{"uin":"512L334V02","name":"LIC's SIIP","url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02","insurer":{"slug":"lic","name":"Life Insurance Corporation of India","url":"https://indiainsurances.com/insurer/lic"},"line":"life","category":"ulip","category_name":"ULIPs (unit-linked plans)","irdai_type":"ULIP","kind":"product","status":"active","approved_on":"2025-01-01","withdrawn_on":null,"summary":"LIC's SIIP is a non-par unit linked individual savings plan with regular premiums, a choice of four funds and life cover of 10 or 7 times the annualized premium depending on entry age. It adds Guaranteed Additions of 5% to 25% of one annualized premium at set policy years, refunds mortality charges at maturity and has a 5-year lock-in.","analysis":{"state":"extracted","analysed_at":"2026-10-16 07:11:50.021952+00","note":"Every stated fact carries a verbatim quote found in the cited clause."},"facts":[{"key":"plan_variants","label":"Plans and variants","section":"Overview","meaning":"The named plans inside this product (not cover types or payout options). Facts can differ between them.","status":"not-stated","value":null,"display":null,"note":"The documents describe one plan with no named variants. Premium allocation charges differ for offline and online sale.","quote":null,"sources":[],"law":[]},{"key":"policy_term","label":"Policy term","section":"Eligibility","meaning":"How long one policy runs before it ends or must be renewed.","status":"cross-checked","value":"10 to 25 years, chosen by the policyholder.","display":"10 to 25 years","note":"From the sales brochure. The policy wording leaves the term to the Schedule.","quote":"vi | Mini mum Policy Term | 10 Years ... vii | Maxi mum Policy Term | 25 Years ... Policy Term is the period, in years, as chosen by the policyholder","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"},{"clause":"52","heading":null,"page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-52"}],"law":[]},{"key":"claim_intimation","label":"Claim intimation deadline","section":"Claims","meaning":"How soon you must tell the insurer about a claim or hospitalisation.","status":"cross-checked","value":"The insured event must be intimated to the Corporation at the earliest possible time.","display":"At the earliest possible time","note":null,"quote":"Policyholder or the Life Assured or the claimant, as applicable, is required to intimate the Corporation, about the happening of the insured event resulting into a claim under the insurance policy, at the earliest possible time.","sources":[{"clause":"6(a)","heading":"Death Claim","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-6-a-3"}],"law":[{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 20, 21","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_documents","label":"Claim documents","section":"Claims","meaning":"Documents the insurer asks for when you claim.","status":"cross-checked","value":["Claim forms as prescribed by the Corporation","Original policy document","NEFT mandate from the claimant","Proof of title","Proof of death","Medical treatment prior to the death","School/ college/ employer's certificate, whichever is applicable","Proof of age, if age is not admitted","FIR, Panchnama and Post Mortem report for unnatural or accidental death","Discharge form for claims other than death"],"display":"Claim forms, original policy, NEFT mandate, proof of title, proof of death, medical treatment records, proof of age if not admitted; FIR, panchnama and post mortem for accidental death","note":"The Corporation may also call for additional documents.","quote":"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, 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 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.","sources":[{"clause":"6(a)","heading":"Death Claim","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-6-a-3"},{"clause":"6(b)","heading":"On termination of policy other than Death Claim","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-6-b-3"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 17","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 23","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_settlement_time","label":"Claim settlement time promised","section":"Claims","meaning":"How quickly the policy says a claim is decided or paid, and from when that is counted (intimation or last document).","status":"cross-checked","value":"Death claims not requiring investigation are settled in 15 days; early death claims requiring investigation are decided and paid in 45 days; maturity claims are settled on the due date.","display":"15 days for death claims without investigation; 45 days with investigation","note":"From the CIS turnaround table. The CIS does not say from when the days are counted.","quote":"Death claims settlements not requiring Investigation s | 15 Days ... Early Death Claims requiring investigation s -decision & | 45 Days ... Settlement of Maturity Claims | On due date","sources":[{"clause":"Row 1","heading":"Death Claims","page":4,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/79#c-row-1-2"},{"clause":null,"heading":"If the policy is Surrendered after 5","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/79#c-if-the-policy-is-surrendered-after-5-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 64UM(4) to (6)","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 10","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 15","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 16","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(i), V.3(ii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 23","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"The Motor Vehicles Act, 1988: Chapter XI, insurance of motor vehicles against third party risks","section":"Section 