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(AFFILIATEDTO GURU
GOBINDSINGH INDR
APRASTHAUNIVERSITY,
DELHI)
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CONTENTSCERTIFICATE
OFCOMPANY
... i
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CERTIFICATE
OF
INSTITUTE
.. iiACKNOWLEDGEMENT
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...iii1.EXEC
UTIVE
SUMMERY2INTRODUCTIO
N3. RESEARCHOBJECTIVE &
METHODOLOGY4. INTRODUC
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TION OF
THE COMPANY
5. PRODUCT OF
LIC6.GROWTH OF
PVT. LIFEINSURANCE
COMPANIESIN THE LAST
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5YEARS7.
CURRENT
STANDING OF
PVT. LIFEINSURANCE
COMPANIESINURBAN
SECTOR 8.ROLE
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OF FOREIGN
COMPANIES IN
INDIA9.
FINDINGS10.IMPORTANCE
OF JOINTVENTURE11.
CONCLUSION12. RECOMMEN
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DATIONS13.
BIBLIOGRAPH
Y
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CERTIFI
CATE
This is to
certify thatproject
entitled
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Comparative
Study of LifeInsurance
Corporation
of India
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submitted by
Mr.VIPUL
BENIWAL(Enrolment
no. -0221471708
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) hasbeendone
under my
guidance andsupervision
in fulfillment
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oftherequireme
nt for the
award ofBachelor of
BusinessAd
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ministration (General).The
work and
analysismentioned in
this project
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reporthave been
undertaken
by thecandidate
himself and
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d in thetextof the
report.
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ACKNOWLEDGEME
NTCo-operationand building
up of moral are
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the essence ofsuccess.
Theseare twofactors that go
a long way inachieving it. It
is a Herculean
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task,whichlacks these two
determinantsof success.
Summertraining was
anexposure to
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corporate environment. It wa
s an opportunity and great pl
easure for meto be in such
an
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environmentand having
interactionwithconcerned
people.I amhighly obliged
to
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Mr. RahulDutt Mudgal(Developmentofficer,LIC
Karol Baghbranch) who
provided me
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the opportunityfor doing
mysummertraining at LIC,
and would liketo thank him
for their
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lly.Finally, Iwould like to
thankDr.
N.K.Kakkar(Director),
MaharajaAgras
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en Institute ofManagement
Studies andMrs. AmitGupta
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, my project guide at the inst
itute,for their enlightening and m
eticulousguida
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nce for theconsummation
and evaluatingof this project.I
also wish topay my sincere
regards to all
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my respectedteachers
whohelped mebuild a
concreteplatform
before sending
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me for trainingsothat I can
land out firmlyin all respects.
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EXECUT
IVESUMMA
RY
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Someone has greatly sai
d that practi
cal knowledge is far bet
ter thanclass
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roomteaching.
During this
project Ifully
realized this
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and cometoknow
about the
present realworld of
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Insurance
sector
. It includesall
theactivities
involved in
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providinginsurance
products to
the finalcustomers.I
am pleased
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to know about the cons
umerswan
ts and competitorsactivit
ies in the
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real world ofInsurance.T
he subject
of my studyis to analyze
the present
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insurancesector
and product
s offered byLIC by
applying
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various toolslike cold
calling
andthroughdirect
interaction
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withcustomers.
I have also
doneresearch
onthe
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growth ofprivate life
insurance
companiesin the last
five years.
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The reportcontains
first of all
brief
introduction
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aboutthecompany
. Then it
contains the
current
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status ofprivateinsur
ance
companies
and foreign
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insurancecompanies
inIndia.
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INTROD
UCTION
I n s u r a n c e
i s a s o c i a ld e v i c e
w h e r e
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u n c e r t a i nr i s k s o f
i n d i v i d u a l sm a y b e
c o m b i n e di n a g r o u p
a n d t h u s
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m a d e m o r ec e r t a i n -
s m a l l p e r i od i c
c o n t r i b u t i on s b y t h e
i n d i v i d u a l s
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p r o v i d e af o u n d
o u t o f w h i ch t h o s e
w h o s u f f e rl o s s e s m a y
b e
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r e i m b u r s e d. I n
a d d i t i o nt o b e i n g a
m e a n st o p r o t e c t
o n e s e l f ,
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t h ei n s u r a n c e
I n d u s t r yi s a n e f f i c i e
n t c o n d u i tf o r t h e
s a v i n g o f
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p e o p l e t ob e
c h a n n e l e dt o w a r d s e c o
n o m i cg r o w t h . I n
I n d i a , t h e
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I n s u r a n c eI n d u s t r y 7
i s m o r et h a n 1 5 0
y e a r s o l d .T o d a y , i t
i s
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m o n o p o l i z ed b y t w o
P S U ' s i nt h e i r r e s p e
c t i v e f i e l d so f l i f e
a n d G e n e r a
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lI n s u r a n c e .
H o w e v e r ,w i t h
t h e s u c c e s s f u l p a s s a g e
I R D A B i l l
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t h r o u g hb o t h
h o u s e s o fp a r l i a m e n t
i n D e c e m b er 1 9 9 9 t h e
s e c t o r h a s
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b e e no p e n e d u p
t o p r i v a t ep l a y e r s . T h i
s w i l lp r o v i d e d
m u c h .
