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.
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 : 45 years (nearest birthday)
Maximum Maturity Age for Life Assured :
70 years (nearest birthday)
Term
: 25
years
Premium paying
term : 20 years
Premium
paying modes : Yearly, Half-yearly, Quarterly and
Monthly mode.
However,
a grace period of one month but not less than 30 days will be allowed for
yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium
payment.
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.
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 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.
For more details visit your nearest LIC
branch or email at: sushilshm2010@gmail.com
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