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Policy Analysis

Ninad Ramdasi
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Policy Analysis

LIC's New Money Back Plan - 20 Years 

Death Benefit : Sum Assured plus Simple Reversionary Bonuses and Final Additional Bonus, if any. Where Sum Assured 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 upto the date of death.

Survival Benefit : In case of Life Assured surviving to the end of the specified durations provided all due premiums have been paid, 20% of the Basic Sum Assured shall be payable at the end of each of fifth, 10th and 15th policy year.

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.

 

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