LIC's NEW MONEY BACK PLAN-25 YEARS, TABLE NO.821
LIC's New Money Back Plan-25
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.
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.
Survival Benefits: In case of Life
Assured surviving to the end of the specified durations 15% of the Basic Sum
Assured at the end of each of 5th, 10th, 15th & 20th 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.
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