MONEY BACK PLANS

• Money Back with Profit 

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.

In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.

For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".

•  Money Back with Profit

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.

In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.

For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".

• Jeevan Surabhi

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

Maturity term is more than premium paying term.

Early and higher rate of survival benefit payment.

Risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".

• Bima Bachat

What is Bima Bachat?

LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

What other benefits do I receive during the specified duration of the policy?

For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.

For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.

For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.

What additional benefits do I get upon maturity?

If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.

How much insurance do I get?

The policy holder is insured for an amount equal to the sum assured.

What about the installment received already?

The insurance cover is irrespective of the installments received.

When am I eligible for the guaranteed surrender value?

The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).

What other benefits does this insurance cover offer?

Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

It also offers other benefits like the 15 day cooling off period, grace period and revival.

Who is eligible for the policy? Are there other conditions or restrictions?

The following are the requirements that one needs to be aware of before applying for this

policy:

· The person applying for the policy should have completed 15 years and should not be older than 66 years.

· The policy will mature when the person is 75 years old.

· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.

· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.

· It is important to note that the sum assured should be in multiples of Rs 5000/- only.

· The policy requires the holder to pay a single premium.

MONEY BACK PLANS

• Money Back with Profit 

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.

In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.

For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".

•  Money Back with Profit

Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.

In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.

For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".

• Jeevan Surabhi

Jeevan Surabhi plan is similar to other money back plans.However main differences in regular money back plans and Jeevan Surabhi are as under

Maturity term is more than premium paying term.

Early and higher rate of survival benefit payment.

Risk cover increases every five years.

The actual term and the premium paying term for these plans are as under.

Plan no.	Policy Term	Premium Paying Term
106	15 years	12 years
107	20 years	15 years
108	25 years	18 years

Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.

Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5 lakhs on a single life.

Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".

• Bima Bachat

What is Bima Bachat?

LIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

What other benefits do I receive during the specified duration of the policy?

For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.

For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.

For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.

What additional benefits do I get upon maturity?

If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment (excluding extra premium) is made along with loyalty additions, if any.

How much insurance do I get?

The policy holder is insured for an amount equal to the sum assured.

What about the installment received already?

The insurance cover is irrespective of the installments received.

When am I eligible for the guaranteed surrender value?

The guaranteed surrender value is available only after completion of at least one policy year. This value is equal to 90 % of the single premium paid (excluding extra premium).

What other benefits does this insurance cover offer?

Bima Bachat is the only money-back policy that offers a loan facility. The rate of interest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

It also offers other benefits like the 15 day cooling off period, grace period and revival.

Who is eligible for the policy? Are there other conditions or restrictions?

The following are the requirements that one needs to be aware of before applying for this

policy:

· The person applying for the policy should have completed 15 years and should not be older than 66 years.

· The policy will mature when the person is 75 years old.

· There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant.

· The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured.

· It is important to note that the sum assured should be in multiples of Rs 5000/- only.

· The policy requires the holder to pay a single premium.

SPECIAL MONEY BACK PLAN FOR WOMEN

Jeevan Bharathi - I

Introduction
LIC’s Jeevan Bharati-I – is a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders

1. SPECIAL FEATURES

1. Encashment of Survival Benefit as and when needed:
The policyholder at her option may avail the survival benefit any time on or after its due date.  If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.

2. Flexibility to pay premiums in advance:
The mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the Corporation from time to time

3. Option to receive maturity proceeds in the form of an annuity: :
The policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated Date of Maturity.

4. Auto Cover::
After two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.

If death occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.

The auto cover shall not be available for rider benefits.

2. OPTIONAL RIDERS:
The following riders are available under this plan:

A. CRITICAL ILLNESS (CI) RIDER :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B. ACCIDENT BENEFIT RIDER:
An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs.

