PART – B: DEFINITIONS The definitions of terms/words used in the Policy Document are as under: 1. Age is the age nearer birthday of the Life Assured at the time of the commencement of the policy except for age 0 year for which the age is 90 days completed. 2. Appointee is the person to whom the proceeds/benefits secured under the Policy are payable if the benefit becomes payable to the nominee and nominee is minor as on the date of claim payment. 3. Annualized Premium shall be the premium amount payable in a year chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. 4. Assignee is the person to whom the rights and benefits are transferred by virtue of an Assignment. 5. Assignment is the process of transferring the rights and benefits to an “Assignee”. Assignment should be in accordance with the provisions of Section 38 of the Insurance Act, 1938 as amended from time to time. 6. Base Policy is that part of the Policy referring to basic benefit (benefits referred to in this Policy Document excluding benefits covered under Rider(s), if opted for). 7. Basic Sum Assured means the amount specified in the Schedule as opted by the Policyholder at the time of taking the policy. 8. Beneficiary/ Claimant means the person(s)/entity who is/are entitled to receive benefits under this Policy. The Beneficiary to whom benefits are payable is the Proposer or Life Assured or his Assignee under Section 38 of the Insurance Act, 1938, as amended from time to time or Nominee(s) under Section 39 of the Insurance Act, 1938, as amended from time to time or proved Executors or Administrators or other Legal Representatives who should take out representation to his/ her Estate or limited to the moneys payable under this Policy from any Court of any State or Territory of the Union of India, as applicable. 9. Continued Insurability is the determination of insurability of Life Assured/Proposer on revival of policy with rider(s) if opted for, to the satisfaction of the Corporation based on the information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival. 10. Corporation means the Life Insurance Corporation of India established under Section 3 of the LIC Act, 1956. 11. Date of commencement of policy is the start date of this Policy. 12. Date of commencement of risk is the date on which the Corporation accepts the risk for insurance (cover) as evidenced in the Schedule of the policy. 13. Date of issuance of policy is a date when a proposal after underwriting is accepted as a policy and this contract gets effected. 14. Date of Maturity means the date specified in the Schedule on which the Policy Term is completed. 15. Date of Vesting shall be the policy anniversary date coinciding with or immediately following the completion of 18 years of age. On such vesting date, this policy shall be deemed to be a contract between the Corporation and the Life Assured. The Life Assured shall become the absolute owner of the policy and the proposer or his estate shall cease to have any right or interest therein. 16. Death Benefit means the benefit, which is payable on death, as specified in Condition 1.A of Part C of this Policy Document. 17. Discharge form is the form to be filled by policyholder/claimant to claim the maturity / surrender / death benefit under the policy. 18. Due Date (applicable in case of Limited Premium payment) means a fixed date on which the policy premium is due and payable by the policyholder. 19. Endorsement means conditions attached/ affixed to this Policy incorporating any additions, amendments or modifications agreed to or issued by the Corporation. 20. Extra premium means a charge, due to underwriting decision, for any additional risk not provided for, in minimum contract premium. 21. Foreclosure is an action of closing the policy due to default in payment of outstanding loan and / or loan interest on due date when the outstanding loan amount along with interest is to exceed the surrender value. 22. Free Look Period is the period of 15 days (30 days in case of electronic policies and policies obtained through distance mode (online)) from the date of receipt of the Policy Document by the Policyholder (wherever electronic policy is issued, the Free Look Period shall be reckoned from the date of issuance of electronic policy) to review the terms and conditions of this policy and where the Policyholder disagrees with any of those terms and conditions, he/ she has the option to return this policy as detailed in Condition 7 of Part D of this Policy Document. 23. Grace period is the time granted by the insurer from the due date for the payment of premium, without any penalty or late fee, during which time the policy is considered to be in-force with the risk cover without any interruption as per the terms and conditions of the Policy. 