Combination of insurance and savings: The plan provides both life insurance coverage and the opportunity to save money.

Sum Assured: The policyholder can choose the sum assured, which is the minimum amount payable in case of death or maturity of the policy.

Policy Term: The policy term ranges from 12 to 25 years.

Premium Payment Term: The premium payment term is equal to the policy term, and the policyholder can choose to pay premiums either annually, semi-annually, quarterly or monthly.

Bonus: The policy accumulates bonuses, which are declared by LIC from time to time, and are added to the sum assured.

Maturity Benefit: The policyholder receives the sum assured along with the bonuses on the maturity of the policy.

Death Benefit: In case of death of the policyholder during the policy term, the nominee receives the sum assured along with the bonuses.

Tax Benefits: Premiums paid for the policy are eligible for tax benefits under section 80C of the Income Tax Act.

Loan Facility: The policyholder can avail of a loan against the policy after it has acquired a surrender value.

Surrender Value: The policy can be surrendered anytime after the completion of 3 full years, and a surrender value will be payable.

Conditions:

Sum Assured shall be available in multiples of ₹ 5,000/-

Term Rider Conditions:

• Accidental Death and Disability Benefit Rider
• Accidental Benefit Rider
• New Term Assurance Rider
• New Critical Illness Benefit Rider
• Premium Waiver Benefit Rider

Grace Period:  Payment of annual, biannual, or quarterly premiums has a grace period of 30 days, while monthly premium payments have a grace period of 15 days from the due date. The policy will expire if the premium is not paid by the grace period’s deadline.

Freelook Period: There is an option to return the insurance to the firm if the policyholder is dissatisfied with the policy’s features, benefits, and terms and conditions. If you purchased the policy offline, you have 15 days from the receipt date to do this, and you have 30 days if you did it online.

Surrender Benefit: After keeping the insurance for two years in a row, this plan offers the option of relinquishing the policy at any time. In certain circumstances, the insurer pays the higher of the special surrender value or the guaranteed surrender value as the surrender value.

Revival: If the premiums are not paid during the grace period, the coverage expires. The opportunity to reinstate a lapsed policy is offered by LIC Bima Jyoti within 5 consecutive years. Only before the maturity date can it be renewed.

Paid-Up Value: The policy’s benefits will end if fewer than two years’ worth of premiums have been paid and any upcoming payment is not paid. The risk cover will remain active if payments for at least two years have been paid, however, the insurance will now be paid up.

Tax Benefits: According to the current tax rules, the Government of India or any other constitutional body of India must pay statutory taxes on insurance plans. The tax rates could alter occasionally. Sections 80C and 10(10D) of the Income Tax Act allow for tax exemptions.

Rebates: