- Money Back with Profit
Unlike
ordinary endowment insurance plans where
the survival benefits are payable only
at the end of the endowment period, this
scheme provides for periodic
payments of partial survival
benefits as follows during the
term of the policy, of course
so long as the policy holder is alive.
In the case of a 20-year Money-Back
Policy (Table 75), 20% of the
sum assured becomes payable
each after 5, 10, 15 years, and
the balance of 40% plus the accrued bonus
become payable at the 20th year.
For a Money-Back Policy of 25 years
(Table 93), 15% of the sum
assured becomes payable each
after 5, 10, 15 and 20 years, and
the balance 40% plus the accrued bonus
become payable at the 25th year.
An important feature of this type of
policies is that in the event
of death at any time within the
policy term, the death claim
comprises full sum assured without deducting
any of the survival benefit amounts, which
have already been paid. Similarly, the
bonus is also calculated on the full
sum assured.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Money Back with Profit
Unlike
ordinary endowment insurance plans where
the survival benefits are payable only
at the end of the endowment period, this
scheme provides for periodic
payments of partial survival
benefits as follows during the
term of the policy, of course
so long as the policy holder is alive.
In the case of a 20-year Money-Back
Policy (Table 75), 20% of the
sum assured becomes payable
each after 5, 10, 15 years, and
the balance of 40% plus the accrued bonus
become payable at the 20th year.
For a Money-Back Policy of 25 years
(Table 93), 15% of the sum
assured becomes payable each
after 5, 10, 15 and 20 years, and
the balance 40% plus the accrued bonus
become payable at the 25th year.
An important feature of this type of
policies is that in the event
of death at any time within the
policy term, the death claim
comprises full sum assured without deducting
any of the survival benefit amounts, which
have already been paid. Similarly, the
bonus is also calculated on the full
sum assured.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Jeevan Surabhi
Jeevan
Surabhi plan is similar to other money
back plans.However main differences in
regular money back plans and Jeevan Surabhi
are as under
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
The actual term and the premium paying term for these plans are as under.
| Plan no. | Policy Term | Premium Paying Term |
| 106 | 15 years | 12 years |
| 107 | 20 years | 15 years |
| 108 | 25 years | 18 years |
Full sum assured is paid
back as survival benefit by the
end of premium paying term.
However, the risk cover and additional
risk cover continue and the policy participates
in profits till the end of policy term.
Accident Benefit is restricted to the
premium paying period and to
the overall limit of Rs.5 lakhs
on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
This is Only Educational and Read Only Purpuse. This Contain Copyright By "http://www.licindia.in/".
- Bima Bachat
What is Bima Bachat?
LIC’s Bima Bachat is a money-back
policy which offers financial
security and assurance to the
policy holder and his family.
Bima Bachat requires the policy
holder to pay only one premium. The amount
paid for the premium depends on the duration
of the policy taken and life insurance
is available till the date of
maturity.
What
other benefits do I receive
during the specified duration
of the policy?
For
a term of 9 years: The policy holder
will receive 15% of the sum assured at
the end of every 3rd and 6th policy year.
For
a term 12 years: The policy holder
will receive 15% of the sum assured at
the end of every 3rd, 6th and 9th policy
year.
For a term 15 years: The policy
holder will receive15% of the
sum assured at the end of every
3rd, 6th, 9th and 12th policy
year.
What additional benefits do I get upon maturity?
If the policy holder outlives the
duration of the policy, at the
time of maturity, a single
premium payment (excluding extra
premium) is made along with loyalty additions,
if any.
How much insurance do I get?
The policy holder is insured for an amount equal to the sum assured.
What about the installment received already?
The insurance cover is irrespective of the installments received.
When
am I eligible for the
guaranteed surrender value?
The guaranteed surrender value is
available only after completion
of at least one policy year.
This value is equal to 90 % of
the single premium paid (excluding
extra premium).
What other benefits does this insurance cover offer?
Bima Bachat is the only money-back
policy that offers a loan
facility. The rate of interest
for this will be determined
from time to time by the corporation.
Presently the rate of interest is 9% p.a.
payable half-yearly.
It also offers other benefits like
the 15 day cooling off period,
grace period and revival.
Who
is eligible for the policy? Are
there other conditions or
restrictions?
The following are the requirements
that one needs to be aware of
before applying for this
policy:
·
The person applying for the policy
should have completed 15 years and should
not be older than 66 years.
· The policy will mature when the person is 75 years old.
·
There is a choice of three terms
to choose from (9, 12 and 15 years) for
the policy depending on the age and requirement
of the applicant.
·
The minimum sum that needs to
be assured is Rs 20,000/- and there is
no limit on the amount that can be assured.
·
It is important to note that
the sum assured should be in multiples
of Rs 5000/- only.
· The policy requires the holder to pay a single premium.