LIFE INSURANCE CORPORATION OF INDIA

(Established by the Life Insurance Corporation Act, 1956)

Registration Number: 512

LIC’s JEEVAN
EEVAN LAKSHYA (UIN: 512N297V03)
(A Par, Non-Linked,
Non Life, Individual Savings Plan)

PART – A

Ref: NB (Address and e-mail

mail id of Branch Office):

_________________
Space for Name and Address of Policyholder
_________________ Space for Address and e-mail
mail id of Branch Office
_________________

Dear Policyholder, Date:

Re: Your Policy No. _______________

We have pleasure in forwarding herewith the above policy document comprising of Part A to Part G alongwith Customer
Information Sheet (CIS),, Benefit Illustration and Need Analysis documents.
documents

We would also like to draw yourr kind attention to the information mentioned in the Schedule of the Policy
olicy and the benefits available
under the Policy.

Some of our plans have certain options (including rider rider(s)) available under them. It is important that the options, if any, available
under this plan and mentioned in the policy document are noted carefully as it will be helpful to you, inn case you decide to exercise
any of the available options.. It is also essential to note that such option,, if available and mentioned in the document of this plan has
to be exercised in the right manner and during
ring the stipulated time limit as prescribed herein.

Free Look Period

Wee would request you to go through the terms and conditions of the Policy and in case you disagree with any of the terms and
conditions, you may return the Policy
olicy within a period of 30 days from the date of receipt of the electronic or physical mode of the
Policy Document, whichever is earlier, stating the reasons for your objections and disagreement. On receipt
eipt of the policy we shall
cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the proportionate risk
premium (for Base Policy and Rider(s),, if any) for the period of cover and charges for medical examination(including
examination
special reports, if any) and for stamp duty.

In case you have any Complaints/Grievance, you may approach the Branch office on the address mentioned above or Grievance
Redressal Officer/Ombudsman, whose addresses
es are as under:

Address of Grievance Redressal Officer:

Address and contact details of Insurance Ombudsman:

If you find any errors in this Policy Document, you may return this Policy for corrections.

Thanking you.

Yours faithfully,

Chief/Sr. Branch Manager

Agent’s/ Intermediary’s Code Agent’s/ Intermediary’s Name Agent’s/Intermediary’s

Mobile Number/ Landline Number

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 1 of 19

We would also like to draw your attention to the following aspects:

1) Change of Address: In case you change your residence, kindly ensure that you inform the change in address to the
servicing Branch Office.

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

3) Nomination: Nomination should be in accordance with the provision of Section 39 of the Insurance Act, 1938, as
amended from time to time. The current provisions of Section 39 are enclosed as Annexure-2 for reference.

4) Policyholder or the claimant, as applicable, is required to intimate the Corporation, about the happening of the insured
event resulting into a claim under the policy, at the earliest possible time.

5) The provisions of Section 45 of Insurance Act, 1938, as amended from time to time shall be applicable. The current
provisions of the same are enclosed as Annexure-3.

6) Various Sections of the Insurance Act, 1938 applicable to LIC to apply as amended from time to time.

7) The approved version of Policy Document in respect of this plan is available on our website : www.licindia.in

8) Please avail LIC’s e-services. Visit our website: www.licindia.in to enable us to serve you better.

9) For Customer Services, you can contact LIC Call Centre at +91-022 68276827 whose services are available 24*7 in
English, Hindi and 8 Regional Languages.

These measures will enable us to serve you better.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 2 of 19

 PREAMBLE
THE LIFE INSURANCE CORPORATION OF INDIA (hereinafter called “the Corporation”) having received a Proposal along
with Declaration and the first premium from the Proposer and the Life Assured named in the Schedule referred to herein below and
the said Proposal and Declaration with the statements contained and referred to therein having been agreed to by the said Proposer
and the Corporation as basis of this assurance do by this Policy agree, in consideration of and subject to the due receipt of the
subsequent premiums as set out in the Schedule, to pay the Benefits, but without interest, at the Branch Office of the Corporation
where this Policy is serviced to the person or persons to whom the same is payable in terms of the said Schedule, on proof to the
satisfaction of the Corporation of the Benefits having become payable as set out in this Policy Document, of the title of the said
person or persons claiming payment and of the correctness of the age of the Life Assured stated in the Proposal if not previously
admitted.

And it is hereby declared that this Policy of Assurance shall be subject to the Definitions, Benefits, Conditions related to Servicing
Aspects, Other Terms and Conditions and Statutory Provisions printed in this policy and that the Schedule and every endorsement
placed on the Policy by the Corporation shall be deemed part of the Policy.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 3 of 19

 SCHEDULE
DIVISIONAL OFFICE: BRANCH OFFICE:
Policy Number: Basic Sum Assured (Rs.): Due date of premium:

UIN: Mode of payment of premium:

Instalment Premium for
Plan & Policy Term: Base Policy (Rs.): Due Date of Payment of Last
premium for Base Policy:
Premium Paying Term:
Total Instalment Premium Date of Birth of the Life
Date of Commencement of Policy: (Rs.): Assured:

Date of Commencement of Risk: Age of the Life Assured:

(Taxes, if any, as applicable
Date of Maturity: from time to time are charged Whether Age Admitted?
extra)
Proposal No.: Whether Option to take Death
Benefits in installments taken?
Date of Proposal:
Whether Settlement Option
Date of Issuance of Policy: taken?

Benefit Illustration Reference No.:

Details of Rider Opted:
Date of
Rider Sum Instalment Due date of payment
Commencement Date of expiry
Sr. No. Rider Opted UIN Assured Premium for of last premium for
of Risk for of rider
(Rs.) Rider (Rs.) Rider
Rider
1
2
3
Note: Conditions of the rider(s) opted and mentioned above are enclosed as endorsement to the policy.

Unless otherwise stated, all dates described and used in this Schedule are in DD/MM/YYYY formats.

