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LIC’s NEW MONEY BACK PLAN

20 Years
( Plan N...
LIC’s New Money Back Plan -20 years ~ Benefits
Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan ...
LIC’s New Money Back Plan -20 years ~ Benefits
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~

12...
LIC’s New Money Back Plan -20 years ~ Benefits
NO
Change
in SB

Survival Benefit
5th

Survival Benefit
Payable

10th

15th...
LIC’s New Money Back Plan -20 years ~
Eligibility Conditions and Restrictions
Particulars
Age at entry

Money Back Plan -2...
LIC’s New Money Back Plan -20 years ~ Rebates
Rate
modified

Rebate

Mode
Plan No. 75

Plan No. 820

Yearly

3% of tabular...
LIC’s New Money Back Plan -20 years ~ Loan
Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan No. ...
LIC’s New Money Back Plan -20 years ~ Surrender Value
Plan No. 75

Plan No. 820

Guaranteed Surrender Value (GSV)

Guarant...
LIC’s New Money Back Plan -20 years ~ Surrender Value
No change in SSV

Money Back Plan -20 years
Plan No. 75

New Money B...
LIC’s New Money Back Plan -20 years
New Money Back Plan – 20 years
Plan No. 820

Money Back Plan -20 years
Plan No. 75

A ...
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Lic New Money Back Plan No 820

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Lic New Money Back Plan No 820 is the new plan for 25 years is launched by Life Insurance Corporation of India in 2014

Find More Details Here - http://secure-your-family.blogspot.in/p/lic-new-plans-2014.html

Published in: Economy & Finance, Business
  • Interested in buying new LIC plan then contact me 9899551897 or send your contact details on my email address satishkumar.licofindia@gmail.com. For more detail visit my blog http://www.bimacare.blogspot.in
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Lic New Money Back Plan No 820

  1. 1. Secure-your-family.blogspot.com| Follow Insurance Live on Facebook & Twitter LIC’s NEW MONEY BACK PLAN 20 Years ( Plan No. 820 ) UIN : 512N280V01 Secure-your-family.blogspot.com| Follow Insurance Live on Facebook & Twitter
  2. 2. LIC’s New Money Back Plan -20 years ~ Benefits Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Maturity Benefit Maturity Benefit 40% of the Basic Sum Assured along with V ested Simple Reversionary Bonuses and Final Additional Bonus, if any. 40% of the Basic Sum Assured along with V ested Simple Reversionary Bonuses and Final Additional Bonus, if any. Death Benefit Modification‘Sum Assured on Death' instead of SA Basic Sum Assured(BSA) along with V ested Simple Reversionary Bonuses and Final Additional Bonus, if any. Death Benefit ‘Sum Assured on Death’along with V ested 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 .
  3. 3. LIC’s New Money Back Plan -20 years ~ Benefits 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]
  4. 4. LIC’s New Money Back Plan -20 years ~ Benefits NO Change in SB Survival Benefit 5th Survival Benefit Payable 10th 15th 20% Policy Y ear 20% 20% Paid-up Value modified Money Back Plan -20 years Plan No. 75 Paid-up value per thousand Sum Assured Year ‰ Year ‰ 6,11 70 15 50 2,7,12 140 16 120 3,8,13 210 17 280 18 260 19 330 20 400 Paid –up value shall be equal to [(Number of premiums paid/ Total 190 4,9,14 New Money Back Plan – 20 years Plan No. 820 Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.
  5. 5. LIC’s New Money Back Plan -20 years ~ Eligibility Conditions and Restrictions Particulars Age at entry Money Back Plan -20 years ( Plan No. 75) 13 to 50 years New Money Back Plan – 20 years ( Plan No. 820) 13 to 50 years Age at Maturity Maximum 70 years Maximum 70 Y ears Policy Term 20 years 20 years Premium Paying Term 20 Y ears 15 Y ears Premium mode Y early, Half-yearly, Quarterly, Monthly (SSS or ECS) Y early, Half-yearly, Quarterly, Monthly (SSS or ECS) Basic Sum Assured 50,000 and above Minimum Sum Assured modified 1,00,000 and above ( In multiples of 5000) Premium Paying term modified
  6. 6. LIC’s New Money Back Plan -20 years ~ Rebates Rate modified Rebate Mode 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 Slab & Rate modified Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan 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‰ BSA Upto 50000 Nil 1,00,000 to 1,95,000 Nil
  7. 7. LIC’s New Money Back Plan -20 years ~ Loan Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Available after payment of 3 full years Available after payment of 3 full years premiums. % of loan modified premiums. Loan granted shall be 90% of the The maximum amount of loan that can be granted Surrender Value in case of inforce as a percentage of Surrender V alue be as under: policies and 85% of the Surrender Value For inforce and fully paid-up policies – upto 90% in case of Paid-up policies. For paid-up policies – 80% Foreclosure action shall be initiated on Foreclosure action shall not be taken under fully default of 2 or more half-yearly loan paid-up and inforce policies even if there is interest installments. default of loan interest.
  8. 8. LIC’s New Money Back Plan -20 years ~ Surrender Value Plan No. 75 Plan No. 820 Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV) No Change 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 Y Premium and ear 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 paid Policy Y ~ GSV factor ear 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term) GSV % modified Cash V alue of vested bonuses, if any. Bonus Payable modified GSV factor applicable to vested bonus, if any. Examples of V ested bonus factors – Y of SV – Factor ear 3 10 19 16.21% 18.16% 30%
  9. 9. LIC’s New Money Back Plan -20 years ~ Surrender Value No change in SSV Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Special Surrender V alue (SSV) Special Surrender V alue (SSV) Surrender V alue shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. Surrender V alue 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 Table1A of the Special Surrender V alue 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 Table1A of the Special Surrender V alue Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. Surrender V alue Payable Surrender V alue payable The Higher of Guaranteed Surrender V alue and Special Surrender V alue shall be payable. The Higher of Guaranteed Surrender V alue and Special Surrender V alue shall be payable.
  10. 10. LIC’s New Money Back Plan -20 years New Money Back Plan – 20 years Plan No. 820 Money Back Plan -20 years Plan No. 75 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 Dating Grace Period Assignment/Nomination
  11. 11. Secure-your-family.blogspot.com| Follow Insurance Live on Facebook & Twitter THANK YOU… Secure-your-family.blogspot.com| Follow Insurance Live on Facebook & Twitter

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