Money Back Plans From LIC
- Bima Bachat - Single Premium Money Back Plan.
- Jeevan Surabhi 108 - Insurance term 25 yrs; Premium term 18 yrs only.
- Jeevan Surabhi 107 - Insurance term 20 yrs; Premium term 15 yrs only.
- Jeevan Surabhi 106 - Insurance term 15 yrs; Premium term 12 yrs only.
- The Money Back Policy 75 - Insurance term 25 yrs; Premium term 25 yrs.
- The Money Back Policy 90 - Insurance term 20 yrs; Premium term 20 yrs.
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LIC’s Bima Bachat is a money-back policy and requires the policy holder to pay only one premium. The insurance is available till the date of maturity.
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year.
For a term 15 years: The policy holder will receive15% of the sum assured at the end of every 3rd, 6th, 9th and 12th policy year.
If the policy holder outlives the duration of the policy, at the time of maturity, a single premium payment is made along with loyalty additions, if any.
Money Back Plans ( Table 75 & 90)
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 balance 40% plus the accrued bonus become payable at the 25th 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 balance 40% plus the accrued bonus become payable at the 25th year.
Jeevan Surabhi ( Table 106, 107 & 108 )
This plan is an improved version of Money Back Plan with an added element of increasing term insurance cover. The difference between the other money back plans and this plan is as follows:
• In case of this plan the maturity term is more than premium paying term. For example, in Table 108, the policy term is 25 years and the premium paying term is 18 years.
• 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.
This scheme provides for periodic payments of partial survival benefits as follows, during the
term of the policy, so long as the policy holder is alive.
• At end of 4 years, 8 years, 12 years & 15 years 25% of Sum Assured
• At end of 25 years Maturity Amount
• On Maturity, the policyholder will receive the balance sum assured as given above plus the vested bonus(if any).
If death occurs at anytime during the term of a policy, 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.
• In case of this plan the maturity term is more than premium paying term. For example, in Table 108, the policy term is 25 years and the premium paying term is 18 years.
• 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.
This scheme provides for periodic payments of partial survival benefits as follows, during the
term of the policy, so long as the policy holder is alive.
• At end of 4 years, 8 years, 12 years & 15 years 25% of Sum Assured
• At end of 25 years Maturity Amount
• On Maturity, the policyholder will receive the balance sum assured as given above plus the vested bonus(if any).
If death occurs at anytime during the term of a policy, 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.