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N e e d e di m p e t u s t o
t h eI n d u s t r y
a n dw i l l i m p r o v
e t h e
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q u a l i t y o fs e r v i c e a n d
p r o d u c t sa n d w i l l
a l s oi n c r e a s e e m
p l o y m e n t
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o p p o r t u n i t ie s . T h e r e
a r e s t i l ls o m e
i s s u e s t h e i rn e e d t o b e
s o r t e d o u t ,
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p a r t i c u l a r ly w i t h
r e g a r d t ot h e s t a t u s
o f i n t e r m ed i a r i e s a s
e n v i s a g e d
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b yt h e I n s u r a n
c eR e g u l a t o r y
A u t h o r i t y .
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RESEAR
CH
OBJECT
IVE.
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T h e r e p o r tg i v e s t h e
b r i e f
b a c k g r o u n do f t h e
s e c t o r a n d
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p r o c e e d st o h i g h l i g h t
t h e s h o r t
c o m i n gs o ft h e
e x i s t i n g
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s e t u p a n dp l a y e r s .
T h e b e n e f i t
s o fl i b e r a l i z e d
s e c t o r a r e
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e n u m e r a t e d. T h e
r e p o r t
a l s o t r i e s t oi d e n t i f y
t h e m a r k e t
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p o t e n t i a lf o r
i n s u r a n c e
p r o d u c t sa n d
t h e s t r a t e g y
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t h a t c a n w ee m p l o y e d
t o
e x p l o i t t h es a m e . T h e
s t r e s s
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i s a l s og i v e n o n
k n o w i n g
t h ea w a r e n e s s
l e v e l o f
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g e n e r a lp u b l i c .
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RESEA
RCH
METHO
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DOLOG
YTo conduct themarket
research firstof all it is
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necessary tocreate a
researchdesign.A
researchdesign is
basically a
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blue print ofhow a research
is to beconducted, it
mayinclude;1 .C h o o s in g t
h e a p p r o a c
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h2.Determining the types
of data needed.3.Locat
ing thesource of
data .4 .Choo
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s ing a method of data .
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RESEAR
CHDESIGNBasically there
are 3 types of
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approachesused during
the anyresearch:1 . E
x p l o r a t o r y 2 . D e s c r i
p t i v e 3 . E x
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p e r i m e n t a l. During this
researchDescriptiveandExploratory
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approach istaken
intoconsideration because of
the availabilityof relevant
information to
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describetherelationship
s between themarketing
problem andthe available
information.
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TYPES
OFDATA
USED:
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Both primaryand secondary
data is used inthe research.DataCollection
Methods
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To conduct themarket
research thedata is
collected bytwo sources.
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SECONDARY DATASecondarydata is one
which alreadyexists and is
collected from
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thepublishedsour
ces.Thesources from
whichsecondary data
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InsuranceTimes,
andInsurancePost.Internet
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PRIMARYDATAThe primarysources of data
refer to thefirst handi
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nformationPrimary data
iscollectedduring the
survey withthe help of
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Questionnaires.
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INTROD
UCTIONOF THE
COMPA
NY
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LIFEINSURAN
CE
CORPOR
ATION
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OF INDIA(LIC)Life Insurance
Corporation ofIndia (LIC)
was formed in
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September,1956, by an
ActofParliament,
viz., LifeInsurance
Corporation
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Act, 1956,with capital
contributionfrom the
Governmentof India. The
then Finance
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Minister, ShriC.D.
Deshmukh,while piloting the
bill, outlinedthe objectives
of LIC thus to
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conduct thebusinesswith
the utmosteconomy, and
a spirit oftrusteeship; to
charge
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premium nohigher than
warranted bystrict actuarial
considerations; to invest the
funds for
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obtainingmaximum yield for
the' policyholders
consistent withsafety of the
capital; to
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render promptand efficient
service topolicy holders,
therebymaking
insurance
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widely popular. Since
nationalization, LIC has built
up a vastnetwork of
2,048
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branches,100divisions
and 7 zonaloffices spread
over thecountry. The
Life Insurance
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CorporationofIndia also'
transactsbusiness
abroad and hasoffices in Fiji,
Mauritius and
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UnitedKingdom. LIC is
associatedwith joint
venturesabroad in the
field of
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insurance,namely, Ken-India
,AssuranceCompany
Limited,Nairobi;
United
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OrientalAssuranceCo
mpanyLimited,
Kuala Lumpurand Life
Insurance
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Corporation(International)
E.C.Bahrain.The
Corporationhas registered
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a joint venturecompany in 26thDecember,200
0 inKatmandu,
Nepal by the
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name of LifeInsurance
Corporation(Nepal)
Limitedincollaboration
with Vishal
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GroupLimited, a
local industrialGroup. An off-
shorecompanyL.I.C.
(Mauritius)
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Off-shoreLimited has
also been setup in 2001 to
tap the Africaninsurance
market.
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General
Insurance:Generalinsurance
business in the
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country wasnationalized
with effectfrom
1stJanuary,1973 by the
General
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InsuranceBusiness
(Nationalization) Act, 1972.
