PESION POLICIES

Life Partner Plus Plan

Max New York Life's Life Partner Plus is a life insurance plan that provides you
protection for life and simplifies your financial planning and investment needs.
This plan offers you triple benefits. It gives you maturity benefits at the age of 75,
provides you a life coverage insurance and offers you money back feature as well,
where we will pay you a part of the sum assured at regular intervals to take care of
your periodic foreseen needs from age 61 to 75, ensuring that you can fulfill all
your dreams and have a carefree retirement. So enjoy your golden years with pride
and independence

FEATURS

Benefits:

Guaranteed financial protection

Guaranteed money backs for 15 years

Additional protection through various riders

Bonus declared every year from 3rd policy year onwards

Key Features:

Living Benefit:

Guaranteed returns of 7.5% of Sum Assured will be paid on each policy

anniversary from age 61 to 75. 100% of Sum Assured will be paid on policy
maturity together with paid-up additions, if any.

Death Benefit:

An amount equal to initial Sum Assured with sum assured of paid up additions
added through bonuses, (if any), will be paid in case of death of the Life Assured.
If death occurs before life insured reaches age 10 the company will refund all the
premiums paid along with interest rate of 3% per annum, subject to a maximum of
the sum assured chosen.
Bonus Options:

Flexibility to choose from 3 bonus payouts as per your needs - Cash Bonus, where
you can take the bonus in cash, Premium Offset, where you can use the bonus to
pay a part of your premium and Paid Up Additions, where you can use the bonus to
permanently increase the Sum Assured.
Note that bonuses are not guaranteed and shall be subject to declaration by the
Company from time to time.

Surrender Options:

Policy will lapse in case the premium is not paid and Cash Value, i.e., the savings
of the policy will be utilized to buy insurance coverage through

Reduced Paid Up, a lower Sum Assured for the remaining policy term or

Extended Term Insurance, where the surrender value will be used as a single
premium to buy term insurance equal to the current Sum Assured of the policy, for
a term, which the surrender value can purchase.

In case you do not want either of the above, you could also opt to take the Cash
Value by cheque.

Multiple Rider Options:

Additional protection can be availed with six rider options to help customise policy
as per your needs. These riders can be attached to your policy to get extra benefits.

Tax Benefit:

You may be entitled to certain tax benefits on your premiums and benefits. Tax
benefits are subject to change in tax laws.

Limited Premium Payment:

Premiums can be paid for a term of 3 / 7 / 10 / 20 years as per your convenience,

irrespective of when the policy matures.
Terminal Illness Benefit:

Up to 50% of Sum Assured (subject to maximum of cumulative of Rs. 5,00,000

under all Policies which provide for this Terminal Illness Benefit) then in force
with the Company will be paid on the approval of Terminal Illness Claim.

Free Look Period:

An option to cancel the Policy within 15 days of receipt is given in case of

dissatisfaction.

Eligibility

Criteria Eligibility
Entry Age 91 days to 55 years.
Maturity age 75 Years
Sum Assured Rs. 50,000 onwards

Example:

Mr. Shah and Mrs. Shah, aged 30 and 28 respectively, have just had a baby boy.
Mr. Shah is hard-working and is a loving husband and father, who wishes to secure
his familys future financial needs in these uncertain times. He plans to save not
only for his son's educational needs but also for his retirement life. Therefore, he
buys Max New York Life's Life Partner TM Plus for a Sum
Assured of Rs. 8,45,729 with a monthly premium of Rs. 5,000 for a term of 20
years.
Living Benefit:

From age 61 to 75 Rs. 1,20,000 every year

Maturity Benefit at age 75

Guaranteed Rs. 9,09,159

Non-guaranteed low Rs. 35,25,554
rate @ 6% p.a.

Non-guaranteed high Rs. 1,39,54,203

rate @ 10% p.a.

Premium payment

Death Benefit during the Term of the Plan:

Rs. 8,45,729 plus Sum Assured of paid up additions, if any, without deducting any
living will be paid.

*Kindly note that above is only an example and does not in any way create any
rights and/or obligations. The actual experience on the contract may be different
from illustrated. The Returns @ 6% p.a. and Returns @ 10% p.a. mentioned above
relate to assumed investment returns at different rates and may vary depending
upon market conditions.

Max New York Life's Life Partner TM Plus offers you various modes of premium
payment to choose from as per your convenience.

Premium Payment Option:

Annual

Semi Annual

Quarterly

Monthly

Howtopay Premium
Choose the most convenient premium payment option - from paying online to
paying at a drop box. Check ways to pay your premium
Riders

Max New York Lifes Life PartnerTM Plus offers the riders below to customise
your plan as per your needs:

Dread Disease Rider: (UIN: 104C010V02)

Entry age 20 to 50 years

Expiry age 60 years

Minimum Sum Rs. 1 Lac

Assured

Maximum Sum Rs. 10 Lacs

Assured

Dread Disease Rider Rates

Personal Accidental Benefit Rider: (UIN: 104C007V02)

Entry age 20 to 55 years

Expiry age 60 years

Minimum Sum Rs. 1 Lac

Assured

Maximum Sum The lower of Base Face Amount

Assured or Rs. 50 Lacs
Personal Accidental Benefit Rider Rates

Term Rider: (UIN: 104B019V01)

Entry age 20 to 55 years

Expiry age 60 years

Minimum Sum Rs. 1 Lac

Assured

Maximum Sum Equal to 3 times the face amount

Assured of the base policy orRs. 10 Lacs,
whichever is less.

Term Rider Rates

Waiver of Premium (WOP) Rider: (UIN: 104B018V01)

Entry age 20 to 45 years (Whole Life Par)

20 to 55 years (All other plans)

Expiry age 55 years (Whole Life Par)

60 years (All other plans)

Minimum Sum Linked to Base and

Assured relevant rider premiums

Maximum Sum Subject to underwriting

Assured

Waiver of Premium Rider Rates

Five-Year Renewable and Convertible Term Rider: (UIN: 104B012V01)

Entry age 20 to 50 years

Expiry age 60 years

Minimum Sum Rs. 2.5 Lacs

Assured

Maximum Sum If base amount is between 2.5 Lacs

Assured to 4 Lacs = 4 times the base face
amount

If base amount is more than 4

Lacs, then three times the base face
amount with a upper cap of Rs. 20
lacs

Five-Year Renewable and Convertible Term Rider Rates

Payor Rider: (UIN: 104B013V02)

Entry age 20 to 55 years

Expiry age 60 years

Sum Assured Linked to base and

relevant rider premiums
(Subject to Underwriting)

Payor Rider Rates

Immediate Annuity

Annuity is a series of future payments, we, at Max New York Life Insurance, make
in return of the lump-sum amount called the Purchase Price paid by you. These
may be either the accumulations you have made in our deferred annuity plans, easy
life retirement plans or in our Life Maker Pension Plan, or may be accumulations
you have made with any other life insurance/pension company, or your
accumulated savings.

Max New York Lifes Immediate Annuity Plan is a powerful plan to meet your post
retirement financial needs, ensuring you a complete peace of mind in the golden
years of your life.

Features

Benefits:

A fixed amount is payable in monthly or quarterly or half-yearly or yearly

intervals as selected by you.

No medical examination required

There are no policy exclusions.

Key Features:

Annuity options:

We will offer you a choice between different annuity options as provided below:

Life Annuity - A fixed amount is paid in the monthly interval to the policyholders
(called annuitants) through out his life as long as he survives.

