LIC Bima Bachat Table No 175

LIC  Bima Bachat Table No 175

Premium Ceasing Age : 66  Premium Ceasing Term : 1

Plan Highlights

Features

Bima Bachat is a single premium money back plan. The single premium that is paid under the policy will be paid back to the policyholder along with Loyalty Additions, if any. This payment will be done at the time of maturity. If the policyholder survives till the term of the policy, he will receive 15% of the total sum assured every 3 years. There are no riders available under this policy. And it is available for a term of 9, 12 and 15 years.

Benefits

Death benefit:

On the death of the policyholder during the term of the policy, an amount which is equal to sum assured is paid.

Survival Benefit:

In case the life assured survives till the term of the policy, he will receive 15% of the total sum assured every 3 years. The policy is available for a term of 9 years, 12 years and 15 years respectively.

Maturity Benefit:

Single premium (excluding extra premium) along with Loyalty Additions, if any, is paid to the Life Assured if he survives till the end of the term.

Loyalty Additions

LIC Bima Bachat is a with-profits Plan and the policy shall participate in the profits of the Corporation’s with-profits assurance business. The policy shall, however not be eligible for reversionary bonuses but it will be eligible to a share of profits in the form of Loyalty Addition (one time) which will be only payable on maturity. On the Life Assured surviving the stipulated date of maturity, the policy may be eligible for payment of Loyalty Addition, if any, depending upon the experience of the Corporation at such rate and on such terms as may be declared by the Corporation.

Loan

Loan facility is available under this plan after the policy acquires paid-up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly.

Cooling -off period

If a policyholder is not satisfied with the terms and conditions of the policy, he/she may return the policy to the Corporation within 15 days from the date of receipt of the policy.

Back-dating interest

The policies can be dated back within the financial year, as usual. Back-dating interest will be charged at the rate of 9% p.a. for dating back in excess of one month. This rate is subject to revision. The interest shall be charged even where the policy is back dated to a lean month.

Surrender values

The policy can be surrendered for cash after completion of atleast one policy year. The GuaranteedSurrender Value is equal to 90 per cent of the Single Premium paid excluding extra premium paid and the survival benefits paid earlier.

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LIC Jeevan Surabhi Plan No 108 for 25 Years

LIC Jeevan Surabhi (Table No.  108 ) for 25 Years Term Only.

Premium Ceasing Age : 70 Premium Ceasing Term : 18
Plan Highlights
Features
(LIC’s Jeevan Surabhi ) Table no 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.
• The survival benefit payment is early and gives a higher rate.
• Risk cover increases every five years.

Special Features
This plan has longer policy term and limited premium paying term. The policy term is 25 years and the premium paying term is 18 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.

Benefits
Survival Benefits:
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).

Death Benefits:
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. The additional amounts payable, at various stages are shown in the table given below.
Additional Amount Paid In Case Of Death For A Policy Of Rs.1000
First 5 (Policy Years) Nil
6th-lOth (Policy Year) 500
llth-l5th (Policy Year) 1000
l6th-2Oth (Policy Year) 1500
2lst-26th (Policy Year) 2000
Suitable for:
This plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.

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LIC Money Back for 20 Years

LIC’s Money Back Insurance Policy  20 Years Table  Plan No: 75

Premium Ceasing Age : 70 Premium Ceasing Term : 0
Plan Highlights
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 lic money back policy, of course so long as the policy holder is alive.
Benefits
Survival Benefits:
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 5 years , 10 years & 15 years 20% of Sum Assured
• At end of 20 years 40% of Sum Assured and
• On Maturity, the policyholder will receive the balance sum assured as given above plus the vested bonus(if any).
Death Benefits:
Full sum assured plus bonus irrespective of survival benefits taken.
Suitable For:
LIC Money Back plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
LIC Money Back plan meets with periodical needs although loans are not granted under this policy. A terminal bonus is granted though.
The basic bonus under this plan is slightly lower than the rate applicable to endowment assurances.

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