Morethan 100non-life
insurance
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companiesincluding
branches offoreign
companiesoperating within
viz., the
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NationalInsurance
Company Ltd.,The New
IndiaAssurance Company
Ltd., The
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GeneralInsurance
Corporation(GIC) which
was theholdingcompa
ny of the four
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public sectorgeneral
insurancecompanies has
sincebeendelinked
from the later
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and has beenapproved as
the "IndianReinsurer"
since 3rd
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November2000. The
share capitalof GIC and
that of the fourcompanies are
held bythe
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Governmentof India. All
the fiveentities are
Governmentcompanies
registeredunde
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r theCompanies
Act, 1956. Thegeneral
insurancebusiness has
grown in
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spreadandvolume after
nationalization. The four
companieshave 2699
branch offices,
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1360divisionaloffices and 92
regionaloffices spread
all over thecountry. GIC
and
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itssubsidiarieshave
representationeither directly
throughbranches or
agencies in
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16countriesand through
associatelocally
incorporatedsubsidiary
companies in
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14other countries
. A wholly-owned subsidi
ary companyof GIC, i.e.
Indian
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International Pvt.Ltd. is
operating inSingapore and
there is a jointventure
company, viz.
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Ken-IndiaAssuranc
e Ltd. inKenya. A new
wholly ownedsubsidiary
called New
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IndiaInternational Ltd., UK
has also beenregistered
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PRODUCTS OF
LICWhole Lifewith Profits
Plan002
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Features:
This plan is
mainlydevised to
create anestate for the
heirs of the
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policyholderas the plan
basicallyprovides for
payment ofsum assured
plus bonuses
8/13/2019 Project on Lic Agent
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on the death ofthe policyhold
er. However,considering
the increasedlongevity of
the Indian
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population,theCorporation
has amendedthe above
provision,thereby
proving for
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paymentof sum assured
plus bonusesin the form of
maturity claimon completion
of age 80
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yearsor onexpiry of term
of 40 yearsfrom date of
commencement of the
policy
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whichever islater.The
premiumsunder the
policy arepayable up to
age 80 years
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of thepolicyholder
or for a termof 35 years
whichever islater. If the
payment of
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premiumceases after
3years, a paid-up policy for
such reducedsum assured
will be
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automaticallysecured provid
ed the reducedsum assured
exclusive ofany attached
bonus is not
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lessthanRs.250/-.
Such reducedpaid-up policy
is not entitledto participate
in the
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bonusdeclaredthereafter but
the bonusesalready
declared onthe policy will
remain
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attach, provided the policy is
converted in toa paid-up
policy afterthe premiums
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are paid for 5years.Suitable For:This policy issuitable for
people of all
ages who wish
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to protect theirfamilies
fromfinancialcrises that may
occur owing tothe
policyholder's
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prematuredeath.
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BENEFITSSURVIVAL
BENEFIT:
Sum assured
plus accrued
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bonuses andthe terminal
bonuses, ifany; on
the policyholder attaining
age 80 years
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or on expiry ofterm of 40
years from thedate
of commencement of the
policy
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the terminalbonuses, if
any, on thedeath of the
policyholderare paid to
his/her
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nominees/heirs.LIMITEDPAYMENT
WHOLELIFE - PLAN
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005 (WITHPROFITS)Features:This is the bestform of life
assurance forfamily
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provisionsince it
enables theLifeAssured to
pay all thepremiums
during the
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ordinarilyvigorous and
mostproductiveyear
s of life. Heneed not pay
any premium
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in the laterstages of life if
and whenhisconditions
might becomeadverse.With
Profits
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LimitedPayments
Policies do notcease to
participate inprofits
after completi
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on of thepremium
paying periodbut continue to
share in theperiodicalBon
us Distribution
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until the deathof the Life
Assured.TheWithout-Profit
option isavailable
under Table
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no. 3. If thepolicyholder
pays atleast 3years'
premiums andthen
discontinues
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paying anymore
premiums, areduced paid-
up assurancepolicy comes
into force.
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Such areduced paid-
up Policy willnot beentitled
to participatein the profits
declared.
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Thereafter, butsuch Bonus as
hasalreadybeen declared
on the Policywill remain
attached
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thereto. Thepremium
paying termunder this plan
is five yearsminimum and
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55 yearsmaximum.
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BENEFITSSurvival
benefitsIf the LifeAssured
survives the
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premiumpaying period
and the policycontinues
infull force,provided all
premiums
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have beenpaid, but no
furtherpremiums
arerequired tobe paid.
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DeathBenefits:Sum Assured
plus Bonusesaccrued and
vested in the
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policy.PlanParameters:
M i n im u m
M a x im u m E
n t r y a
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g e 1 2 (n e a r e r
b i r t h da y ) 6 0 S
u m a ss u r e d
( R s . ) 5
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0 0 0 0 NO L I M
I T T e r m ( y e
a r s ) 55 5 ( M
a x . P
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r e m oc e a s i
n g age is70)Mode of Pa
yment Maximum premium p
aying period P
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olicy loanavailableYearly,
h a l f y e a r ly 8 0 y r s . o
f a g e o r 40 y r s . o f y
e s ,quarterly,
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monthly premium paying ter
m from the, salary saving
date of commencemen
t
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whicheverScheme is late
r.