Name, Gender and Address of Proposer: Name, Gender and Address of Life Assured:

Details of Nominee(s) under Section 39 of the Insurance Act,1938

Type of Nomination:

Nominee(s) Name Nominee’s Age (in yrs) Percentage Relationship to Appointee Name (in case the
Share the Life Assured Nominee is a minor)

Period during which premiums payable Till the stipulated due date of payment of last premium or earlier death of the Life
Assured.
Dates when premium payable On the stipulated due date in …………….....
Signed on behalf of the Corporation at the above mentioned Branch Office, whose address and e-mail ID is given on the first page
and to which all communications relating to the policy should be addressed.

Date:
Examined by:
Form No.: Chief/ Sr. Branch Manager

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 4 of 19

 PART – B: DEFINITIONS
The definitions of terms/words used in the Policy Documents are as under:

1. Age is the age nearer birthday of the Life Assured at the time of commencement of the policy except for age 18 years for
which the age is in completed years.
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 excluding taxes, rider premiums, underwriting extra
premiums and loadings for modal premiums.
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 Life Insurance Corporation 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 expires.
15. Death Benefit means the benefit, which is payable on death of the Life Assured as stated in this Policy Document.
16. Discharge form is the form to be filled by policyholder/claimant to claim the maturity / surrender / death benefit under the
policy.
17. Due Date means a fixed date on which the policy premium is due and payable by the policyholder.
18. Endorsement means conditions attached/ affixed to this Policy incorporating any additions, amendments or modifications
agreed to or issued by the Corporation.
19. Extra Premium means a charge due to underwriting decision, for any additional risk not provided for in minimum contract
premium.
20. Final Additional Bonus, also called as Terminal Bonus, is an additional amount payable along with the Simple Reversionary
Bonus when the policy terminates, provided such a Final Additional Bonus is declared by the Corporation and the policy is
eligible for such Final Additional Bonus.
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 30 days from the date of receipt of the electronic or physical mode of the Policy Document,
whichever is earlier by the Policyholder to review the terms and conditions of this policy and where the Policyholder disagrees
to any of those terms and conditions, he/ she has the option to return this policy as detailed in Condition 7 of Part D of this
Policy Document.
23. Government Security (G-Sec) in this Policy Document refers to the tradeable instruments issued by Central Government for
various durations, declared as benchmark securities corresponding to the stated tenors, by Reserve Bank of India.
24. Grace period is the time granted by the insurer from the due date of 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.
25. Guaranteed Surrender Value is the minimum guaranteed amount of Surrender Value payable to the Policyholder on
surrender of the policy.
26. In-force Policy means a policy in which all the due premiums have been paid and the premiums are not outstanding beyond
grace period.
27. IRDAI means Insurance Regulatory and Development Authority of India earlier called Insurance Regulatory and Development
Authority (IRDA).
28. Lapse is the status of the Policy when a due premium is not paid within the grace period.
29. Life Assured is the person on whose life the insurance cover has been accepted.
30. Loan is the interest bearing repayable amount granted by the Corporation against the surrender value payable to the
policyholder in accordance with the terms and conditions as specified under Condition 5 of Part D of this Policy Document.
31. Maturity Benefit means the benefit, which is payable on maturity as stated in this Policy Document.
32. Material information shall mean all important, essential and relevant information and documents explicitly sought by the
Corporation in the proposal form.
The information already known to the Policyholder/Life Assured at the time of obtaining a policy which has a bearing on
underwriting of the proposal /Policy submitted constitutes Material Information.
33. Minor is a person who has not completed 18 years of age.
LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 5 of 19
34. Nomination is the process of nominating a person who is(are) named as “Nominee(s)” in the proposal form or subsequently
included/changed by an endorsement. Nomination should be in accordance with provision of Section 39 of the Insurance Act,
1938 as amended from time to time.
35. 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.
36. 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.
37. Par Products means products where policies are entitled to share in surplus (profits) during the term of the policy
Such Par policy is eligible for share of profit depending upon the Corporation’s experience in accordance with the terms and
conditions of the policy.
38. Paid - Up is the status of the Policy, if the premiums are paid for at least one full year and subsequent premiums/s be not paid
and on completion of first policy year.
39. 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.
40. 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.
41. Policyholder is the legal owner of this policy.
42. 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 and ending on the Date of Maturity.
43. Policy year is the period between two consecutive policy anniversaries. This period includes the first day and excludes the
next policy anniversary day.
44. Premium is the contractual amount payable by the Policyholder 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 Instalment Premium”
which includes
 Instalment Premium for Base Policy and
 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.
45. Premium paying term means the period, in years, during which premiums are payable.
46. Proposer is a person who proposes the life insurance proposal.
47. Pure Risk Products means insurance products (without any saving element) where the payment of agreed amount is assured
on the happening of death of the life assured or on happening of insured health related contingency within the term of the
policy.
48. Revival of a policy means restoration of the policy, which was discontinued due to the non-payment of premium, by the
insurer with all the 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, during the revival period, as per the terms and conditions of the policy,
upon being satisfied as to the Continued Insurability of the Life Assured.
49. Revival Period means the period of five consecutive complete 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.
50. Rider means the insurance cover(s) added to a base policy for additional premium or charge.
51. Rider Benefits means an amount of benefit payable on occurrence of a specified event covered under the rider, and an
additional benefit to the benefit under Base Policy.
52. 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.
53. Rider Sum Assured is the assured amount payable on happening of a specified event covered under the rider, if opted.
54. Savings Products means those products other than Pure Risk Products.
55. Schedule is the part of Policy Document that gives the specific details of your policy.
56. 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.
57. Simple Reversionary Bonus is the surplus/profit declared at the end of each financial year by the Corporation based on the
Corporation’s experience to the Participating policies and added to the benefits under the policy as per terms and conditions as
specified in the policy document.
58. 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 1A of Part C of the Policy Document.
59. Sum Assured on Maturity means an absolute amount of benefit which is guaranteed to become payable at the end of the
Policy Term i.e. on Maturity of the policy, in accordance with the terms and conditions of the policy.
60. Surrender means complete withdrawal / termination of the entire policy contract.
61. Surrender Value means an amount, if any, that becomes payable on surrender of a policy during its term in accordance with
the terms and condition of this policy.
62. Tabular premium is the premium for the chosen Basic Sum Assured on the age of the Life Assured without application of
any rebate or extra loading.
63. Total Premiums paid means the total of all the premiums paid under the base product, excluding any extra premium and
taxes, if collected explicitly.
64. 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.
65. UIN means the Unique Identification Number allotted to this plan by the IRDAI.
66. Vested Bonus is the simple reversionary bonus, if any, which has already been declared and remains attached to the policy in
accordance with the terms and conditions under which the valuation results are declared by the Corporation.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 6 of 19

 PART – C : BENEFITS

1. The following benefits are payable under an in-force policy:

A. Maturity Benefit: On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, Sum
Assured on Maturity along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, 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.

