|
 |
 |
 |
Life Insurance Corporation |
|
 |
|
Money Back Plans
The Money Back Policy-20 Years
Features
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.
In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
Product summary
These are Money Back type Assurance plans that provides financial protection against death throughout the term of plan along with the periodic payments on survival at specified durations during the term.
Bonuses:
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
The Money Back Policy-25 Years
Features
Unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.
In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the
Bonuses:
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit:
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured during the policy term irrespective of the Survival benefit /benefits paid earlier.
Supplementary / Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Jeevan Surabhi-15 Years
Features
Even Surabhi plan is similar to other money back plans. However main differences in regular money back plans and Jeevan Surabhi are as under
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium-paying period and to the overall limit of Rs.5 lakhs on a single life.
Bonuses:
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit:
The Sum Assured along with the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.
If death occurs at anytime during the term of a policy (provided the policy has been kept in force by payment of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount. An additional amount (depending on the duration of the policy) will also be paid on death under such a policy.
Maturity Benefit:
The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date would be paid in a lump sum.
Supplementary / Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection / option. An additional premium is required to be paid for these benefits.
Jeevan Surabhi-20 Years
Features
Jeevan Surabhi plan is similar to other money back plans. However main differences in regular money back plans and Jeevan Surabhi are as under
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium-paying period and to the overall limit of Rs.5 lakhs on a single life.
Bonuses :
This is a with-profit plan and participate in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit:
The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.
If death occurs at anytime during the term of a policy (provided the policy has been kept in force by payment of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount. An additional amount (depending on the duration of the policy) will also be paid on death under such a policy.
Maturity Benefit :
The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.
Jeevan Surabhi-25 Years
Features
Even Surabhi plan is similar to other money back plans. However main differences in regular money back plans and Jeevan Surabhi are as under
Maturity term is more than premium paying term.
Early and higher rate of survival benefit payment.
Risk cover increases every five years.
Full sum assured is paid back as survival benefit by the end of premium paying term. However, the risk cover and additional risk cover continue and the policy participates in profits till the end of policy term.
Accident Benefit is restricted to the premium-paying period and to the overall limit of Rs.5 lakhs on a single life.
Product summary
This is a with-profits plan available for three different terms of 15, 20 and 25 years with corresponding premium paying terms of 12, 15 and 18 years. The plan provides a specified percentage of Sum Assured on survival up to specified durations. A life insurance cover is available throughout the term of the plan which increases after every five yearly intervals.
Bonuses :
This is a with-profit plan and participate in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit:
The Sum Assured alongwith the additional cover, if any, plus all bonuses declared till death is payable in a lump sum upon the death of the life assured during the policy term. The survival benefits paid prior to death will not be deducted from the claim amount.
Maturity Benefit :
The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum.
Jeevan Rekha (Close for sale)
Features
Product summary
This is a Money Back Whole Life plan. It provides financial protection against death throughout the lifetime with regular flow of survival benefits at five yearly intervals.
Bonuses:
This is a with-profit plan and participates in the profits of the Corporation´s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.
Benefits
Survival Benefits:
10% of the Basic Sum Assured will be paid throughout your lifetime after every 5 years. First such payment will be made after five years from the date of commencement.
Death Benefit:
The Sum Assured along with all vested bonuses is payable in a lump sum upon the death of the life assured, whenever it occurs.
|
|
|
 |
 Top Providers |
 |
ICICI Prudential Life |
|
SBI Life Insurance |
|
Life Insurance Corp. |
|
Bajaj Allianz Insurance |
|
United India Insurance |
|
|
| |
|
|
|
