New India Assurance Suhana Safar Insurance
LICs New Money Back Plan-25 years is a simple participating anticipated endowment plan. Thus, it is a traditional money back plan with scheduled payments and bonus facility. This plan being 25 years tenure has a payment schedule of 25 years of survival and maturity benefits to be paid.
LIC New Money Back Plan 25 Years – Key Features
This endowment plan is a traditional participating plan.
Simple money back plan with bonus option
The insured needs to pay premium for a time frame of 20 years in case the plan continues for a period of 25 years.
If the Life Insured is alive at the end of the 5th, 10th, 15th and 20th years, 15% of the Basic Sum Assured is paid as Survival Benefit and the policy continues
The rest of the 40% of the Basic Sum Assured is paid on survival at till the completion of the policy tenure along with the accrued bonuses
If the life insured demise during the policy term, the entire Sum Assured on Death plus accrued Bonuses would be payable to the beneficiary as Death Benefit
LIC New Money Back Plan 25 Years – Product Specification
Details About Premium
The annual premium is mentioned in Rupees. Basic Premium is mentioned below (Tax not included)
LIC New Money Back Plan 25 Years – Policy Details
Grace Period: A particular period of grace i.e.30 days is provided to the insurance owner during which he/she can pay off all the due premiums. In case of failure, the policy will lapse.
Policy Termination or Surrender Benefit: The Policy lapses after the end of the Grace Period but it can be revived within 2 years from the first unpaid premium due date. Surrender Benefit is available after premium payment of 3 full years according to a table.
Free Look Period: During the initial 15 days of the policy coming into effect, the policyholder gets a free look at the various features of the policy. If, the policy does not live up to the expectations of the purchaser during this period, the policy maybe cancelled at zero cost. In the event of cancellation, the first premium payout made by the insured is refunded minimum an appropriate charge as determined by the insurance provider.
Loan is available in this plan after the policy acquires a surrender value after 3 policy years
The Policy can be paid up after paying at least 3 years premiums but the Paid Up Sum Assured reduces proportionately
If the insured commits suicide within 12 months of the policy enforcement, then only 80% of the premium is paid back to the beneficiary of the policy. An acquired Surrender Value or a higher of 80% of premiums paid is provided to the nominee in case the insurance holder suicides within 12 months of policy revival.
Frequently Asked Questions
1. What is the minimum and maximum entry age and maturity age of the policy?
The minimum and maximum entry age of the policy ranges from 13 years to 45 years and the maturity age of the policy ranges up to 70 years.
2. What is the duration of grace period provided by the policy?
A 30 days grace period is offered by the insurance company to the insured during which he/she can clear all the due premiums. If the insured is unable to pay all the required premiums, the policy lapses and is no longer in effect.
3. What is the duration of free look period provided by the policy?
A 15 days free look period is offered to the insured from the date of policy issued during which he/she cancel the policy if they are dissatisfied with the coverage of the policy. In the event of cancellation, the first premium payout made by the insured is refunded minimum an appropriate charge as determined by the insurance provider.
4. How can you apply for a duplicate copy of your policy?
A duplicate copy of the policy documents can be received from the insurance company, by submitting a request form in the nearest insurance branch along with all the documents required.
5. How can you check the claim status of the LIC New Money Back Plan 25 Years?
The claim status of LIC New Money Back Plan 25 yearscan be checked online. The policyholder can also call the insurance company and know about the claim status of the policy.
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