B. Death Benefit: On death of the Life Assured before the stipulated Date of Maturity provided the policy is in-force, Death
Benefit, which comprises of a series of payments in the form of Annual Income Benefit as mentioned below and a
lumpsum benefit payable on Date of Maturity, shall be payable. This Death Benefit shall be sum of “Sum Assured on
Death”, vested Simple Reversionary Bonuses and Final Additional Bonus, if any;

where “Sum Assured on Death” is defined as the sum of:

i. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary
coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity
ii. 110% of Basic Sum Assured, which shall be payable on due date of maturity;

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, along with 110% of Basic Sum Assured,
included in the Death Benefit, shall be payable on due Date of Maturity.

This Death Benefit shall not be less than 105% of the total premiums paid upto the date of death.
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 Life Assured.

2. Rider Benefits:
The following three optional rider(s) (or amended versions of these) shall be available on payment of additional premium:

A. LIC’s Accidental Death and Disability Benefit Rider

B. LIC’s Accident Benefit Rider
C. LIC’s New Term Assurance Rider

However, the eligible Life Assured can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s
Accident Benefit Rider. Therefore, a maximum of two riders can be availed under this policy.

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 rider is at least five years.

LIC’s New Term Assurance Rider: This rider is 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.

3. Participation in profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses
declared as per the experience of the Corporation, provided the policy is in-force.

In case of death under a policy which is in-force, the policy shall continue to participate in profits upto the date of maturity
and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of
maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due
date of maturity irrespective of survival of the Life Assured.

In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall
cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy
shall be considered as in-force on death during the grace period.
Simple Reversionary Bonuses shall be declared annually at the end of each financial year. Once declared, they form part of
the guaranteed benefits of the plan on such terms and conditions as declared by the Corporation.

In the event of policy being surrendered, the Surrender Value of vested Reversionary Bonuses, if any, as applicable on the
date of surrender, will be payable as specified in Condition 4 of Part D of this Policy document.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death
or maturity at such rates and on such terms as may be declared by the Corporation.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 7 of 19

 Final Additional Bonus shall not be payable under paid-up policies. The actual allocation to policyholders, out of the surplus
emerging from the actuarial investigation shall be in accordance with provisions in this regard under LIC Act, 1956.

4. Payment of Premiums
(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. Further, premiums
payable under the Base Policy falling due thereafter and till the end of the premium paying term, shall be waived.

The Corporation does not have any obligation to issue a notice that premium is due or for the amount that is due.

5. Grace period: 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.

If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy
will still be valid and the benefits shall be paid after deductions of the said unpaid premium as also the balance premium(s)
falling due from the date of death before the next Policy Anniversary of the policy.

The above grace period will also apply to rider premiums which are payable along with premium for Base Policy.

PART – D: CONDITIONS RELATED TO SERVICING ASPECTS

1. Proof of Age:
The Premium payable under the Base Policy and Premium for Optional Riders have been calculated on the age of the Life
Assured as declared in the Proposal Form.

In case, the age of Life Assured is mis-stated in the Proposal Form and correct age is found to be different (higher or lower)
than such age, without prejudice to the Corporation’s other rights and remedies, including the provisions under Insurance Act,
1938, as amended from time to time, Corporation shall check the eligibility of Life Assured based on the correct age as on the
date of commencement of policy and the following action shall be taken:

If the Life Assured remains eligible for Base Policy and Rider(s) opted, if any:
Subject to the then existing underwriting norms, the premium for the Base Policy and Rider(s) opted, if any, shall be
recalculated on the Basic Sum Assured and Rider(s) Sum Assured respectively for the correct age and the revised premium(s)
shall be payable by the policyholder under the Base Policy and Rider(s). Further, accumulated difference between the
premiums for the correct age and the original premiums, from the commencement of the Base Policy / Rider upto the date of
payment of revised premium shall be paid to the Corporation with interest at such rate as fixed by the Corporation from time to
time. Any outstanding premium and/or interest, if unpaid the same shall be recoverable from any claim proceeds payable under
the policy.

If the correct age is found to be lower than the declared age, excess Premium for Base Policy and Rider(s) premium collected
shall be refunded without interest.

If the Life Assured is ineligible for Base Policy:

Base Policy along with opted Rider(s) shall be cancelled and the Premiums paid towards Base Policy and Rider(s), if any, shall
be refunded without interest subject to deduction of all applicable expenses like proportionate risk premium (for Base Policy
and Rider(s), if any) for the period of cover, applicable taxes and charges for medical examination, special reports, if any and
stamp duty, incurred under the policy. The policy shall terminate on said payment.

If Life Assured is eligible for Base Policy but ineligible for any of the opted Riders:
Such Rider(s) shall be cancelled and the Premiums paid in respect of such Rider(s) shall be refunded without interest, subject
to deduction of all applicable expenses like proportionate risk premium for Rider(s) for the period of cover, applicable taxes
and charges for medical examination, special reports, if any and stamp duty, incurred in respect of the Rider(s). The respective
Rider(s) shall terminate on said payment. However, the Base Policy shall continue with the altered terms.

