LIC’s SIIP

LIC’s SIIP is a Unit Linked, Non-Par�cipa�ng, Regular Premium,,Individual Life Insurance
plan which offers insurance cum investment cover throughout the term of the policy.
You can buy this plan offline (through an intermediary) as well as online. To purchase
this plan online, kindly log on to www.licindia.in
You have a choice of inves�ng premiums in one of the four types of investment funds
available. Each premium paid, a�er deduc�on of Premium Alloca�on Charge , will
purchase units of the Fund type chosen. The Unit Fund is subject to various charges
and value of units may increase or decrease, depending on Net Asset Value (NAV).
1. A) Payment of premiums:
1. You may pay premiums regularly at yearly, half-yearly, quarterly or monthly
(through NACH only) intervals over the term of the policy.
The mode of premium payment has to be chosen at commencement although the
same can be changed (between various regular premium payment modes) at any
subsequent policy anniversary during the term of the policy.
B) Grace Period: A grace period of 30 days will be allowed for payment of yearly or
half-yearly or quarterly premiums and 15 days for monthly (NACH) premiums.
2. Benefits payable under an in-force policy(where all due premiums have been paid):
A) Death Benefit:
On death before the Date of Commencement of Risk:
An amount equal to the Unit Fund Value shall be payable.
On death a�er the Date of Commencement of Risk:
An amount equal to the highest of the following shall be payable
 Basic Sum Assured reduced by Par�al Withdrawals, if any, made during the two
years period immediately preceding the date of death; or,
 Unit Fund Value; or
 105% of the total premiums received upto the date of death reduced by Par�al
Withdrawals, if any, made during the two years period immediately preceding the
date of death.
LIC’s SIIP (UIN: 512L 334 V01)
(A Unit Linked, Non-Par�cipa�ng,
Individual Life Insurance Plan)

Where Basic Sum Assured and Par�al Withdrawal are as specified in Para 5 (i) and
Para 4(II)(iv) respec�vely.
Mortality charge, Accident Benefit charge, and Tax charges thereon recovered
subsequently to the date of death shall be paid back to the nominee or beneficiary
along with death benefit.
Any Guaranteed Addi�on added subsequent to the date of death ( in case of delay
in in�ma�on of death claim) shall be recovered from the Unit Fund.
The death benefit shall be paid either in lump sum as specified above or in
instalments, if Se� lement Op�on is opted for, as men�oned in Para 4.IV below as
per op�on exercised by the Policyholder/Life Assured
B) Maturity Benefit:
On Life Assured surviving the date of maturity provided all due premiums under
the policy have been paid, an amount equal to Unit Fund Value shall be payable.
C) Refund of Mortality Charges:
On Life Assured surviving the date of maturity provided all due premiums under
the policy have been paid, an amount equal to the total amount of mortality
charges deducted in respect of life insurance cover shall be payable along with the
Maturity Benefit. These charges shall not include any extra amount chargeable
under the policy due to underwri�ng decision and tax charges levied on the
mortality charges, if any.
Refund of Mortality Charge shall not be payable in case of surrendered or
discon�nued policy.
Guaranteed Addi�ons as a percentage of one Annualized Premium, as men�oned in
the table below shall be added to the Unit fund on comple�on of specific dura�on of
policy years provided all due premiums have been paid and the policy is in-force.
End of Policy Year Guaranteed Addi�ons (as percentage
of one Annualized Premium)
6
10
15
20
25
5%
10%
15%
20%
25%
The allocated Guaranteed Addi�on shall be converted to units based on NAV of the
underlying Fund type as on the date of such addi�on and shall be credited to the Unit
Fund. For policies which are not in-force but revived subsequently, Guaranteed
Addi�on shall be credited on the date of revival of the policy, provided all due
premiums have been paid.
Any Guaranteed Addi�on added to the date of death (in case of delay in in�ma�on of
death claim) shall be recovered from theUnitFund.
3. Guaranteed Addi�ons:
I. Rider Benefits:
You have an op�on of availing LIC’s Linked Accidental Death Benefit Rider
(UIN: 512A211V02).
This rider can be opted for at any policy anniversary provided the outstanding policy
term is at least 5 years but on or before the policy anniversary on which the age
nearer birthday of the Life Assured is 65 years. The benefit cover under this rider
shall be available �ll the Date of Maturity or �ll the policy anniversary on which the
age nearer birthday of the Life Assured is 70 years, whichever is earlier, provided the
Policy is in force as on date of accident. If this rider is opted for, in case of accidental
death, the Accident Benefit Sum Assured will be payable in lumpsum. This Rider will
not be available under the policy on the life of minor, during minority of the Life
Assured. The Accident Benefit Sum Assured cannot exceed the Basic Sum Assured.
For more details on the above Rider, refer to the Rider Brochure or contact LIC’s
nearest Branch Office.
ll. Par�alWithdrawals:
You may par�ally withdraw the units at any �me a�er the fi�h policy anniversary
and provided all due premiums �ll date of Par�al Withdrawal have been paid,
subject to the following:
i. In case of minors, par�al withdrawals shall be allowed only a�er Life Assured is
aged 18 years or above.
ii. Par�al withdrawals may be in the form of fixed amount or in the form of fixed
number of units.
iii. TheMaximum amount of Par�alWithdrawal as a percentage of fund duringeach
policyyear shall beas under:
The above Par�al withdrawal shall be allowed subject to minimum balance
remaining a�er allowing for par�al withdrawal is not less than 3 annualized
premiums. The par�al withdrawals which would result in termina�on of a contract
shall not be allowed.
iv. Par�al withdrawal charge as specified in Para 8(D)(iii) shall be deducted from
the Unit Fund Value.
