+ 6364703030

Hot Line Number

kanakanapalya

Bangalore 560011

6:00 AM - 10:00 PM

Sunday to Saturday

New Children’s Money Back Plan

New Children’s Money Back Plan

Category:

Description

The definitions of terms/words used in this Policy Document are as under:
1. Age is the age last birthday of the Life Assured at the time of the commencement of the policy.
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
premium, underwriting extra premiums and loading 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 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, 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 (before the vesting date) 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 B of Part C of this Policy Document.
17. Discharge form is the form to be filled by Policyholder/Claimant to claim the survival / maturity /death benefit/surrender
under the policy.
18. Due Date 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 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 the minimum
contract premium.
21. Final Additional Bonus, also called as Terminal Bonus, is an additional amount payable along with the 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..
22. Foreclosure is an action of closing the policy due to default in payment of outstanding loan or loan interest on due date when
the outstanding loan amount along with interest is to exceed the surrender value. .
23. Free Look Period is the period of 15 days from the date of receipt of the policy document by the Policyholder to review the
terms or 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.
24. Grace period is the time granted by the insurer from the due date for the payment of premium, without any penalty/ late fee,
during which time the policy is considered to be in-force with the risk cover without any interruption .
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
the 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.
31. Maturity Benefit means the benefit, which is payable on maturity as specified in Condition 1.A of Part C of this Policy
Document..
32. 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.
33. Minor is a person who has not completed 18 years of age.
34. 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 provision of Section 39 of the
LIC’s New Children’s Money Back Plan UIN: (512N296V02) Page 6 of 19
Insurance Act, 1938 as amended from time to time.
35. Nominee(s) means the 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 lumpsum
amount over a period chosen by the Policyholder /Life Assured.
37. Participating Policy means the 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 two full years and subsequent premium(s) be not
paid..
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 to 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
i. Instalment Premium for Base Policy and
ii. Instalment Premium for Rider, if Rider has been opted for.
The term ‘Premium’ used anywhere in this Policy Document does not include any taxes which is payable separately.
45. Proposer is a person who proposes the life insurance proposal.
46. 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, as per the terms and conditions of the policy, upon being satisfied as to
the Continued Insurability ( as defined above) of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider
is opted for).
47. Revival Period means is 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.
48. Rider is an additional cover which can be opted for along with the Base Policy.
49. 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.
50. 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.
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. 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 .
54. 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
55. 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.
56. Surrender means complete withdrawal / termination of the entire policy before expiry of policy term.
57. Surrender Value means an amount, if any, that becomes payable in case of surrender in accordance with the terms and
condition of this policy.
58. Survival Benefit is the specified benefit payable on survival of the Life Assured at the end of specified durations during the
term of this policy. This benefit shall be a fixed percentage of Basic Sum Assured as specified in Condition 1.C of Part C of
this Policy Document. .
59. Tabular Premium is the premium for chosen Basic Sum Assured and policy term, based on the age of the Life Assured
without application of any rebate or extra loading.
60. Total Premiums paid means the total of all premiums received, excluding any extra premiums, any rider premium and taxes.
61. 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.
62. UIN means the Unique Identification Number allotted to this plan by the IRDAI.
63. Vested Bonus is the simple reversionary bonus, if any, which has already been declared and remains attached to the policy.

Reviews

There are no reviews yet.

Be the first to review “New Children’s Money Back Plan”

Your email address will not be published. Required fields are marked *