Lic new money back 75-93

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Lic new money back 75-93

  1. 1. Presenting New Money Back -New Money Back -LIC’s most popular money planLIC’s most popular money planin two variants –in two variants –Plan 75 : A 20-year policyPlan 75 : A 20-year policyPlan 93 : A 25-year policyPlan 93 : A 25-year policyPopularity MeterPopularity Meter : 57,05,346 policies sold in 2003-04
  2. 2.  The original, basic money back policy High liquidity Helps to fulfil your regular needs as well aslong term needs Guaranteed survival benefit : 15%/20% ofbasic sum assured paid at regular intervalsof 5 years.IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  3. 3.  Survival benefits already paid, are not deducted,if claim arises in case of unfortunate death. A with-profit policy, bonus calculated on full sumassured, despite regular survival benefit payouts. Now, loans available under the policy Optional benefits include term assurance rider andcritical illness rider on payment of small additionalpremium.IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  4. 4. Who can avail of this plan?Who can avail of this plan?Minimum age at entry : 13 years (completed)Maximum age at entry under Plan 75 : 50 years (nearest birthday).Maximum age at entry under Plan 93 : 45 years (nearest birthday).For how many years is risk cover available?For how many years is risk cover available?Under Plan 75 : policy term is 20 years.Under Plan 93 : policy term is 25 years.For what amount is risk cover available?For what amount is risk cover available?Minimum Sum Assured is Rs. 50,000. There is no maximum limit forSum Assured but it depends on income.Is there any limit on maximum age at maturity?Is there any limit on maximum age at maturity?Yes, maximum age at maturity allowed: 70 years.For how many years is premium payable?For how many years is premium payable?Throughout the term.IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  5. 5. On death of the Life Assured during the term of cover under the rider, an amountequal to the Term Assurance Sum Assured will be payable. This benefit is available onpayment of small additional premium.Eligibility(A) Minimum & maximum age at entry: 18 years (lbd) & 50 years (nbd)(B) Maximum age at maturity : 60 years(C) Minimum Sum Assured for the Term Rider : Rs. 1,00,000(E) Minimum S.A. of main plan on which Term Rider is given : Rs.1,00,000(F) Maximum S.A. for Term Rider: An amount equal to the Basic S.A.subject to a max Rs. 25 lakhs overalllimit on term riders on all plans).(G) Term : 10 to 35 years under regular premium policies;5 to 35 years under Single premium policies&15, 20 and 25 years under limited premium paying term policies.This rider shall be allowed only if age at maturity under the main policy is less thanor equal to 60 years. The policy term and premium paying term of the rider shouldmatch with the policy term and premium paying term under the main policy.Term Assurance RiderTerm Assurance RiderOptionalIntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  6. 6. The Critical Illness Sum Assured will be payable on the lifeassured surviving for a period of 28 days from the date ofoccurrence of any of the following critical illnesses-Heart Attack (Myocardial Infarction)Stroke (Cerebro-vascular Accident)CancerKidney FailureMajor Organ transplantParalysis3rd Degree BurnsBlindnessCoronary Artery By-pass SurgeryHeart Valve Replacement or RepairAorta Graft SurgeryCritical Illness Rider : BenefitsCritical Illness Rider : BenefitsOptionalIntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  7. 7. (A) Minimum entry age : 18 yrs (completed)(B) Maximum entry age : 50 yrs (nearer birthday)(C) Maximum maturity age : 60 years(D) Minimum Sum Assured for the Critical illness Rider : Rs.50,000/=(E) Minimum Sum Assured of the Main plan on which the Critical illnessRider can be given: Rs.50,000(F) Maximum Sum Assured : An amount equal to the Basic Sum for theCritical Illness Rider Assured, subject to a maximum of Rs.5,00,000.(G) Term : 10 to 35 years under regular premium5 to 35 years under Single premiumand 15, 20 & 25 years under limited premium paying term policies.This rider is allowed only if the maturity age under main policy is notgreater than 60 years.The policy term and premium paying term of the rider should match withthe policy term and premium paying term under the main policy.Critical Illness Rider : EligibilityCritical Illness Rider : EligibilityOptionalIntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  8. 8. Death CoverDeath Cover ::Sum Assured + Vested Bonuses + Final AdditionalSum Assured + Vested Bonuses + Final AdditionalBonus, if any, is payable in a lump sum on deathBonus, if any, is payable in a lump sum on deathof the life assured during the policy term.of the life assured during the policy term.  