If par�al withdrawal has been made then for two years’ period immediately
from the date of withdrawal, the Basic Sum Assured or Paid-up Sum Assured,
whichever is applicable, shall be reduced to the extent of Par�al Withdrawals
made. On comple�on of two years’ period from the date of withdrawal the
original Basic Sum Assured/Paid-up Sum Assured shall be restored.
III. Switching:
You have an op�on to switch between the four fund types during the policy term
On switching the en�re Fund Value shall be switched to the new Fund opted for.
Switching shall be subject to Switching Charges as specified in Para 8(D)(ii).
Policy Year Percent of Unit Fund
6 to 10 �� ��
11 to 15 �� ��
16 to 20 �� ��
21 to 25 �� ��
20%
25%
30%
35%
4. Op�onal benefits:

IV. Se� lementOp�on:
This is the op�on to receive the Death Benefit in instalments. This op�on can be
exercised during the life�me while in currency of the policy, specifying the mode of
instalment and period in years (not more than 5 years). The death claim amount
shall then be paid to the nominee as per the op�on exercised and no altera�on
whatsoever shall be allowed to be made by the nominee.
The Unit Fund under such policy will con�nue to be invested as per the fund type
exis�ng as on the date of in�ma�on of death
The instalment shall be the total number of units as on the date of in�ma�on of
death divided by total number of instalments. The number of units arrived at in
respect of each instalment will be mul�plied by the NAV of the applicable fund type
as on the date of instalment payment. The first payment will be made
corresponding to the date of in�ma�on of death and therea�er based on the
mode opted..
During the Se� lement Op�on period no charges other than the Fund Management
Charge shall be deducted. The value of instalment payable on the date specified
shall be subject to investment risk i.e. the NAV may go up or down depending upon
the performance of the fund.
On death of the nominee a�er the commencement of the Se� lement Op�on
period, the value of the outstanding units held in the Unit Fund shall become
payable to the legal heir in lump sum.
No par�al withdrawal or switching of fund shall be allowed by the nominee.
I. (Minimum/Maximum) Basic Sum Assured:
Age below 55 Years 10 �mes of Annualized Premiums
Age 55 years and above 7 �mes Annualized Premiums
ii. Minimum Age at entry : [90] Days (completed)
iii. Maximum Age at entry : [65] years (nearer birthday)
iv. Minimum Maturity Age : [18] years (Completed)
v. Maximum Maturity Age : [85] years (nearer birthday)
vi. Policy Term : 10 to 25 years
vii. Premium Paying Term : Same as Policy Term
viii. Premium :
Mode
Yearly
Half-Yearly
Quarterly
Monthly(NACH)
Minimum
Rs. 40,000
Rs. 22,000
Rs. 12,000
Rs. 4,000
Maximum
No Limits
5.Eligibility condi�ons and other restric�ons:
Annualized Premiums shall be payable in mul�ples of Rs. 1,000 for all modes other
than monthly. For monthly (NACH), the premium shall be in mul�ples of Rs. 250/-.
Date of commencement of risk under the plan:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan
will commence either on the comple�on of 2 years from the date of commencement of
policy or on policy anniversary coinciding with or immediately following the
comple�on of 8 years of age, whichever is earlier.In case the age at entry of Life Assured
is 8 years or more, risk will commence immediately from the date of underwri�ng
acceptance of risk i.e. date of commencement of policy.
Date of ves�ng:
If the policy is issued on the life of a minor, the policy shall automa�cally vest in the Life
Assured on such ves�ng date i.e. on the policy anniversary coinciding with or immediately
following the comple�on of 18 years of age and shall on such date of ves�ng be deemed to
beacontractbetweentheCorpora�onandtheLifeAssured.
Unit Fund: The allocated premiums will be u�lized to buy units as per the fund type
opted by the Policyholder out of the four fund types op�ons available. Various types of
fund op�ons and broadly their investment pa� erns are as under:
Fund
Type
Investment in
Government /
Government
Guaranteed
Securi�es /
Corporate
Debt
Short-term
investments
such as
money
market
instruments
Investment
in Listed
Equity
Shares
Objc�ve Risk
Profile
SFIN
Bond
Fund
Not less than
60%
Not more
than 40%
Nil To provide
rela�vely
safe and less
vola�le
investment
op�on
mainly
through
accumula�o
n of income
through
investment
in fixed
income
securi�es.
Low
risk
ULI
F0012
4/12/
18LIC
ULIPB
ND512
Secu
red
Fund
Not less than
45% &
Not more
than 85%
Not more
than 40%
Not less
than 15%
&
Not more
than 55%
To provide
steady
income
through
investment
in both
equi�es
and fixed
income
securi�es.