Annuity Certain for 5/10/15/20 years and for Life thereafter - We will pay you
an annuity for a fixed (i.e. certain) period with a choice of 4 guaranteed minimum
periods as chosen by you viz.

5 years

10 years

15 years

20 years
In case of your death during this period, we will continue paying the annuity to
your beneficiary till the end of this fixed period. On your survival at the end of this
period, we will continue to pay you the same amount for as long as you live.

Annuity for Life, with return of annuity purchase price - We will pay you
anannuity for as you long as you live. On your death, we will refund the
originalannuity purchase price to your beneficiaries.

Other annuity conditions:

All annuity options are 'for as long as you live'.

You can choose from any other annuity options offered by us at the time of
purchasing this annuity.

In case you do not choose any annuity option in the proposal form, we will
pay you an Annuity for Life on an annual basis.

Please note that the Annuity plan once chosen by you cannot be altered
Eligibility

Criteria eligibility
Entry age (age as on last birthday) 50 to 70 years
Minimum purchase price Rs. 1,00,000
Example:

Take a look at an example of immediate annuity amount per annum commencing at ages
50, 60 and 70 years if you pay a purchase price of Rs. 10,00,000 (Rupees Ten Lacs only):

Annuity options (annuity payment in annual mode

frequency)

5+ 10 + 15 + 20 + Life +
Age / annuityo Life
Life Life Life Life ROP
ption (in Rs.)
(in Rs.)(in Rs.)(in Rs.)(in Rs.)(in Rs.)
50 50,582 50,465 50,187 49,792 49,276 36,087

60 61,418 61,061 60,152 58,663 56,597 35,017

70 84,889 82,732 77,607 70,743 63,718 32,092

ICICI Prudential Life Insurance

ULIP retirement plans

ICICI Pru LifeLink Pension SP

A Quick Look

ICICI Pru LifeLink Pension SP is a single

premium pension policy that provides you the
opportunity to enjoy regular income as pension
post retirement by paying just a single premium.
This product comes with the Pension Return
Guarantee Fund (PRGF) that provides you a
minimum guaranteed return by way of a
guaranteed NAV at the time of
vesting(Conditions Apply*). The policy value at
date of vesting is also subject to the minimum
guaranteed return as prescribed by IRDA from
time to time.

Guaranteed NAV (Conditions Apply*)

This Policy offers you a minimum guaranteed
return, as prescribed by IRDA from time to time,
on the original vesting date. This return is offered
by way of a guaranteed NAV. The applicable
guaranteed NAV is declared at the beginning of
the subscription period of the tranche of the
Pension Return Guarantee Fund in which the
premium is invested. The NAV applicable at
vesting is the higher of the guaranteed NAV and
the then prevailing NAV. The policy value at date
of vesting is also subject to the minimum
guaranteed return.

*In case of surrender and Death Benefit payouts,

guaranteed NAV will not be applicable. There
will be a cost of investment guarantee of 0.25%
p.a. of Fund Value which will be charged by
adjustment to the fund NAV.

ICICI Pru LifeLink Pension SP at a glance

Minimum/Maximum Age At Entry 35/ 70 years

Minimum / Maximum Vesting Age 45 / 80 years

Policy Term 10 years

How can I benefit from this retirement plan?

Single premium ULIP: Pay premium only once and get regular
income (pension) post retirement

Five pension options: Flexibility to choose a pension plan as per

your needs

Flexible retirement date: Receive pension at any time after the

 age of 45

Loyalty Addition: Up to 2.5% of Fund Value at the end of the

tenth policy year, on premium payments of Rs 50,000 and above

Tax benefits**: On the premium paid and benefits received

under the policy, as per the prevailing Income Tax laws

**Tax benefits under the policy are subject to conditions under

section 80CCC and 10(10A) of the Income Tax Act,
1961.Service tax and education cess will be charged extra as per
applicable rates and company policy from time to time. The tax
laws are subject to amendments from time to time. Amount
received on surrender or as pension is taxable as income.

How does the pension plan work?

You need to choose the premium amount for your policy

After deducting the premium allocation charge, the balance amount

will be invested in the Pension Return Guarantee Fund

At vesting of your policy, you can choose from the available pension
options to receive your pension

In the unfortunate event of death of the Life Assured during the term of
the policy, your nominee will receive the Fund Value. The guaranteed
NAV does not apply on death

What are the fund options in this retirement plan?

All investments in this product will be made in the closed-ended Pension

Return Guarantee Fund. The Pension Return Guarantee Fund (PRGF)
consists of closed ended tranches of terms 5 and 10 years and provide
returns over a specified period, subject to a guarantee. Only 10 year
tranche is available at outset. The fund will be offered in tranches, each of
which will remain open for subscription for a brief period of time and
terminate on a specified date. We shall guarantee the NAV only at the
termination of each tranche. The NAV applicable at the termination of each
tranche is higher of the guaranteed NAV and the then prevailing NAV.
New tranches of this fund will be offered from time to time and the
guaranteed NAV is declared at the beginning of the subscription period of
each new tranche. The applicable guaranteed NAV for your policy is that
of the tranche of the PRGF in which your premium is invested.

As the term of the policy is fixed at 10 years, at time of purchase of

policy you can only opt for a PRGF tranche with a term of 10 years.
However for postponement you are free to choose either a 5 year or 10
year tranche subject to the maximum vesting age restriction and the
availability of a tranche that is open for subscription at that time.
Postponement can be made subject to meeting the minimum
guaranteed return.

Risk-
Asset % %
Fund name & its objective Reward
Allocation (Min) (Max)
Profile

Pension Return Guarantee

Fund: To provide guaranteed Debt
returns through investment in Instruments,
100% 100% Low
a diversified portfolio of high Money Market
quality fixed income & Cash
instruments.
Working of the Pension Return Guarantee Fund:

Number of
Minimum PRGF NAV
Guaranteed on the date Higher units in Amount
of PRGF on the payable at
NAV of the of
PRGF termination (A,B) date of termination
termination of tranche
tranche of tranche (C) of tranche (C x D)
(A) (B)
(D)
 Scenario1 Rs. 20 Rs. 22 Rs. 22 1,000 Rs. 22,000

Scenario2 Rs. 20 Rs. 18 Rs. 20 1,000 Rs. 20,000

Traditional retirement plans

ICICI Pru Forever Life

A Quick Look

ICICI Prudential Life Insurance presents ICICI

Pru Forever Life. A regular premium deferred
pension plan that provides the security of life
cover during the Accumulation Phase and offers
five ways to get your pension, after retirement.
When you retire, you can still continue doing
things you have always enjoyed. After all, you
would like to retire from work, not life.

ICICI Pru Forever Life at a glance

 Yearly / Half yearly /
Modes of Premium Payment
Monthly

Minimum Premium Rs. 6,000 per annum

Minimum Sum Assured Rs.50,000

Minimum / Maximum age at

20 / 60 years
entry

Minimum / Maximum age at

50 / 70 years
vesting

Minimum / Maximum Policy

5 / 30 years
Term

How does ICICI Pru Forever Life work?

The pension plan works in two phases:

The first phase is the Accumulation Phase when you pay premium into
the policy and accumulate savings for your retirement.

The second phase is the Annuity (Pension) phase when you start
receiving pension from the accumulated amount via your chosen
annuity option.
What happens in the unfortunate event of death?