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8/13/2019 Project on Lic Agent
188/400
ENDOWMENT
WITH
PROFITPLAN - 014FEATURES:
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189/400
ModeratePremiumsHigh bonusHigh liquidity
Savings
orientedThis
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policy not onlymakes
provisions forthe family of
the LifeAssured in
event of his
8/13/2019 Project on Lic Agent
191/400
early death butalso assures a
lump sum at adesired age.
The lump sumcan
bereinvested to
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provide anannuity during
the remainderof his life or in
any otherwayconsidered
suitable at that
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time.Premiumsare usually
payable for theselected term of
years or untildeath if it
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occursduringthe term period.Suitable For:
Being an
endowmentassurance
policy, this plan
8/13/2019 Project on Lic Agent
195/400
is apt for peopleof all ages
andsocialgroups who
wish to protecttheir families
from a financial
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196/400
setback thatmayoccur
owing to theirdemise.The
amount assuredif not paid by
reason of his
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death earlierwill payable at
the endof theendowment
term where itcan be invested
in an annuity
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provision forthe rest of the
policyholder'slife or in any
other way hemay think most
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suitable at thattime.
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200/400
BENEFITSDisabilityBenefit:In case policyholder becomestotally and
permanently
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201/400
disabled due toan
accident beforereaching the
age of 70 andthe policy is in
full force, he
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202/400
will not berequired to pay
furtherpremiums, (the
DisabilityBenefit is
available in
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203/400
respect of thefirstRs.20000
sum assured onanyone life) and
the policy willcontinue to be
in force.
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204/400
Accident
Benefit:By paying asmall extra
premium of Rs.l per Rs. 1000/-
sum assured per
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205/400
year he or hisfamily are
entitled to thefollowing
benefits ondeath or
permanent
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disabilitycausedby accident.
Even studentsabove the age
of 18 years canavail of this
benefit.
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207/400
Premium
Stoppage:If payment ofpremiums
ceases after atleast THREE
years'
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208/400
premiums havebeen paid , a
free paid-uppolicy for a
reduced sumassured will be
automatically
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209/400
secured provided the reduced
sum assured,exclusive of
any attachedbonus, is not
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210/400
less thanRs.250/-.The reduced
sum assuredwill become
payable on theevent as
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stipulated inthepolicy.Bonus:
Is there
anything extrapayable besides
the sum assured
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at the time ofclaimsettlement
? Yes, but onlyif it is a 'with
profits' policy.Every year the
Life
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InsuranceCorporation
distributes itssurplus among
policyholder to'with profits'
polices in
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theform ofbonuses.
Substantialbonuses have
been declaredin the past after
eachvaluation
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of policyliabilities.
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BENEFITSSurvivalbenefits:Payment of fullSum' Assured +Vested Bonus +
Final
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217/400
Additionalbonus, if any.Death Benefits:
Payment of full
sum assured +Vested Bonus.
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218/400
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219/400
ANMOL
JEEVAN -
I (WITHOUTPROFITS)BEN
EFITS
On Death
during the Termof the Policy:
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220/400
SumAssuredO
n M at u r i
t y : N i l
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221/400
RESTRICTIO
NS( A ) M i n i mu m a g e a t
e n t r y : 1 8 ye a r s ( c o m p
l e t e d )
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( B ) M a x im u m a g e
a t e n t r y : 55 y e a r s ( n
earerbirthda
y)(C)
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M a x i m u ma g e a t m a t
u r i t y : 6 5 y
e a r s ( D )M i n i m u
m T e r m: 5 y e a r
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224/400
s ( E ) Ma x i m u m
T e r m :2 5 y e a r
s ( F ) M i n im u m S u m
A s s u r e d : R
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225/400
s . F i v e L ak h (G) Maxi
mum Sum Assured: Rs. Th
ree Crore (Inclusive of all
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226/400
term Assuranceplans)Note: Thepolicy would
be issued inmultiples of
Rs. one lakh forSum
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227/400
Assured above
Rs. f ive lakh.(H)Mode ofPremium
Payment:Yearly, Half-
Yearly and
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Singlepremium.(G)Rebates:
Sum Assured
Rebate:
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229/400
NIL in case ofregular
premiumpolicies and Re.
lSum Assuredfor policies of
Rs.25 lakh and
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230/400
above in case ofsingle premium
policies.
Mode Rebate:
1% of Annualpremium for
yearly mode
8/13/2019 Project on Lic Agent
231/400
and nil forHalf-Yearly
mode.
19
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UNDERWRITING, AGE
PROOFAND MEDICA
LREQUIREME
NTS:
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The plan isavailable to
Standard andSub-standard
lives (uptoClass VI EMR).
This plan is
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also available tofemale lives
(category I andII lives only)
and tophysicallyhandi
capped persons
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235/400
subject tocertain
conditions.Standard age
proof will haveto besubmitted
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along with theProposal Form.PAID-UP ANDSURRENDER
VALUE:
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The policy willnot acquire any
paid-up value.
No Surrender
Value will beavailable under
this plan.