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.
An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child  with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.
This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)

3. ELIGIBILITY CONDITIONS (For Basic Plan):

Minimum age at entry	: 18 years (completed)
Maximum age at entry	: 55 years (nearest birthday)
Maximum age at maturity	: 70 years  (nearest birthday)
Policy term	: 15 and 20 years
Minimum Sum Assured	: Rs. 50,000/-
Maximum Sum Assured	: Rs. 25,00,000/-
(Sum Assured shall be in multiples of Rs.5,000/-)

4. SAMPLE PREMIUM RATES FOR BASIC PLAN :

Tabular Annual Premium per 1000 SA
AGE/TERM	15	20
20	79.35	63.90
25	79.45	64.10
30	79.70	64.55
35	80.25	65.45
36	80.45	65.70
37	80.60	66.00
40	81.35	67.00
45	83.15	69.50
50	86.05	73.50

5. HIGH SUM ASSURED REBATES:

Sum Assured (in Rs)	Rebate per thousand Sum Assured
1,00,000 to 4, 99,999	Rs 2.00
5, 00,000 and above	Rs 4.00

6. LOAN:
Loan is available under the plan after the policy acquires paid-up value.

7. GRACE PERIOD:
A grace period of one-month but not less than 30 days will be allowed for payment of premium .

8. REVIVAL:
A. REVIVAL DURING THE AUTO COVER PERIOD:
(i) If Critical Illness Rider is not opted for:
During the Auto Cover Period, the Life Assured can pay one or more instalments of premiums with interest without submission of any evidence of health. On payment of part or full arrears of premiums with interest, the Auto Cover Period of 3 years from the due date of new FUP shall again be available during the term of the Policy.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest until the due date of the survival benefit, provided it is more than the unpaid premiums with interest. If the survival benefit is insufficient to cover the arrears of premiums with interest up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest , during the period of the aforesaid 3 years or on revival of the policy thereafter.
(ii) If Critical Illness Rider is opted for:
During the auto cover period, the policy can be revived by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of the policy. The revival of the policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid only after revival of the policy as stated above.

B. REVIVAL OTHER THAN DURING AUTO COVER PERIOD :
If the Policy has lapsed, and the policy is not under the period of auto cover, the policy can be revived within a period of 5 years from the date of first unpaid premium and before the date of maturity by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

The Rider/s shall be revived along with the Basic plan and not in isolation.

9. PAID UP VALUE:
If after at least three full years’ premiums have been paid and any subsequent premium not paid, this policy shall not be wholly void after the expiry of three years Auto Cover Period ,but shall continue as a paid up policy. The Sum Assured of the policy shall be reduced in the same proportion as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid. This reduced Sum is called the paid up value.

The policy thereafter shall be free from all liabilities for payment of the premiums, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. This paid up value shall be payable on the date of maturity or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies.

The rider benefits will cease to apply if the policy is in lapsed condition and will not acquire any paid up value.

10. SURRENDER VALUE:
The Guaranteed Surrender value will be available after the expiry of 3 policy years provided the premiums have been paid for at least three years. The Guaranteed Surrender Value is equal to 30% of the total amount of premiums paid excluding the premiums paid for the first year, any premiums paid towards riders, all extra premiums that may have been paid less the amount of survival benefits paid earlier. The cash value of any existing bonuses, if ,any will also be paid .
Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

11. EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.

12. COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.

SPECIAL MONEY BACK PLAN FOR WOMEN

Jeevan Bharathi - I

Introduction
LIC’s Jeevan Bharati-I – is a plan exclusively for women. It is a with profit plan having special features considering the needs of women. The plan also provides for Accident Benefit, Critical Illness Benefit and Congenital Disability Benefit as optional Riders

1. SPECIAL FEATURES

1. Encashment of Survival Benefit as and when needed:
The policyholder at her option may avail the survival benefit any time on or after its due date.  If opted to avail later, increased survival benefit at the rate decided by the corporation from time to time will be payable.

2. Flexibility to pay premiums in advance:
The mode of premium payment is only yearly under this plan. However, policyholder may pay the next yearly premium in advance in instalments (maximum upto 3 instalments) during the year. If premiums are paid in advance a premium rebate may be allowed as may be decided by the Corporation from time to time

3. Option to receive maturity proceeds in the form of an annuity: :
The policyholder shall have the option to receive the maturity proceeds in the form of annuity. The rate of annuity will be based on the annuity rates prevalent at the time of stipulated Date of Maturity.

4. Auto Cover::
After two years premiums have been paid, whenever premium payment is discontinued, the life cover for full sum assured will continue for 3 years from the due date of first unpaid premium.

If death occurs during the Auto Cover period, then death benefit after deducting unpaid premiums, with interest is payable along with the vested bonus, if any.

The auto cover shall not be available for rider benefits.

2. OPTIONAL RIDERS:
The following riders are available under this plan:

A. CRITICAL ILLNESS (CI) RIDER :
An amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of critical illnesses. A person is eligible for this benefit upto a maximum age of 60 years but subject to a maximum of the policy term. This benefit can be availed for a minimum Sum of Rs 50000 and for a maximum Sum equal to the Sum assured under the basic plan subject to the maximum of Rs 5 lakh overall limit taking all critical illness riders under all existing policies of the Life Assured.