In the unfortunate event of death of the life assured, your nominee receives
Sum Assured with Guaranteed Additions and vested bonuses (if any).
When the spouse is the nominee this may be used to purchase an annuity
that would provide a regular income for life.

How can I decide my retirement date?

You can decide on a vesting age between 50-70 years at the inception of
the policy. You can postpone the original vesting date indicated by you
upto a maximum age of 70 years. During the postponement period, your
accumulated amount will earn interest as determined by the company, from
time to time. During this period, you do not need to pay any premium and
there is no life cover.
What are the additional benefits I have?

You have the option to choose two riders:

Critical Illness Benefit Rider

Accident and Disability Benefit Rider

What are the benefits during the Annuity Phase?

Your accumulated value would start paying you a regular income in the form of a pension at a
frequency chosen by you. The annuity can be received monthly, quarterly, half-yearly or
annually.

How do I receive my pension?

On vesting you have the flexibility to choose form five different

annuity options:

Life Annuity

Life Annuity with Return of Purchase Price

Life Annuity Guaranteed for 5/10/15 years

Joint Life Last Survivor with Return of Purchase Price

Joint Life Last Survivor without Return of Purchase Price

How can I commute my policy?

You have an option to commute and receive a lumpsum amount upto

1/4th of the total sum assured/ paid up sum, guaranteed additions and
vested bonuses as an immediate lumpsum, and the balance will be
applied to provide a life annuity to the life assured.
 Can I change my pension provider?

At the time of vesting, we give you the option to choose your pension
provider (Open Market Option). It enables you to buy a pension from
any other life insurer of your choice. You have the freedom to take the
best offer available in the market.

Can I surrender my policy?

The policy will acquire a guaranteed surrender value and paid-up value
after premiums are paid for three complete policy years.

Guaranteed Surrender Value : The guaranteed surrender value will be

equal to 35% percent of all the premiums paid, excluding the first year
premium, all extra premiums and the premiums paid for rider benefits.
The cash value of the Guaranteed Additions already made and vested
bonuses will be paid along with the guaranteed surrender value.

Non-Guaranteed Surrender Value : The Company may allow surrender

values at such other rates not less than the Guaranteed Surrender
Values specified above, provided three full years premiums have been
paid.

ICICI Pru Immediate Annuity

A Quick Looka

In your golden years worries about security and

comfort become greater. Presenting ICICI Pru
Immediate Annuity from ICICI Prudential, a plan
that gives you the benefit of life time income. With
this unique plan, you can start getting your annuity
immediately after paying the premium.
ICICI Pru Immediate Annuity at a glance

Yearly / Half yearly /

Modes of Annuity Payment
Monthly

Minimum annuity payable Rs.12,000

Minimum / Maximum age at

45 / 80 years
entry

Minimum / age at entry

20 years
(spouse)

Minimum / Maximum
Not applicable
Policy Term

How does ICICI Pru Immediate Annuity work ?

Choose a one time lump sum amount that you will pay in order to purchase
this plan

Opt for anyone amongst the 5 payout options as mentioned

below

Choose from 4 annuity payout modesmonthly, quarterly, half

yearly or yearly.
How does the payout option work?

Through a lump sum Investment in this plan, you start getting a regular
income in the form of annuity. The actual amount of annuity chosen will
depend upon the annuity rate applicable at the time for purchasing the
annuity. The rates are guaranteed for the life of the annuitant. The annuity
can be received in monthly, quarterly, half yearly or yearly modes.

What are the payout options available ?

Life Annuity : Annuity for Life

Life Annuity with Return of Purchase Price : Life Annuity for

annuitant with return of purchase price on death to the
beneficiary.

Joint Life, Last Survivor without Return of Purchase Price : The

annuity is first paid to the annuitant. After the death of the
annuitant, the spouse receives a pension, which is an amount
equal to the annuity paid to the annuitant.

Joint Life, Last Survivor with Return of Purchase Price : The

annuity is first paid to the annuitant. After the death of the
annuitant, the spouse receives a pension which is an amount that
is equal to the annuity paid to the annuitant. After the death of
the last survivor, the purchase price is returned to the nominee.

Life Annuity guaranteed for 5/10/15 years and

thereafter : Guaranteed annuity is paid for the chosen term
(5/10/15) and after that, the annuity continues as long as the
annuitant is alive.
Life insurance corporation

Pension Plus
Features

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO

IS BORNE BY THE POLICYHOLDER

LICs Pension Plus is a unit linked deferred pension plan, which provides you a
minimum guarantee on the gross premiums paid. The plan is without any life
cover.

You have a choice of investing your premiums in one of the two types of
investment funds available. Premiums paid after deduction of 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

or quarterly or monthly (through ECS mode only) intervals over the term of the
policy. Alternatively, a Single premium can be paid.

A grace period of 30 days will be allowed for payment of yearly or half-yearly or

quarterly premiums and 15 days for monthly (through ECS) premiums.

2 . Eligibility Conditions And Other Restrictions:

a) Minimum Entry Age - 18 years (last birthday)
b) Maximum Entry Age - 75 years (nearest birthday)
c) Minimum Vesting Age - 40 years (completed)
d) Maximum Vesting Age - 85 years (nearest birthday)
e) Minimum Deferment Term - 10 years
f) Sum Assured - NIL
g) Minimum Premium -
Regular premium (other than monthly (ECS) mode) : Rs. [15,000] p.a.
Regular premium (for monthly (ECS) mode) : Rs. [1,500] p.m.
Single premium: Rs. [30,000]
h) Maximum Premium -
Regular premium : Rs. [1,00,000] p.a.
Single premium: No Limit

Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS
monthly. For monthly (ECS), the premium shall be in multiples of Rs. 250/-.

3. Charges under the Plan:

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

For Single premium policies: 3.3%

For Regular premium policies:

Allocation Charge
Premium

First Year 6.75%

2nd to 5th Year 4.50%

thereafter 2.50%

Allocation charge for Top-up: 1.25%

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

Policy Administration charge: Rs. 30/- per month during the first policy year and
Rs 30/- per month escalating at 3% p.a. thereafter, throughout the term of the
policy shall be levied.

Fund Management Charge It is a charge levied as a percentage of the value of

units at following rates:

0.70% p.a. of Unit Fund for Debt Fund

0.80% p.a. of Unit Fund for Mixed Fund
Fund Management Charge shall be appropriated while computing NAV.

Switching Charge This is the charge levied on switching of monies from one fund
to another. Within a given policy year 2 switches will be allowed free of charge.
Subsequent switches in that year shall be subject to a switching charge of Rs. 100
per switch.

Bid/Offer Spread Nil.

Discontinuance Charge The discontinuance charge for regular premium policies

is as under:

Where the policy is Discontinuance charges Discontinuance charges

discontinued during the for the policies having for the policies having
policy year annualized premium up annualized premium
to Rs. 25,000/- above Rs. 25,000/-
1 Lower of 10% * (AP or Lower of 6% * (AP or
FV) subject to a FV) subject to maximum
maximum of Rs. 2500/- of Rs. 6000/-
2 Lower of 7% * (AP or Lower of 4% * (AP or
FV) subject to a FV) subject to maximum
maximum of Rs. 1750/- of Rs. 5000/-
3 Lower of 5% * (AP or Lower of 3% * (AP or
FV) subject to a FV) subject to maximum
maximum of Rs. 1250/- of Rs. 4000/-
4 Lower of 3% * (AP or Lower of 2% * (AP or
FV) subject to a FV) subject to maximum
maximum of Rs. of Rs

AP Annualised Premium
FV Policyholders Fund Value excluding the fund value in respect of Top-up
premiums paid, if any, on the date of discontinuance.

