MONEY BACK 25 YEARS INSURANCE POLICY BY LIC
|Unlike ordinary endowment insurance plan where the survival benefits are payable only at the end of the endowment period, this scheme provides periodic payments of partial survival benefits as follows during the term of the policy. Of course so long as the policyholder is alive this plan is best suitable for businessmen and professionals.For money back policy of 25 year (table 93), 15% of the S.A. become payable each after 5,10,15 and 20 year, and the balance 40% plus the accrued bonus become payable at 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 S.A. without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.
Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Form no.: 300/340
Death benefits: payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee The survival benefit already paid, if any is not deducted.
Maturity benefit: balance survival benefit + bonus on full S.A. + FAB, if any