Maturity BenefitMaturity Benefit::40% of the Sum Assured + Vested Bonuses + Final40% of the Sum Assured + Vested Bonuses + FinalAdditional Bonus, if any, is payable in a lump sumAdditional Bonus, if any, is payable in a lump sumon survival to the end of the policy termon survival to the end of the policy termIntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  9. 9. Plan TerminyearsPrem.Payablefor..yearsSurvivalBenefitpayableafter 5yearsSurvivalBenefitpayableafter 10yearsSurvivalBenefitpayableafter15yearsSurvival Benefitpayable after 20yearsSurvival Benefitpayable after25 years75 20 20 20% ofS.A.20% ofS.A.20% ofS.A40% of SA plusVested Bonusplus TerminalBonus,if any.------93 25 25 15% ofS.A.15% ofS.A.15% ofS.A.15% ofS.A.40% of SAplus VestedBonus plusTerminalBonus,if any.IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  10. 10. Endofyear  Total premiumsPaid till endof yearBenefit on survival / maturity at the end of year GuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 6564 0 0 0 0 02 13128 0 0 0 0 03 19692 0 0 0 0 04 26256 0 0 0 0 05 32820 20000 0 0 20000 200006 39384 0 0 0 0 07 45948 0 0 0 0 08 52512 0 0 0 0 09 59076 0 0 0 0 010 65640 20000 0 0 20000 2000015 98460 20000 0 0 20000 2000020 131280 40000 53000 106000 93000 146000Illustration 1 (Table 75)Illustration 1 (Table 75) : Age at entry : 35 years Policy Term : 20 YearsMode : Yearly Sum Assured : Rs. 1,00,000 /- Annual Premium : Rs. 6564 /-IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  11. 11. End ofyearTotal premiumspaidtill endof yearBenefit on death during the year GuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 6564 100000 2400 4800 102400 1048002 13128 100000 4800 9600 104800 1096003 19692 100000 7200 14400 107200 1144004 26256 100000 9600 19200 109600 1192005 32820 100000 12000 24000 112000 1240006 39384 100000 14400 28800 114400 1288007 45948 100000 16800 33600 116800 1336008 52512 100000 19200 38400 119200 1384009 59076 100000 21600 43200 121600 14320010 65640 100000 24000 48000 124000 14800015 98460 100000 36000 72000 136000 17200020 131280 100000 48000 96000 148000 196000Illustration 1 (Table 75)Illustration 1 (Table 75) : Age at entry : 35 years Policy Term : 20 YearsMode : Yearly Sum Assured : Rs. 1,00,000 /- Annual Premium : Rs. 6564 /-IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  12. 12. Illustration 2 (Table 93):Illustration 2 (Table 93): Age at entry : 35 years Policy Term : 25 YearsMode : Yearly Sum Assured : Rs. 1,00,000 /- Annual Premium : Rs. 5507End ofyear  Totalpremiumspaidtill endof yearBenefit on death during the year GuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 5507 100000 2700 5800 102700 1058002 11014 100000 5400 11600 105400 1116003 16521 100000 8100 17400 108100 1174004 22028 100000 10800 23200 110800 1232005 27535 100000 13500 29000 113500 1290006 33042 100000 16200 34800 116200 1348007 38549 100000 18900 40600 118900 1406008 44056 100000 21600 46400 121600 1464009 49563 100000 24300 52200 124300 15220010 55070 100000 27000 58000 127000 15800015 82605 100000 40500 87000 140500 18700020 110140 100000 54000 116000 154000 216000IntroIntro featuresfeatures benefitsbenefits illustrationsillustrations
  13. 13. Endofyear  Total premiumspaidtill endof yearBenefit on survival / maturityat the end of year GuaranteedVariable TotalScenario 1 Scenario 2 Scenario 1 Scenario 21 5507 0 0 0 0 02 11014 0 0 0 0 03 16521 0 0 0 0 04 22028 0 0 0 0 05 27535 15000 0 0 15000 150006 33042 0 0 0 0 07 38549 0 0 0 0 08 44056 0 0 0 0 09 49563 0 0 0 0 010 55070 15000 0 0 15000 1500015 82605 15000 0 0 15000 1500020 110140 15000 0 0 15000 15000Illustration 2 (Table 93):Illustration 2 (Table 93): Age at entry : 35 years Policy Term : 25 YearsMode : Yearly Sum Assured : Rs. 1,00,000 /- Annual Premium : Rs. 5507Intro features benefits illustrationsIntro features benefits illustrations
  14. 14. 1. This illustration is applicable to a non-smoker male/female standard (frommedical, life style and occupation point of view) life.2. The non-guaranteed benefits (1) and (2) in above illustration arecalculated so that they are consistent with the Projected Investment Rateof Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2)respectively. In other words, in preparing this benefit illustration, it isassumed that the Projected Investment Rate of Return that LICI will be ableto earn throughout the term of the policy will be 6% p.a. or 10% p.a., asthe case may be. The Projected Investment Rate of Return is notguaranteed.3. The main objective of the illustration is that the client is able toappreciate the features of the product and the flow of benefits in differentcircumstances with some level of quantification.4. Future bonus will depend on future profits and as such is not guaranteed.However, once bonus is declared in any year and added to the policy, thebonus so added is guaranteed.Illustrations – assumptions and disclaimerIntro features benefits illustrationsIntro features benefits illustrations

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