New Money Back Plan – 25 Years (Plan no. 821) :
This insurance 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.
Maturity Benefits :
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.
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.
Death Benefits :
On death during the policy term provided the policy is in full force, death benefit, defined as sum? 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.
|Eligibility Conditions & Restrictions for plan no : 821|
|Minimum age||13 years (Completed)|
|Maximum age||45 years|
|Maximum maturity age||70 years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Policy Term||25 years|
|Premium paying term||20 years|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3rd year|
|Surrender||Eligible after 3rd year|
|Money Back is paid||End of 5th year – 15% of Sum Assured
End of 10th year – 15% of Sum Assured
End of 15th year – 15% of Sum Assured
End of 20th year – 15% of Sum Assured
|On Maturity||40% of Sum Assured + Bonus|
|On Death||1.25% of Sum Assured + Bonus
(Already Money back paid will not be deducted)
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)