2. Forfeiture and Non-forfeiture Regulations:

Forfeiture Regulations:
i. If less than one years’ premium(s) has been paid in respect of this policy and any subsequent premium be not duly
paid, all the benefits under this policy shall cease after the expiry of grace period from the date of first unpaid
premium and nothing shall be payable, and the premiums paid thitherto are also not refundable.

ii. Forfeiture in Certain Other Events: In case any condition herein contained or endorsed hereon be contravened or in
case it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and
connected documents or any material information is withheld, then and in every such case this policy shall be void
and all claims to any benefit in virtue of this policy shall be subject to the provisions of Section 45 of the Insurance
Act, 1938, as amended from time to time.
LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 8 of 19
 Non-forfeiture Regulations: If after at least one full years’ premium(s) has been paid and any subsequent premiums be not
duly paid, on completion of first policy year, this policy shall not be wholly void, but shall subsist as a paid-up policy till the
end of the Policy Term.
The benefit payable in case of death under a paid-up policy, called “Death Paid-up Sum Assured”, shall be equal to the sum of:
 110% of Basic Sum Assured multiplied by the ratio of the total period for which premiums have already been paid
bears to the maximum period for which premiums were originally payable which shall be payable on the date of
maturity; and
 Reduced Income Benefit i.e. 10% of Basic Sum assured multiplied by the ratio of the total period for which
premiums have already been paid bears to the maximum period for which premiums were originally payable , shall
be payable from the policy anniversary coinciding with or following the date of death of Life Assured till the policy
anniversary prior to date of maturity.

The vested Simple Reversionary Bonuses and Final Additional Bonus, if any shall also be payable on due date of Maturity.

This Death Benefit shall not be less than 105% of total premiums paid upto the date of death.

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured”
and shall be equal to Sum Assured on Maturity multiplied by the ratio of the total period for which premiums have already
been paid bears to the maximum period for which premiums were originally payable. The Maturity Benefit payable under the
paid-up policy, on expiry of the Policy Term shall be Maturity Paid-up Sum Assured along with vested Simple Reversionary
Bonuses, if any.

A paid-up policy shall not be entitled to participate in future profits. However, the vested simple reversionary bonuses, if any,
shall remain attached to the paid up policy and shall be payable only on the date of maturity.

Notwithstanding what is stated above, if at least 3 full years’ premiums have been paid in respect of this policy, and any
subsequent premium be not duly paid, in the event of the death of the Life Assured within six months from the due date of
first unpaid premium, Death Benefit shall be payable, after deduction of (a) the unpaid premium(s) for the Base Policy upto
the date of death with interest upto the date of recovery and (b) the balance premium(s) for the Base Policy falling due from
the date of death and before the next policy anniversary, from any immediate benefit(s) payable under such policy. This
provision shall not apply in case of death due to suicide.

Notwithstanding what is stated above, if at least five full years' premiums have been paid in respect of this policy, any
subsequent premium be not duly paid, in the event of death of the Life Assured within 12 months from the due date of first
unpaid premium, Death Benefit if any, shall be payable, after deduction of (a) the unpaid premium(s) for the Base Policy
upto the date of death with interest upto the date of recovery and (b) the balance premium(s) for the Base Policy falling due
from the date of death and before the next policy anniversary, from any immediate benefit(s) payable under such policy. This
provision shall not apply in case of death due to suicide.

All of the above mentioned Non-forfeiture Regulations do not apply to optional riders as they do not acquire any paid up
value. The rider benefits cease to apply, if policy is in lapsed condition.

3. Revival of lapsed Policies: An Insurance Policy would lapse on non-payment of due premium within the days of grace. A
policy in lapsed condition may be revived during the life time of the Life Assured, but within the Revival Period and before the
Date of Maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with
interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time and on satisfaction of Continued
Insurability of the Life Assured on the basis of 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, being furnished by the Policyholder/Life Assured.
The Corporation however, reserves the right to accept at original terms, accept with modified terms or decline the revival of a
discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved, accepted and
revival receipt is issued by the Corporation.

The rate of interest applicable for revival under this product for every 12 months’ period from 1st May to 30th April shall not
exceed 10 year G-Sec yield p.a. compounding half yearly as at the last trading day of previous financial year plus 3% or the
yield earned on the Corporation’s Non-Linked Participating Fund plus 1%, whichever is higher. For the 12 months’ period
commencing from 1st May, 2024 to 30th April, 2025, the applicable interest rate shall be 9.50% p.a. compounding half yearly.
The basis for determination of interest rate for policy revival is subject to change.

Revival of Rider(s), if opted for, will only be considered along with the revival of the Base Policy and not in isolation.

4. Surrender: The policy can be surrendered by the policyholder after completion of first policy year provided one full year’s
premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full
year’s premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has
been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the Surrender Value equal to higher of
Guaranteed Surrender Value and Special Surrender Value.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 9 of 19

 The Special Surrender Value shall be determined and reviewed annually in line with IRDAI Master Circular on Life
Insurance Products, Ref: IRDAI/ACTL/MSTCIR/MISC/89/6/2024 dated 12th June, 2024 and any subsequent circulars issued
by IRDAI in this regards.

The Guaranteed Surrender Value payable during the policy term shall be sum of:

(a). Total premiums paid (excluding any extra premium, premiums for rider(s), if opted for and taxes, if collected explicitly)
multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid. These Guaranteed Surrender
Value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered
and are contained in Annexure – 4 of this policy document and

(b). Surrender value of vested simple reversionary bonuses, if any, which is equal to vested bonuses multiplied by the
Guaranteed Surrender Value factor applicable to vested bonuses. These Guaranteed Surrender Value factors, will depend
on the policy term and the policy year in which the policy is surrendered and are contained in Annexure – 5.

No surrender value will be available on Rider(s), if any.

Upon payment of Surrender Value, the Policy terminates and no further benefits shall be payable.

5. Policy Loan: Loan shall be available under the policy during the Policy Term subject to the following terms and conditions,
within the surrender value of the policy:

(i) Loan can be availed after completion of first policy year provided one full years’ premium(s) has been paid.