There shall not be any discontinuance charge under Single Premium

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

Miscellaneous Charge This is a charge levied for change in premium mode, if

opted for by the policyholder during the deferment term. An alteration may be
allowed subject to a charge of Rs. 50/-.

C) Right to revise charges: The Corporation reserves the right to revise all or any
of the above charges except the premium allocation charge, with the prior approval
of IRDA.
Although the charges are reviewable, they will be subject to the following
maximum limit:

- Policy Administration Charge Rs. 60/- per month during the first policy year and
Rs. 60/- per month escalating at 3% p.a. thereafter, throughout the term of the
policy

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

Debt Fund: 1.20% p.a. of Unit Fund

Mixed Fund: 1.30% p.a. of Unit Fund

- Switching Charge shall not exceed Rs. 200/- per switch.

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

In case the policyholder does not agree with the revision of charges the
policyholder shall have the option to withdraw the Policyholders fund value which
shall be utilised to provide an annuity.

4. Discontinuance of Premiums: If you fail to pay premiums under the policy

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

Revival of the policy, or

Complete withdrawal from the policy

During the notice period of 30 days, the policy shall be treated as in force till the
date of discontinuance of the policy (i.e. till the date on which the intimation is
received from the policyholder for complete withdrawal of the policy or till the
expiry of the notice period) and the charges shall be taken, as usual.

If you do not exercise any option within the stipulated period of 30 days, you shall
be deemed to have exercised the option of complete withdrawal from the policy.

There shall be no change in payments of benefits during the notice period.

The benefits payable when you exercise the option for complete withdrawal or you
do not exercise any option during the notice period shall be as under:
If the policy is discontinued within 5 years from the date of commencement of the
policy: If you exercise the option for complete withdrawal from the policy, or you
do not exercise the option within the period of 30 days of receipt of notice, then the
policy shall be compulsorily terminated. The Policyholders Fund Value as on the
date of discontinuance of policy after deducting the Discontinuance Charge shall
be converted into monetary terms as specified below and Proceeds of the
discontinued policy as specified below will compulsorily be utilized to provide an
annuity, and shall be payable after completion of 5 years from the date of
commencement of the policy.

If the policy is discontinued after 5 years from the date of commencement of the
policy: If you exercise the option for complete withdrawal from the policy, or you
do not exercise the option within the period of 30 days of receipt of notice, then the
policy shall be compulsorily terminated and Policyholders Fund value will
compulsorily be utilized to provide an annuity.

5. Method of calculation of Monetary amount and Proceeds of the

Discontinued Policy:

The conversion to monetary amount shall be as under:

The NAV on the date of application for surrender or as on the date of
discontinuance of the policy (in case of complete withdrawal of the policy), as the
case may be, multiplied by the number of units in the Policyholders Fund Value as
on that date will be the monetary amount.

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

The monetary amount calculated as above shall be transferred to the Discontinued
Policy Fund. This Fund will earn a minimum interest rate of 3.5% p.a. from the
date of discontinuance of the policy to the date of completion of 5 years from the
commencement of the policy. In case of death of the life assured, the interest shall
accrue from the date of discontinuance of the policy to the date of booking of
liability. TheProceeds of the discontinued policy shall be the monetary amount plus
the interest accrued on the Discontinued Policy Fund.

6. Other Features:
i ) Guaranteed Maturity Proceeds: If all due premiums are paid till maturity, a
guaranteed interest shall accrue on the gross premium, including Top-up premiums
if any, at the end of each financial year. The guaranteed interest rate shall be 50
basis points above the average of the reverse repo rate prevailing as on the last
working day of June, September, December and March of the preceding year.
However, the guaranteed interest rate shall be subject to a maximum of 6% and a
minimum of 3%. This guaranteed interest rate is not applicable to a discontinued
policy.
The minimum guaranteed rate of 4.5% p.a. is applicable to all premiums received
up to 31st March, 2011, including any Top-up premiums paid.

ii )Guarantee of interest rate on Discontinued Policy Fund: A guaranteed minimum

interest rate of 3.5% p.a. shall be credited to the Discontinued Policy Fund
constituted by the fund value of all discontinued policies.

iii ) Top-up (Additional Premium) : You can pay additional premium in multiples
of Rs.1,000 without any limit at anytime during the term of policy. Top-up shall not
be allowed during the last 5 years of the contract. In case of yearly, half-yearly,
quarterly or monthly (ECS) mode of premium payment such Top-up can be paid
only if all premiums have been paid under the policy.

iv) Switching: You can switch between the two fund types during the policy term
subject to switching charges, if any.

v) Partial Withdrawal: No partial withdrawal of units will be allowed under this

plan.

vi) Revival: If due premium is not paid within the days of grace, a notice shall be
sent to you within a period of fifteen days from the date of expiry of grace period
to exercise the option for revival within a period of thirty days of receipt of such
notice. If you exercise the option to revive the policy, then the 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 policy.

Irrespective of what is stated above, if the Policyholders Fund Value is not

sufficient to recover the charges during the notice period, the policy shall terminate
and thereafter revival will not be allowed.

vii) Conversion to annuity: The benefit amount, payable in case of surrender or on

discontinuance of premium or on vesting, shall compulsorily be utilized to provide
an annuity subject to the following conditions:

1. You will have an option to commute upto a maximum of one third of the

a) Higher of Policyholders Fund Value and Guaranteed Maturity Proceeds, in the

event of vesting, or
b) Proceeds of the discontinued policy, if policy is discontinued or surrendered
within 5 years from the date of commencement of policy, or
c) Policyholders Fund Value, if policy is discontinued or surrendered after 5 years
from the date of commencement of policy,
whichever is applicable.

The commutation will be allowed provided the balance amount is sufficient to

purchase a minimum amount of annuity as per the provisions of section 4 of
Insurance Act, 1938 as applicable on the date of payment of annuity.
The balance amount shall compulsorily be utilised to provide an annuity based on
the then prevailing immediate annuity rates under the relevant annuity option.

2. The minimum amount of annuity payable shall be subject to the provisions of

section 4 of Insurance Act, 1938 as applicable on the date of payment of annuity. In
case the applicable amount as mentioned in (a) to (c) of Para 10.vii) above is
insufficient to purchase the minimum amount of annuity, then the said amount
shall be refunded as a lump sum to you.

3. You shall have an option to purchase immediate annuity from any other life
insurance company registered with IRDA subject to Regulatory provisions. In
such cases, LIC will transfer your fund amount directly to the chosen Insurer.

If you opt to purchase immediate annuity from any other life insurance Company,
you would be required to inform your such intention to the Corporation six months
prior to the vesting date.

7. Reinstatement:

A policy once surrendered cannot be reinstated.

8. Risks borne by the Policyholder:

LICs Pension Plus is a Unit Linked Life Insurance product which is different from
the traditional insurance products and is subject to the risk factors.

The premium paid in Unit Linked Life Insurance policies are subject to investment
risks associated with capital markets and the NAVs of the units may go up or down
based on the performance of fund and factors influencing the capital market and
the insured is responsible for his/her decisions.

