LIC’s Nav Jeevan Shree (Plan No.912)

 LIC’s Nav Jeevan Shree is a Non-Par, Non-Linked, Life, Individual, Savings plan. This plan offers attractive combinations of savings and protection and is specially designed to have an adequate corpus to meet your various needs. This is a Limited Premium Endowment plan with Guaranteed Additions. The Premium Payment Terms (PPTs) available under the product are 6 years, 8 years, 10 years and 12 years. This is a Non-Par product under which benefits payable on death or survival are guaranteed and fixed irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus. This Plan can be purchased Offline through Licensed agents, Corporate agents, Brokers, Insurance Marketing Firms, Point of Sales Persons-Life Insurance (POSP-LI) / Common Public Service Centers (CPSC-SPV) as well as Online directly through website www.licindia.in. The prospective policyholders are hereby informed that while making a buying decision reference may be made to the similar available products for informed decision making to choose and select the Options/Product which best suits their needs such as under annuities, ULIPs etc. 

1. KEY FEATURES: 

• The plan provides for Protection and Savings. 

• Guaranteed Addition as a % of Total Tabular Annual Premium in respect of Premiums Paid during the policy term at the end of each year. 

• Flexibility to choose risk cover from two ‘Sum Assured on Death’ options as per the needs at inception. 

• Flexibility to 

o Choose Premium Payment Term (PPT) of 6, 8 10 or 12 years.

o Choose the period for which protection is required 10 to 20 years (for PPT 6 years), 15 to 20 years (for PPT 8 and 10 years) and 16 to 20 years (for PPT 12 years). 

o Opt for payment of Maturity /Death benefit in instalments. 

• Option to enhance protection by opting for rider benefits on payment of additional premium for the rider benefits. 

• Benefits of attractive incentives for Higher Sum Assured. 

• Incentives for existing Policyholder and Nominee/ Beneficiary of the deceased Policyholder 

• Takes care of liquidity needs through loan facility.

2. ELIGIBILITY CONDITIONS & OTHER RESTRICTIONS:

i Minimum Age at entry  - 30 days (completed) 

ii Maximum Age at entry - 60 years (nearer birthday) for PPT 6, 8 and 10 years 59 years (nearer birthday) for PPT 12 years [65 years (nearer Birthday) minus Policy Term], in case of policies procured through POSP-LI/CPSC-

iii Minimum Age at maturity -18 years (completed)

iv Maximum Age at maturity  - 75 years (nearer birthday) 65 years (nearer birthday), in case of policies procured through POSP-LI/CPSC-SPV.

v Premium Payment Term (PPT)  - 6, 8, 10 and 12 years

Date of commencement of risk: In case the age at entry of the Life Assured is less than 8 years, the risk will commence either 2 years from the date of commencement of the policy or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier. For those aged 8 years or more at 4 entry, risk will commence immediately from the date of acceptance of risk i.e. from the Date of issuance of policy

Date of vesting under the plan: If the policy is issued on the life of a minor, the policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.

3. BENEFITS: 

Benefits payable under an in-force policy (where all due premiums have been paid) shall be as under: A. Death Benefit: The proposer shall have an option to choose “Sum Assured on Death” as per the two options available. The options should be chosen carefully depending on your specific needs, as the premium & benefits under the plan shall vary as per the option chosen and the same shall not be altered later

4. OPTIONS AVAILABLE:

 I. Rider Benefit: The following four optional rider(s) (or amended versions of these) shall be available under the plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider and/or the remaining two riders subject to the eligibility as detailed below. 

a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) This rider can be opted for under an in-force policy at any time within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan as well as the Rider is at least 5 years but 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 during the policy term or before the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit under the base plan. In case of accidental disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured under the Base Policy which is equal to Accident Benefit Sum Assured under the policy, shall be waived. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request.

b) LIC’s Accident Benefit Rider (UIN:512B203V03) This rider can be opted for at any time under an in-force policy within the premium paying term of the Base plan provided the outstanding premium paying term of the Base plan as well as the Rider is at least 5 years but 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 only during the premium paying term. If this rider is opted for, in case of accidental death, the Accident Benefit Sum Assured will be payable in lumpsum along with the death benefit under the base plan. Under the policy on the life of minors, this rider will be available from the policy anniversary following completion of age 18 years on receipt of specific request. 