149","url":"https://indiainsurances.com/law/motor-vehicles-act-1988"}]},{"key":"exclusions_main","label":"Main exclusions","section":"Exclusions","meaning":"What the policy does not pay for, in the policy's own words.","status":"cross-checked","value":["Suicide within 12 months from the Date of Commencement of risk or from the Date of Revival: only the Unit Fund Value is paid"],"display":"Suicide within 12 months: only the Unit Fund Value is paid","note":"Suicide is the only exclusion printed in the wording, the CIS and the sales brochure.","quote":"If the Life Assured commits suicide within 12 months from the Date of Commencement of risk or from the Date of Revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund Value as available on the date of intimation of death along with death certificate.","sources":[{"clause":"4","heading":"Suicide Exclusion: Notwithstanding the provision of benefits payable on death mentioned","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-4-6"}],"law":[{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 11","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 16","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grievance","label":"Grievance route","section":"Claims","meaning":"Who to complain to first, as stated in the policy, before going to the Insurance Ombudsman.","status":"cross-checked","value":"Complain first to the Grievance Redressal Officers at the Branch, Divisional, Zonal or Central Office, through the Customer Portal or at co_complaints@licindia.com; death claim repudiations can be referred to the Zonal or Central Office Claims Dispute Redressal Committee. If there is no satisfactory reply within 15 days, approach IRDAI, then the Insurance Ombudsman.","display":"LIC Grievance Redressal Officers (Branch/Divisional/Zonal/Central Office), then IRDAI after 15 days, then Ombudsman","note":"IRDAI: toll free 155255/18004254732, complaints@irdai.gov.in, bimabharosa.irdai.gov.in. CIS: complaint decision in 14 days.","quote":"The Corporation has Grievance Redressal Officers (GROs) at Branch/ Divisional/ Zonal/ Central Office to redress grievances of customers. ... 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 co_complaints@licindia.com 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. ... In case the customer is not satisfied with the response or do not receive the response from us within 15 days, then the customer may approach the Policyholder's Protection and Grievance Redressal Department ... For redressal of Claims related grievances, claimants can also approach Insurance Ombudsman ... Calling Toll Free Number 155255/18004254732 ... Sending an email to complaints@irdai.gov.in ... Register the complaint online at https://bimabharosa.irdai.gov.in/ ... Action on Complaint and Intimation of decision to the complainant | 14 days","sources":[{"clause":"Section 45","heading":"of the Insurance Act, 1938","page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45"},{"clause":"Section 45(iv)","heading":null,"page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45-iv"},{"clause":"Section 45(i)","heading":null,"page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45-i"},{"clause":"Section 45(ii)","heading":null,"page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45-ii"},{"clause":"Section 45(iii)","heading":null,"page":23,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45-iii"},{"clause":null,"heading":"If the policy is Surrendered after 5","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/79#c-if-the-policy-is-surrendered-after-5-2"}],"law":[{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 3","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 4","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 5","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(11)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(42)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 34","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 69","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Insurance Act, 1938","section":"Section 38","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 12","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 19","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 20","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 13","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(5), 5(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(9)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 25","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 26","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 11","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"Review of revision in premium rates under health insurance policies for senior citizens, 2025","section":"Para 3","url":"https://indiainsurances.com/law/irdai-senior-premium-2025"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 13","url":"https://indiainsurances.com/law/ombudsman-rules-2017"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 14","url":"https://indiainsurances.com/law/ombudsman-rules-2017"}]},{"key":"sum_assured","label":"Sum assured","section":"Cover","meaning":"The minimum and maximum life cover, or the rule that sets it (for example 10 times the annual premium).","status":"cross-checked","value":"Basic Sum Assured is 10 times the Annualized Premium if entry age is below 55 years, and 7 times if entry age is 55 years and above.","display":"10 times annualized premium (entry age below 55); 7 times (55 and above)","note":"Brochure: minimum yearly premium Rs. 42,000 (Rs. 3,500 monthly), no maximum premium subject to underwriting. Increase or decrease of Basic Sum Assured is not allowed.","quote":"Where Basic Sum Assured is equal to '10 times of Annualized Premium in case age at entry of Life Assured is below 55 years and 7 times of Annualized