Life Insurance Corporation of India is only the name of the Insurance Company
and LICs Pension Plus is only the name of the unit linked life insurance contract
and does not in any way indicate the quality of the contract, its future prospects or
returns.

Please know the associated risks and the applicable charges, from your Insurance
agent or the Intermediary or policy document of the insurer.

The various funds offered under this contract are the names of the funds and do not
in any way indicate the quality of these plans, their future prospects and returns.

All benefits under the policy are also subject to the Tax Laws and other financial
enactments as they exist from time to time.

9. 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 Policyholders Fund
Plus unallocated premium.
Plus PolicyAdministration charge deducted
Less charges @ Rs. 0.20 per thousand of Total Premiums payable during entire
term of policy

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

Benefits
The Policyholders Fund Value shall be payable either in a lump sum or as an
annuity, as desired by the nominee.

The amount of annuity will depend on the payable lump sum and the then
prevailing immediate annuity rates under the annuity option chosen.

B) Benefit on Vesting:
On your surviving to the date of vesting, the higher of Policyholders Fund Value
and Guaranteed Maturity Proceeds, as defined under para 10(i), will compulsorily
be utilised to provide an annuity based on the then prevailing immediate annuity
rates under the relevant annuity option. However, you may opt to commute up to
one-third of the Benefit to be paid as a lump sum. Further, you may choose to
purchase annuity from LIC or other life insurance company.

1.Investment of Funds: The plan offers following two funds detailed below:

Fund Investment in Short-term Investment in Details and

Type Government / investments Listed Equity objective of the
Government such as money Shares fund for risk
Guaranteed market /return
Securities / instruments
Corporate
Debt
Debt Not less than Not more than Nil Low risk
Fund 60% 40%
Not less than Steady Income
Mixed Not less than Not more than 15% & Lower to Medium
Fund 45% 40% Not more than risk
35%

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

2. Method of Calculation of Unit price: Units will be allotted based on the Net
Asset Value (NAV) of the respective fund as on the date of allotment. There is no
Bid-Offer spread (the Bid price and Offer price of units will both be equal to the
NAV). The NAV will be computed on daily basis and will be based on investment
performance, Fund Management Charge and whether fund is expanding or
contracting under each fund type and shall be calculated as under:

Appropriation price is applied (when fund is expanding):

Market value of investments held by the fund plus the expenses incurred in the
purchase of the assets plus the value of any current assets plus any accrued income
net of fund management charges less the value of any current liabilities less
provisions, if any divided by the number of units existing at the valuation date
(before any new units are allocated).

Expropriation price is applied (when fund is contracting):

Market value of investments held by the fund less the expenses incurred in the sale
of assets plus the value of any current assets plus any accrued income net of fund
management charges less the value of any current liabilities less provisions, if any
divided by the number of units existing at the valuation date (before any units
redeemed).

Applicability of Net Asset Value (NAV):

The premiums received up to a particular time (presently 3 p.m.) by the servicing
branch of the corporation through ECS or by way of a local cheque or a demand
draft payable at par at the place where the premium is received, the closing NAV of
the day on which premium is received shall be applicable. The premiums received
after such time by the servicing branch of the corporation through ECS or by way
of a local cheque or a demand draft payable at par at the place where the premium
is received, the closing NAV of the next business day shall be applicable.

Similarly, in respect of the valid applications received for surrender, complete

withdrawal, death claim, switches etc up to such time by the servicing branch of
the Corporation closing NAV of that day shall be applicable. For the valid
applications received in respect of surrender, complete withdrawal, death claim,
switches etc after such time by the servicing branch of the Corporation the closing
NAV of the next business day shall be applicable

In case of discontinuance, as specified in Para 8 below, wherein the policyholder

does not exercise the option within the period of 30 days of receipt of notice then
the NAV as on the date of expiry of notice period shall be applicable.

In respect of the policies vesting, NAV of the date of vesting shall be applicable.

The timing (presently 3 p.m.) is as per the existing guidelines and changes in this
regard shall be as per the instruction from IRDA.

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

If the policy is surrendered within 5 years from the date of commencement of

the policy:
If you apply for surrender of the policy within 5 years from the date of
commencement of policy, then the Policyholders Fund Value after deducting the
Discontinuance Charge shall be converted into monetary terms as per para 9 below.
This monetary amount shall be credited to the Discontinued Policy Fund and no
charges shall be deducted thereafter. The Proceeds of the Discontinued Policy, as
per para 9 below, shall be utilized for payment of an annuity, on completion of 5
years from the date of commencement of policy.

In case of death of life assured after the date of surrender but before the completion
of 5 years from the date of commencement of policy the Proceeds of the
Discontinued Policy shall be payable to the nominee/ legal heir immediately.

If the policy is surrendered after 5 years from the date of commencement of

the policy:
If you apply for surrender of the policy after 5 years from the date of
commencement of policy, then the Policyholders Fund Value, as at the date of
surrender, shall be utilized for payment of an annuity. There will be no
Discontinuance Charge.

Jeevan Nidhi

Features

LIC's JEEVAN NIDHI is a with profits Deferred Annuity (Pension) plan. On

survival of the policyholder beyond term of the policy the accumulated amount
(i.e. Sum Assured + Guaranteed Additions + Bonuses) is used to generate a
pension (annuity) for the policyholder. The plan also provides a risk cover during
the deferment period. The USP of the plan being the pension can commence at 40
years. The premiums paid are exempt under Section 80CCC of Income Tax Act.

Salient Features:
a . Guaranteed Additions: Guaranteed Additions @ Rs.50/- per thousand Sum
assured for each completed year, for the first five years.

b. Participation in profits: The policy shall participate in profits of the

Corporation from the 6th year onwards and shall be entitled to receive bonuses
declared as per the experience of the Corporation.

c. Benefit On Vesting:

1. Option to commute up to 1/3rd of the amount available on vesting, which shall

include the Sum Assured under the Basic Plan together with accrued Guaranteed
Additions, simple Reversionary Bonuses and Terminal Bonus, if any.

2 . Annuity as per the option selected: Annuity on the balance amount if

commutation is exercised, otherwise annuity on the full amount.

d. Annuity Options:
On vesting, the annuity instalment, mode of annuity payment and type of annuity
which shall be made available to the Life Assured (Annuitant) / Nominee will
depend upon the then prevailing Immediate Annuity plan of the Life Insurance
Corporation of India and its terms and conditions.

Currently the following options are available under LICs immediate annuities:

1. Annuity for life: The annuity is paid to the life assured as long as he/she is
alive.

2. Annuity Guaranteed for certain periods: The annuity is paid to the life
assured for periods of 5 or 10 or 15 or 20 years as chosen by him/her, whether or
not he/she survives that period. After the chosen period, the annuity is paid to the
life assured as long as he/she is alive.

3. Annuity with return of purchase price on death: The annuity is paid to the
life assured as long as he/she is alive. On the death of the life assured, the purchase
price of the annuity is paid as death benefit. The purchase price includes the Sum
Assured under the Basic Plan, the accrued Guaranteed Additions and any accrued
bonuses, excluding the commuted value, if any.

4. Increasing annuity: The annuity is paid to the life assured as long as he/she is
alive. The amount of annuity increases every year at a simple rate of 3% per
annum.

