LIC's
New Money Back Plan-20 years is a participating
non-linked plan which offers an attractive combination of protection against
death throughout the term of the plan along with the periodic payment on
survival at specified durations during the term. This unique combination
provides financial support for the family of the deceased policyholder any time
before maturity and lump sum amount at the time of maturity for the surviving policyholders.
This plan also takes care of liquidity needs through its loan facility.
Eligibility Conditions and Other
Restrictions:
Minimum Basic Sum
Assured
: Rs. 100,000
Maximum Basic Sum
Assured
: No Limit
(The Basic Sum Assured shall be in
multiples of Rs. 5000/-)
Minimum Age at entry for Life
Assured : 13 years (completed)
Maximum Age at entry for Life
Assured : 50 years (nearest birthday)
Maximum Maturity Age for Life Assured
: 70 years (nearest birthday)
Term
: 20
years
Premium paying
term
(PPT) : 15
years
Premium paying modes: Yearly, Half-yearly, Quarterly and
Monthly mode.
Policy Benefits:-
Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude tax, extra premium and rider premium, if any.
Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Participation in
Profits: The policy shall participate in
profits of the Corporation and shall be entitled to receive Simple Reversionary
Bonuses declared as per the experience of the Corporation provided the policy
is in full force.
Final Additional Bonus may also be declared
under the policy in the year when the policy results into a claim either
by death or maturity, provided the policy has run for certain minimum term.
For more details http://www.licindia.in/MONEY_BACK_PLAN-20_YEARS_benefits.html or visit your nearest LIC branch/ or email at: sushilshm2010@gmail.com
No comments:
Post a Comment