Lower
to
Medi
um
risk
ULIF0022
4/12/18L
ICULIPSE
C512
6. Investment of Funds:

ULIF004
24/12/1
8LICULI
PGRW5
12
Bala
nced
Fund
Not less than
30% &
Not more
than 70%
Not more
than 40%
Not less
than 30%
&
Not more
than 70%
To provide
balanced income
and growth
through similar
propor�on
investment in
both equi�es and
fixed income
securi�es
Medi
um
risk
ULIF003
24/12/1
8LICULI
PBAL51
2
Gro
wth
Fund
Not less than
20% &
Not more
than 60%
Not more
than 40%
Not less
than 40%
&
Not more
than 80%
High
risk
To provide long
term capital
growth through
investment
primarily in
equi�es
ThePolicyholderhastheop�ontochooseanyONEoftheabove 4funds.
Discon�nued Policy Fund (SFIN:ULIF001201114LICDPFNLIF512): The investment
pa� ern of the Discon�nued Policy Fund shall be a unit fund with the following
asset categories:
I) Money market instruments: 0% to 40%
ii) Government securi�es: 60% to 100%
Units will be allo� ed based on the Net Asset Value (NAV) of the respec�ve fund as on
the date of allotment. There is no Bid-Offer spread (the Bid price and Offer price of
units will both be equal to the NAV). The NAV will be computed on daily basis and will
be based on investment performance and Fund Management Charge of each type of
fund and shall be computed as:
Market Value of investment held by the fund + Value of Current Assets – Value of
Current Liabili�es & Provisions, if any
——————————————————————————–
Number of Units exis�ng on Valua�on Date (before crea�on / redemp�on of Units)
I. The alloca�on and redemp�on of units for various transac�on will be at the NAV as
described below:
Type of Transac�on Applicable NAV (Where transac�on is
received before cut off Time)
First Premium received
a. In case of Offline sale : by way of a
local cheque or a demand dra�
payable at par at the place where
premium is received.
b. In case of Online sale : by any
digital Payment mode.
NAV of Date of underwri�ng acceptance of
risk i.e. Date of commencement of policy.
Renewal premium received through
NACH or by any digital payment
mode.
NAV of the date of our receipt of instruc�on
or transac�on realiza�on date or the due
date of premium whichever is later.
7. Method of calcula�on of unit price:
Applicability of Net Asset Value (NAV):
Renewal premium received by way of
a local cheque or a demand dra�
payable at par at the place where the
premium is received.
NAV of the date of our receipt of
instrument or the due date of
premium, whichever is later.
Pa r�al wi thd rawal, Swi tching
between available Fund types, or
Free-look cancella�on
NAV of the date of our receipt of
the request in wri�ng.
Surrender NAV of the date of our receipt of
surrender request in wri�ng
Death claim NAV of the date of our receipt of
the in�ma�on of death in wri�ng
along with death cer�ficate.
Revival NAV as on date of revival, where
date of revival is the date of
adjustment of all due premiums
a�er underwri�ng acceptance has
been received.
Se� lement Op�on NAV o f da te o f i n s tallme n t
payment under se� lement op�on.
Maturity Benefit NAV of the date of maturity.
Discon�nuance NAVasonthedateofdiscon�nuance.
Termina�on NAV of date of termina�on.
Policy Altera�on NAVofdateofaltera�onin thepolicy.
Guaranteed Addi�on NAV of the date of alloca�on
ii. Currently, the cut-off �me is 3.00 p.m. as per the exis�ng IRDAI guidelines and
changes in this regard shall be as per the instruc�ons from IRDAI. In case of new
business the cut- off �me of 3 p.m. for determina�on of NAV shall be in reference to
the date ofacceptance of riski.e. date of commencement of Policy.
iii. If the transac�on request is received before the cut-off �me in respect of:
a) Premium Payments, at any branch office of the Corpora�on or other
authorized office for premium collec�on or by any digital payment mode or
through NACH;
b) Other transac�on, by servicing branch of the Corpora�on;
c) Successful Registra�on of Service Requests as and when made available on
LIC’s Customer Portal
the closing NAV of that day shall be applicable.
iv. If the transac�on request is received a�er the cut-off �me in respect of:
a) Premium Payments, at any branch office of the Corpora�on or other
authorized office for premium collec�on or by any digital payment mode or
through NACH;
b) Other transac�on, by servicing branch of the Corpora�on;
c) Successful Registra�on of Service Requests as and when made available on
LIC’s Customer Portal
the closing NAV of the next business day shall be applicable.
In case of offline sale, Premium paid by CTS 2010 cheque/demand dra� drawn on
a bank which is par�cipa�ng in local/CTS/speed clearing house shall only be
accepted. Cheques /demand dra� not coming under above category shall not
be accepted.

A) Premium Alloca�on Charge:
This is the percentage of the premium appropriated towards charges from the
premium received. The balance known as alloca�on rate cons�tutes that part of
the premium which is u�lized to purchase units for the policy.
The Premium Alloca�on Charges are as below:
Premiums Off line sale Online sale
1st Year
2nd to 5th Year
6th Year and Therea�er
8.00%
5.50%
3.00%
3%
2%
1%
B) Mortality Charge:
Mortality Charge is the cost of life insurance cover, which is age specific and this will
be taken at the beginning of each policy month by canceling appropriate number
of units out of the Unit Fund Value appropriately. The monthly charges will be one
twel�h of the annual Mortality Charges. This charge shall depend upon the Sum
at Risk.