5. Joint Life Last Survivor Annuity: The annuity is paid to the life assured as
long as he/she is alive. On death of the life assured, 50% of the annuity is payable
to the nominated spouse as long as the spouse is alive.

e. Death Benefit on death before annuity vests: On the death of the Life Assured
during the deferment period of the policy, i.e. before the annuity vests, an amount
equal to the Sum Assured under the Basic plan along with the accrued Guaranteed
Additions, simple Reversionary Bonuses and Terminal Bonus, if any, will be paid
in a lump sum to the appointed nominee, provided the policy is in force for full
Sum Assured. Nominee will also have the option to purchase an annuity with this
amount.

Eligibility Conditions And Other Restrictions Under This Plan:

Minimum
a) age at 18 years (completed)
entry:
Maximum
b) age at 65 years
entry:
Minimum
c) age at 40 years
vesting:
For
Maximum
Basic
d) age at 75 years
Benefit
vesting
Policy 6 to 35 years under Single Premium policies and 5 to 35
e)
terms: years under Regular Premium policies
Modes of
f) premium Yearly, Half-yearly, Quarterly, SSS & Single Premium
payment:
Sums
Rs.50,000/- and in multiples of Rs.5,000/- thereafter,
g) Assured
with no upper limit.
allowed:
Minimum
h) Annual Rs.3,000/-
Premium:
Minimum
i) Single Rs.10,000/-
premium:
For Term Assurance Rider Option:
 Minimum
a) age at 18 years (completed)
entry:
Maximum
b) age at 50 years
entry:
Maximum
c) age at 60 years
vesting
Policy 6 to 35 years under Single Premium mode and 10 to 35 years
d)
terms: under regular premium mode
Minimum
e) Sum Rs.1,00,000/-
Assured:
Maximum An amount equal to the Sum Assured under the Basic plan
f) Sum subject to a limit of Rs.25,00,000/- taking all Term Assurance
Assured: Rider Sum Assured under all policies of a life assured.
Multiples
g) of Sum Rs.25,000/-
Assured:
For Critical Illness Rider Option:
 Minimum
a) age at 20 years (completed)
entry:
Maximum
b) age at 50 years
entry:
Maximum
c) age at 60 years
vesting
Policy
d) 10 to 35 years
terms:
Minimum
e) Sum Rs.50,000/-
Assured:
Maximum An amount equal to the Sum Assured under the Basic plan
f) Sum subject to a limit of Rs.5,00,000/- taking all Critical Illness
Assured: Rider Sum Assured under all policies of a life assured
Multiples
g) of Sum Rs.10,000/-
Assured:
Rebates:

Rebate for Mode of Premium Payment:

Yearly 2% of tabular premium

Half-Yearly 1% of tabular premium
Quaterly Nil
Monthly 5% extra of tabular premium

Large Sum Assured Rebates:

For Regular Premium Policies
Sum Assured Rebate
50,000 to 1,00,000 Nil
1,05,000 to 3,00,000 1%o S.A.
3,05,000 and above 2%o S.A.

For Single Premium Policies

Sum Assured Rebate
50,000 to 1,00,000 Nil
1,05,000 to 3,00,000 5%o S.A.
3,05,000 and above 10%o S.A.

f. Grace Period:
A grace period of 30 days will be available for payment of yearly, half-yearly or
quarterly premiums and 15 days for monthly premiums.

g. 15 days Cooling-off period:

If policyholder is not satisfied with the Terms and Conditions of the policy,
he/she may return the policy to us within 15 days.

h. Paid-up Value:
The policy will acquire paid-up value after at least 3 full years premiums have
been paid.

i. Guaranteed Surrender Value:

Before the annuity vests, the policy can be surrendered at any time after the
completion of 3 policy years. For a regular premium policy, the Guaranteed
Surrender value is available provided 3 years premiums are paid, and it is 30% of
the premiums paid excluding premiums paid in the first year. For a Single
Premium policy, the Guaranteed Surrender Value available after completion of 3
policy years is 90% of the Single Premium. Any extra premiums and premiums for
Term Assurance Rider Option, Critical Illness Rider option and Accident Benefit, if
any will be excluded.
j. Revival: The policyholder can revive his lapsed policy by paying arrears of
premium together with interest within a period of five years from the date of first
unpaid premium subject to satisfactory evidence of health. The rate of interest for
this purpose will be decided by the Corporation from time to time. The present rate
of interest is 9% pa.

k. Options:

Accidental Death and Disability Benefit:

In case of death due to accident (within 180 days) an additional amount equal to
the Accident Benefit Sum assured will be payable. In case of Total and Permanent
disability arising due to accident an amount equal to accident benefit sum assured
will be payable over a period of 10 years in monthly instalments. However, the
payment of accident benefit will be subject to an overall limit of Rs.25 lakh under
all policies of the Life Assured with the Corporation taken together.

The disability due to accident should be total and such that the Life Assured is
unable to carry out any work to earn a living. Following disabilities due to accident
are also covered -

a) irrevocable loss of the entire sight of both eyes or

b) amputation of both hands at or above the wrists or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle.

No benefit will be paid in case of accidental death or disability due to accident in

case of

a) intentional self-injury, attempted suicide, insanity or immorality or the Life

Assured is under the influence of intoxicating liquor, drug or narcotic,
b) engagement in aviation or aeronautics other than that of a passenger in any air
craft,
c) injuries resulting from riots, civil commotion, rebellion, war, invasion, hunting,
mountaineering, steeple chasing or racing of any kind,
d) accident resulted from committing any breach of law.
e) accident arising from employment in armed forces or military services or police
organisation.
Term Assurance Rider Option: Term Assurance as optional rider will be
available under this plan. Premiums for this option are payable during the premium
paying term and an amount equal to Term Assurance Sum Assured will be payable
on death during the policy term. The maximum cover for this rider will be Rs.25
lakh under all policies of the Life Assured with the Corporation taken together.

Critical Illness Rider Option: An amount equal to the Critical Illness Rider Sum
Assured as optional rider will be payable in case of diagnosis of defined categories
of Critical Illness subject to certain terms and conditions. The maximum cover for
this rider will be Rs.5 lakh under all policies of the Life Assured with the
Corporation taken together.

If opted for Premium Waiver Benefit, then in case the Life Assured is diagnosed
with any of the Critical Illnesses covered under the policy, the total future
premiums in respect of the policy will be waived. Sum Assured under all such
policies with the Corporation taken together will not exceed Rs.5 lakh.

Loan / Assignment:
No Loan/Assignment will be available by the Corporation to the policyholders
under this plan.

EXCLUSIONS:

Suicide: This policy shall be void if the Life Assured commits suicide (whether
sane or insane at the time) at any time on or after the date on which the risk under
the policy has commenced but before the expiry of one year from the date of
commencement of risk under the policy and the Corporation will not entertain any
claim by virtue of this policy except to the extent of a third partys bonafide
beneficial interest acquired in the policy for valuable consideration of which notice
has been given in writing to the office in which the policy is being serviced, at least
one calendar month prior to death.