(ii) The maximum Loan that can be granted shall be as under :

Policy Status Before payment of two full After payment of two full
year’s premiums year’s premiums
Under In-force policies 50% 75%
Under Paid-up policies 40% 65%

(iii) The Policy shall be assigned absolutely to and held by the Corporation as security for the repayment of Loan and of the
interest thereon;

(iv) Interest on Loan shall be paid on compounding half-yearly basis to the Corporation at the rate to be specified by the
Corporation at the time of taking loan under this policy. The rate of loan interest applicable for the full loan term, for the
loan to be availed under this policy for every 12 months period from 1st May to 30th April shall not exceed 10 year G-Sec
yield p.a.compounding half-yearly as at the last trading date of the previous financial year plus 3% or the yield earned on
the Corporations’ Non-Linked Participating Fund plus 1%, whichever is higher. For loan sanctioned during 12 month’s
period commencing from 1st May, 2024 to 30th April, 2025 the applicable interest rate shall be 9.5% p.a. compounding
half-yearly for entire term of the loan. The basis for determination of interest rate for Policy Loan are subject to change.
The first payment of interest is to be made on the next Policy anniversary or on the date six months before the next Policy
anniversary whichever immediately follows the date on which the Loan is sanctioned and every half year thereafter.

(v) In case of death of the policyholder, until the loan is fully repaid, the Corporation shall become entitled to deduct the
interest amount on such outstanding loan (principal amount with interest) as on the date of death from any immediate
benefit(s) i.e. Rider Benefit(s) payable under the policy and Annual Income Benefits. The principal amount of loan
outstanding shall be recovered from any rider benefit(s) if payable under the policy else from the final lumpsum payment .

(vi) In case of exit either by surrender or maturity, the Corporation shall become entitled to deduct the amount of Loan or any
portion thereof which is outstanding, together with all interest from the policy moneys.

(vii) In the event of default in payment of loan interest on the due dates as herein mentioned above, and when the outstanding
loan along with interest is to exceed the surrender value, the Corporation would be entitled to foreclose such policies.
Such policies when being foreclosed shall be entitled to payment of the difference of surrender value and the loan
outstanding amount along with interest, if any.

(viii)Corporation is entitled to recover or recall the amount of the Loan with all due interest by giving 3 month notice.

6. Termination of Policy:
The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events:
a) The date on which lumpsum death benefit/final instalment of death benefit as specified in Condition 8 of Part D of this
Policy Document is paid; or
b) The date on which surrender benefits are settled under the policy; or
c) The date of maturity if settlement option is not exercised; or
d) On payment of final instalments under Settlement Option; or
e) In the event of default in payment of loan interest as specified in Condition 5 of Part D of this Policy Document; or
f) On expiry of Revival Period if the policy, which has not acquired paid up status, has not been revived within the revival
period; or
g) On payment of free look cancellation amount; or
h) In the event of forfeiture as specified in Condition 2 (ii) of Part D of this Policy Document.
LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 10 of 19
7. Free look period: During the Free Look period of 30 days from date of receipt of the electronic or physical mode of Policy
Document, whichever is earlier, by the Policyholder, if the Policyholder is not satisfied with the Terms or Conditions of the
policy, he/she may return the policy to the Corporation stating the reason of objections. On receipt of the same the Corporation
shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base
Policy and riders, if any) for the period of cover, expense incurred on medical examinations (including special reports, if any)
and stamp duty charges.

8. Option to take Death Benefit in installments:

Under this option, the applicable lumpsum amount payable in case of death of the Life Assured, which shall be payable on date
of maturity under an in-force or paid-up policy, can be received in instalments over the chosen period of 5 or 10 or 15 years
instead of lump sum amount. This option can be exercised only by the Life Assured during his/her life time; for full or part of
the lumpsum amount payable in case of death, as specified above. The amount opted by the Life Assured (i.e. Net Claim
Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.

This option shall not be applicable for the Annual Income Benefit payable on death of the Life Assured.

The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to
minimum instalment amount for different modes of payments being as under:

Mode of Installment payment Minimum installment amount

Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option
exercised by the Life assured, the claim proceed shall be paid in lump sum only.

For all the instalment payment options commencing during the 12 months’ period from 1st May to 30th April, the interest rate
used to arrive at the amount of each instalment shall be annual effective rate not lower than the 10 year semi-annual G-Sec
yield p.a. minus 2 %; where, the 10 year semi-annual G-Sec yield p.a. shall be as at last trading day of previous financial year.
Accordingly, for the 12 months’ period commencing from 1st May, 2024 to 30th April, 2025, the
applicable interest rate for the calculation of the instalment amount shall be 5.07 % p.a. effective.

For exercising option to take Death Benefit in instalments, the Life Assured can exercise this option during his/her lifetime
while in currency of the policy, specifying the period of Instalment payment and net claim amount for which the option is to be
exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Life Assured and no
alteration whatsoever shall be allowed to be made by the nominee.

9. Settlement Option (for Maturity Benefit):

Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead
of lumpsum amount under an in-force as well as paid-up policy. This option can be exercised by the Life Assured for full or
part of Maturity proceeds payable under the policy. The amount opted for by the Life Assured (ie. Net Claim Amount) can be
either in absolute value or as a percentage of the total claim proceeds payable.

The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for subject to
minimum instalment amount for different mode of payments being as under:

Mode of Instalment payment Minimum instalment amount

Monthly Rs. 5,000/-
Quarterly Rs. 15,000/-
Half-Yearly Rs. 25,000/-
Yearly Rs. 50,000/-

If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option
exercised by the Life Assured, the claim proceed shall be paid in lumpsum only.

For all the instalment payment options commencing during the 12 months’ period from 1st May to 30th April, the interest rate
used to arrive at the amount of each instalment shall be annual effective rate not lower than the 10 year semi-annual G-Sec
yield p.a. minus 2 %; where, the 10 year semi-annual G-Sec yield p.a. shall be as at last trading day of previous financial year.
Accordingly, for the 12 months’ period commencing from 1st May, 2024 to 30th April, 2025, the
applicable interest rate for the calculation of the instalment amount shall be 5.07 % p.a. effective.

For exercising the Settlement Option against Maturity Benefit, the Life Assured shall be required to exercise option for
payment of net claim amount in instalments at least 3 months before the due date of maturity claim.

The first payment will be made on the date of maturity and thereafter, based on the mode of instalment payment opted for by
the Life Assured, every month or three months or six months or annually from the date of maturity, as the case may be.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 11 of 19

 After the commencement of Instalment payments under Settlement Option:

i. If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and
commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured.
In such case, the lump sum amount which is higher of the following shall be paid and policy shall terminate,
 discounted value of all the future instalments due; or
 (the original amount for which settlement option was exercised) less (sum of total instalments already
paid);
ii. The applicable interest rates that will be used to discount the future instalment payments shall be annual effective rate
not exceeding 10 year semi-annual G-sec yield; where the 10 year semi-annual G-sec yield shall be as at last trading
day of previous financial year during which the Settlement Option was commenced. Accordingly, in respect of all the
Settlement Options commenced during the 12 month period beginning from 1st May, 2024 to 30th April, 2025, the
maximum applicable interest rate used for discounting the future instalments shall be 7.07% p.a. effective.
iii. After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding
instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration
whatsoever shall be allowed to be made by the nominee.

PART E
Not Applicable.

PART – F: OTHER TERMS AND CONDITIONS

1. a) Assignments: Assignment is allowed under this plan as per Section 38 of the Insurance Act, 1938, as amended from time
to time. The current provisions of Section 38 are contained in Annexure-1 of this policy document.
The notice of assignment should be submitted for registration to the office of the Corporation, where the policy is serviced.

b) Nominations: Nomination by the holder of a policy of life assurance on his/her own life is allowed as per Section 39 of
the Insurance Act, 1938 as amended from time to time. The current provisions of Section 39 are contained in Annexure-2 of
this policy document.
The notice of nomination or change of nomination should be submitted for registration to the office of the Corporation, where
the policy is serviced. In registering nomination the Corporation does not accept any responsibility or express any opinion as
to its validity or legal effect.

2. Suicide Exclusion: Notwithstanding the provision of benefits payable on death mentioned anywhere in this Policy
Document, the provisions related to claim payment in case of death due to suicide shall be subject to the conditions as
specified herein under:

i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of
commencement of risk, the Nominee or Beneficiary of the Life Assured shall be entitled to 80% of the total
premiums paid till the date of death (excluding any taxes, if collected explicitly, extra premium and rider premium(s)
other than term assurance rider, if any, provided the policy is in-force.

ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount
which is higher of 80% of the total premiums paid till the date of death (excluding any taxes, if collected explicitly,
extra premium and rider premium(s) other than term assurance rider, if any,) or the surrender value available as on
date of death shall be payable. The Nominee or Beneficiary of the Life Assured shall not be entitled to any other
claim under this policy. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and
nothing shall be payable under such policies.

The relaxation mentioned under Non-forfeiture provisions shall not be applicable in case of death due to suicide.

3. Tax: Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax
Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of applicable taxes as per the prevailing rates, shall be payable by the policyholder on premiums (for base policy
and rider(s), if any) including extra premium if any which shall be collected separately over and above in addition to the
premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable
under the plan.

4. Normal requirements for a claim:

a) Death Claim: The normal documents which the claimant shall submit while lodging the claim in case of death of the Life
Assured shall be claim forms, as prescribed by the Corporation, accompanied with original policy document, NEFT
mandate from the claimant for direct credit of the claim amount to the bank account, proof of title, proof of death, medical
treatment prior to the death, (if any), school/ college/ employer's certificate, whichever is applicable, to the satisfaction of
the Corporation. If the age is not admitted under the policy, the proof of age of the Life assured shall also be submitted.

In case of unnatural death or death on account of or arising from an accident, the Corporation may call for the copies of
First Information Report (FIR), Panchnama and Post Mortem report. The Corporation may also call for additional

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 12 of 19

 documents as may be required by them.

Policyholder or the claimant, as applicable, is required to intimate the Corporation, about the happening of the insured
event resulting into a claim under the policy, at the earliest possible time.

b) Maturity/Surrender Claim: Where the policy results into a maturity claim or in case of surrender of the policy, the Life
Assured shall submit the discharge form along with the original policy document, NEFT mandate from the claimant for
direct credit of the claim amount to the bank account besides proof of age, if the age is not admitted earlier.

In addition to above, any requirement mandated under any statutory provision or as may be required as per law shall also be
required to be submitted.

5. Legislative Changes: The Terms and Conditions including the premiums and benefits payable under this policy are subject to
variations in accordance with the relevant Legislation & Regulations.

6. Need Analysis Document: Your Need Analysis document under Suitability Assessment is enclosed to this Policy Document.

7. Benefit Illustration: Your customized Benefit Illustration is enclosed to this Policy Document.

8. Issuance of Duplicate Policy:

The Policyholder can make an application for duplicate Policy on payment of policy preparation charges, policy stamp charges
and applicable taxes, if any, which are specified from time to time* upon loss of Policy Document along with other
requirements as may be prescribed by the Corporation .

*As on January, 2024, the applicable duplicate policy preparation charge is Rs 75.00. In addition, Indemnity Bond notarized as
per requisite stamp value is also required and the stamp fee for the same shall be borne by the Policyholder.

9. Governing Law and Jurisdiction:

The Policy shall be governed by the laws of India and the Indian Courts shall have jurisdiction to settle any disputes arising
under the Policy.

PART – G: STATUTORY PROVISIONS

Section 45 Of Insurance Act, 1938:

The provision of Section 45 of the Insurance Act, 1938 as amended from time to time shall be applicable. The current
provisions are contained in Annexure-3 of this policy document.

Grievance Redressal Mechanism:

Of the Corporation:
The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/ Zonal/ Central Office to redress grievances
of customers. The customers can visit our website (https://licindia.in/web/guest/grievances) for names and contact details
of the GROs and other information related to grievances.

For ensuring quick redressal of customer grievances the Corporation has introduced Customer friendly Integrated Complaint
Management System through our Customer Portal (website) which is http://www.licindia.in, where a registered policy holder
can directly register complaint/ grievance and track its status. Customers can also contact at e-mail id
[email protected] for redressal of any grievances.

Claimants not satisfied with the decision of death claim repudiation have the option of referring their cases for review to
Zonal Office Claims Dispute Redressal Committee or Central Office Claims Dispute Redressal Committee. A retired High
Court/ District Court Judge is member of each of the Claims Dispute Redressal Committees.

