MONEY BACK POLICY' plan
is an excellent plan with good return on reinvestment, best suited for
businessmen and professionals. Money is available at regular intervals in
future to meet the specific expenses such as children's education or marriage.
At the same time, the policy provides insurance protection for the family as
well as old age provision.
Salient Features
- A policy where lump sum amounts are paid to
the life assured at periodic intervals on survival
- In case of death of the life assured within
the term, the total sum insured is paid to the nominee, irrespective of
earlier survival benefits
- Bonus is payable under this scheme
- Premiums are to be paid regularly to get
survival benefits
- Premiums cease at death or on expiry of term
whichever is earlier
- This plan can be availed of for terms 20 or 25
years
Benefits
On Survival
|
At the end of
|
Amount of money back
|
For Example, on a Rs. 1,00,000 policy
|
|
|
20 years
|
5th year
|
20% of sum assured
|
Rs. 20000
|
|
10th year
|
20% "
|
Rs. 20000
|
|
|
15th year
|
20% "
|
Rs. 20000
|
|
|
20th year
|
40% "
|
Rs. 40000
|
|
|
25 years
|
5th year
|
15% of sum assured
|
Rs. 15000
|
|
10th year
|
15% "
|
Rs. 15000
|
|
|
15th year
|
15% "
|
Rs. 15000
|
|
|
20th year
|
15% "
|
Rs. 15000
|
|
|
25th year
|
40% "
|
Rs. 40000
|
On Death:
- Full sum assured is payable in the event of
the death of the life assured within the term, without any deduction of
earlier survival benefits.
- For example, suppose a person takes a Rs.
1,00,000 policy for 20 years. At the end of the 5th and 10th year he
receives Rs. 20,000 each as survival benefit. If he happens to die in the
12th year, the nominee of the life assured will receive full Rs. 1,00,000,
irrespective of the earlier benefits of Rs. 40,000.
Other Conditions
- Minimum amount of Sum Insured - Rs. 50,000
- Minimum age at entry-13 years
- Maximum age at entry :
- 20 year policy - 50 years
- 25 year policy - 45 years
- Bonus additions to the policy are calculated
for full sum assured. They are payable only along with final maturity benefit on date of maturity or on death, whichever is earlier
- Loans will be granted under these policies
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
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