Specimen Premium Rates per Rs.1000/- Sum Assured

Single Premium
Age at Policy Term
entry 10 15 20 25 30 35
20 - - 616.40 523.40 446.50 384.35
25 - 727.30 617.30 525.35 450.30 390.70
30 856.45 728.05 619.25 529.40 457.45 401.85
35 857.10 730.10 623.70 537.50 470.35 420.80
40 858.40 733.85 631.60 550.95 490.95 450.35
45 860.70 740.35 644.15 571.80 522.35 -
50 864.55 750.40 663.30 603.10 - -
55 869.95 764.85 691.20 - - -
60 878.30 787.25 - - - -
65 892.25 - - - - -

Annual Premium

Age at Policy Term

entry 5 10 15 20 25 30 35
20 - - - 52.45 40.30 32.35 26.90
25 - - 72.75 52.55 40.55 32.75 27.45
30 - 113.05 72.90 52.90 41.05 33.45 28.40
35 231.90 113.40 73.45 53.60 42.05 34.80 30.15
40 232.35 114.05 74.40 54.95 43.80 37.05 33.05
45 233.05 115.25 76.10 57.15 46.65 40.70 -
50 234.45 117.40 78.85 60.75 51.30 - -
55 236.55 120.45 83.05 66.40 - -
60 239.55 125.40 90.15 - - - -
65 245.00 134.55 - - - - -
Jeevan Akshay VI

Introduction:
It is an Immediate Annuity plan, which can be purchased by paying a lump sum
amount. The plan provides for annuity payments of a stated amount throughout the
life time of the annuitant. Various options are available for the type and mode of
payment of annuities.

Options Available:
The following options are available under the plan

Type of Annuity:
Annuity payable for life at a uniform rate.
Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as
the annuitant is alive.
Annuity for life with return of purchase price on death of the annuitant.
Annuity payable for life increasing at a simple rate of 3% p.a.
Annuity for life with a provision of 50% of the annuity payable to spouse
during his/her lifetime on death of the annuitant.
Annuity for life with a provision of 100% of the annuity payable to spouse
during his/her lifetime on death of the annuitant.

You may choose any one. Once chosen, the option cannot be altered.

Mode:
Annuity may be paid either at monthly, quarterly, half yearly or yearly
intervals. You may opt any mode of payment of Annuity.

Salient features:
Premium is to be paid in a lump sum.
Minimum purchase price : Rs.50,000/= or such amount which may secure a
minimum annuity as under:

 Mode Minimum Annuity
Monthly Rs. 500 per month
Quarterly Rs. 1000 per quarter
Half-yearly Rs. 2000 per half year
Yearly Rs. 3000 per year
No medical examination is required under the plan.
No maximum limits for purchase price, annuity etc.
Minimum age at entry 40 years last birthday and Maximum age at entry 79
years last birthday.
Age proof necessary.

Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1
lakh under different options is as under:

Age last birthday Yearly annuity amount under option

( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi )
40 7510 7440 6930 5610 7310 7120
45 7770 7660 6960 5890 7500 7240
50 8140 7950 7000 6280 7760 7420
55 8650 8330 7050 6810 8130 7670
60 9350 8790 7110 7530 8640 8030
65 10410 9330 7180 8590 9400 8570
70 12080 9830 7260 10220 10560 9370
75 14510 10220 7360 12590 12240 10590
Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of
annuity due to available incentives.

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 from the date of receipt of the Policy Bond.
On receipt of the policy we shall cancel the same and the amount of premium
deposited by you shall be refunded to you after deducting the charges for stamp
duty.

Paid-up value:
The policy does not acquire any paid-up value.

Surrender Value :
No surrender value will be available under the policy.

Loan :
No loan will be available under the policy.

Section 41 of Insurance Act 1938 :

No person shall allow or offer to allow, either directly or indirectly, as an

inducement to any person to take out or renew or continue an insurance in
respect of any kind of risk relating to lives or property in India, any rebate of
the whole or part of the commission payable or any rebate of the premium
shown on the policy, nor shall any person taking out or renewing or
continuing a policy accept any rebate, except such rebate as may be allowed
in accordance with the published prospectuses or tables of the insurer:
provided that acceptance by an insurance agent of commission in connection
with a policy of life insurance taken out by himself on his own life shall not
be deemed to be acceptance of a rebate of premium within the meaning of
this sub-section if at the time of such acceptance the insurance agent satisfies
the prescribed conditions establishing that he is a bona fide insurance agent
employed by the insurer.
Any person making default in complying with the provisions of this section
shall be punishable with fine which may extend to five hundred rupees.

BENEFITS

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies? If the annuitant dies :

1. Under option (i) annuity ceases.
2. Under option (ii)
3. On death during the guaranteed period - annuity is paid to the nominee till
the end of the guaranteed period after which the same ceases.
4. On death after the guaranteed period - annuity ceases.
 5. Under option (iii) annuity ceases and the purchase price is paid to the
nominee.
6. Under option (iv) annuity ceases.
7. Under option (v) annuity ceases and 50% of the annuity is payable to the
surviving named spouse during his/her life time. If the spouse predeceases
the annuitant, the annuity ceases.
8. Under option (vi) annuity ceases and full annuity is payable to the surviving
named spouse during his/her life time. If the spouse predeceases the
annuitant, the annuity ceases.

When first instalment of annuity payable: First instalment of annuity is payable

after one month, three months, six months or one year from the date of purchase of
annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly
respectively.

New Jeevan Dhara-I

FEATURE

Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for
regular income after the selected term.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deduction, as opted by you, throughout the term of the policy or till earlier death.
Alternatively, the premium may be paid in one lump sum (single premium).

Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan
Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table
No.148) qualify for tax relief under Section 88.

Bonuses:
These are with-profit plans and participate in the profits of the Corporations
annuity / pension business. Policies get a share of the profits in the form of
bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured
annually at the end of each financial year. Once declared, they form part of the
guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable
provided policy has run for a certain minimum period.

BENEFIT

Death Benefit:
On death of the Life Assured during the term of the policy the basic premiums
paid, excluding any rider premiums or extra premiums, up to the date of death
accumulated with interest at such rates as decided by the Corporation will be
payable to the nominee. Currently, the interest rate is 3%, 4% or 5 % if the death
occurs within the first 10 years, 20 years or thereafter respectively.

Maturity Benefit:
At maturity the policyholder can encash up to a maximum 25% of the maturity
proceeds as a tax-free lump sum. The balance should be compulsorily converted to
an annuity at the rates applicable at the time of maturity of the policy. The
policyholder has the choice of opting for any one of 5 annuity options. The annuity
options available are

(i) annuity payable for remainder of life

(ii) annuity payable for life with guaranteed period of 5, 10, 15 or 20 years

(iii) Joint life and last survivor annuity to the annuitant and his/ her spouse under
which annuity payable to the spouse on death of the purchaser will be 50% of that
payable to the annuitant

(iv) Life annuity with a return of purchase price on death of the annuitant

(v) Life annuity increasing at a simple rate of 3% per annum

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra
protection/option. An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender
value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:

The policy may be surrendered after it has been in force for 2 years or more but
before the vesting date. The guaranteed surrender value is 90% of the basic
premiums paid excluding the first years premium. In case of a single premium
policy the guaranteed surrender value is allowed after 2 years from the date of
commencement of the policy.

Corporations policy on surrenders:

In practice, the company will pay a Special Surrender Value which is equal to or
higher than the Guaranteed Surrender Value. The benefit payable on surrender
reflects the discounted value of the reduced claim amount that would be payable on
death or at maturity. This value will depend on the duration for which premiums
have been paid and the policy duration at the date of surrender. In some
circumstances, in case of early termination of the policy, the surrender value
payable may be less than the total premium paid.