24. Guaranteed Surrender Value is the minimum guaranteed amount of Surrender Value payable to the policyholder on surrender of the policy. 25. In-force policy means a policy in which all the due premiums have been paid and the premiums are not outstanding beyond grace period. 26. IRDAI means Insurance Regulatory and Development Authority of India earlier called as Insurance Regulatory and Development Authority (IRDA). 27. Lapse is the status of the Policy when due premium is not paid within the grace period. 28. Life Assured is the person on whose life the insurance cover has been accepted. 29. Loan is the interest bearing repayable amount granted by the Corporation against the surrender value payable to the policyholder. 30. Maturity Benefit means the benefit, which is payable on maturity as specified in Condition 1.C of Part C of this Policy Document. 31. Material information is the information already known to the Policyholder/Life Assured/Proposer at the time of obtaining a policy which has a bearing on underwriting of the proposal /Policy submitted. 32. Minor is a person who has not completed 18 years of age. 33. Nomination is the process of nominating a person(s) who is (are) named as “Nominee(s)” in the proposal form or subsequently included/ changed by an endorsement. Nomination should be in accordance with provisions of Section 39 of the Insurance Act, 1938, as amended from time to time 34. Nominee(s) means the person(s) nominated by the Policyholder (who is also the Life Assured) under this Policy who is (are) authorised to receive the claim benefit payable under this Policy and to give a valid discharge to the Corporation on settlement of the claim. 35. Option to take Death Benefit in instalments: Option to take death benefit in instalments, as specified in Condition 8 of Part D of this Policy Document, is an option available under this Policy, to receive Death Benefit in instalments instead of lumpsum amount over a period chosen by the Policyholder/Life Assured. 36. Paid - Up is the status of the Limited Premium Policy if the premiums are paid for at least two full years and subsequent premium/s be not paid. 37. Policy Anniversary means one year from the date of commencement of the Policy and the same date falling each year thereafter, till the date of maturity. 38. Policy/ Policy Document means this document along with endorsements, if any, issued by the Corporation which is a legal contract between the Policyholder and the Corporation. 39. Policyholder is the legal owner of this policy. 40. Policy term is the period, in years as chosen by the policyholder and mentioned in the Schedule, commencing from the Date of commencement of policy to the Date of Maturity. LIC’s Dhan Rekha (UIN: 512N343V01) Page 6 of 16 41. Policy year is the period between two consecutive policy anniversaries. This period includes the first day and excludes the next policy anniversary day. 42. Premium is the contractual amount payable by the Policyholder either as Single Premium or at specified times periodically as mentioned in the Schedule of this Policy Document to secure the benefits under the policy. The premium payable will be “Total Single/ Instalment Premium” which includes i. Single/Instalment Premium for Base Policy and ii. Single/Instalment Premium for Rider(s), if Rider(s) has been opted for. The term ‘Premium’ used anywhere in this Policy Document does not include any taxes which is payable separately. 43. Premium Paying Term means the period, in years, during which premium is payable. 44. Proposer is a person who proposes the life insurance proposal. 45. Revival of a policy means restoration of the policy, which was discontinued due to the non-payment of premium by the insurer with all benefits mentioned in the Policy Document, with or without rider benefits if any, upon the receipt of all the premiums due and other charges or late fee, if any, as per the terms and conditions of the policy, upon being satisfied as to the Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for). 46. Revival Period means the period of five consecutive years from the date of first unpaid premium, during which period the policyholder is entitled to revive the policy which was discontinued due to the non-payment of premium. 47. Rider is an additional cover which can be opted for along with base plan. 48. Rider Benefits means an amount of benefit payable on a specified event offered under the rider, and is allowed as add-on benefit to benefit under Base Policy. 49. Rider Premium is the premium payable by the Policyholder along with the premium under Base Policy towards the additional cover/benefit opted under the rider, if opted. 