The Sum at risk during the policy term=
Highest of
• Basic Sum Assured in case of in-force policies or Paid-up Sum Assured in case of
reduced paid-up policies
• Unit Fund Value
• 105% of total Premium Received
Less
Unit Fund Value
The Unit Fund value shall be taken as on the date of deduc�on of charge, a�er
deduc�on of Accident Benefit charges and Tax charge on Accident Benefit Charges
and shall be deducted only if, the Basic Sum Assured/Paid-up Sum Assured,
whichever is applicable, is more than the Unit Fund Value as on the date of
deduc�on. The total premiums received shall be reckoned as on date of deduc�on
ofMortality Charge.
In case of par�al withdrawals, the Basic Sum assured or Paid up Sum Assured,
whichever is applicable and 105% of the total premiums received, shall be reduced
to the extent of all Par�al Withdrawals made during the two years period
immediately preceding the date of deduc�on ofMortality Charges .
The rate of Mortality Charge per annum per Rs. 1000/- Sum at Risk for some of the
ages in respect of a healthy life are as under:
In case where the Policy is converted into a reduced paid-up policy, the Mortality
Charge in respect of Sum at Risk under a paid-up Policy shall be deducted from the
policy month following the due date of first unpaid premium. On revival of policy,the
risk cover under the policy shall be restored immediately and the Mortality Charge in
respect of Sum at Risk under an in-force policy shall be deducted from the policy
month following the date of revival along with propor�onate mortality charge for the
period from the date of revival to the following policy month.
Age
Rs.
25
1.23
35
1.60
45
3.59
50
6.18
60
14.42
8. Charges under the Plan:
C) AccidentBenefitCharges (ifLIC’sLinkedAccidentalDeathBenefitRider(isopted for):
Accident Benefit Charge is the cost of LIC’s Linked Accidental Death Benefit Rider if
opted for. This charge will be taken at the beginning of each month by canceling
appropriate number of units out of Unit Fund while the policy is in-force (i.e. all
due premiums have been paid) and shall be at the rate of Rs. 0.40 per thousand
Accident Benefit Sum Assured per policy year. If the Life Assured is engaged in
police duty in any police organiza�on other than paramilitary forces and opted for
this cover while engaged in police duty, then the level annual charge shall be at the
rate of Rs 0.80 per thousand Accident Benefit Sum Assured per policy year. The
monthly charges will be one-twel�h of the annual Accident Benefit Charge.
D) Other Charges:
The following charges shall be deducted during the term of the policy:
i) Fund Management Charge – This is a charge levied as a percentage of the value
of the assets and shall be appropriated by adjus�ng the Net Asset Value. Fund
Management Charge (FMC) shall be as under:
• 1.35% p.a. of Unit Fund for all the four fund types available under an
inforce policyi.e. BondFund,SecuredFund, BalancedFundandGrowthFund
• 0.50% p.a. of Unit Fund for “Discon�nued Policy Fund”
This is a charge levied at the �me of computa�on of NAV, which will be done on
daily basis. The NAV thus declared will be net of FMC.
ii) Switching Charge – This is a charge levied on switching of monies from one
segregated fund to another available within the product. The charge per
switch, if any, shall be levied at the �me of effec�ng a switch. Within a given
policy year 4 switches will be allowed free of charge. Subsequent switches in
that year shall be subject to a Switching Charge of Rs. 100 per switch. This
charge will be recovered by canceling appropriate number of units out of the
Unit Fund.
iii) Par�al Withdrawal Charge – This is a charge levied on the Unit Fund at the �me
of par�al withdrawal of the fund during the contract period. A flat amount of
Rs. 100/- shall be deducted by canceling appropriate number of units out of the
UnitFundValue on the date onwhich par�alwithdrawal takes place.
iv) Discon�nuance Charge – This is a Charge levied by cancelling appropriate
number of units out of the Unit Fund value as on the date of discon�nuance of
Policy. The Discon�nuance charge applicable is as under:
Where the
policy is
discon�nued
during the
policy year
Discon�nuance
Charges for the
policies having
Annualized Premium
up to Rs 50,000
Discon�nuance Charges
for the policies having
Annualized Premium
above Rs 50,000
1
Lower of 20% * (AP or
FV) subject to maximum
of Rs. 3,000/-
Lower of 6% * (AP or FV)
subject to maximum of
Rs. 6000/-

2
Lower of 15% * (AP or
FV) subject to maximum
of Rs. 2,000/-
Lower of 4% * (AP or FV)
subject to maximum of
Rs. 5000/-
3
Lower of 10% * (AP or
FV) subject to maximum
of Rs. 1,500/-
Lower of 3% * (AP or FV)
subject to maximum of
Rs. 4000/-
4
Lower of 5% * (AP or FV)
subject to maximum of
Rs. 1,000/-
Lower of 2% * (AP or FV)
subject to maximum of
Rs. 2000/-
5
and onwards NIL NIL
Where
AP – Annualised Premium
FV – Unit Fund Value on the date of discon�nuance of policy
“Date of discon�nuance of the policy” shall be the date on which the in�ma�on
is received from the Life Assured / Policyholder about the surrender of the policy
or on the expiry of the Grace Period (in case of non-payment of contractual
premium due during the Grace period), whichever is earlier.
v) Tax Charge – Tax Charge, if any, will be as per the prevailing Tax laws and rate of
tax as applicable from �me to �me.
Tax Charge shall be levied on all or any of the charges applicable to this plan as per
the prevailing Tax laws/no�fica�on etc. as issued by Government of India or any
other Cons�tu�onal tax Authority of India from �me to �me in this regard without
any reference to the policyholder.
vi) Miscellaneous Charge – This is a charge levied for an altera�on during the
contract, such as change in premium mode and Grant of Accident Benefit
Rider a�er the issue of the policy, and shall be a flat amount of Rs. 100/- which
will be deducted by cancelling appropriate number of units out of Unit Fund
Value and the deduc�on shall be made on the date of altera�on in the policy.