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GRACE
PERIOD
FOR NON-FORFEITURE
PROVISIONS:
A grace period
of 15 days willbe allowed for
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payment ofyearly or half-
yearly premiums. If death
occurs withinthis period and
before the
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240/400
payment of thepremiumthen
due, the policywill still be
valid and theSum Assured
paid after
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deduction ofthesaid
premium asalso unpaid
premiumsfalling due
before the next
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policyanniversaryof
the Policy. Ifthe premium is
not paid beforethe expiry of
the days of
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grace, thePolicygets lapsed
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REVIVALIf the Policy
has lapsed, itmay be revived
during the lifetime of the Life
Assured,
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but before thedate of expiry
of policy term,on submission
of proof ofcontinuedinsura
bility to the
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satisfaction ofthe Corporation
and thepayment of all
the arrearsof premium
together with
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interest at suchrate as may be
prevailing at thetime of
the payment.The corporation
reserves the
8/13/2019 Project on Lic Agent
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right to acceptor decline the
revivalof discontinued
policy. Therevival of the
discontinued
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249/400
policy shalltake effect only
after the sameis approved by
the Corporationand is
specifically
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250/400
communicatedto the
LifeAssured.The cost of the
Medicalreports,
including
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SpecialReports, if any,
requiredfor thepurposes of
revival of thepolicy, should
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be borne by theLife Assured.PAYMENT OFCLAIMSNo Claimsconcession will
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be applicable tothis Policy.BACK-DATING
INTERESTThe policy canbe back dated
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254/400
within thefinancial year.
No dating backinterest shall be
charged.BENEFITSSurvival benefits:
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If one or boththe lives
survive to thematurity date,
the sumassured, along
with
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256/400
theaccumulatedbonus, is
payable.
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257/400
Death Benefits:In case either of
the couple diesduring the
policy's term,two things
happen. One,
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258/400
8/13/2019 Project on Lic Agent
259/400
life of thesurviving
partner withouthim/her having
to pay anyfurther
premiums,i.e.
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260/400
the life coveron the survivor
continues freeof cost.The sum
assured is againbe payable on
the death of the
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261/400
other partner incase both
thehusband andwife were to die
during the termof the policy.
Vested bonus
8/13/2019 Project on Lic Agent
262/400
would also bepaid along with
the sum assuredon the second
death.NEWINSURANCE
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SCHEMESUni
versal Health
InsuranceSchemeThe UniversalHealth
Insurance
8/13/2019 Project on Lic Agent
264/400
policy isavailable to
groups of 100or more
families.Thepolicy provides
for
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265/400
reimbursementof medical
expenses uptoRs.30000/-
towardshospitalization floated
amongst the
8/13/2019 Project on Lic Agent
266/400
members of thefamily, death
cover due toanaccident for
Rs.25000 to theearning head of
the family and
8/13/2019 Project on Lic Agent
267/400
compensationdue to lossof
earning head ofthe family @
Rs.50/- per dayupto a
maximum of 15
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268/400
days, afterawaiting period
of three days,when the
earning head ofthe family is
hospitalized.
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269/400
The premiumunder the policy
is Rs.1! - Perday (Le.
Rs.365/-perannum) for
anindividual,
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270/400
Rs. 1.50 perday for a family
of five limitedto spouse and
children(i.e.Rs.548 per
annum), and
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Rs.2/- per day(i.e. Rs. 730 per
annum) forcoveringdepend
ent parentswithin the
overall family
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272/400
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273/400
also providedunder the
Scheme.
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274/400
For purpose ofthis policy
HOSPITALmeans:Any
Hospital/Nursing home
8/13/2019 Project on Lic Agent
275/400
registered withthe local
authorities andunder
thesupervisionof a registered
and qualified
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276/400
Medicalpractitioner.Hospital,
Nursing Home
runs byGovernment.
8/13/2019 Project on Lic Agent
277/400
Enlistedhospitals run by
NGOs/ Trusts/selected private
hospitals withfixedschedule
of charges.
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278/400
Hospitalizationshould be for a
minimumperiod of 24
hours.However,this time limit
is not applied to
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279/400
some specifictreatments and
also wheredueto
technologicaladvancement
hospitalization
8/13/2019 Project on Lic Agent
280/400
for 24 hoursmay not be
required.
Main
Exclusions:All pre-existing
diseases.
8/13/2019 Project on Lic Agent
281/400
Corrective,cosmetic or
aesthetic dentalsurgery or
treatment.Cost of
spectacles,
8/13/2019 Project on Lic Agent
282/400
contact lens andhearing aid.Primarilydiagnostic
expenses notrelated to
sickness/injury.
8/13/2019 Project on Lic Agent
283/400
Treatment forPregnancy,
Childbirth,Miscarriage,
abortions etc.AgeLimitations:
8/13/2019 Project on Lic Agent
284/400
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285/400
The benefit offamily' will
operate onfloater basis i.e.
the totalreimbursement
of Rs.30,000/-
8/13/2019 Project on Lic Agent
286/400
can be availedof individually
or collectivelyby members of
the family.
