Millennium Post

LIC dazzles with novel money back plans

Launching the New Money Back Plans of India’s largest insurance company, he said that these are profit non-linked products, which offer an attractive combination of protection against death throughout the term of the plans and periodic payment on survival at specified durations during the term.

Singh further elaborated that this combination provides financial support for the family in case of death of the policy holder any time before maturity and a lump sum amount at the time of maturity for the surviving policy holders. It also takes care of liquidity through its loan facility.

On death during the policy term, provided the policy is in full force, a ‘sum assured on death’, vested Simple Reversionary Bonuses and Final Additional Bonus, if any is payable.

The policy can be taken from the ages of 13 to 50. The minimum sum assured is Rs 1 lakh and in multiples of Rs 5,000 thereafter.  For a 20-year term, the premium paying term is 15 years and 20 per cent of the basic sum assured is payable as survival benefit at the end of 5th,10th and 15th  policy year.

For the 25-year term plan, th premiums have to be paid for 20 years and 15 per cent of the basic sum assured is payable as survival benefit at the end of  5th,10th , 15th  and 20th   policy years. This plan is suitable for those who need financial support periodically during the term of the policy for fulfilling different obligations.
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