LIC’s New Money Back Plan 25 Years (Table No. 921)
INTRODUCTION:- LIC’s New Money Back Plan 25 Years is a non-linked with profits limited premium payment individual life assurance plan. LIC’s New Money Back Plan 25 Years Plan 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. The benefits and other basic features of the plan are given below.
Basic Eligibility Conditions and Features of LIC’s New Money Back Plan 25 Years (Table No. 921): –
a) Minimum Basic Sum Assured:- ` 100000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of 5000/-)
c) Minimum Age at entry:- 13 years (completed)
d) Maximum Age at entry:- 45 years (nearer birthday)
e) Maximum Maturity Age:- 70 years (nearer birthday)
f) Policy Term:- 25 years
g) Premium Paying Term:- 20 Years
h) Modes of Payments:- Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
i) Rider Benefits:- a) LIC’s Accidental Death and Disability Benefit Rider,
b) LIC’s Accident Benefit Rider
c) LIC’s New Term Assurance Rider
d) LIC’s New Critical Illness Benefit Rider
A) Death benefit:- Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force shall be (i.e. all due premiums have been paid), “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid up to the date of death. The premiums mentioned above exclude taxes, extra premium and rider premium, if any.
B) Survival Benefits:- In case of Life Assured surviving to the end of the specified durations provided all due premiums have been paid, 15% of the Basic Sum Assured shall be payable at the end of each of 5th, 10th, 15th & 20th policy year.
C) Maturity Benefit:- On Life Assured surviving to the end of the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to 40% of the Basic Sum Assured.
D) Settlement Option for Maturity/Death Claim Benefit:- Settlement Option is an option to receive Maturity/Death Claim Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, for full or part of Maturity/Death Claim proceeds payable under the policy. The amount opted for by the Policyholder/Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.