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ICICI Lombard Insurance
 

MONEY BACK PLANS

If life insurance buying is approached in the proper manner it can be very beneficial to yourself and your family. You need to take the time to give some thought to a subject that can be very unpleasant. I guess that is why most people don't think about it, or at best think about it only after they have had a brush with death, or when a life insurance professional brings up the subject. Sometimes these people wait until it is too late to do something about such a critical matter.

They find themselves uninsurable when they discover they have some critical illness. People should give life insurance buying serious thought at least once per year as ones situation may change and you find that your need for life insurance may change as a result.

 

LIC's New Money Back Plan is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

Benefits:

Death benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

The premiums mentioned above exclude tax, extra premium and rider premium, if any.

Survival Benefits: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.

Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for certain minimum term.

Optional Benefit:

LICs Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of additional premium charged in respect of cover after premium paying term shall be refunded.

Policy Document