Premium in case age at entry of Life Assured is 55 years and above ... Yearly | 42,000/- ... Monthly (NACH) | 3,500/- ... No Limit. The maximum premium allowed to each individual will be subject to under writing decision ... No increase/decrease of Basic Sum Assured will be allowed under the plan.","sources":[{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-ii"},{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"},{"clause":"2","heading":"Increase/Decrease in Benefits","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-2-6"}],"law":[]},{"key":"death_benefit","label":"Death benefit","section":"Cover","meaning":"What your family gets if you die during the term, and how it is calculated.","status":"cross-checked","value":"After the risk starts: the highest of the Basic Sum Assured less partial withdrawals in the two years before death, the Unit Fund Value, or 105% of total premiums received less such withdrawals. Before the risk starts: the Unit Fund Value. Charges recovered after death are added back.","display":"Highest of Basic Sum Assured, Unit Fund Value or 105% of premiums received","note":"For entry ages below 8 years risk starts after 2 years or at the policy anniversary after age 8, whichever is earlier. Death benefit can be paid in instalments over up to 5 years under the Settlement Option. Reduced paid-up policies use the Paid-up Sum Assured.","quote":"On death before the Date of Commencement of Risk: ... An amount equal to the Unit Fund Value as on date of intimation of death shall be payable. ... An amount equal to the highest of the following shall be payable ... Basic Sum Assured reduced by Partial Withdrawals, if any, made during the two years period immediately preceding the date of death ; or ... Unit Fund Value as on date of intimation of death; or ... 105% of the total premiums received upto the Date of Death reduced by Partial withdrawals, ,if any, made during the two years period immediately preceding the date of death ... Mortality charge, Accident Benefit charge, Policy Administration Charge and Tax charges thereon recovered subsequent to the date of death shall be added back to the Unit Fund Value ... 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 completion of 2 years from the date of commencement of policy or on the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. ... spread over a period of not more than five years from the date of intimation of death of Life Assured ... Paid up Sum Assured reduced by Partial Withdrawal, if any, made during the two year period immediately preceding the death of the Life Assured","sources":[{"clause":"1(i)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-i"},{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-ii"},{"clause":"3","heading":"Date of Commencement of Risk","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-3"},{"clause":"12","heading":"Settlement Option","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-12-2"},{"clause":"3(iv)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-iv-2"}],"law":[]},{"key":"maturity_benefit","label":"Maturity benefit","section":"Cover","meaning":"What you get if you survive to the end of the term.","status":"cross-checked","value":"The Unit Fund Value on the date of maturity, plus a refund of the total mortality charges deducted if all due premiums have been paid.","display":"Unit Fund Value plus refund of mortality charges","note":"The refund excludes extra underwriting mortality charges and tax on them, and is not paid on surrendered or discontinued policies. Guaranteed Additions of 5% to 25% of one annualized premium are added at the end of policy years 6, 10, 15, 20 and 25.","quote":"On the Life Assured surviving the stipulated Date of Maturity, an amount equal to the Unit Fund Value as on the date of maturity shall be payable. ... C. Refund of Mortality Charge: On the Life Assured surviving the stipulated 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. ... The total amount of mortality charges shall not include any extra amount chargeable under the policy due to underwriting decision and tax charges levied on the mortality charges, if any. ... Refund of Mortality Charge shall not be payable in case of surrendered or discontinued policy. ... End of Policy Year | Guaranteed Additions (as percentage of one Annualized Premium) 6 | 5% 10 | 10% 15 | 15% 20 | 20% 25 | 25%","sources":[{"clause":"1","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-3"},{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-ii"},{"clause":"2","heading":"Guaranteed Additions","page":8,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-2-3"}],"law":[]},{"key":"premium_paying_term","label":"Premium paying term","section":"Premium","meaning":"For how many years you pay premiums.","status":"cross-checked","value":"Same as the policy term (regular premium).","display":"Same as policy term","note":"From the sales brochure.","quote":"viii | Pre mium Paying Term | Same as Policy Term","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"}],"law":[]},{"key":"maturity_age","label":"Maximum maturity age","section":"Eligibility","meaning":"The oldest age at which cover ends.","status":"cross-checked","value":"Maximum maturity age 85 years (nearer birthday); minimum 18 years (completed).","display":"85 years (nearer birthday)","note":"From the sales brochure.","quote":"x | Mini mum Matu rity Age | [18] years (Completed) ... xi | Maxi mum Matu rity Age | [85] years (nearer birthday)","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"}],"law":[]},{"key":"suicide_clause","label":"Suicide clause","section":"Exclusions","meaning":"What is paid if death is by suicide within the first 12 months.","status":"cross-checked","value":"Suicide within 12 months from the Date of Commencement of risk or revival: the Unit Fund