Wednesday, 15 August 2012

Money Back Plan(Table No: 75/20 & 93/25)

MONEY BACK 20 & 25 YEARS INSURANCE POLICY BY LIC

75/20 & 93/25 

Contact Number for North Zone(Punjab) India Mobile No:+91 9915910027

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.

In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after 5,10,15 year, and the balance 40% plus the accrued should have attained majority.

In case of a 25-year money-back policy (table 93), 15% of the S. A. become payable each after 5,10,15,20 year, and the balance 40% plus the accrued should have attained majority.

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.

Plan parameters

  1. Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)  
  2. Maturity age: Max.70 yrs.  
  3. Sum. in Multiples: 5000, Min. Max No Limit  
  4. Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)  
  5. Mode of Payment: YLY/HLY/QLY/SSS/MLY  
  6. Accident Benefit: Rs.1 Extra per (Max. 50 Lac inclusive 1000 S.A. All plan)  
  7. Policy loan: yes,@ 10.5%  
  8. Housing loan: yes  
  9. Assignment: yes  
  10. Revival: yes  
  11. Surrender of policy: yes  
  12. Term rider: yes  
  13. CIR: yes

Underwriting condition

  1. Form no.: 300/340
  2. Age proof: std /NSAP-1,2,3
  3. Female lives category: I/II/III
  4. Non-medical (Gen): allowed
  5. Non-medical (pro): allowed
  6. Non-medical (special): allowed
  7. Actual sum assured: basic SA
  8. Rusk coverage: SA + bonus
  9. Dating back@ 8%: Allowed

Benefits
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

Example: Ms. Sania Mirza, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each 5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate of 2005 i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB if Ms. Sania dies after 8 year, his nominee will receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms. Sania

For Further information contact me or Email me: dsejagdish@gmail.com


15% off New Products from GoDaddy! Rs. 219 .Coms from GoDaddy! 12 months of Website Builder for Rs. 59 a month.*

8 comments:

  1. How surrender value is calculated for this policy? Let' say in 16th year of the policy.

    ReplyDelete
  2. Example kafi achchha he.. Sania Mirza :P

    ReplyDelete
  3. Please advice:

    I have a LIC Policy 75/20 table money back, taken in 1994. Please let me know the maturity value in 2015.

    ReplyDelete
  4. I have a LIC Policy 75/20 table money back, taken in 1995. Please let me know the maturity value in 2015

    ReplyDelete
    Replies
    1. Let me know your sum assured to know value in 2015?

      Delete
  5. Thanks to all for your comments

    ReplyDelete