LIC's New Money Back Plan No. 921 - 25 Years

New Money Back Plan-25 years plan no. 921 is a taking part non-joined plan which offers an appealing mixture of assurance against death all through the term of the plan alongside the occasional installment on survival at defined lengths of time throughout the term. It is a non-linked life insurance plan which offers guaranteed returns and bonus. This policy combines the dual benefits of savings and insurance. In money back 25 years insurance policy partial survival benefits means some percentage of sum assured are paid to the policyholder at specific intervals during the term of the policy. In this plan, premium needs to be paid for a period of 20 years while the policy continues for 25 years. In this plan policy can be taken by anyone between the age of 13 to 45 years for a fixed tenure of 25 years. In this plan 15% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.

Features of New Money Back Plan No. 921 - 25 Years

Money Back Plan for a tenure of 25 years

15% of Sum Assured is paid at the end of 5^th, 10^th 15^th and 20^th Year as Survival Benefit

Simple Reversionary Bonus is payable on maturity or earlier death

Large Sum Assured is available in this plan

LIC’ s Accidental Death and Disability Benefit Rider is available

Benefits of LIC’s New Money Back Plan No. 921 - 25 Years

Death benefits: On death of policyholder throughout the policy term gave the policy is in full constrain, death benefit, characterized as total of "Entirety Guaranteed on Death" and vested Straightforward Reversionary Bonuses and Last Extra Bonus, if any, should be payable. Where, "Entirety Guaranteed on Death" is characterized as higher of 125% of the Fundamental Total Guaranteed or 10 times of annualized premium. This death benefits should not be less of what 105% of the aggregate premiums paid as on date of death. 

The premiums specified above prohibit tax, additional premium and rider premium, if any. 

Survival Benefits: 

If there should arise an occurrence of Life Guaranteed making due to the end of the tagged lengths of time 15% of the Essential Entirety Guaranteed at the end of each of 5th, 10th, 15th & 20th policy year. 

Maturity benefit: 

If there should arise an occurrence of Life guaranteed surviving the stipulated date of Maturity, 40% of the Fundamental Total Sum Assured alongside vested Straightforward Reversionary Bonuses and Last Extra bonus, if any, might be payable. 

Participate in Benefits: 

The insurance policy might partake in benefits of the Enterprise and should be qualified for accept Basic Reversionary Bonuses proclaimed according to the knowledge of the Partnership, gave the policy is in full constrain. 

Last Extra Bonus might likewise be proclaimed under the policy in the year when the policy results into a case either by death or development gave the policy has race to certain base term.

Eligibility Conditions of New Money Back Plan No. 921 - 25 Years

·         Age at entry – 13 to 45 years

·         Age at Maturity – Maximum 70 Years

·         Policy Term – 25 years

·         Premium Paying Term – 20 Years

·         Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

·         Basic Sum Assured – 1,00,000 and above ( In multiples of 5000)

Loan – Available after payment of 36 months premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value be as under:

·         For inforce and fully paid-up policies – upto  90%

·         For paid-up policies – 80%

·         Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.

Surrender Value -

Guaranteed Surrender Value (GSV) – Available after payment of 36 months premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.

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Ravindra Yadav