new money back plan 20 years -table 820 launches on january 2014

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LIC’s NEW MONEY BACK PLAN 20 Years ( Plan No. 820 ) For more details visit: http://licofindiadelhi.weebly.com/lics-n ew-plans.html

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LIC Launches New Money Back Plan for 20 Years, This is a plan which suits to people who require money backs for their small needs.

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Page 1: New money back plan 20 years -table 820 launches on January 2014

LIC’s NEW MONEY BACK PLAN20 Years

( Plan No. 820 )

For more details visit:http://licofindiadelhi.weebly.com/lics-new-plans.html

Page 2: New money back plan 20 years -table 820 launches on January 2014

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820

Maturity Benefit Maturity Benefit

40% of the Basic Sum Assured along with

Vested Simple Reversionary Bonuses and

Final Additional Bonus, if any.

40% of the Basic Sum Assured along with

Vested Simple Reversionary Bonuses and

Final Additional Bonus, if any.Death Benefit Death Benefit

Basic Sum Assured(BSA) along with

Vested Simple Reversionary Bonuses

and

Final Additional Bonus, if any.

‘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 .

LIC’s New Money Back Plan -20 years ~ Benefits

Page 3: New money back plan 20 years -table 820 launches on January 2014

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 Annualised Premium.(10 x AP).

[Premiums - excluding taxes, extra premiums and premiums for riders, if any]

LIC’s New Money Back Plan -20 years ~ Benefits

Page 4: New money back plan 20 years -table 820 launches on January 2014

Survival BenefitPolicy Year 5th 10th 15th

Survival Benefit Payable 20% 20% 20%

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820

Paid-up value per thousand Sum Assured

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.

Year ‰ Year ‰

6,11 70 15 502,7,12 140 16 1203,8,13 210 17 1904,9,14 280 18 260

19 33020 400

LIC’s New Money Back Plan -20 years ~ Benefits

Page 5: New money back plan 20 years -table 820 launches on January 2014

Particulars Money Back Plan -20 years( Plan No. 75)

New Money Back Plan – 20 years ( Plan No. 820)

Age at entry 13 to 50 years 13 to 50 years

Age at Maturity Maximum 70 years Maximum 70 Years

Policy Term 20 years 20 years

Premium Paying Term 20 Years 15 Years

Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Basic Sum Assured 50,000 and above 1,00,000 and above

( In multiples of 5000)

LIC’s New Money Back Plan -20 years ~ Eligibility Conditions and Restrictions

Page 6: New money back plan 20 years -table 820 launches on January 2014

ModeRebate

Plan No. 75 Plan No. 820

Yearly 3% of tabular Premium 2% of tabular premium

Half-yearly 1.5% of tabular premium 1% of tabular premium

Quarterly Nil Nil

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820

Basic Sum Assured Rebate (Rs.) Basic Sum Assured Rebate (Rs.)

1,00,000 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA

50001 to 1,00,000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSAUpto 50000 Nil 1,00,000 to 1,95,000 Nil

LIC’s New Money Back Plan -20 years ~ Rebates

Page 7: New money back plan 20 years -table 820 launches on January 2014

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820

Available after payment of 3 full years

premiums.

Available after payment of 3 full years premiums.

Loan granted shall be 90% of the

Surrender Value in case of inforce

policies and 85% of the Surrender Value

in case of Paid-up policies.

The maximum amount of loan that can be granted

as a percentage of Surrender Value be as under:

For inforce and fully paid-up policies – upto 90%

For paid-up policies – 80%

Foreclosure action shall be initiated on

default of 2 or more half-yearly loan

interest installments.

Foreclosure action shall not be taken under fully

paid-up and inforce policies even if there is

default of loan interest.

LIC’s New Money Back Plan -20 years ~ Loan

Page 8: New money back plan 20 years -table 820 launches on January 2014

Plan No. 75 Plan No. 820Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)

Available after payment of 3 full years premiums.

Available after payment of 3 full years premiums.

Before Payment of Survival Benefit:GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.After Payment of Survival Benefit:GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.

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 paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)

Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –Year of SV – Factor 3 16.21% 10 18.16% 19 30%

GSV % modified

Bonus Payable modified

No Change

LIC’s New Money Back Plan -20 years ~ Surrender Value

Page 9: New money back plan 20 years -table 820 launches on January 2014

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820

Special Surrender Value (SSV) Special Surrender Value (SSV)Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.

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 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.

Surrender Value Payable Surrender Value payable

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.

No change in SSV

LIC’s New Money Back Plan -20 years ~ Surrender Value

Page 10: New money back plan 20 years -table 820 launches on January 2014

Money Back Plan -20 yearsPlan No. 75

New Money Back Plan – 20 yearsPlan No. 820

A Policy may be revived within a period of 5 years from the date of first unpaid premium.

A Policy may be revived within a period of 2 years from the date of first unpaid premium.

Taxes, if any , were borne by the corporation.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.

There shall be no change in the following Items

Back DatingGrace Period

Assignment/Nomination

LIC’s New Money Back Plan -20 years