c) LIC’s New Term Assurance Rider (UIN: 512B210V02) This rider is available at inception of the policy only. The benefit cover under this rider shall be available during the policy term. If this rider is opted for, an amount equal to ‘Term Rider Sum Assured on Death’ shall be payable on death of the Life Assured during the policy term. 

d) LIC’s Premium Waiver Benefit Rider (UIN: 512B204V04): Under an in-force policy, this rider can be opted for on the life of Proposer of policy (as the Life Assured is minor), at any time coinciding with the policy anniversary 8 but within the premium paying term of the Base Policy provided the outstanding premium paying term of the Base Policy and rider is at least five years. Further this rider shall only be allowed under the policy wherein the Life Assured is Minor at the time of opting this rider. The Rider term shall be outstanding premium paying term of Base policy as on date of opting this rider or (25 minus age of the minor Life Assured at the time of opting this rider), whichever is lower. If the rider term plus proposer’s age is more than 70 years, the rider shall not be allowed. If this rider is opted for, on death of proposer during the rider term, payment of premiums in respect of Base Policy falling due on and after the date of death till the expiry of Rider Term shall be waived. However, in such case , if the premium paying term of the base policy exceeds the rider term, all the further premiums due under the base policy from the date of expiry of this Premium Waiver Benefit Rider term shall be payable by the Life Assured. On non-payment of such premiums the policy would become paid-up. The premiums under all these life insurance riders put together shall not exceed 30% of premiums under the base plan. The Rider Sum Assured in respect of LIC’s Accident Benefit Rider shall not exceed three times of Basic Sum Assured under the Base product. Any benefit arising under each of all other riders shall not exceed the Basic Sum Assured under the Base plan. For more details on the above rider(s), refer to the rider brochure or contact LIC’s nearest Branch Office. No rider shall be available in case of the policies procured through POSP-LI/CPSC-SPV.

II. Settlement Option (for Maturity Benefit): Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an In-force as well as Paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable. The instalments shall be paid in advance at yearly or 9 half-yearly or quarterly or monthly intervals, as opted for subject to minimum instalment amount for different modes of payments being If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/ Life Assured, the claim proceeds shall be paid in lumpsum only. For all the instalment payment options commencing during the 12 months’ period from 1st May to 30th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than 10 year semi-annual G-Sec yield minus 2%; where, the 10 year semi-annual G-Sec yield shall be as at last trading day of previous financial year. Accordingly, for the 12 months’ period commencing from 1st May, 2025 to 30th April, 2026, the applicable interest rate for the calculation of the instalment amount shall be 4.62% p.a. effective. For exercising the Settlement Option against Maturity Benefit, the Policyholder/Life Assured shall be required to exercise option for payment of net claim amount in instalments at least 3 months before the due date of maturity. The first payment will be made on the date of maturity and thereafter, based on the mode of instalment payment opted for by the policyholder, every month or three months or six months or annually from the date of maturity, as the case may be. After the commencement of Instalment payments under Settlement Option:

i. If a Life Assured, who has exercised Settlement Option against Maturity Benefit, desires to withdraw this option and commute the outstanding instalments, the same shall be allowed on receipt of written request from the Life Assured. In such case, the lump sum amount which is higher of the following shall be paid and policy shall terminate, 10 

• discounted value of all the future instalments due; or 

• (the original amount for which Settlement Option was exercised) less (sum of total instalments already paid)

ii. The applicable interest rate that will be used to discount the future instalment payments shall be annual effective rate not exceeding 10 year semi-annual G-Sec yield; where, the 10 year semi-annual G-Sec yield shall be as at last trading day of previous financial year during which settlement option was commenced. Accordingly, in respect of all the Settlement Options commenced during the 12 months’ period beginning from 1st May, 2025 to 30th April, 2026, the maximum applicable interest rate used for discounting the future instalments shall be 6.62% p.a. effective. 

iii. After the Date of Maturity, in case of death of the Life Assured, who has exercised Settlement Option, the outstanding instalments will continue to be paid to the nominee as per the option exercised by the Life Assured and no alteration whatsoever shall be allowed to be made by the nominee. 