E) Right to revise charges: The Corpora�on reserves the right to revise all or any of
the above charges except the Mortality Charge and Accident Benefit Charge. The
modifica�on in charges will be done with prospec�ve effect with the prior
approval of IRDAI a�er giving the policyholders a no�ce of 3 months which shall be
no�fied through our website.
Although the charges are reviewable, they will be subject to the maximum charges
as declared by IRDAI from �me to �me. The current cap on charges is as under:
– Premium Alloca�on charges shall not exceed 12.5% of Annualized Premium in
any year
– Par�al withdrawal charge shall not exceed Rs. 500/- on each withdrawal.
– Switching Charge shall not exceed Rs. 500/- per switch.
– Discon�nuance charges shall not exceed the limits specified by IRDAI, which
are currently same as specified under Para 8.D.iv above
– Miscellaneous Charge shall not exceed Rs500/- each �me when an altera�on
is requested.
An inforce policy can be surrendered any�me during the policy term, The surrender
value, if any, shall be payable as under:
If the policy is Surrendered during the 5 years’ lock-in-period:
If you apply for surrender of the policy during the 5 years’ lock-in-period, then the Unit
Fund Value a�er deduc�ng the Discon�nuance Charge shall be converted in to
monetary terms as specified in Para 11.A below. This monetary amount shall be
transferred to the Discon�nued Policy Fund as specified in Para 11B below. The
Proceeds of the Discon�nued Policy Fund in respect of the Policy, shall be payable at
the end of lock-in-period.
In case of death of the Life Assured a�er the date of surrender but before the expiry of
the 5 years’ lock-in-period, the Proceeds of the Discon�nued Policy Fund in respect of
the Policy shall be payable to the nominee/ legal heir immediately.
If the policy is Surrendered a�er the 5 years’ lock-in-period: If you apply for surrender
of the policy a�er lock-in-period, then the Unit Fund Value as on the date of surrender
shall be payable. There will be no Discon�nuance Charge under the policy.
In case you do not agree with the revision of charges you shall have the op�on
to withdraw the Unit Fund Value. If such revision in charges is made during the lock-in
period of 5 years, withdrawal shall be allowed only a�er the expiry of 5 years’
lock-in period.
If you fail to pay premiums under the policy within the days of Grace Period, then
the policy shall be in a state of discon�nuance.
During the Grace Period the policy shall be treated as in-force and the charges for
Mortality and Accident Benefit cover, if any, shall be deducted in addi�on to other
charges by cancelling appropriate number of units out of the Unit Fund. Par�al
Withdrawal shall not be allowed if due premiums have not been paid.
The benefits payable during the grace period shall be same as that under an
inforce policy, except Par�al Withdrawal, which shall not be allowed if all due
premiums have not been paid.
The treatment of discon�nued policy shall be as under:
I) If the policy is discon�nued during the 5 years’ lock-in-period:
Upon expiry of the grace period, the Unit Fund Value a�er deduc�ng the
Discon�nuance Charge as specified in Para 8. D (iv) shall be converted into
monetary terms as specified in Para 11.A. This monetary amount shall be
transferred to the Discon�nued Policy Fund as specified in Para 11.B below and
the risk cover and rider cover, if any, shall cease.
On such discon�nuance, a communica�on shall be sent to you within three
months of the date of first unpaid premium, communica�ng the status of the
policy and the op�on of revival available during the revival period of three years
from the date of First Unpaid Premium.
Under such cases
A. If you exercises the op�on to revive the policy at any �me during the revival
period of 3years, then the policy shall be revivedas specifiedin para 13iii below.
9. Surrender:
10. Discon�nuance of premiums:
B. In case you opt to revive but do not revive the policy during the revival period
of 3 years, then the proceeds of the Discon�nued Policy Fund in respect of the
policy , as specified in Para 11.C, shall be payable to you at the end of the revival
periodorlock-inperiod,whicheverislaterand thepolicyshall terminate..
C. In case you do not exercise the op�on to revive the policy as set out below, the
policy shall con�nue without any risk cover and rider cover, if any, and the
policy fund shall remain invested in the Discon�nued Policy Fund. The
Proceeds of the Discon�nued Policy Fund in respect of the policy as specified
in Para 11C below shall be paid to you at the end of lock-in period and the
policy shall terminate.
D. However, you have an op�on to surrender the policy any�me and Proceeds of
the Discon�nued Policy Fund in respect of the policy shall be payable at the
end of lock-in period or date of surrender whichever is later.
Irrespec�ve of what is stated above, in case of death of the Life Assured during the
revival period or 5 years’ lock-in-period, as the case may be, the Proceeds of the
Discon�nued Policy Fund of the Policy, as per in Para 11C below, shall be payable
immediately.
II) If the policy is discon�nued a�er the expiry of 5 years’ lock-in- period:
Upon expiry of the grace period, in case of discon�nuance of policy due to non
payment of premium ,the policy shall be converted into a reduced paid-up policy.