The Corporation reviews the surrender value payable under its plans from time to
time depending on the economic environment, experience and other factors.

New Jeevan Suraksha-I

Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for
regular income after the selected term.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deduction, as opted by you, throughout the term of the policy or till earlier death.
Alternatively, the premium may be paid in one lump sum (single premium).

Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan
Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table
No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporations
annuity / pension business. Policies get a share of the profits in the form of
bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured
annually at the end of each financial year. Once declared, they form part of the
guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable
provided policy has run for a certain minimum period.

BENEFITS

On vesting:

The Notional Cash Option together with Reversionary Bonuses and Final
additional Bonuses ( if any ) with or without 25% commutation will be
compulsorily converted into annuity having following options.

Annuity for life.

Annuity for life with guaranteed period of 5, 10, 15, 20 years.

Joint life and last survivor annuity to the annuitant and his/her spouse under which
annuity payable to the spouse on death of the purchaser will be 50% of that
payable to the annuitant.

Life annuity with return of purchase price.

Life annuity with annuities increasing at a simple rate of 3% per annum.

T he annuity rates will be that available under the version of the New Jeevan
Akshaya Plan current at the date of vesting. A rebate of 3% will be available on the
purchase price of the New Jeevan Akshaya Policy. Option for the annuity type is to
be exercised at least 6 months before the date of vesting.

b) During Deferment:

A term rider option will be available. On the death of the policyholder who has
opted for the term Assurance rider ( provided the policy is in-force), the Term
Assurance Sum Assured along with all premiums ( excluding term Assurance
premium and extra premium if any ) paid up to the date of death accumulated at
the rate of 5% p.a. compounding or at such rates as decided by the Corporation
from time to time will be paid to the nominee. When the policy is not in-force, only
return of premiums with interest as stated above will be available.

For those not opting for the Term Assurance Rider, in respect of policies which are
in-force or in a paid up condition, all premium accumulated at 5% p.a.
compounding or at such rates as decided by the Corporation from time to time, will
be paid to the nominee. Term Rider Option will be available only on the Annual
Premium Plan.

c) Rebates:

Premium will be payable yearly, half-yearly, quarterly or monthly (including SSS) or by single premium.
Mode rebates @ 2.6%, 1.3% and 0.5% of the tabular annual premium will be available for yearly, half-
yearly and quarterly premiums.

For large cash option the rebates available are:

>=1,00,000 < >=2,00,000 <

AMOUNT (Rs) >= 5,00,000
2,00,000 5,00,000
Rebates
Available for
3% 4% 5%
Single
Premium
Rebates
Available for
6% 7% 8%
Annual
Premium

Both rebates will be applied separately on the Tabular Premium and not after the
other has been applied.

d) Paid up, Guaranteed and Special Surrender Value.

For Annual Premium Plans: The Guaranteed Surrender Value will be equal to 90%
of all premiums paid excluding the first year premium, all Term Assurance
premium and extra premium ( if any). This will be allowed after at least two full
years premiums have been paid and will be available after two full years have
been completed from the date of commencement. However, the policy can not be
surrendered after the annuity vests.

For Single Premium Plan: The Guaranteed Surrender Value will be 90% of the
single premium paid. Surrender will be allowed 2 years after the commencement of
the policy.

Special Surrender Value: For Annual premium policy this will be available at least
two years after date of commencement and during deferment period if at least two
full years premium have been paid.

Note: For Single premium policies, this will be available one year after the date of
commencement and during the deferment period. The special surrender value will
be quoted separately. Surrender value will not be available for the Term Rider
Benefit.

e) Days of Grace:

The days of grace will be one calendar month but not less than 30 days under the
yearly, half-yearly and quarterly modes of payment of premium. For monthly
mode, the days of grace will be 15 days.

f) Non-forfeiture regulations:

Paid up benefits:

If, after at least two full years premiums are paid in respect of this policy, any
subsequent premium be not duly paid, the policy shall not be wholly void, but the
amount of Notional Cash Option shall be reduced to such a sum as shall bear same
ratio to the original, as the number of premiums actually paid shall bear to the total
number of premiums originally stipulated for in the policy. The policy so reduced
will thereafter be free from all liabilities for payment of the within mentioned
premiums but shall not be entitled to participate in future profits. The existing
vested Bonus additions will attach to the reduced paid up policy and this will
determine the reduced annuity payable on vesting. The option of commutation of
25% pension will also be available on the vesting age. If however the annuity
payable is less than the minimum of Rs. 250/-, the Corporation will have the right
to change the mode of payment of annuity to yearly, half-yearly or quarterly or to
pay a lump sum subject to deduction of tax if any, at source as per the prevailing
taxation rules. In the event of non-payment of the premiums within the days of
grace the life cover will cease.

Note: Paid up benefits are not available for the Term Rider Option.

The days of grace will be one calendar month but not less than 30 days under the
yearly, half-yearly and quarterly modes of payment of premium. For monthly
mode, the days of grace will be 15 days.

f) Non-forfeiture regulations:

Paid up benefits:

If, after at least two full years premiums are paid in respect of this policy, any
subsequent premium be not duly paid, the policy shall not be wholly void, but the
amount of Notional Cash Option shall be reduced to such a sum as shall bear same
ratio to the original, as the number of premiums actually paid shall bear to the total
number of premiums originally stipulated for in the policy. The policy so reduced
will thereafter be free from all liabilities for payment of the within mentioned
premiums but shall not be entitled to participate in future profits. The existing
vested Bonus additions will attach to the reduced paid up policy and this will
determine the reduced annuity payable on vesting. The option of commutation of
25% pension will also be available on the vesting age. If however the annuity
payable is less than the minimum of Rs. 250/-, the Corporation will have the right
to change the mode of payment of annuity to yearly, half-yearly or quarterly or to
pay a lump sum subject to deduction of tax if any, at source as per the prevailing
taxation rules. In the event of non-payment of the premiums within the days of
grace the life cover will cease.

Note: Paid up benefits are not available for the Term Rider Option.

g) Loans/Assignment:

There is no provision for loans or assignments under this plan.

h) Revival:

Policies with Term Assurance Rider:

Rules relating to the revival of the Term Assurance Rider will apply.
Policy without the Term Assurance Rider:
Policies can be revived at any time on payment of all arrears of premiums with
interest @ 10.5% p.a. compounding half yearly. This rate of interest is likely to
change from time to time.

i) For Term Assurance Option:

Maximum Term Assurance Sum Assured would be equal to twice the Notional
Cash Option subject to a maximum of Rs. 25,00,000 (overall limit on riders on all
plans).

Minimum Term Assurance Sum Assured : Rs. 1,00,000

Maximum age at entry 50

Minimum Term 10 years.

Maximum Term 35 years.

Note: Term Assurance Rider cover ceases at age 60 years.

INCOME TAX PROVISIONS UNDER NEW JEEVAN SURAKSHA I PLAN

1. New Jeevan Suraksha-I is a scheme approved by IRDA as envisaged in Section
10(23 AAB) of the Act.

2. The income of the fund maintained under this pension scheme is totally exempt
from income tax being a fund maintained under section 10(23 AAB) of the Act.

3. The deduction under Section 80CCC is available up to a sum of Rs.10,000/- to

the assessee, who is an individual in respect of any sum deposited by him into the
above plan.
4. The deduction under Section 80 CCC is not available to a Hindu Undivided
family.