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| 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 policy, of course so long as the policy holder is alive. |
In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.
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| An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured. |
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| Choose Your Money Back Plan |
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| New Bima Gold |
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| It is a plan where premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover is available not only during the term but also during the extended term of the plan. |
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| Money Back 20 Years |
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In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
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| Money Back 25 Years |
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| For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year. |
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| Jeevan Rekha |
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| This plan is mainly devised to create an estate for the heirs of the poLICyholder as the plan basically provides for payment of sum assured plus bonuses on the death of the poLICyholder. However, considering the increased longevity of the Indian population, the Corporation has amended the above provision, thereby providing for payment of sum assured plus bonuses in the form of maturity claim on completion of age 80 years or on expiry of term of 40 years from date of commencement of the poLICy whichever is later. |
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| Bima Bachat |
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| LIC’s Bima Bachat is a money-back poLICy which offers financial security and assurance to the poLICy holder and his family. Bima Bachat requires the poLICy holder to pay only one premium. The amount paid for the premium depends on the duration of the poLICy taken and life insurance is available till the date of maturity. |
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