Value on the date of intimation of death is paid, with charges other than FMC recovered after death added back. Not applicable if age at entry or revival is below 8 years.","display":"Unit Fund Value only, if suicide within 12 months","note":"Guaranteed Additions added after the date of death are recovered.","quote":"If the Life Assured commits suicide within 12 months from the Date of Commencement of risk or from the Date of Revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the Unit Fund Value as available on the date of intimation of death along with death certificate. ... Any charges and Tax levied thereon other than Fund Management Charges (FMC) and Tax levied on FMC recovered subsequent to the date of death shall be added back to the Unit Fund Value ... This clause shall not be applicable in case age at entry /age at revival of the Life Assured is below 8 years. ... Any Guaranteed Addition added subsequently to the date of death shall be recovered from the Unit Fund.","sources":[{"clause":"4","heading":"Suicide Exclusion: Notwithstanding the provision of benefits payable on death mentioned","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-4-6"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 21","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 35","url":"https://indiainsurances.com/law/irdai-life-products-2024"}]},{"key":"surrender","label":"Surrender value","section":"Renewal and rights","meaning":"What you get if you stop the policy early, and from when.","status":"cross-checked","value":"The policy can be surrendered at any time. During the 5-year lock-in, the Unit Fund Value less the Discontinuance Charge moves to the Discontinued Policy Fund and is paid at the end of the lock-in. After the lock-in, the Unit Fund Value is paid with no Discontinuance Charge.","display":"Unit Fund Value; paid only after the 5-year lock-in","note":"The Discontinued Policy Fund earns at least the guaranteed interest rate, currently 4% p.a. On death after surrender in the lock-in, the proceeds are paid immediately.","quote":"A policy can be surrendered anytime during the policy term. ... the Unit Fund Value after deducting the Discontinuance Charge as specified in Condition 8.(d).(iv) of Part E of this Policy Document shall be converted into monetary amount ... This monetary amount shall be transferred to the Discontinued Policy Fund ... shall be payable at the end of Lock-in-Period and the policy shall terminate. ... If a Policyholder applies for surrender of the policy after 5 years' Lock-in-period, then the Unit Fund Value as on the date of intimation of surrender shall be payable to the Policyholder and the policy shall terminate. There will be no Discontinuance Charge under the policy. ... in case of death of the Life Assured after the date of surrender but before the end of the Lock-in-period, the Proceeds of Discontinued Policy Fund in respect of this policy shall be payable to the nominee/ legal heir immediately ... Currently this guaranteed interest rate is 4% p.a.","sources":[{"clause":"3","heading":"Non – Forfeiture regulations","page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-4"},{"clause":"3(i)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-i"},{"clause":"3(ii)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-ii"},{"clause":"3(iv)","heading":null,"page":12,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-iv-2"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.1 to 26.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 26.4 and 26.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 27","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.3","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.16 and 1.17","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(1) to (3)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(4) and (5)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(A)(a)(6) to (9)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)(c)(V)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"paid_up","label":"Paid-up value","section":"Renewal and rights","meaning":"What cover continues if you stop paying premiums after a few years.","status":"cross-checked","value":"If premiums stop after the 5-year lock-in, the policy becomes reduced paid-up with Paid-Up Sum Assured equal to Basic Sum Assured times premiums paid divided by premiums payable, without rider cover; charges continue. If not revived, the Unit Fund Value is paid at the end of the revival period or maturity, whichever is earlier.","display":"Reduced paid-up after the 5-year lock-in","note":"If premiums stop during the lock-in, the fund moves to the Discontinued Policy Fund and risk cover ends.","quote":"If the policy is discontinued after the Lock-in- Period: ... 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 multiplied by the ratio of Total number of premiums paid to the original number of premiums payable as per the terms and conditions of the Policy}. The policy shall continue to be in reduced paid-up status without rider cover ... the Unit Fund Value as on the date of expiry of Revival Period or as on the date of Maturity, whichever is earlier, shall be payable at the end of the revival period or date of maturity, whichever is earlier, and the Policy shall be terminated. ... Further, all charges (except Accident Benefit Charge) as specified in Condition 8 of Part E below shall also continue to be deducted. ... If the policy is discontinued during the Lock-in-period: Upon expiry of the grace period, the Unit Fund Value after deducting the applicable Discontinuance Charge ... This monetary amount shall be transferred to the Discontinued Policy Fund as specified in Condition D below and the risk cover and rider cover, if any, shall