Of IRDAI:
In case the customer is not satisfied with the response or does not receive a response from us within 15 days, then the
customer may approach the Policyholder’s Protection and Grievance Redressal Department through any of the following
modes:
 Calling Toll Free Number 155255 / 18004254732 (i.e. IRDAI Grievance Call Centre-(BIMA BHAROSA SHIKAYAT
NIVARAN KENDRA))
 Sending an email to [email protected]
 Register the complaint online at https://bimabharosa.irdai.gov.in/
 Address for sending the complaint through courier / letter:
General Manager, Policyholders Protection and Grievance Redressal Department,
Insurance Regulatory and Development Authority of India,
Survey No.115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad- 500032, Telangana.

Of Ombudsman:
For redressal of Claims related grievances, claimants can also approach Insurance Ombudsman who provides for low cost and
speedy arbitration to customers.

The Ombudsman, as per Insurance Ombudsman Rules, 2017, can receive and consider complaints or disputes relating to the
matters such as:
(a). Delay in settlement of claims, beyond the time specified in the regulations, framed under the Insurance Regulatory and
Development Authority of India Act, 1999;
LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 13 of 19
 (b). Any partial or total repudiation of claims by the life insurer, General insurer or the health insurer;
(c). Disputes over premium paid or payable in terms of insurance policy;
(d). Misrepresentation of policy terms and conditions at any time in the Policy Document or policy contract;
(e). Legal construction of insurance policies in so far as the dispute relates to claim;
(f). Policy servicing related grievances against insurers and their agents and intermediaries;
(g). Issuance of life insurance policy, general insurance policy including health insurance policy which is not in conformity
with the proposal form submitted by the proposer;
(h). Non-issuance of insurance policy after receipt of premium in life insurance and general insurance including health
insurance; and
(i). Any other matter resulting from the violation of provisions of the Insurance Act, 1938 or the regulations, circulars,
guidelines or instructions issued by the IRDAI from time to time or the terms and conditions of the policy contract, in so
far as they relate to issues mentioned at clauses (a) to (f)

Note: In case of dispute in respect of interpretation of terms and conditions mentioned in this document, the English version
shall stand valid.

YOU ARE REQUESTED TO EXAMINE THIS POLICY, AND IF ANY MISTAKE BE FOUND THEREIN,
RETURN IT IMMEDIATELY FOR CORRECTION.

LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 14 of 19

 Annexure - 1

Assignment - As per Section 38 of the Insurance Act 1938

(1) A transfer or assignment of a policy of insurance, wholly or in part, whether with or without consideration, may be made only by
an endorsement upon the policy itself or by a separate instrument, signed in either case by the transferor or by the assignor or his
duly authorised agent and attested by at least one witness, specifically setting forth the fact of transfer or assignment and the reasons
thereof, the antecedents of the assignee and the terms on which the assignment is made.

(2) An insurer may, accept the transfer or assignment, or decline to act upon any endorsement made under sub-section(1), where it
has sufficient reason to believe that such transfer or assignment is not bonafide or is not in the interest of the policyholder or in
public interest or is for the purpose of trading of insurance policy.

(3) The insurer shall, before refusing to act upon the endorsement, record in writing the reasons for such refusal and communicate
the same to the policyholder not later than thirty days from the date of the policy-holder giving notice of such transfer or
assignment.

(4) Any person aggrieved by the decision of an insurer to decline to act upon such transfer or assignment may within a period of
thirty days from the date of receipt of the communication from the insurer containing reasons for such refusal, prefer a claim to the
Authority.

(5) Subject to the provisions in sub-section (2), the transfer or assignment shall be complete and effectual upon the execution of
such endorsement or instrument duly attested but except, where the transfer or assignment is in favour of the insurer, shall not be
operative as against an insurer, and shall not confer upon the transferee or assignee, or his legal representative, any right to sue for
the amount of such policy or the moneys secured thereby until a notice in writing of the transfer or assignment and either the said
endorsement or instrument itself or a copy thereof certified to be correct by both transferor and transferee or their duly authorised
agents have been delivered to the insurer:

Provided that where the insurer maintains one or more places of business in India, such notice shall be delivered only at the place
where the policy is being serviced.

(6) The date on which the notice referred to in sub-section (5) is delivered to the insurer shall regulate the priority of all claims
under a transfer or assignment as between persons interested in the policy; and where there is more than one instrument of transfer
or assignment the priority of the claims under such instruments shall be governed by the order in which the notices referred to in
sub-section (5) are delivered:

Provided that if any dispute as to priority of payment arises as between assignees, the dispute shall be referred to the Authority.

(7) Upon the receipt of the notice referred to in sub-section (5), the insurer shall record the fact of such transfer or assignment
together with the date thereof and the name of the transferee or the assignee and shall, on the request of the person by whom the
notice was given, or of the transferee or assignee, on payment of such fee as may be specified by the regulations, grant a written
acknowledgement of the receipt of such notice; and any such acknowledgement shall be conclusive evidence against the insurer that
he has duly received the notice to which such acknowledgment relates.

(8) Subject to the terms and conditions of the transfer or assignment, the insurer shall, from the date of the receipt of the notice
referred to in sub-section (5), recognize the transferee or assignee named in the notice as the absolute transferee or assignee entitled
to benefit under the policy, and such person shall be subject to all liabilities and equities to which the transferor or assignor was
subject at the date of the transfer or assignment and may institute any proceedings in relation to the policy, obtain a loan under the
policy or surrender the policy without obtaining the consent of the transferor or assignor or making him a party to such proceedings.

Explanation – Except where the endorsement referred to in sub-section (1) expressly indicates that the assignment or transfer is
conditional in terms of subsection (10) hereunder, every assignment or transfer shall be deemed to be an absolute assignment or
transfer and the assignee or transferee, as the case may be, shall be deemed to be the absolute assignee or transferee respectively.

(9) Any rights and remedies of an assignee or transferee of a policy of life insurance under an assignment or transfer effected prior
to the commencement of the Insurance Laws (Amendment) Act, 2015 shall not be affected by the provisions of this Section.

(10) Notwithstanding any law or custom having the force of law to the contrary, an assignment in favour of a person made upon
the condition that-

a. The proceeds under the policy shall become payable to the policyholder or the nominee or nominees in the event of
either the assignee or transferee predeceasing the insured; or

b. The insured surviving the term of the policy , shall be valid:

Provided that a conditional assignee shall not be entitled to obtain a loan on the policy or surrender a policy.