The Basic Sum Assured under the policy shall be reduced to such a sum called
Paid-Up Sum Assured and shall be equal to { Basic Sum Assured mul�plied by the
ra�o of total number of premiums paid to the original number of premiums
payable as per the terms and condi�ons of the Policy}. The policy shall con�nue to
be in reduced paid up status without rider cover, if any i.e. no Accident Benefit
cover shall be available under reduced paid up policy. The reduced risk cover and
hence the mortality charges in respect of the paid up policy shall be applicable
from the next policy month following the date of first unpaid premium. Further, all
other charges (except Accident Benefit Charge) as specified in Para 8.D above shall
also con�nue to be deducted.
Under a paid-up policy, in case of death of the Life Assured, highest of the following
shall be payable
• Paid up Sum Assured reduced by Par�al Withdrawal made during the two year
period immediately preceding the death of the Life Assured; or
• Unit Fund Value ; or
• 105% of total premiums received excluding Par�al Withdrawals made during
the two year period immediately preceding the death of the Life Assured.
On such discon�nuance, a communica�on shall be sent to you within three
months of the date of first unpaid premium, communica�ng the status of the
policy and the op�ons available during the revival period of three years.
You have the following op�ons available to exercise during the revival period..

A. If you exercise Op�on (1)i .e. revive the policy during the revival period of 3 years
from the date of first unpaid premium or upto the date of maturity, whichever is
earlier, then during this revival period the policy shall con�nue to be as a reduced
paid up policy.
In case you revive the policy during this revival period then the policy shall be
revived as per Para 13 (iii) below and if you do not revive the policy within this
revival period, then the policy shall be terminated on the comple�on of this revival
period or date of maturity, whichever is earlier and the balance amount in the Unit
Fund shall be refunded to you.
B. If you exercise Op�on (2) i.e surrender the policy, then the policy shall be
terminated on the date of in�ma�on of surrender and the balance amount in the
Unit Fund shall be refunded to you.
C. If you do not exercise any of the op�ons then the policy shall con�nue as a reduced
paid up policy �ll the end of the revival period or upto the date of maturity,
whichever is earlier. At the end of the revival period or on the date of maturity,
whichever is earlier, the policy shall be terminated and the balance amount in the
Unit Fund shall be refunded to you
Op�on Descrip�on
1
Revive the policy (alongwith the rider ,if opted for) within the
revival period of three years from the date of first unpaid premium
or upto the date of maturity, whichever is earlier
Surrender the policy
Policy shall con�nue to be reduced paid up status �ll the end of the
revival period or upto the date of maturity, whichever is earlier.
2
No
op�on
selected
If the policy is surrendered or discon�nued on or before 5 years’ lock-in-period,
then the policy money shall undergo following procedure:
A. Conversion of Unit Fund Value intomonetary amount:
The NAV as on the date of applica�on for surrender ( if surrendered during the 5
years’ lock-in period) or as on the date of expiry of grace period as the case may be,
mul�plied by the number of units in the Unit Fund (i.e. a�er deduc�on of
Discon�nuance Charge, if any) as on that date, will be the monetary amount.
B. Transferring themonetary amount into the Discon�nued Policy Fund:
The monetary amount as calculated under (A) above shall be transferred to the
Discon�nued Policy Fund by conver�ng the monetary amount into the units. The
number of units transferred to the Discon�nued Policy Fund shall be the monetary
amountdividedby theNAVof theDiscon�nuedPolicyFundason thedateof transfer.
C. Calcula�on of Proceeds of the Discon�nued Policy Fund:
The Proceeds of the Discon�nued Policy Fund of the Policy shall be higher of
Discon�nued Policy Fund Value or the Guaranteed Monetary Amount. The
Guaranteed Monetary Amount is the accumula�on of monetary amount
transferred into the Discon�nued Policy Fund at the guaranteed interest rate. The
guaranteed interest rate shall accrue from the date when the monetary amount is
transferred to the Discon�nued Policy Fund to the date when the policy exits from
11. Treatment of the policy while the policy money is in Discon�nued Policy Fund:

the Discon�nued Policy Fund either by death, surrender, revival, complete
withdrawal at the end of 5 years’ lock-in-period or on comple�on of 3 years
revival period (if revival period extends beyond the 5 years lock-in- period)
whichever is applicable.
Currently this guaranteed interest rate is 4% p.a. and shall be subject to change
from �me to �me as declared by IRDAI.
12. Compulsory termina�on:
If the policy has run for at least 5 years provided 5 full years’ premiums have been
paid and the balance in the Unit Fund is not sufficient to recover the relevant
charges, the policy shall be compulsorily terminated and the balance amount in
the Unit Fund, if any, shall be refunded to the Policyholder. This shall be applicable
irrespec�ve of whether the policy is in-force or paid-up during the revival period.
13. Other features:
ii) : No Top-up shall be allowed under the plan. Top-up
ii) Increase/Decrease of risk covers: No increase/decrease of benefits will be
allowed under the plan. Under an in-force policy, the policyholder can, however,
cancel the LIC’s Linked Accidental Death Benefit Rider at any�me during the
policy term. However, once the rider is cancelled, the same cannot be
subsequently restored.
iii) Revival of discon�nued policies:
A discon�nued policy shall be revived within a revival period of three years from
the date of first unpaid premium or upto the date of maturity, whichever is earlier.
If you exercise op�on to revive the policy at any �me within a period of 3 years from
the date of First unpaid Premium, then the policy shall be revived subject to
the following.
• On payment of all due and unpaid premiums without interest.