8/13/2019 Project on Lic Agent
287/400
Insurance plans:As individuals it
is inherent todiffer. Each
individualsinsurance needs
andrequirementsare different
8/13/2019 Project on Lic Agent
288/400
from that of the
others. LICs
Insurance Plans
are a policythat
talk to you
individually and
gives the most
suitable options
8/13/2019 Project on Lic Agent
289/400
that can fit
onesrequirement
.Jeevan
AnuragKomal
JeevanCDA
Endowment Vesting
At 21Marriage
Endowment
http://www.licindia.com/children_need_001_benefits.htmhttp://www.licindia.com/children_need_001_benefits.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_002_features.htmhttp://www.licindia.com/children_need_001_benefits.htmhttp://www.licindia.com/children_need_001_benefits.htm8/13/2019 Project on Lic Agent
290/400
Or Educational
Annuity PlanCDA
Endowment Vesting
At 18Jeevan
KishoreJeevan
ChhayaChild Career
PlanChild Future
PlanJeevan
http://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/children_need_008_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_007_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_004_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_003_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_006_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htmhttp://www.licindia.com/children_need_005_features.htm8/13/2019 Project on Lic Agent
291/400
Aadhar Jeevan
VishwasThe
Endowment
Assurance
PolicyThe
Endowment
Assurance Policy-
Limited
http://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/handicapped_002_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/endowment_001_features.htmhttp://www.licindia.com/handicapped_002_features.htmhttp://www.licindia.com/handicapped_002_features.htmhttp://www.licindia.com/handicapped_001_features.htmhttp://www.licindia.com/handicapped_001_features.htm8/13/2019 Project on Lic Agent
292/400
PaymentJeevan
Mitra(Double
Cover
Endowment Plan)Je
evan Mitra(Triple
Cover Endowment
Plan)Jeevan
Anand New
http://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_005_features.htmhttp://www.licindia.com/endowment_005_features.htmhttp://www.licindia.com/endowment_005_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_004_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_003_features.htmhttp://www.licindia.com/endowment_002_features.htmhttp://www.licindia.com/endowment_002_features.htm8/13/2019 Project on Lic Agent
293/400
Janaraksha
PlanJeevan
AmritJeevan Shree-
IJeevan Pramukh24
http://www.licindia.com/endowment_006_features.htmhttp://www.licindia.com/endowment_006_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/high_worth_002_benefits.htmhttp://www.licindia.com/high_worth_002_benefits.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/high_worth_001_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/endowment_007_features.htmhttp://www.licindia.com/endowment_006_features.htmhttp://www.licindia.com/endowment_006_features.htm8/13/2019 Project on Lic Agent
294/400
8/13/2019 Project on Lic Agent
295/400
http://htm
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Unit plans:Unit plans are
investment plans
for those who
realize the worth
of hard-
earnedmoney.
These plans help
8/13/2019 Project on Lic Agent
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you see your
savings yield
rich benefits and
help you savetax
even if you dont
have consistent
income.Jeevan plus
8/13/2019 Project on Lic Agent
298/400
Future plusBima plusMarket plusMoney plusProfit plusFortune plus
8/13/2019 Project on Lic Agent
299/400
Fortune
plus:It is a unit linkedassurance planwhere premium
payment term
8/13/2019 Project on Lic Agent
300/400
(PPT) is 5 years
andthe premium
payable in the
first year will be
50% of total
premium payable
under the policy.
The level of
8/13/2019 Project on Lic Agent
301/400
cover will
depend on the
level of premium
you agree to
pay.Four types of
investment funds
are offered.
Premiums paid
8/13/2019 Project on Lic Agent
302/400
after allocation
charge
will purchase
units of the Fund
type chosen. The
Unit Fund is
subject to
various
8/13/2019 Project on Lic Agent
303/400
chargesand value
of the units may
increase or
decrease,
depending on the
Net Asset
Value(NAV).
The plan
8/13/2019 Project on Lic Agent
304/400
therefore serves
the purpose of
insurance-cum-
investment.1. Payment of
Premiums:You may pay
premiums
8/13/2019 Project on Lic Agent
305/400
regularly at
yearly, half-
yearly,quarterly
or monthly
(ECS) intervals
for 5 years. The
minimum First
year
8/13/2019 Project on Lic Agent
306/400
premiumwill be
Rs.20,000/- and
you may pay any
amount
exceeding it.
From second
year onwards
each years
8/13/2019 Project on Lic Agent
307/400
premium will be
25% of the first
year premium.Other Features:i)
Partial Withdra
wals:You may encash
the units partially
8/13/2019 Project on Lic Agent
308/400
after the third
policyanniversar
y subject to the
following:i) In
case of minors,
partial
withdrawals shall
be allowed from
8/13/2019 Project on Lic Agent
309/400
the policy
anniversarycoinc
iding with or
next following
the date on
which the life
assured attains
majority(i.e. on
8/13/2019 Project on Lic Agent
310/400
or after18th
birthday).ii)
Partial
withdrawals may
be in the form of
fixed amount or
in the form of
fixednumber of
8/13/2019 Project on Lic Agent
311/400
units.iii) For 2
years period
from the date of
withdrawal, the
Sum Assured
under the
Basic plan shall
be reduced to the
8/13/2019 Project on Lic Agent
312/400
extent of the
amount of partial
withdrawals
made.iv) Under
policies where
less than 3 years
premiums have
been paid and
8/13/2019 Project on Lic Agent
313/400
further premium
s are not paid,
the partial
withdrawals shall
not be allowed.v)
Under policies
where atleast 3
years premiums
8/13/2019 Project on Lic Agent
314/400
have been paid,
partial
withdrawalwill
be allowed
subject to
Policyholders
Fund Value
8/13/2019 Project on Lic Agent
315/400
being atleast Rs.