III. Option to take Death Benefit in Instalment: This is an option to receive Death Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an In-force as well as Paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/ Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable. The instalments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments being If the Net Claim Amount is less than the required amount to provide the minimum instalment amount as per the option exercised by the Policyholder/Life Assured, the claim proceeds shall be paid in lump sum only. For all the instalment payment options commencing during the 12 months’ period from 1st May to 30th April, the interest rate used to arrive at the amount of each instalment shall be annual effective rate not lower than the 10 year semi-annual G-Sec yield minus 2%; where, the 10 year semi-annual G-Sec yield shall be as at last trading day of previous financial year. Accordingly, for the 12 months’ period commencing from 1st May, 2025 to 30th April, 2026, the applicable interest rate for the calculation of the instalment amount shall be 4.62% p.a. effective.. For exercising option to take Death Benefit in instalments, the Policyholder during minority of the Life Assured or the Life Assured, if major, can exercise this option during his/her lifetime while in currency of the policy, specifying the period of instalment payment and net claim amount for which the option is to be exercised. The death claim amount shall then be paid to the nominee as per the option exercised by the Policyholder/Life Assured and no alteration whatsoever shall be allowed to be made by the nominee.

5. PAYMENT OF PREMIUMS: Premium can be paid regularly with mode of premium payment as yearly, half-yearly, quarterly or monthly intervals (monthly premiums through NACH only) or through salary deductions. 

6. GRACE PERIOD: A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First Unpaid Premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses. The above grace period will also apply to rider premiums which are payable along with premium for Base Policy. 

7. SAMPLE ILLUSTRATIVE PREMIUM: The sample illustrative premiums for Basic Sum Assured (BSA) of Rs. 5 Lakh, for Standard lives aged 35 years for policies to be sold through Offline sales are as.

10. REVIVAL: If the premiums are not paid within the grace period, then the policy will lapse. A lapsed policy can be revived, within a period of 5 consecutive complete years from the date of First Unpaid Premium and before the Date of Maturity, as the case may be. The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half-yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured and/or Proposer (if LIC’s Premium Waiver Benefit Rider is opted for) on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer. The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of a discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation The rate of interest applicable for revival under this plan for every 12 months’ period from 1st May to 30th April shall not exceed 10 year G-Sec yield p.a. compounding half-yearly as at the last trading day of previous financial year plus 3% or the yield earned on the Corporation’s Non-Linked Non-Participating fund plus 1%, whichever is higher. For the 12 months’ period commencing from 1st May, 2025 to 30th April, 2026, the applicable interest rate shall be 9.50% p.a. compounding half-yearly. The basis for determination of interest rate for policy revival is subject to change. On revival of a lapsed or paid-up policy, all the benefits under the policy, which prevailed before the date of lapse or paid-up shall be restored. Revival of rider(s), if opted for, will only be considered along with revival of the Base Policy, and not in isolation.

11. PLAN PURCHASED THROUGH POINT OF SALES PERSON-LIFE INSURANCE(POSP-LI)AND CPSC-SPV: This plan can be purchased through Point of Sales Person Life Insurance (POSP-LI) and CPSC-SPV. However, in such cases the eligibility conditions and other terms and conditions shall be as per the Guidelines, Circulars and Regulations etc. issued by the IRDAI applicable to POS Plans and POSP-LI. Currently, the following restrictions are applicable for proposal procured through POSP-LI and CPSC-SPV: 

• Maximum Age at Entry: [65 years (Age Nearer Birthday) minus Policy Term] 

• Maximum Age at Maturity: 65 Years (Age Nearer Birthday) 

• Maximum Sum Assured on Death (per life): Rs 25 Lakhs. LIC’s Nav Jeevan Shree falls under the category of Non-Linked, Non-Participating, Endowment category of POS-Life products if the same is purchased through POSP-LI or CPSC-SPV. The maximum allowable Sum Assured on Death to each individual in respect of all policies under all plans in this category of Non-Linked, Non-Participating, Endowment products, if purchased through POSP-LI and CPSC-SPV channel (both inclusive) shall be Rs 25 lakhs. However, the maximum allowable Sum Assured on Death to each individual will be decided as per the non-medical limits under this product in accordance with the Underwriting policy of Corporation. 

