LIC Money Back Plan for 25 Years Table No 821

Monday, January 6, 2014

LIC Of INDIA

LIC Money Back Plan for 25 Years Table No 821 | Features, Benefits Reviews, Premium, Maturity and Risk Cover

LIC's Money Back Plan-25 years is a non-linked plan with attractive combination of protection against death throughout the term.


A Policy may be revived within a period of 2 years from the date of first unpaid premium.
Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

Maturity Benefit 

40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any

Death Benefit 

Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.

What is Sum Assured on Death?


Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA)
OR 10 times Annualized Premium. (10 x AP).
[*Premiums - excluding taxes, extra premiums and premiums for riders, if any]

SURVIVAL BENEFIT (as a percentage of Sum Assured)



Policy Year

5th

10th

15th

20th

Survival Benefit Payable

15%

15%

15%

15%

Paid –up value shall be equal to (Number of premiums paid/ Total Number of premiums payable) x Basic Sum Assured less total amount of Survival Benefits paid under the policy.

Eligibility Conditions and Restrictions


Age at entry - 13 to 45 years
Age at Maturity - Maximum 70 Years
Policy Term - 25 years
Premium Paying Term – 20 Years
Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured - 1,00,000 and above ( In multiples of 5000)

Loan

Available after payment of 3 full years’ premiums.
The maximum amount of loan that can be granted as a percentage of Surrender Value be as under:
For enforce and fully paid-up policies – up to 90%
For paid-up policies – 80%
Foreclosure action shall not be taken under fully paid-up and enforce policies even if there is default of loan interest.

Surrender Value


Guaranteed Surrender Value (GSV)

Available after payment of 3 full years premiums.
GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.
Examples of GSV factors applicable for total premiums paid
Policy Year GSV factor
3                   =       30%
5                   =       50%
t -1                =      80% (t=Policy Term)
GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –
Year of SV – Factor
3                     15.28%
20                   21.99%
24                   30%

Special Surrender Value (SSV)

Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.





Lic New Money Back Table No 821-25 years from Satyendra Gupta

LIC Money Back Plan for 25 Years Table No 821 Premium Chart



LIC Money Back Plan for 25 Years Table No 821 Illustration




LIC Money Back Plan for 25 Years Table No 821 Chart