cease.","sources":[{"clause":"3(II)","heading":null,"page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-ii-3"},{"clause":"3(ii)","heading":null,"page":11,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-ii-4"},{"clause":"3(I)","heading":null,"page":10,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-i-2"}],"law":[]},{"key":"revival","label":"Revival period","section":"Renewal and rights","meaning":"How long after lapsing you can restart the policy.","status":"cross-checked","value":"Three consecutive complete years from the date of the first unpaid premium, or up to the date of maturity, whichever is earlier.","display":"3 years from first unpaid premium (or maturity, if earlier)","note":"Revival needs payment of all due premiums without interest and is subject to Continued Insurability and underwriting.","quote":"Revival Period is the period of three consecutive complete years from the date of first unpaid premium or upto date of Maturity, whichever is earlier. ... On payment of all due and unpaid premium without interest. ... The Revival shall be subject to satisfaction of Continued Insurability of the Life Assured ... The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy as per the “Board Approved Underwriting Policy” of the Corporation.","sources":[{"clause":"61","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-61"},{"clause":"5(a)","heading":null,"page":13,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-5-a-2"},{"clause":"5(b)","heading":null,"page":13,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-5-b-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.6","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.7","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.10","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.28","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.39","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"policy_loan","label":"Policy loan","section":"Renewal and rights","meaning":"Whether you can borrow against the policy.","status":"cross-checked","value":"No loan facility is available under this policy.","display":"Not available","note":null,"quote":"No loan facility is available under this policy.","sources":[{"clause":"9","heading":"Policy Loan","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-9-3"}],"law":[]},{"key":"riders_available","label":"Riders available","section":"Cover","meaning":"Optional add-ons such as accidental death, critical illness or waiver of premium.","status":"cross-checked","value":["LIC's Linked Accidental Death Benefit Rider (UIN: 512A211V02)"],"display":"LIC's Linked Accidental Death Benefit Rider","note":"Can be opted at a policy anniversary with at least 5 years of term left, up to age 65. Charge Rs. 0.40 per thousand Accident Benefit Sum Assured a year.","quote":"LIC's Linked Accidental Death Benefit Rider (UIN: 512A211V02): Under an inforce policy the LIC's Linked Accidental Death Benefit Rider can be opted for by the eligible Life Assured, 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. ... A level annual charge shall be at the rate of Rs. 0.40 per thousand Accident Benefit Sum Assured per policy year.","sources":[{"clause":"5","heading":"Rider Benefits","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-5-3"},{"clause":"8(c)","heading":null,"page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-c"}],"law":[]},{"key":"section45","label":"Claims after 3 years (Section 45)","section":"Claims","meaning":"After 3 years a life policy cannot be questioned on any ground, and only for fraud with proof before that.","status":"cross-checked","value":"After three years from the date of issuance, commencement of risk, revival or rider, whichever is later, the policy cannot be called in question on any ground; within three years it can be questioned on the ground of fraud or of a material fact incorrectly stated or suppressed in the proposal.","display":"Cannot be questioned after 3 years","note":"Printed in Annexure 3 of the policy wording.","quote":"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 ... 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 ... 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","sources":[{"clause":"Section 45","heading":"as per the Insurance Act 1938","page":27,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45-2"},{"clause":"Section 45(d)","heading":null,"page":27,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-section-45-d"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 45","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 10","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.6","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"tax_note","label":"Tax note in the document","section":"Premium","meaning":"What the document says about tax benefits. Not stated when it only says taxes are charged on the premium. Tax law changes; confirm separately.","status":"not-stated","value":null,"display":null,"note":"The sales brochure only says to consult a tax advisor about income tax benefits; the wording says tax charges are levied on charges and benefits are subject to tax laws.","quote":null,"sources":[],"law":[]},{"key":"free_look","label":"Free-look period","section":"Renewal and rights","meaning":"Days after you receive the policy in which you can return it for a refund if you do not agree with its terms.