Introduction: • This is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount. • The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s). This plan can be purchased offline as well as online. 2. Annuity Options: The available annuity options under this plan are as under: Option A: Immediate Annuity for life. Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter. Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter. Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter. Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter. Option F: Immediate Annuity for life with return of Purchase Price. Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a. Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant. Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives. Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor. Annuity option once chosen cannot be altered. 14 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. 2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees. This product brochure gives only salient features of the plan. For further details please refer to the Policy document on our website www.licindia.in or contact our nearest Branch Office. To purchase the policy online please log on to www.licindia.in BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. 13 that such mis-statement of or suppression of material fact are within the knowledge of the insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries. 6. Life insurance Policy can be called in question within 3 years on the ground that any statement of or suppression of a fact material to expectancy of life of the insured was incorrectly made in the proposal or other document basis which policy was issued or revived or rider issued. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which decision to repudiate the policy of life insurance is based. 7. In case repudiation is on ground of mis-statement and not on fraud, the premium collected on policy till the date of repudiation shall be paid to the insured or legal representative or nominee or assignees of insured, within a period of 90 days from the date of repudiation. 8. Fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer. The onus is on insurer to show that if the insurer had been aware of the said fact, no life insurance policy would have been issued to the insured. 9. The insurer can call for proof of age at any time if he is entitled to do so and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof of age of life insured. So, this Section will not be applicable for questioning age or adjustment based on proof of age submitted subsequently. [Disclaimer: This is not a comprehensive list of Section 45 of the Insurance Act, 1938 and only a simplified version prepared for general information. Policyholders are advised to refer Section 45 of the Insurance Act, 1938, for complete and accurate details.] 17. Prohibition of rebates Section 41 of Insurance Act, 1938: 1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking 2 3. Benefits: Benefits payable under above options are: Option Benefits Option A • The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. • On death of Annuitant, nothing shall be payable and the annuity payment shall cease immediately. Option B,C,D,E • The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. • On death of the Annuitant during the guaranteed period of 5/10/15/20 years, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. • On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately. Option F • The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. • On death of the annuitant, the annuity payment shall cease immediately and Purchase Price shall be payable to nominee(s) as per the option exercised by the Annuitant as specified in Para 9. Option G • The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. The annuity payment will be increased by a simple rate of 3% per annum for each completed policy year. • On death of annuitant nothing shall be payable and the annuity payment shall cease immediately. Option H • The annuity payments shall be made in arrears for as long as the Primary Annuitant is alive, as per the chosen mode of annuity payment. • On death of Primary Annuitant, 50% of the annuity amount shall be payable to the surviving Secondary Annuitant as long as the Secondary Annuitant is alive. The annuity payments will cease on the subsequent death of the Secondary Annuitant. • If the Secondary Annuitant predeceases the Primary Annuitant, the annuity payments shall continue to be paid and will cease upon the death of the Primary Annuitant. 3 Option I • 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. • On death of the last survivor, the annuity payments will cease immediately and nothing shall be payable. Option J • 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. • On death of the last survivor, the annuity payments will cease immediately and Purchase Price shall be payable to the nominee(s) as per the option exercised by the Primary Annuitant as specified in Para 9. 4. Eligibility Criteria: i. Minimum Purchase Price*: `1,00,000/- subject to Minimum Annuity as specified below. ∗ Note: The above mentioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below. For Purchase Price less than `1,50,000/-,annuity rates given under this plan shall be reduced with Reduction Factors as given in Para 7 below. ii. Maximum Purchase Price : No Limit iii. Minimum Age at Entry : 30 years (completed) iv. Maximum Age at Entry : 85 years (completed) except Option F 100 years (completed) for Option F v. Minimum Annuity : Annuity Mode Monthly Quarterly Halfyearly Annual Minimum Annuity `1,000 per month `3,000 per quarter `6,000 per half year `12,000 per annum Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings. 12 16. SECTION 45 OF INSURANCE ACT, 1938: The provision of Section 45 of the Insurance Act, 1938 shall be as amended from time to time. The simplified version of this provision is as under: Provisions regarding policy not being called into question in terms of Section 45 of the Insurance Act, 1938 are as follows: 1. No Policy of Life Insurance shall be called in question on any ground whatsoever after expiry of 3 years from a. the date of issuance of policy or b. the date of commencement of risk or c. the date of revival of policy or d. the date of rider to the policy whichever is later. 2. On the ground of fraud, a policy of Life Insurance may be called in question within 3 years from a. the date of issuance of policy or b. the date of commencement of risk or c. the date of revival of policy or d. the date of rider to the policy whichever is later. For this, the insurer should communicate in writing to the insured or legal representative or nominee or assignees of insured, as applicable, mentioning the ground and materials on which such decision is based. 3. Fraud means any of the following acts committed by insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy: a. The suggestion, as a fact of that which is not true and which the insured does not believe to be true; b. The active concealment of a fact by the insured having knowledge or belief of the fact; c. Any other act fitted to deceive; and d. Any such act or omission as the law specifically declares to be fraudulent. 4. Mere silence is not fraud unless, depending on circumstances of the case, it is the duty of the insured or his agent keeping silence to speak or silence is in itself equivalent to speak. 5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the Insured / beneficiary can prove that the misstatement was true to the best of his knowledge and there was no deliberate intention to suppress the fact or 11 yearly plus 300 basis points. The 10 year G-S

Contact us-8789123930