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.
- 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.
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.
- Optional
Benefit:
LIC’s Accidental Death and Disability Benefit
Rider: LIC’s Accidental
Death and Disability Benefit Rider can be opted for under an inforce policy at
any time within the premium paying term by payment of additional premium and
the cover will be available throughout the policy term provided the Policy is
inforce for the full Sum Assured as on date of accident. In case of accidental
death, the Accident Benefit Sum Assured will be payable as lumpsum along with
the death benefit under the basic plan. In case of accidental permanent
disability arising due to accident (within 180 days from the date of accident),
an amount equal to the Accident Benefit Sum Assured will be paid in equal
monthly instalments spread over 10 years and future premiums for Accident
Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured
which is equal to Accident Benefit Sum Assured under the policy, shall be
waived.
However, on surrender
of an inforce basic policy (which has acquired Surrender Value) to which this
rider is attached, a proportion of additional premium charged in respect of
cover after premium paying term shall be refunded.
Further
Details please contact
9994760712,9488760712,9443388475
www.innovativelicplans.blogspot.in
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