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days","note":"Refund is the value of units plus unallocated premium, proportionate mortality and accident benefit charges and tax, less medical examination cost and stamp duty of Rs.0.20 per thousand sum assured. CIS: refund within 7 days of the request.","quote":"During the Free Look period of 30 days from the date of receipt of the electronic of physical mode of the Policy Document by the Policyholder ... Plus Unallocated Premium (equal to Allocation Charge multiplied by Premium received) ... Less Actual cost of medical examination (including special reports, if any), Less Stamp duty @ Rs.0.20 per thousand Basic Sum Assured ... Free Look cancellation and refund from the date of receipt of request | 7 days","sources":[{"clause":"10","heading":"Free Look period","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-10-2"},{"clause":null,"heading":"If the policy is Surrendered after 5","page":5,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/79#c-if-the-policy-is-surrendered-after-5-2"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 5","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(1), 20(2)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(3) to 20(5)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, II.8","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grace_period","label":"Grace period","section":"Renewal and rights","meaning":"Days you get after the due date to pay without losing cover or continuity.","status":"cross-checked","value":{"unit":"days","amount":30},"display":"30 days (15 days for monthly)","note":"15 days for monthly (NACH) premiums.","quote":"A grace period of 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly (through NACH) premiums from the date of First unpaid Premium.","sources":[{"clause":"6","heading":"Grace period","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-6-3"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 50","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 8","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 9","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 8","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, IV.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.2","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 1.3","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"eligibility_entry_age","label":"Entry age","section":"Eligibility","meaning":"The youngest and oldest age at which you can buy this policy.","status":"cross-checked","value":"30 days (completed) to 65 years (nearer birthday); maximum 54 years for 10 times cover.","display":"30 days to 65 years","note":"From the sales brochure. Entry ages 55 to 65 get 7 times annualized premium cover.","quote":"iv | Mini mum Age at entry | [30] Days (completed) ... 10 times of Annualized Premium | [54] years (nearer birthday) ... 7 times of Annualized Premium | [65] years(nearer birthday) ... From [55] years (nearer birthday) To[65] years (nearer birthday) | 7 times of Annual ized premium","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"}],"law":[]},{"key":"premium_modes","label":"Premium payment options","section":"Premium","meaning":"How often you can pay: yearly, half-yearly, quarterly, monthly.","status":"cross-checked","value":["Yearly","Half-yearly","Quarterly","Monthly (through NACH)"],"display":"Yearly, half-yearly, quarterly, monthly (NACH)","note":"Brochure minimum premiums: Rs. 42,000 yearly, 21,000 half-yearly, 10,500 quarterly, 3,500 monthly.","quote":"yearly or half-yearly or quarterly premiums and 15 days for monthly (through NACH) premiums ... Yearly | 42,000/- Half-yearly | 21,000/- Quarterly | 10,500/- Monthly (NACH) | 3,500/-","sources":[{"clause":"6","heading":"Grace period","page":9,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-6-3"},{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"}],"law":[]},{"key":"premium_type","label":"Premium payment type","section":"Premium","meaning":"Single premium, regular premium (every year of the term) or limited premium (fewer years than the term).","status":"cross-checked","value":["Regular premium"],"display":"Regular premium","note":"From the sales brochure. Top-ups are not allowed.","quote":"viii | Pre mium Paying Term | Same as Policy Term ... Top - up – No top – up shall be allowed under the plan.","sources":[{"clause":"1","heading":"Eligibility conditions and other restrictions","page":3,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-1"},{"clause":"3","heading":"Top - up","page":22,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-3-6"}],"law":[]},{"key":"lock_in","label":"Lock-in period","section":"Renewal and rights","meaning":"Years before you can withdraw. ULIPs have a 5-year lock-in.","status":"cross-checked","value":{"unit":"years","amount":5},"display":"5 years","note":null,"quote":"Lock-in-period means the period of five consecutive complete policy years from the Date of Commencement of the Policy, during which period the proceeds of the policies cannot be paid, except in case of death of the Life Assured.","sources":[{"clause":"35","heading":"Lock-in-period","page":6,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-35"}],"law":[{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.1 and 40.1.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 40.1.5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 4","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 42","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Para 54.1 and 54.2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, IV.5","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 1.22 to 1.24","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 4(B)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vii) to (ix)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule I, Para 2(A)(vi)","url":"https://indiainsurances.com/law/irdai-products-regs-2024"}]},{"key":"funds","label":"Fund options","section":"Cover","meaning":"The investment funds you can choose and their risk.","status":"cross-checked","value":["Bond Fund (Low Risk)","Secured Fund (Lower to Medium Risk)","Balanced Fund (Medium Risk)","Growth Fund (High Risk)"],"display":"Bond, Secured, Balanced and Growth funds","note":"Only one fund can be held at a time. Discontinued policies move to the