• No rider shall be available in case of the policies procured through POSP-LI/CPSC-SPV. 

• Key Features Document (KFD) cum Proposal Form applicable for LIC’s Nav Jeevan Shree shall be used if the sale is initiated by POSP-LI & CPSC-SPV.

12. PAID-UP VALUE: If less than one full year’s premium(s) has been paid in respect of this policy and any subsequent premium be not duly paid, all the benefits under this policy shall cease after the expiry of grace period from the date of First Unpaid Premium and nothing shall be payable. If, after atleast one full year’s premium(s) has been paid and any subsequent premiums be not duly paid, on completion of first policy year, this policy shall not be wholly void, but shall subsist as a paid-up policy till the end of policy term. The Sum Assured on Death under a paid-up policy shall be reduced to such a sum, called ‘Death Paid-up Sum Assured’ and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Death Benefit payable under a paid-up policy, on death of the Life Assured shall be Death Paid-Up Sum Assured along with accrued Guaranteed Additions for a Paid-up policy (as specified below).This Death benefit shall not be less than 105% of total premiums paid up to the date of death. However, in case of minor life, wherein the policy becomes Paid-up before the date of commencement of risk, the Death Benefit payable under such policy shall be the Return of Total Premiums paid (excluding taxes, any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any) without interest. The Sum Assured on Maturity under a paid-up policy shall be reduced to such a sum called ‘Maturity Paid up Sum Assured’ and shall be equal to Sum Assured on Maturity multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which premiums were originally payable. The Maturity Benefit payable under the paid up policy, on expiry of the policy term, shall be Maturity Paid-Up Sum Assured along with the accrued 

Guaranteed Additions for Paid-up policy (as specified below). Guaranteed Additions for Paid-up policy: The Guaranteed Addition under a paid-up policy shall be the sum of the following:

a) For the period for which full years’ premiums have been paid: The Guaranteed Additions accrued under the policy with the rate as applicable for an in-force policy, shall remain attached under the policy. 

b) For the policy year for which the full years’ premiums have not been paid (the year in which the policy becomes paid-up) and for subsequent policy years: The Guaranteed Additions shall be as under: 

i) For the policy year for which the full years’ premiums have not been paid, Guaranteed Additions shall accrue at the end of that policy year and shall be sum of proportionate Guaranteed Additions for in force period, with the rate as applicable for an in force policy and proportionate Guaranteed Additions for the period policy is paid-up, with the Rate of Guaranteed Additions applicable for paid-up policy (as mentioned below). 

ii) For subsequent policy years during the policy term, the Guaranteed Additions shall accrue at the end of each completed policy year with the Rate of Guaranteed Additions applicable for paid-up policy (as mentioned below). The Rate of Guaranteed Additions applicable for paid-up policy shall be equal to applicable Rate of Guaranteed Additions for an in-force policy (as specified in Para 3.C) multiplied by ratio of total period for which premiums have already been paid to the maximum period for which premiums were originally payable. This rate of Guaranteed Additions applicable for paid-up policy shall remain same under a paid-up policy. The Guaranteed Additions applicable for a paid-up policy that shall accrue at the end of each policy year shall be equal to Rate of Guaranteed Additions applicable for a paid-up policy (as specified above) multiplied by Total Tabular Annual Premium in respect of Premiums Paid. This Guaranteed Additions shall remain same during the period the policy continues as a paid-up policy. In case of Death under the paid-up policy, the applicable Guaranteed Additions for the policy year in which the policy resulted in Death claim will be added on proportionate basis in proportion to the completed months for the Policy Year in which policy resulted in death claim (i.e. the period upto the date of death). The policy so reduced shall thereafter be free from all liabilities for payment of the within mentioned premiums. Rider shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

13. SURRENDER: The policy can be surrendered by the policyholder after completion of first policy year provided at least one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of at least two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or a paid-up policy, the Corporation shall pay surrender value higher of a) Guaranteed Surrender Value and surrender value of any accrued Guaranteed Additions; or b) Special Surrender Value. The Guaranteed Surrender Value payable during the policy term shall be the total premiums paid (excluding any extra premium, rider premium(s), if opted for and taxes, if collected explicitly) multiplied by the Guaranteed Surrender Value factor applicable to total premiums paid. The Guaranteed Surrender Value Factors applicable to total premiums paid expressed as percentages will depend on the policy term and policy year in which the policy is surrendered and are as given below:

