LIC - New Money Back - 20 years

a plan for education funds, marriage funds or any future plans to fulfill from LIC with income at regular period prior completion of policy term.

1. NEW MONEY BACK – 20 YEARS Plan No. 820 Presented by:- Sumeet Pawar Insurance Advisor Call (+91 ) 7738546484 License No: 10149681 Agency Code: 02187929

2. Features LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.

3. Benefits Death Benefit: On death during the policy term provided the policy is in full force, death benefit, defined as sum of  “Sum Assured on Death”  and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. WherIn case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.e, “Sum Assured on Death”  is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

4. Benefits Survival Benefit: In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.

5. Benefits Maturity Benefit: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

6. Benefit Illustration Basic Details- Sum Assured: Rs 1,00,000 Age at Entry: 30 yrs Term: 20 yrs PPT: 15 yrs Yearly Premium (1 st Yr): Rs 8,115 (Rs 7,872 + Rs 243) Yearly Premium (2 nd Yr…): Rs 7,993 (Rs 7,872 + Rs 122) Survival Returns- On 5 th yr: Rs 20,000 On 10 th yr: Rs 20,000 On 15 th yr: Rs 20,000 Approximate Maturity Returns- Interim Bonus: Rs 78,000 Final Bonus: Rs 3,000 Maturity (40%SA + IB + FB): Rs 1,81,000

7. Eligibility Conditions & Other Restrictions Minimum entry age                    : 13 years(completed) Maximum entry age                   : 50 years (nearest birthday) Maximum maturity age:            : 70 years (nearest birthday) Fixed Policy Term                 : 20 years Minimum Sum Assured             : Rs.1,00,000 Maximum Sum assured             : No limit (Sum Assured will be in multiples of Rs.5,000 /- only) Premium payment mode          : Yearly / Half Yearly / Quarterly / Monthly / SSS

8. High Sum Assured Rebate Sum Assured (S.A)                 Rebate (Rs.) 1,00,000 to 1,95,000                 Nil 2,00,000 to 4,95,000    Rs 2 per 1000 on S.A. 5,00,000 and above            Rs 3 per 1000 on S.A.

9. Loan Facility Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the Corporation may specify from time to time.

10. Surrender Value The policy can surrendered for cash provided atleast three full years’ premiums have been paid. The Guaranteed Surrender value shall be percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for less any survival benefits already paid. This percentage will depend on the policy year in which the policy is surrendered.

11. Paid-up Value If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall be equal to [(Number of premiums paid / Total Number of premiums payable) x Basic Sum Assured] less Total amount of survival benefits already paid under the policy. The policy so reduced shall thereafter be free from all liabilities for payment of the premiums, but shall not be entitled to participate in future profits. However, the vested Simple Reversionary Bonuses shall remain attached to the reduced paid-up policy. Notwithstanding the benefits available under a fully inforce policy, in the case of a reduced paid up policy, no survival benefits shall be payable and the paid-up value along with the vested Simple Reversionary Bonuses, if any, shall be payable only in lump-sum on the expiry of policy term or death of life assured, if earlier. Rider(s) shall not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

12. Revival If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity by paying all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time subject to submission of satisfactory evidence of continued insurability. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder. Revival of rider(s), if opted for, will be considered along with revival of the Basic Policy and not in isolation.

13. Cooling-off Period If the Policyholder is not satisfied with the “Terms and Conditions”, policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any  and stamp duty charges.