Vision Money Back Plus Plan
Vision Money Back Plus Plan is a traditional Money Back Plan providing regular payouts to meet liquidity requirements and also life insurance coverage for security purposes.
Survival benefits accrue every 4 or 5 years starting @ 10% or 15% and thereby increasing by 5% in every subsequent payout On death of the policyholder, SA on death + accrued Reversionary Bonuses and Terminal Bonus, if any is paid Sum Assured on death is higher of the SA chosen or 10 times the annual premium The minimum death benefit should be 105% of all premiums paid till death On Maturity, the accrued Reversionary Bonuses and Terminal Bonus is paid to the policyholder Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Additional Features or Riders
Rebates in premium for choosing annual and semi-annual mode @ 5% and 2% respectively High SA rebates are also allowed The following Riders are available for customization: BSLI Accidental Death and Disability Rider BSLI Critical Illness Rider BSLI Surgical Care Rider BSLI Hospital Care Rider BSLI Waiver of Premium Rider Exclusions In case of suicide committed within 12 months of policy inception or revival only the premiums paid or the Surrender Value is refunded
Key Features
It is a participating plan with limited premium payment option Survival benefits are paid after every 4th or 5th year as chosen The survival benefits can be deferred until the next payout to enhance the amount of payout Simple reversionary bonus and terminal bonus add to the corpus
Product Specification:
Details About Premium Annual premium in Rupees for a 35 year old male with a term of 20 years and PPT of 10 years Policy Details Grace Period: 30 days grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = (GSV % of Premiums paid + GSV% of vested Bonuses) – Survival Benefits already received or deferred Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loan is available under the plan with a minimum amount of Rs.5000 and maximum of 85% of the Surrender Value
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.