• On sa�sfac�on of Con�nued Insurability ofthe Life Assured on the basis of the
informa�on, documents and reports that are already available and any
addi�onal informa�on in this regard if and as may be required in accordance
with the Underwri�ng Policy of the Corpora�on at the �me of revival, being
furnished by the Policyholder/ Proposer/ Life Assured.
• If policy was discon�nued during the 5 years’ lock-in period ,the
Discon�nuance Charge deducted from the Unit Fund, if any, at the �me of
discon�nuance of the policy, along with the proceeds of the Discon�nued
Policy Fund in respect of the Policy shall be added back to the Unit Fund.
• All outstanding applicable Premium Alloca�on Charges and Tax charges due
since the date of discon�nuance shall be deducted from the Unit Fund.
• Units of the segregated fund originally chosen by you or as chosen in the last
switch, or the fund chosen at the �me of revival, as the case may be, shall be
allo� ed based on the NAV as on the date of revival.
The Corpora�on reserves the right to accept at original terms, accept with
modified terms or decline the revival of a discon�nued policy as per the
Underwri�ng policy of the Corpora�on. The revival of a discon�nued policy shall
take effect only a�er the same is approved, accepted and revival receipt is issued
by the Corpora�on.
Irrespec�ve of what is stated above, if the Unit Fund is not sufficient to Value
recover the charges during the revival period, the policy shall terminate and
therea�er revival will not be allowed LIC’s Linked Accidental Death Benefit Rider, if
opted for, can be revived along with the Base Policy and not in isola�on
i) LIC’s SIIP is a Unit Linked Life Insurance product, which is different from the
tradi�onal insurance products.
ii) The premiums paid in Unit Linked Life Insurance policies are subject to investment
risks associated with capital markets and the NAVs of the units may go up or down
based on the performance of fund and factors influencing the capital market and
the insured is responsible for his/her decisions.
iii) Life Insurance Corpora�on of India is only the name of the Insurance Company and
LIC’s SIIP is only the name of the unit linked life insurance contract and does not in
any way indicate the quality of the contract, its future prospects or returns.
iv) Please know the associated risks and the applicable charges, from your Insurance
agent or the Intermediary or policy document of the insurer.
v) The various fund types offered under this contract are the names of the funds and
do not in any way indicate the quality of these plans, their future prospects and
returns.
vi) All benefits under the policy are also subject to the Tax Laws and other financial
enactments as applicable from �me to �me.
vii) The actual value of units under your policy in the IRDAI prescribed FORM D02 can
be viewed through a secured login on the Corpora�on’s website (www.licindia.in)
14. Reinstatement:
Reinstatement of a surrendered policy shall not be allowed.
15. Risks factors and Disclaimers :
16. Free look period:
If you are not sa�sfied with the “Terms and Condi�ons” of the policy, the policy may
be returned to us within 15 days (30 days in case of Online sale) from the date of
receipt of the policy bond sta�ng the reasons of objec�ons. On receipt of the same
theCorpora�onshallcancel thepolicyand theamount tobe refundedshallbeasunder:
Value of units in the Unit Fund
Plus Unallocated Premium (equal to Alloca�on Charge mul�plied by Premium
received)
Plus Propor�onate Mortality Charges and Accident Benefit charge, if any, for the
balance period from the date of op�ng for Free-Look to the end of the policy
month for which the respec�ve charges have been deducted
Plus Tax Charges deducted
Less Actual cost of medical examina�on and special reports, if any,
Less Stamp duty@ Rs.0.20 per thousand Basic Sum Assured and Accident Benefit
Sum Assured, if any.
17. Loan:
No loan shall be allowed under this plan.
18. Nomina�on and Assignment:
Nomina�on shall be as per Sec�on 39 of the Insurance Act, 1938, as amended from
�me to �me.
Assignment shall be as per Sec�on 38 of the Insurance Act, 1938, as amended from
�me to �me.

Suicide Clause: If Life Assured commits suicide, within 12 months from the date of
commencement of policy or from the date of revival of the policy, the nominee or
beneficiary of the policyholder shall be en�tled to the Unit Fund Value available as
on the date of in�ma�on of death alongwith death cer�ficate. The Corpora�on
will not entertain any claim under the policy and the policy shall terminate
Any charges other than Fund Management Charges (FMC) recovered subsequent
to the date of death shall be added back to the Fund Value as available on the date
of in�ma�on of death along with death cer�ficate. Any Guaranteed Addi�ons
added subsequently to the date of death ( in case of delay in in�ma�on of death
claim) shall be recovered from the Unit fund..This clause shall not be applicable in
case age at entry/ age at Revival of the Life Assured is below 8 years.