10,000/-.ii) Switching:You can switch
between any
fund types for
the entire Fund
Value26
8/13/2019 Project on Lic Agent
316/400
during the policy
term subject to
switching
charges, if any.iii)
Discontinuance
of premiums:
8/13/2019 Project on Lic Agent
317/400
If premiums are
payable either
yearly, half-
yearly,quarterly
or monthly
(ECS) and the
same have not
been duly paid
8/13/2019 Project on Lic Agent
318/400
within the days
of grace under
the Policy, the
Policy will lapse.
A lapsed policy
can be revived
duringthe period
of two years
8/13/2019 Project on Lic Agent
319/400
from the due date
of first unpaid
premium.I)
Where atleast 3
years premiums
have been paid,
the Life Cover
and
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320/400
AccidentBenefit
rider, if any,
shall continue
during the
revival
period.During
this period, the
charges for
8/13/2019 Project on Lic Agent
321/400
Mortality and
Accident Benefit
cover, if any,
shall be taken, in
addition to other
charges, by
canceling an
appropriate
8/13/2019 Project on Lic Agent
322/400
number of units
outof the
Policyholders
Fund Value
every month.
This will
continue to
provide
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relevantrisk
covers for:i. two
years from the
due date of first
unpaid premium,
or ii. Till the date
of maturity,
or iii. Till such
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period that the
Policyholders
Fund Value
reduces to Rs.
5,000/-
,whichever is
earlier.The
benefits payable
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under the policy
in different
contingencies
during this
periodshall be as
under:A.
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In case of Death:
Higher of Sum
assured under the
Basic Plan or the
PolicyholdersFu
nd Value. The
Sum Assured
shall be subject
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to provisions of
Partial
Withdrawalsmad
e, if any.B.In case of Death
due to accident:
Accident Benefit
8/13/2019 Project on Lic Agent
328/400
Sum Assured in
addition to
theamount under
A above, if
Accident Benefit
is opted for.C.
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On Maturity:
The
Policyholders
Fund Value.D.In case of
Surrender
(including
8/13/2019 Project on Lic Agent
330/400
Compulsory
Surrender): The
Policyholders
FundValue. The
Surrender value,
however, shall be
paid only after
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331/400
the completion
of 3 policy years.E.In case of Partial
Withdrawals: For
2 years period
from the date of
withdrawal,
8/13/2019 Project on Lic Agent
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thesum assured
under the basic
plan shall be
reduced to the
extent of the
amount
of partial
8/13/2019 Project on Lic Agent
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withdrawals
made.II)Where the policy
lapses without
payment of at
least 3 years
premiums, the
8/13/2019 Project on Lic Agent
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LifeCover and
Accident Benefit
rider cover, if
any, shall cease
and no charges
for these benefits
shall be
deducted.
8/13/2019 Project on Lic Agent
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However,
deduction of all
the other charges
shall
continue.The
benefits under
such a lapsed
policy shall be
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payable as
under:27F.In case of Death:
The
Policyholders
Fund Value.
8/13/2019 Project on Lic Agent
337/400
G.In case of death
due to accident:
Only, the amount
as under F
above.H.
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In case of
Surrender
(including
Compulsory
Surrender):
Policyholders
FundValue /
monetary value
8/13/2019 Project on Lic Agent
339/400
as the case may
be, shall be
payable after the
completion
of the third
policy
anniversary. No
amount shall be
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payable within 3
years from the
dateof
commencement
of policy.I.In case of Partial
withdrawal:
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Partial
Withdrawals
shall not be
allowed under
such a policy
even after
completion of 3
years period.
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iv)Revival: If due
premium is not
paid within the
days of grace,
the policy lapses.
Alapsed policy
can be revived
8/13/2019 Project on Lic Agent
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during the period
of two years
from the due date
of firstunpaid
premium or
before maturity,
whichever is
earlier. The
8/13/2019 Project on Lic Agent
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premiums have
not been paid for
at least 3 full
years, the policy
may be
revivedwithin
two years from
the due date of
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first unpaid
premium. The
revival shall be
madeon
submission of
proof of
continued
insurability to
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the satisfaction
of the
Corporationand
the payment of
all the arrears of
premium without
interest.If at least
3 full years
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premiums have
been paid and
subsequent
premiums are
not paid, the
policy may be
revived within
two years from
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the due date of
first
unpaid premium
but before the
date of maturity.
No proof of
continued
insurability shall
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berequired but
all arrears of
premium without
interest shall be
required to be
paid.The
Corporation
reserves the right
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to accept the
revival at its own
terms or decline
therevival of a
lapsed policy.