Discontinued Policy Fund.","quote":"choose any One of the following four funds ... i. Fund Name: Bond Fund, SFIN No: ULIF00124/12/18LICULIPBND512 (Low Risk) ... ii. Fund Name: Secured Fund, SFIN No: ULIF00224/12/18LICULIPSEC512(Lower to Medium Risk) ... iii) Fund Name: Balanced Fund, SFIN No: ULIF00324/12/18LICULIPBAL512 (Medium Risk) ... iv) Fund Name: Growth Fund, SFIN No: ULIF00424/12/18LICULIPGRW512, (High Risk)","sources":[{"clause":"1","heading":"Fund Unit Allocation and Investment of Fund","page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-5"},{"clause":"1(ii)","heading":"Government securities","page":16,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-ii-2"},{"clause":"1(iii)","heading":"Fund Name","page":16,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-iii"},{"clause":"1(iv)","heading":"Fund Name","page":16,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-iv"}],"law":[]},{"key":"premium_allocation_charge","label":"Premium allocation charge","section":"Charges","meaning":"Part of each premium taken before investing.","status":"cross-checked","value":"Offline sale: 8.00% of instalment premium in the first year, 5.50% in years 2 to 5, 3.00% thereafter. Online sale: 3%, 2% and 1%.","display":"Offline 8.00% / 5.50% / 3.00%; online 3% / 2% / 1%","note":"The sales brochure table omits the offline 5.50% figure for years 2 to 5.","quote":"The allocation charges as percentage of Instalment Premium are as below: ... Offline sale | Online sale ... First Year: | 8.00% | 3% ... 2nd to 5th Year: | 5.50% | 2% ... Thereafter: | 3.00% | 1% ... 2nd to 5th Year | 2%","sources":[{"clause":"8(a)","heading":"Premium Allocation Charge","page":19,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-a"},{"clause":"9","heading":"Charges under the Plan","page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-9"}],"law":[]},{"key":"policy_admin_charge","label":"Policy administration charge","section":"Charges","meaning":"Monthly charge deducted from your fund.","status":"cross-checked","value":"Rs 150 per month from the 6th policy year, escalating at 5% p.a. from the 7th year, up to Rs 500 per month.","display":"Rs 150 per month from year 6, rising 5% a year, max Rs 500 per month","note":"No policy administration charge in the first 5 years.","quote":"This Charge shall be levied at the beginning of each policy month from 6th policy year till the end of policy term at the rate of Rs 150 per month escalating at the rate of 5% p.a. from 7th year onwards and shall be subject to maximum of Rs 500 per month (i.e. Rs 6000 p.a.)","sources":[{"clause":"8(d)(ii)","heading":"Policy Administration Charge","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-d-ii"}],"law":[]},{"key":"fund_management_charge","label":"Fund management charge","section":"Charges","meaning":"Yearly charge on fund value; capped at 1.35% by IRDAI.","status":"cross-checked","value":"1.35% p.a. of the Unit Fund for all four funds; 0.50% p.a. for the Discontinued Policy Fund.","display":"1.35% p.a.","note":"Deducted daily through the NAV.","quote":"1.35% p.a. of Unit Fund for all the four fund types available under an inforce policy i.e. Bond Fund, Secured Fund, Balanced Fund and Growth Fund ... 0.50% p.a. of Unit Fund for \"Discontinued Policy Fund\" ... This is a charge levied at the time of computation of NAV, which will be done on daily basis.","sources":[{"clause":"8(d)(i)","heading":"Fund Management Charge","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-d-i"}],"law":[]},{"key":"mortality_charge","label":"Mortality charge","section":"Charges","meaning":"Cost of life cover, deducted monthly by age.","status":"cross-checked","value":"Age-specific charge per Rs 1000 Sum at Risk, deducted monthly at one twelfth of the annual rate, and refunded at maturity if all premiums are paid.","display":"Age-based, per Rs 1000 sum at risk, monthly","note":"Sum at Risk is the highest of Basic Sum Assured, Unit Fund Value or 105% of premiums, less the Unit Fund Value; charged only when the Basic Sum Assured exceeds the Unit Fund Value. Example annual rate at age 35: 1.62 per thousand. Also depends on health, occupation and lifestyle.","quote":"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 the appropriate number of units out of the Unit Fund Value. The monthly charges will be one twelfth of the annual Mortality Charges given in the Table below. ... Annual Mortality Charge per Rs 1000/- Sum at Risk ... 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. ... Where Sum at Risk during the Policy Term shall be the highest of ... The Mortality charges shall be deducted only if, the Basic Sum Assured/Paid-up Sum Assured, whichever is applicable, is more than the Unit Fund Value on the date of deduction. ... this charge shall also depend on health, occupation and lifestyle of the Policyholder ... 35 | 1.62","sources":[{"clause":"8(b)","heading":null,"page":19,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-b"},{"clause":null,"heading":"Annual Mortality Charge per Rs 1000/- Sum at Risk","page":19,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-annual-mortality-charge-per-rs-1000-sum-at-risk"},{"clause":"1(ii)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-1-ii"}],"law":[]},{"key":"discontinuance_charge","label":"Discontinuance charge","section":"Charges","meaning":"Charge if you stop paying in the first five years.","status":"cross-checked","value":"Annualized premium up to Rs 50,000: lower of 20% of AP or FV (max Rs. 3000) in year 1, 15% (max Rs. 2000) in year 2, 10% (max Rs. 1500) in year 3, 5% (max Rs. 1000) in year 4. Above Rs 50,000: 6% (max Rs. 6000), 4% (max Rs. 5000), 3% (max Rs. 4000), 2% (max Rs. 2000). NIL from year 5.","display":"Year 1: lower of 20% of AP or FV, max Rs. 3000 (AP up to Rs 50,000); nil from year 5","note":"AP is Annualized Premium and FV is Unit Fund Value on the Date of Discontinuance. The year 3 row is garbled in the wording; the brochure prints 'maximum of Rs. 1,500/-'.","quote":"Discontinuance Charges for the Policies having annualized premium up to Rs 50,000 | Discontinuance Charges for the Policies having annualized premium above Rs 50,000 ... 