaranteed Additions (as percentage of

3. Date of Commencement of Risk

LIC’s Nivesh Plus ( UIN:512L317V02) Page 8 of 28

The rider available at the time of issuance of this policy is:

Conditions of rider, if opted, are enclosed as endorsement to this policy

PART – D: CONDITIONS RELATED TO SERVICING ASPECTS

If the Life Assured remains eligible:

LIC’s Nivesh Plus ( UIN:512L317V02) Page 9 of 28

2. Forfeiture in Certain Events: In case any Condition herein contained or endorsed

i. If the policy is Surrendered during the Lock-in-period:

ii. If the policy is Surrendered after Lock-in-period:

Reinstatement of a surrendered policy shall not be allowed even if a request for

4. The Proceeds of the Discontinued Policy Fund shall be calculated as under:

6. Free Look period:

Value of units in the Unit Fund (as on the date of request)

8. Option to switch between the funds:

11. Termination of Policy:

LIC’s Nivesh Plus ( UIN:512L317V02) Page 12 of 28

1. Fund Unit Allocation and Investment of Fund:

Fund Investment Short- Investment Objective Risk SFIN

Discontinued Policy Fund (SFIN: ULIF001201114LICDPFNLIF512): This fund shall be

LIC’s Nivesh Plus ( UIN:512L317V02) Page 13 of 28

i. Fund Name: Bond Fund, SFIN No: ULIF00124/12/18LICULIPBND512 (Low Risk)

Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

ii. Fund Name: Secured Fund, SFIN No: ULIF00224/12/18LICULIPSEC512(Lower to

Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

iii. Fund Name: Balanced Fund, SFIN No: ULIF00324/12/18LICULIPBAL512 (Medium

Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

iv. Fund Name: Growth Fund, SFIN No: ULIF00424/12/18LICULIPGRW512, (High

Free Switch shall be allowed to one of the following funds:

Fund Name SFIN Risk Profile

LIC’s Nivesh Plus ( UIN:512L317V02) Page 14 of 28

Where, Valuation Date is the date of calculation of NAV.

5. Force Majeure Conditions:

d. Few examples of such circumstances as mentioned in points ( a& b) above are::

e. In such an event, an intimation of such force majeure event shall be uploaded on