14. POLICY LOAN: Loan shall be available within the surrender value of the policy, during the policy term subject to the following:

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

ii. The maximum loan allowed under the policy as a percentage of surrender value shall be as under:

iii. The rate of loan interest applicable for full loan term, for the loan to be availed for every 12 months’ period from 1st May to 30th April shall not exceed 10 year G-Sec yield p.a. compounding half-yearly as at the last trading date of previous financial year plus 3% or the yield earned on the Corporation’s Non-Linked Non-Participating fund plus 1%, whichever is higher. For loan sanctioned during the 12 months’ period commencing from 1st May, 2025 till 30th April 2026, the applicable interest rate shall be 9.50% p.a. compounding half-yearly for the entire term of the loan. The basis for determination of applicable loan interest for Policy Loan is subject to change. 

iv. During the policy term, in the event of default in payment of interest on the due dates and when the outstanding loan amount along with the interest is to exceed the Surrender Value, the Corporation would be entitled to foreclose such policies. Such policies when being foreclosed shall be entitled to payment of the difference of Surrender Value and the loan outstanding amount along with interest, if any. 

v. Any outstanding loan along with interest shall be recovered from the claim proceeds at the time of exit 

15. FORFEITURE IN CERTAIN EVENTS: In case it is found that any untrue or incorrect statement is contained in the proposal, personal statement, declaration and connected documents or any material information is withheld, then and in every such case the policy shall be void and all claims to any benefit by virtue thereof shall be subject to the provisions of Section 45 of the Insurance Act, 1938 as amended from time to time.

16. TERMINATION OF POLICY: The policy shall immediately and automatically terminate on the earliest occurrence of any of the following events: 

a) The date on which lumpsum death benefit/final instalment of death benefit is paid; or 

b) The date on which surrender benefits are settled under the policy; or 

c) The date of maturity if settlement option is not exercised; or 

d) On payment of final instalments under Settlement Option; or 

e) In the event of default in payment of loan interest as specified in Para 14.iv.; or 

f) On expiry of Revival Period if the policy which has not acquired paid-up status, has not been revived within the revival period; or 

g) On payment of free look cancellation amount; or 

h) In the event of forfeiture as specified in Para 15.

17. TAXES: Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional Tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time. The amount of applicable taxes, as per the prevailing rates, shall be payable by the policyholder on premium(s) (for Base Policy and Rider(s), if any) including extra premiums, if any, which shall be collected separately over and above in addition to the premium(s) payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan. Regarding Income tax benefits/implications on premium(s) paid and benefits payable under this plan, please consult your tax advisor for details 

18. FREE LOOK PERIOD: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of Policy Document, whichever is earlier, stating the reasons for objections. On receipt of the same, the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base Policy and Rider(s), if any) for the period of cover, expenses incurred on medical examination (including special reports, if any) and stamp duty charges.

19. SUICIDE EXCLUSION:

 i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Nominee or Beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid till the date of death (excluding any taxes, if collected explicitly, extra premium and rider premium(s) other than term assurance rider, if any) provided the policy is in-force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years and in such case death benefit applicable for life assured age below 8 years shall be payable.

ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death (excluding any taxes, if collected explicitly, extra premium and rider premium(s) other than term assurance rider, if any) or the surrender value available as on the date of death, shall be payable. The Nominee or Beneficiary of the Life Assured shall not be entitled to any other claim under the policy. This clause shall not be applicable: 

a) In case the age of the life assured is below 8 years at the time of revival and in such case death benefit applicable for life assured age below 8 years shall be payable; or 

b) For a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.

20. WAITING PERIOD: In case the Plan is purchased through Point of Sales Persons-Life Insurance (POSP-LI) or CPSC-SPV, on death  of the Life Assured within the first 90 days from the date of commencement of risk, the Corporation shall refund the total premiums paid, provided the policy is in-force and death is not on account of an accident. However, in case of death due to accident during waiting period, Death Benefit as specified in Para 3.A above shall be payable. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years