The revival of a
lapsed policy
shall take effect
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only after the
same is approved
by the
Corporation and
is specifically
communicated in
writingto the
Proposer / Life
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Assured.Irrespect
ive of what is
stated above, if
less than 3 years
premiums have
been paid andthe
Policyholders
Fund Value is
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not sufficient to
recover the
charges, the
policy shall be
terminated and
thereafter revival
will not be
entertained. If 3
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years or more
than 3years
premiums have
been paid and the
Policyholders
Fund Value
reduces to
Rs.5000/-, the
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policy shall
terminate and
Policyholders
Fund Value as on
such date
shall be refunded
to the Life
Assured and
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thereafter revival
will not be
allowed.v)Settlement
Option: When
the policy comes
for maturity, you
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may
exerciseSettlem
ent Option and
may receive the
policy money in
instalments
spread over
a period of not
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more than five
years from the
date of maturity.
There shall not
be anylife cover
during this
period. The value
of installment
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payable on the
date
specifiedshall be
subject to
investment risk
i.e. the NAV
may go up or
down depending
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uponthe
performance of
the fund.
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Risks borne
by the
Policyholder:i) LICs Fortune
Plus is a Unit
Linked Life
Insurance
product which is
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different fromthe
traditional
insurance
products and are
subject to the
risk factors.ii)
The premium
paid in Unit
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Linked Life
Insurance
policies are
subject to
investmentrisks
associated with
capital markets
and the NAVs of
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the units may go
up or
down based on
the performance
of fund and
factors
influencing the
capital market
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and theinsured is
responsible for
his/her
decisions.iii)
Life Insurance
Corporation of
India is only the
name of the
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Insurance
Companyand
LICs Fortune
Plus is only the
name of the unit
linked life
insurance
contract anddoes
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not in any way
indicate the
quality of the
contract, its
future prospects
or returns.iv)
Please know the
associated risks
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and the
applicable
charges, from
your
Insuranceagent
or the
Intermediary or
policy document
8/13/2019 Project on Lic Agent
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of the insurer.v)
The various
funds offered
under this
contract are the
names of the
funds and do
notin any way
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indicate the
quality of these
plans, their
future prospects
and returns.vi)
All benefits
under the policy
are also subject
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to the Tax Laws
and other
financialenactme
nts as they exist
from time to
time.Cooling off
period:
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If you are not
satisfied with the
Terms and
Conditions of
the policy, you
may returnthe
policy to us
within 15 days.
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Loan:No loan will be
available under
this plan.Assignment:Assignment will
be allowed under
this plan.
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Exclusions:any amount
exceeding it.
From second
year onwards
each
yearspremium
will be 25% of
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the first year
premium.In case
the Life Assured
commits suicide
at any time
within one year,
the
Corporationwill
8/13/2019 Project on Lic Agent
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not entertain any
claim by virtue
of the policy
except to the
extent of
thePolicyholder
s Fund Value on
death.
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MARKET
PLUSIN THIS
POLICY, THE
INVESTMENT
RISK IN
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INVESTMENT
PORTFOLIO
ISBORNE BY
THE
POLICYHOLDE
R"LICs MARKET
PLUS:
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380/400
This is a unit
linked deferred
pension plan.
You can take the
plan with or
without
risk cover. You
can also choose
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the level of cover
within the limits,
which will
depend
onwhether the
policy is a Single
premium or
Regular premium
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contract and on
the levelof
premium you
agree to pay.The
allocated
premiums will be
applied to
purchase units as
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per the Fund type
chosen.Your
Unit Account
will be subject to
deduction of
charges as
specified in the
PolicyConditions
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. The value of the
units in the Unit
Fund may
increase or
decrease,dependi
ng on the
investment return
of the assets
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representing the
chosen Fund.i.Payment of
Premiums:You may pay
premiums
regularly at
yearly, half-
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yearly or
quarterly
intervals over the
term of the
policy. The
minimum
annual premium
will be Rs.5,
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000/- increasing
thereafter in
multiples of
Rs.1, 000/-
.Alternatively, a
Single premium
can be paid
subject to a
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minimum
of Rs.10,000 and
thereafter in
multiples of
Rs.1, 000.ii.Benefits:
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A) Death
Benefit:If the Life cover
is opted for, the
Sum Assured
under the Basic
Plan
together with the
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Fund Value of
units either as a
lump sum or as
pension. In case
the policy is
taken without
life cover, then
the Fund Value
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of the units held
in
thePolicyholder
s Unit Account
shall be payable
either as a lump
sum or as
a pension.The
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amount of
pension will
depend on the
then prevailing
immediate
annuityrates
under the annuity
option chosen.
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B) Benefit on
Vesting:30
On yoursurviving to the
date of vesting,
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the Fund Value
of the units held
inyour Unit
Account will
compulsorily be
utilized to
provide a
pension based
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onthe then
prevailing
immediate
annuity rates
under the
relevant annuity
option.However,
you may opt to
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commute up to
one-third of the
Benefit to be
paid asa lump
sum. Further,
you may choose
to purchase
pension from
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LIC or other life
insurance
company.Accident Benefit
Option:If you have opted
for life cover,
you may opt
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for Accident
Benefit equal to
life cover subject
to minimum Rs.
25,000
andmaximum
Rs. 50 lakh
(taken all
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policies with LIC
of India and
other insurers).In
case of death by
Accident, an
additional sum
equal to
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Accident benefit
will be payable.