1 | Lower of 20% multiplied by (AP or FV) subject to maximum of Rs. 3000/- | Lower of 6% multiplied by (AP or FV) subject to maximum of Rs. 6000/- ... 2 | Lower of 15% multiplied by (AP or FV) subject to maximum of Rs. 2000/- | Lower of 4% multiplied by (AP or FV) subject to maximum of Rs. 5000/- ... 3 | Lower of 10% multiplied by (AP or FV) subject to | Lower of 3% multiplied by (AP or FV) subject to maximum of ... maximum of Rs. multiplied by 1500/- | Rs. 4000/- ... 4 | Lower of 5% multiplied by (AP or FV) subject to maximum of Rs. 1000/- | Lower of 2% multiplied by (AP or FV) subject to maximum of Rs. 2000/- ... 5 and onwards | NIL | NIL ... Lower of 10% * (AP or FV) subject to maximum of Rs. 1,500/-","sources":[{"clause":"8(d)(iv)","heading":"Discontinuance Charge","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-d-iv"},{"clause":"Row 1","heading":"Lower of 20% multiplied by (AP or FV) subject to maximum of Rs. 3000/-","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-row-1"},{"clause":"Row 2","heading":"Lower of 15% multiplied by (AP or FV) subject to maximum of Rs. 2000/-","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-row-2"},{"clause":"Row 3","heading":"Lower of 10% multiplied by (AP or FV) subject to","page":20,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-row-3"},{"clause":"Row 4","heading":"Lower of 5% multiplied by (AP or FV) subject to maximum of Rs. 1000/-","page":21,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-row-4"},{"clause":"Row 3","heading":"Lower of 10% * (AP or FV) subject to maximum of Rs. 1,500/-","page":18,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80#c-row-3"}],"law":[]},{"key":"switches_withdrawals","label":"Switches and partial withdrawals","section":"Renewal and rights","meaning":"Free fund switches and withdrawals after lock-in.","status":"cross-checked","value":"4 free switches per policy year, then Rs. 100 per switch. Partial withdrawals allowed after the fifth policy anniversary if all premiums are paid: up to 20% of the fund in years 6 to 10, 25% in years 11 to 15, 30% in years 16 to 20, 35% in years 21 to 25, with Rs. 100 charge each.","display":"4 free switches a year; partial withdrawals after year 5 up to 20% to 35% of fund","note":"Minimum balance after withdrawal of 3 annualized premiums. For minors, only after age 18. Sum assured is reduced by withdrawals for 2 years, and future Guaranteed Additions reduce pro rata.","quote":"During a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a Switching Charge of Rs.100 per switch ... A Policyholder can partially withdraw the units at any time after the fifth policy anniversary and provided all due premiums till date of partial withdrawal have been paid ... 6th to 10th | 20% ... 11th to 15th | 25% ... 16th to 20th | 30% ... 21st to 25th | 35% ... shall be a flat amount of Rs. 100/- ... The above Partial withdrawal shall be allowed subject to minimum balance remaining after allowing for partial withdrawal is not less than 3 annualized premiums. ... In case of minors, partial withdrawals shall be allowed only after Life Assured is aged 18 years or above. ... 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 the amount of partial withdrawals made. ... The Guaranteed Additions to be attached after the date of Partial Withdrawal shall be reduced on pro-rata basis","sources":[{"clause":"11","heading":"Option to switch between the funds","page":14,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-11-2"},{"clause":"13","heading":"Partial Withdrawals","page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-13-2"},{"clause":"13(iii)","heading":null,"page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-13-iii"},{"clause":"8(d)(iv)","heading":"Discontinuance Charge","page":21,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-8-d-iv-2"},{"clause":"13(i)","heading":null,"page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-13-i"},{"clause":"13(v)","heading":null,"page":15,"url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78#c-13-v"}],"law":[]}],"documents":[{"kind":"wording","label":"Policy Document","pages":28,"fetched_at":"2026-10-16 07:11:32.575586+00","source_url":"https://licindia.in/documents/20121/1307964/Final_Policydocument_LICs+SIIP_website.pdf/d4314ff4-8be0-631a-3f66-1d777502a449?t=1735734234853","url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/78"},{"kind":"cis","label":"CIS LIC's SIIP","pages":8,"fetched_at":"2026-10-16 07:11:32.575586+00","source_url":"https://licindia.in/documents/20121/1325029/Final+CIS_LICs+SIIP_website.pdf/012e5b1a-5d6f-7edf-fa7f-5ee73bd5a4cb?t=1737017715607","url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/79"},{"kind":"brochure","label":"Sales Brochure (From 22/09/2025 onwards)","pages":40,"fetched_at":"2026-10-16 07:11:32.575586+00","source_url":"https://licindia.in/documents/20121/104176/SIIP+Sales+Brochure+%283%29.pdf/9fd04fac-5bb5-2e6d-c014-da9c532c7598?t=1762609247072","url":"https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02/document/80"}],"versions":[],"where_to_buy":[],"claims_and_complaints":[],"notice":"Information, not advice. IndiaInsurances is not an insurer or an insurance intermediary, does not sell insurance and earns no commission. Policy terms change and your own policy schedule can differ: always confirm with the policy document and the insurer before you buy or claim.","cite_as":"LIC's SIIP (UIN 512L334V02), IndiaInsurances, https://indiainsurances.com/policy/lic/lic-s-siip-512l334v02"}