(11) In the case of the partial assignment or transfer of a policy of insurance under sub-section (1), the liability of the insurer shall
be limited to the amount secured by partial assignment or transfer and such policyholder shall not be entitled to further assign or
transfer the residual amount payable under the same policy.
LIC’s Jeevan Lakshya (UIN: 512N297V03) Page 15 of 19
 Annexure - 2

Nomination - As per Section 39 of the Insurance Act 1938

(1) The holder of a policy of life insurance on his own life may, when effecting the policy or at any time before the policy matures
for payment, nominate the person or persons to whom the money secured by the policy shall be paid in the event of his death:

Provided that, where any nominee is a minor, it shall be lawful for the policy holder to appoint any person in the manner laid down
by the insurer, to receive the money secured by policy in the event of his death during the minority of the nominee.

(2) Any such nomination in order to be effectual shall, unless it is incorporated in the text of the policy itself, be made by an
endorsement on the policy communicated to the insurer and registered by him in the records relating to the policy and any such
nomination may at any time before the policy matures for payment be cancelled or changed by an endorsement or a further
endorsement or a will, as the case may be, but unless notice in writing of any such cancellation or change has been delivered to the
insurer, the insurer shall not be liable for any payment under the policy made bona fide by him to a nominee mentioned in the text
of the policy or registered in records of the insurer.

(3) The insurer shall furnish to the policy holder a written acknowledgement of having registered a nomination or a cancellation or
change thereof, and may charge such fee as may be specified by regulations for registering such cancellation or change.

(4) A transfer or assignment of a policy made in accordance with Section 38 shall automatically cancel a nomination:

Provided that the assignment of a policy to the insurer who bears the risk on the policy at the time of the assignment, in
consideration of a loan granted by that insurer on the security of the policy within its surrender value, or its reassignment on
repayment of the loan shall not cancel a nomination, but shall affect the rights of the nominee only to the extent of the insurer’s
interest in the policy:

Provided further that the transfer or assignment of a policy, whether wholly or in part, in consideration of a loan advanced by the
transferee or assignee to the policyholder, shall not cancel the nomination but shall affect the rights of the nominee only to the
extent of the interest of the transferee or assignee, as the case may be, in the policy:

Provided also that the nomination, which has been automatically cancelled consequent upon the transfer or assignment, the same
nomination shall stand automatically revived when the policy is reassigned by the assignee or retransferred by the transferee in
favour of the policyholder on repayment of loan other than on a security of policy to the insurer.

(5) Where the policy matures for payment during the lifetime of the person whose life is insured or where the nominee or, if there
are more nominees than one, all the nominees die before the policy matures for payment, the amount secured by the policy shall be
payable to the policyholder or his heirs or legal representatives or the holder of a succession certificate, as the case may be.

(6) Where the nominee or if there are more nominees than one, a nominee or nominees survive the person whose life is insured, the
amount secured by the policy shall be payable to such survivor or survivors.

(7) Subject to the other provisions of this Section, where the holder of a policy of insurance on his own life nominates his parents, or
his spouse, or his children, or his spouse and children, or any of them, the nominee or nominees shall be beneficially entitled to the
amount payable by the insurer to him or them under sub-section (6) unless it is proved that the holder of the policy, having regard to
the nature of his title to the policy, could not have conferred any such beneficial title on the nominee.

(8) Subject as aforesaid, where the nominee, or if there are more nominees than one, a nominee or nominees, to whom sub-section
(7) applies, die after the person whose life is insured but before the amount secured by the policy is paid, the amount secured by the
policy, or so much of the amount secured by the policy as represents the share of the nominee or nominees so dying (as the case
may be), shall be payable to the heirs or legal representatives of the nominee or nominees or the holder of a succession certificate,
as the case may be, and they shall be beneficially entitled to such amount.

(9) Nothing in sub-sections (7) and (8) shall operate to destroy or impede the right of any creditor to be paid out of the proceeds of
any policy of life insurance.

(10) The provisions of sub-sections (7) and (8) shall apply to all policies of life insurance maturing for payment after the
commencement of the Insurance Laws (Amendment) Act, 2015.

(11) Where a policyholder dies after the maturity of the policy but the proceeds and benefit of his policy has not been made to him
because of his death, in such a case, his nominee shall be entitled to the proceeds and benefit of his policy.

(12) The provisions of this Section shall not apply to any policy of life insurance to which Section 6 of the Married Women’s
Property Act, 1874, applies or has at any time applied;

Provided that where a nomination made whether before or after the commencement of the Insurance Laws (Amendment) Act, 2015,
in favour of the wife of the person who has insured his life or of his wife and children or any of them is expressed, whether or not
on the face of the policy, as being made under this Section, the said Section 6 shall be deemed not to apply or not to have applied to
the policy.

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Section 45 as per the Insurance Act 1938

(1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of
the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the
date of the rider to the policy, whichever is later.

(2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the
date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later on the
ground of fraud:

Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of
the insured the grounds and materials on which such decision is based.

Explanation I- For the purposes of this sub-section, the expression “fraud” means any of the following acts committed by the
insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:-
(a) the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
(b) the active concealment of a fact by the insured having knowledge or belief of the fact;
(c) any other act fitted to deceive; and
(d) any such act or omission as the law specially declares to be fraudulent.

Explanation II- Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the
circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent, keeping silence to speak,
or unless his silence is, in itself, equivalent to speak.

(3) Notwithstanding anything contained in subsection (2), no insurer shall repudiate a life insurance policy on the ground of fraud if
the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or
that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a material fact are within
the knowledge of the insurer:

Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.

Explanation – A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the
contract, to be the agent of the insurer.

(4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the
date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the
ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in
the proposal or other document on the basis of which the policy was issued or revived or rider issued:

Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of
the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:

Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on
the ground of fraud the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal
representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.

Explanation - For the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless
it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the
said fact no life insurance policy would have been issued to the insured.

(5) Nothing in this Section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy
shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the
life insured was incorrectly stated in the proposal.

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 Annexure – 4

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 Annexure – 5

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