| LIC's NEW MONEY BACK PLAN-20 YEARS
(UIN:512N280V01) |
| 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. |
| 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. |
| LIC's NEW MONEY BACK PLAN-25 YEARS
(UIN: 512N278V01) |
| 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. |
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 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. |
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. |
| LIC's NEW BIMA BACHAT (UIN: 512N284V01) |
| LIC's New Bima Bachat is a participating
non-linked savings cum protection plan, where premium
is paid in lump sum at the outset of the policy.
It is a money-back plan which provides financial
protection against death during the policy term
with the provision of payment of survival benefits
at specified durations during the policy term. In
addition, on maturity, the single premium shall
be returned along with Loyalty Addition, if any.
This plan also takes care of liquidity needs through
its loan facility. |
| a) BENEFITS: |
Death benefit:
On death during the first five policy years: Sum
Assured.
On death after completion of five policy years:
Sum Assured along with Loyalty Addition, if any. |
| b)Survival Benefits: |
Payable as given below in case of
Life Assured surviving to the end of the specified
durations:
For policy term 9 years: 15% of the Sum Assured
at the end of each of 3rd & 6th policy year
For policy term 12 years: 15% of the Sum Assured
at the end of each of 3rd, 6th & 9th policy
year
For policy term 15 years: 15% of the Sum Assured
at the end of each of 3rd, 6th, 9th & 12th policy
year |
| c) Maturity Benefit: |
| Payment of Single Premium (excluding
taxes and extra premium, if any) along with Loyalty
Addition, if any, in case of Life Assured surviving
to the end of the policy term. |
| d) Loyalty Addition |
| Depending upon the Corporation's experience
the policies shall be participate in the profits
and shall be eligible for Loyalty Addition. The
Loyalty Addition, if any, is payable on death after
completion of five policy years and on policyholder
surviving to maturity, at such rate and on such
terms as may be declared by the Corporation. |
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