(For details refer the sales brochure of Critical Illness rider)

B. ACCIDENT BENEFIT RIDER:
An additional amount equal to the Accident Benefit Rider Sum Assured is payable upon death or total and permanent disability due to accident during the policy term.

This benefit can be availed for a minimum sum of Rs 50000 and for a maximum sum  equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakhs.

C. CONGENITAL DISABILITIES BENEFIT (CDB) RIDER:

This rider can be opted for by a female between the ages of 18yrs and 35 years.
An amount  equal to 50% of the CDB Sum Assured is payable if the Life Assured gives birth to a child  with specified congenital disabilities. This benefit is available for a maximum of two such children and this benefit ceases at the age of 40 years.
This benefit can be availed for a minimum Sum of Rs 50000 and a maximum sum of Rs 500000.

(For details refer the sales brochure of Congenital Disability Benefit Rider)

3. ELIGIBILITY CONDITIONS (For Basic Plan):

Minimum age at entry	: 18 years (completed)
Maximum age at entry	: 55 years (nearest birthday)
Maximum age at maturity	: 70 years  (nearest birthday)
Policy term	: 15 and 20 years
Minimum Sum Assured	: Rs. 50,000/-
Maximum Sum Assured	: Rs. 25,00,000/-
(Sum Assured shall be in multiples of Rs.5,000/-)

4. SAMPLE PREMIUM RATES FOR BASIC PLAN :

Tabular Annual Premium per 1000 SA
AGE/TERM	15	20
20	79.35	63.90
25	79.45	64.10
30	79.70	64.55
35	80.25	65.45
36	80.45	65.70
37	80.60	66.00
40	81.35	67.00
45	83.15	69.50
50	86.05	73.50

5. HIGH SUM ASSURED REBATES:

Sum Assured (in Rs)	Rebate per thousand Sum Assured
1,00,000 to 4, 99,999	Rs 2.00
5, 00,000 and above	Rs 4.00

6. LOAN:
Loan is available under the plan after the policy acquires paid-up value.

7. GRACE PERIOD:
A grace period of one-month but not less than 30 days will be allowed for payment of premium .

8. REVIVAL:
A. REVIVAL DURING THE AUTO COVER PERIOD:
(i) If Critical Illness Rider is not opted for:
During the Auto Cover Period, the Life Assured can pay one or more instalments of premiums with interest without submission of any evidence of health. On payment of part or full arrears of premiums with interest, the Auto Cover Period of 3 years from the due date of new FUP shall again be available during the term of the Policy.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest until the due date of the survival benefit, provided it is more than the unpaid premiums with interest. If the survival benefit is insufficient to cover the arrears of premiums with interest up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest , during the period of the aforesaid 3 years or on revival of the policy thereafter.
(ii) If Critical Illness Rider is opted for:
During the auto cover period, the policy can be revived by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of the policy. The revival of the policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

If any survival benefit falls due during the above 3-year auto cover period the same will be paid only after revival of the policy as stated above.

B. REVIVAL OTHER THAN DURING AUTO COVER PERIOD :
If the Policy has lapsed, and the policy is not under the period of auto cover, the policy can be revived within a period of 5 years from the date of first unpaid premium and before the date of maturity by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.

The Rider/s shall be revived along with the Basic plan and not in isolation.

9. PAID UP VALUE:
If after at least three full years’ premiums have been paid and any subsequent premium not paid, this policy shall not be wholly void after the expiry of three years Auto Cover Period ,but shall continue as a paid up policy. The Sum Assured of the policy shall be reduced in the same proportion as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid. This reduced Sum is called the paid up value.

The policy thereafter shall be free from all liabilities for payment of the premiums, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. This paid up value shall be payable on the date of maturity or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies.

The rider benefits will cease to apply if the policy is in lapsed condition and will not acquire any paid up value.

10. SURRENDER VALUE:
The Guaranteed Surrender value will be available after the expiry of 3 policy years provided the premiums have been paid for at least three years. The Guaranteed Surrender Value is equal to 30% of the total amount of premiums paid excluding the premiums paid for the first year, any premiums paid towards riders, all extra premiums that may have been paid less the amount of survival benefits paid earlier. The cash value of any existing bonuses, if ,any will also be paid .
Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

11. EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.

12. COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.