life Insurance Corporation (lIC) launched a new plan “Money Back Plans” on Monday. It offer an attractive combination of protection against death throughout the term of the plans along with the periodic payment on survival at specified durations during the term. The plans are for 20years and 25 years term each.
lIC A P Singh, Zonal Manager North zone said “This unique combination provides financial support for the family in case of unfortunate death of the policyholder anytime before maturity and lump sum amount at the time of maturity for the surviving policyholders. It also takes care of liquidity through its loan facility.
On death during the policy term, provided the policy is in full force, " Sum Assured on Death" , vested Simple Reversionary Bonuses and Final Additional Bonus , if any is payable. " Sum Assured on Death" will be higher of 125% of Basic Sum Assured or 10 times of annualized premium (excluding service tax, extra premium and rider premiums, if any), and in any case this death benefit shall not be less than 105% of all the premiums paid as on date of death.
The policy can be taken from age 13years to 50 years. Minimum Sum Assured is Rs 100000/- and in multiples of Rs 5000/- thereafter. For 20 years term Premium paying term is 15 years and 20% of Basic Sum Assured is payable as Survival Benefit at the end of 5th,10th & 15th policy year.
For 25 years term plan premiums have to be paid for 20 years and 15% of Basic Sum Assured is payable as Survival Benefit at the end of 5th,10th , 15th & 20th policy year.
This plan is suitable for those who need financial support periodically during the term of the policy for fulfilling different obligations. A P Singh also informed that New Bima Bachat Plan and New Jeevan Anand Plan will be launched shortly.