50. Rider Sum Assured is the assured amount payable on happening of a specified event covered under the rider, if opted. 51. Schedule is the part of Policy Document that gives the specific details of your policy. 52. Settlement Option: Settlement Option, as specified in Condition 9 of Part D of this Policy Document, is an option available under this Policy, to receive Maturity Benefit in instalments instead of lumpsum amount over a period chosen by the Policyholder/ Life Assured. 53. Sum Assured on Death means an absolute amount of benefit which is guaranteed to become payable on death of life assured in accordance with the terms and conditions of the policy as mentioned in Condition 1.A of Part C of this Policy Document.. 54. Sum Assured on Maturity means the amount which is guaranteed to become payable on maturity of the policy, in accordance with the terms and conditions of the policy. 55. Surrender means complete withdrawal or termination of the entire policy before expiry of policy term. 56. Surrender Value means an amount, if any, that becomes payable in case of surrender in accordance with the terms and conditions of the policy. 57. Survival Benefit is the specified benefit payable on survival of the life assured at the end of specified durations during the policy term as specified as Condition 1. B of Part C of this Policy Document. 58. Tabular premium is the premium for the chosen Basic Sum Assured, policy term and on the age of the Life Assured without application of any rebate or extra loading. 59. Total Premiums paid means the total of all premiums received, excluding any extra premium, any rider premium and taxes. 60. Underwriting is the term used to describe the process of assessing risk and ensuring that the cost of the cover is proportionate to the risks faced by the individual concerned. Based on underwriting, a decision on acceptance or rejection of cover as well as applicability of suitable premium or modified terms, if any, is taken. 61. UIN means the Unique Identification Number allotted to this plan by the IRDAI. PART – C: BENEFITS 1. The following benefits are payable under an in-force policy: A. Death Benefit: Death Benefit payable on death during the policy term after the date of commencement of risk shall be “Sum Assured on Death” along with Accrued Guaranteed Additions. For Single premium payment, “Sum Assured on Death” is defined as 125% of Basic Sum Assured. For Limited premium payment, “Sum Assured on Death” is defined as the higher of 125% of Basic Sum Assured or 7 times of annualized premium. The Death Benefit under Limited Premium payment shall not be less than 105% of total premiums paid excluding extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any, and taxes as on date of death. However, in case of minor Life Assured, whose age at entry is below 8 years, on death before the commencement of Risk (as specified in Para 3 below), return of premium(s) paid excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any, shall be payable. The Death Benefit shall be paid in lumpsum as specified above and/or in instalments, as specified in Condition 8 of Part D of this Policy Document, as per the option exercised by the Policyholder/ Life Assured. B. Survival Benefit: Provided the policy is in-force, on the Life Assured surviving to the end of the specified durations during the policy term, Survival Benefits as detailed below shall be payable: Policy Term (in years) Payment of Survival Benefit 20 10% of the Basic Sum Assured at the end of each of 10th and 15th policy year. 30 15% of the Basic Sum Assured at the end of each of 15th, 20th and 25th policy year. 40 20% of the Basic Sum Assured at the end of each of 20th , 25th ,30th and 35th policy year. Survival Benefit is not payable on the Date of Maturity. C. Maturity Benefit: On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with Guaranteed Additions, shall be payable, where “Sum Assured on Maturity” is equal to Basic Sum Assured. The Policyholder/Life Assured shall have an option to receive the Maturity benefit in lumpsum as specified above and/or in instalments (Settlement Option), as specified in Condition 9 of Part D of this Policy Document. LIC’s Dhan Rekha (UIN: 512N343V01) Page 7 of 16 2. Rider Benefits: Riders are available under this plan as detailed below on payment of additional premium: i. Single Premium Payment: Under Single Premium Payment, LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) and LIC’s New Term Assurance Rider (UIN: 512B210V01) shall be available under this plan and the policyholder can opt for these riders at the inception only. ii.Limited Premium Payment: Under limited premium, the following five optional riders shall be available under this plan : A. