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Mr.Pradeep Diwan
LIC Agent
7C / 8C, Parekh Nagar Indl. Estate,
S. V. Road, Kandivli (West), Mumbai -
400067
Maharashtra, India.
Tel: 28050377/
28055576
Fax: 28056748
Cell: 9324422924
pradeep@licinsurance.com |
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MONEY
BACK POLICY
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A
policy where lump sum amounts are paid to
the life assured at periodic intervals on
survival
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In
case of death of the life assured within the
term, the total sum insured is paid to the
nominee, irrespective of earlier survival
benefits
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Bonus
is payable under this scheme
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Premiums
are to be paid regularly to get survival benefits
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Premiums
cease at death or on expiry of term whichever
is earlier
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This
plan can be availed of for terms 20 or 25
years
On Survival
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Term
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At
the end of
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Amount
of money back
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For
Example, on a Rs. 1,00,000 policy
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20
years
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5th
year
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20%
of sum assured
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Rs.
20000
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10th
year
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20%
"
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Rs.
20000
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15th
year
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20%
"
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Rs.
20000
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20th
year
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40%
"
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Rs.
40000
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25
years
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5th
year
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15%
of sum assured
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Rs.
15000
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10th
year
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15%
"
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Rs.
15000
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15th
year
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15%
"
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Rs.
15000
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20th
year
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15%
"
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Rs.
15000
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25th
year
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40%
"
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Rs.
40000
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On
Death:
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Full
sum assured is payable in the event of the
death of the life assured within the term,
without any deduction of earlier survival
benefits.
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For
example, suppose a person takes a Rs. 1,00,000
policy for 20 years. At the end of the 5th
and 10th year he receives Rs. 20,000 each
as survival benefit. If he happens to die
in the 12h year, the nominee of the life assured
will receive full Rs. 1,00,000, irrespective
of the earlier benefits of Rs. 40,000.
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Minimum
amount of Sum Insured - Rs. 40,000
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Minimum
premium must be Rs.800 per annum
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Minimum
age at entry-13 years
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Maximum
age at entry :
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Bonus
additions to the policy are calculated for
full sum assured. They are payable only along
with final maturity benefit on date of maturity
or on death, whichever is earlier
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Loans
will be granted under these policies
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