Benefit Illustra�on:
Illustra�on 1:
19. Exclusions:
Age of Life Assured
Policy Term
Premium paying mode
Premium ( Rs)
Basic Sum Assured ( Rs)
Mode of purchase
Type of Fund
30
25
Quarterly
30,000
12,00,000
Offline
Bond
Benefits @ 4% p.a. (Rs) Benefits @ 8% p.a. (Rs)
Total Maturity
Benefit
(Fund Value)
40,04,293 69,17,669
Net Yield 6.43%
Benefits @ 4% p.a. (Rs) Benefits @ 8% p.a. (Rs)
End of
Policy
Dura�on
(Year)
Cumula�ve
premium
(Rs)
Fund Value
(Rs)
Death
Benefit
(Rs)
Fund Value
(Rs)
Death
Benefit
(Rs)
6
15
20
25
7,20,000
18,00,000
24,00,000
30,00,000
6,000
18,000
24,000
30,000
7,21,223
20,82,359
29,80,302
40,04,293
12,00,000
20,82,359
29,80,302
40,04,293
8,14,046
28,43,445
45,65,888
69,17,669
12,00,000
28,43,445
45,65,888
69,17,669
Guaranteed
Addi�ons
(Rs)
Benefits Under plan:
Disclaimer
i) This illustra�on is applicable to a non-smoker male/female standard (from
medical, life style and occupa�on point of view) life for a policy purchased offline,
wherein LIC’s linked Accidental Death Benefit rider is not opted.
ii) In this benefit illustra�on it is assumed that the Projected Investment Rate of
Return that LICI will be able to earn throughout the term of the policy will be 4% p.a.
or 8% p.a., as the case may be. The Projected Investment Rate of Return is not
guaranteed and they are not upper or lower limits of what you might get back as
the value of your policy is dependant on a number of factors including future
investment performance.”
iii) The above illustra�on has been given considering the prevailing Tax Charge (GST)
of 18% which is subject to change from �me to �me.
iv) The main objec�ve of the illustra�on is that the client is able to appreciate the
features of the product and the flow of benefits in different circumstances with
some level of quan�fica�on.
v) LIC does not authorize its agents/intermediaries, staff and officials to express their
opinion on the future performance of the “ULIP” fund, excep�ng the above
illustra�ve rate of 4% and 8% growth.
SECTION 45 OF THE INSURANCE ACT, 1938
The provision of Sec�on 45 of the Insurance Act, 1938 shall be as amended from
�me to �me. The simplified version of this provision is as under:
Provisions regarding policy not being called into ques�on in terms of Sec�on 45 of
the Insurance Act, 1938 are as follows:
1. No Policy of Life Insurance shall be called in ques�on on any ground whatsoever
a�er expiry of 3 yrs from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
2. On the ground of fraud, a policy of Life Insurance may be called in ques�on within 3
years from
a. the date of issuance of policy or
b. the date of commencement of risk or
c. the date of revival of policy or
d. the date of rider to the policy
whichever is later.
For this, the insurer should communicate in wri�ng to the insured or legal
representa�ve or nominee or assignees of insured, as applicable, men�oning the
ground and materials on which such decision is based.
3. Fraud means any of the following acts commi� ed by insured or by his agent, with the
intent todeceive theinsureror toinduce theinsurer toissuealifeinsurancepolicy:
a. The sugges�on, as a fact of that which is not true and which the insured does
not believe to be true;
b. The ac�ve concealment of a fact by the insured having knowledge or belief of
the fact;
c. Any other act fi� ed to deceive; and
d. Any such act or omission as the law specifically declares to be fraudulent.
4. Mere silence is not fraud unless, depending on circumstances of the case, it is the

duty of the insured or his agent keeping silence to speak or silence is in itself
equivalent to speak.
5. No Insurer shall repudiate a life insurance Policy on the ground of Fraud, if the
Insured / beneficiary can prove that the misstatement was true to the best of his
knowledge and there was no deliberate inten�on to suppress the fact or that such
mis-statement of or suppression of material fact are within the knowledge of the
insurer. Onus of disproving is upon the policyholder, if alive, or beneficiaries.
6. Life insurance Policy can be called in ques�on within 3 years on the ground that any
statement of or suppression of a fact material to expectancy of life of the insured
was incorrectly made in the proposal or other document basis which policy was
issued or revived or rider issued. For this, the insurer should communicate in
wri�ng to the insured or legal representa�ve or nominee or assignees of insured,
as applicable, men�oning the ground and materials on which decision to repudiate
the policy of life insurance is based.
7. In case repudia�on is on ground of mis-statement and not on fraud, the premium
collected on policy �ll the date of repudia�on shall be paid to the insured or legal
representa�ve or nominee or assignees of insured, within a period of 90 days from
the date of repudia�on.
8. Fact shall not be considered material unless it has a direct bearing on the risk
undertaken by the insurer. The onus is on insurer to show that if the insurer had
been aware of the said fact, no life insurance policy would have been issued to the
insured.
9. The insurer can call for proof of age at any �me if he is en�tled to do so and no
policy shall be deemed to be called in ques�on merely because the terms of the
policy are adjusted on subsequent proof of age of life insured. So, this Sec�on will
not be applicable for ques�oning age or adjustment based on proof of age
submi� ed subsequently.
[Disclaimer: This is not a comprehensive list of Sec�on 45 of the Insurance Act,
1938 and only a simplified version prepared for general informa�on. Policy
Holders are advised to refer to the Sec�on 45 of Insurance Act, 1938, for
complete and accurate details. ]
Prohibi�on of rebates (Sec�on 41 of Insurance Act, 1938) as :
1) No person shall allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or con�nue an insurance in respect
of any kind of risk rela�ng to lives or property in India, any rebate of the whole or
part of the commission payable or any rebate of the premium shown on the policy,
nor shall any person taking out or renewing or con�nuing a policy accept any
rebate, except such rebate as may be allowed in accordance with the published
prospectuses or tables of the insurer.
2) Any person making default in complying with the provisions of this sec�on shall be
liable for a penalty which may extend to ten lakh rupees.