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) B. LIC’s New Term Assurance Rider (UIN 512B210V01) C. LIC’s Accident Benefit Rider (UIN: 512B203V03) D. LIC’s New Critical Illness Benefit Rider ( UIN 512A212V02) E. LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03) However, the eligible Life Assured can opt between either of the LIC’s Accidental Death and Disability Benefit Rider(UIN: 512B209V02) or LIC’s Accident Benefit Rider (UIN: 512B203V03) and/or the remaining three riders subject to the eligibility as detailed below. LIC’s Accidental Death and Disability Benefit Rider / LIC’s Accident Benefit Rider: Under an in-force policy either of these riders can be opted for at any time within the Premium Paying Term of the Base Policy provided, the outstanding Premium Paying Term of the Base Policy as well as the Riders is atleast five years. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request. LIC’s Premium Waiver Benefit Rider: Under an in-force policy, this Rider can be opted for on the life of Proposer of policy (as the Life Assured is minor) at any time coinciding with the Policy Anniversary but within the Premium Paying Term of the Base Policy provided, the outstanding premium paying term of the Base Policy and rider is atleast five years. Further this rider shall only be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be outstanding premium paying term of Base policy as on date of opting this rider or (25 minus age of the minor Life Assured at the time of opting this rider), whichever is lower. If this rider is opted for, on death of proposer, payment of premiums in respect of Base Policy falling due after the date of death till the expiry of Rider Term shall be waived. However, in such case, if the Premium Paying Term of the Base Policy exceeds the rider term , all the further premiums due under the Base Policy from the date of expiry of this Premium Waiver Benefit Rider Term shall be payable by the Life Assured. On non-payment of such premium, the policy would become paid-up. LIC’s New Term Assurance Rider/LIC’s New Critical Illness Benefit Rider: These riders are available only at the inception of the policy on payment of additional premium. Conditions of rider(s), if opted, are enclosed as endorsement to this policy. No rider shall be available in case of the policies procured through POSP-LI/CPSC-SPV . 3. Date of Commencement of risk In case the age at entry of the Life Assured is less than 8 years, then risk under this plan will commence either 2 years from the date of commencement of this policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more at entry, risk will commence immediately from the Date of issuance of policy. 4. Vesting of policy on the life of a minor : If the Life Assured is alive on the Date of Vesting and if a request in writing for surrendering the policy has not been received by Corporation before such Date of Vesting from the person entitled to the policy moneys, this policy shall automatically vest in the Life Assured on such Date of Vesting. 5. Guaranteed Additions: Provided the policy is in-force by payment of due premiums, Guaranteed Additions as specified below will be added to the policy at the end of each policy year, till the end of the policy term, for which full year’s premiums have been paid. In case the premiums are not duly paid, the Guaranteed Additions shall cease to accrue under a policy. Policy Duration (in years) Guaranteed Additions (per Rs 1000 Basic Sum Assured From 6th to 20th Rs 50 From 21st to 30th Rs 55 From 31st to 40th Rs 60 In case of death under in-force policy, the Guaranteed Addition in the year of death shall be for full policy year. In case of a paid-up policy or on surrender of a policy, the Guaranteed Addition for the policy year in which the last premium is received will be added on proportionate basis in proportion to the premium received for that year. 6. Payment of Premiums(Applicable in case of Limited Premium payment policies only): (a) The policyholder has to pay the Premium on the due dates as specified in the Schedule of this Policy Document along with applicable taxes, if any from time to time. (b) In case of death of Life Assured under an in-force policy wherein all the premiums due till the date of death have been paid and where the mode of payment of premium is other than yearly, balance premium(s), if any, falling due from the date of death and before the next policy anniversary shall be deducted from the claim amount. The Corporation does not have any obligation to issue a notice that premium is due or for the amount that is due. 7. Grace Period (Applicable in case of Limited Premium Payment policies only) : A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

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