Under a money back plan, instead of you paying regular premiums, the insurance company will give you back the sum assured on a regular basis. This plan is suitable for businessmen and professionals as it gives periodic payments of survival benefits. For money back policy of 25 year (table 93), 15% of the S.A. become payable each after 5,10,15 and 20 year, and the balance 40% plus the accrued bonus become payable at 25th year. The most important feature of this policy is that in case the life assured dies during the policy term, the death claim= Full sum assured (no survival benefit amounts deducted)Similarly, the bonus is also calculated on the full S.A.
MONEY
BACK 25 YEARS INSURANCE POLICY BY LIC
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Plan Parameters
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Age at entry
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Min. 13yrs (LBD), Max. 50yrs (T-75),
Max. 45yrs (T-93)
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Maturity Age
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Max. 70yrs
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Sum in Multiples
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Min. 5000, Max. No Limit
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Term
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Min. 20yrs, Max. 20yrs (T-75), Max.
25yrs (T-93)
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Mode of Payment
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YLY/HLY/QLY/SSS/MLY
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Accident Benefit
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Re.1 extra per (Max. 50Lac inclusive
1000 S.A. All plan)
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Policy Loan
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Yes, @10.5%
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Housing Loan
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Yes
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Assignment
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Yes
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Revival
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Yes
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Surrender of Policy
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Yes
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Term Rider
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Yes
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CIR
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Yes
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Underwriting conditions
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Form No.
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300/340
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Age proof
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Std/ NSAP-1,2,3
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Female lives category
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I/II/III
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Non-medical (Gen)
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Allowed
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Non-medical (pro)
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Allowed
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Actual sum assured
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Basic Sa
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Risk Coverage
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SA+ Bonus
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Dating back @8%
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Allowed
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| Call us for New LIC: +09820934872 |
| Email us for new LIC: support@licindiaagent.com |
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