About New Money Back Plan – 20 years (820)
This is a fixed term policy. The premium has to be upto 15 years or till the death of the policy holder whichever is earlier. A part of sum assured is paid to the policy holder once in 5 years. This benefit is called survival benefit. It is very important to note that the life risk cover continues for full sum assured even after payment of survival benefits to the policy holder. Also, the bonus is given on full sum assured. On the death of the policy holder before the term of the policy, the “Sum Assured on Death” along with accumulated bonus and final additional bonus (if any) is paid to the nominee. On the other hand if the policy holder survives till the end of the term the amount of survival benefits already paid to him will be deducted from maturity value. i.e. (S.A + Bonus + FAB – Survival Benefit).
Under this policy, apart from the life risk cover, the money becomes available at regular intervals. The amount my be used for short term financial needs like, purchase of household durables or for children’s education. Or the amount received as survival benefit can be re-invested in any secured investment so that the policy holder will have a substantial lumpsum amount at the end of the term of the policy.
Features & Conditions
|Minimum age at entry||13 years lbd|
|Maximum age at entry||50 years nbd|
|Max. age at maturity||70 years nbd|
|Policy term||20 years|
|Premium Paying term||15 years|
|Minimum S.A.||Rs. 1,00,000/- &
in multiples of Rs. 5,000 thereafter.
|Maximum S.A.||No limit|
|Available Riders||Accident & Permanent Disability Benefit
Rider availablefor full policy term.
Premium `1.20 %o payable for 15 years.
|Mode of Payment||Yearly, Half Yly, Qly & Mly ( SSS & ECS)|
|Mode Rebate||Yearly : 2%, Half Yly : 1 %|
|High Basic S.A. Rebate||Upto 1,95,000 : Nil
2,00,000 to 4,95,000 : ` 2 %o Basic SA
5,00,000/- & above : ` 3 %o Basic SA
|Policy Loan||Available after payment of premium of
3 full years.
|Revivals||Within 2 years of FUP|
|Back Dating||Allowed with lean Month’s benefits.|
|Service Tax||1st Year of Policy : 3.09%
2nd Year onwards : 1.545%
|Tax Benefits||On Basic Premiums : u/s 80C
SB/Maturity/Death claim : u/s 10(10D)
Sum Assured on Death + Vested Bonus + FAB if any.
Sum Assured on Death = Higher of 125% of Basic SA or 10 times of annualized Premium.
Death Benefit shall not be less than 105% of total premiums paid as on date of death.
The premiums exclude taxes, extra premium and rider premiums.
SURVIVAL BENEFIT: 20% of Basic SA is payable after 5th, 10th and 15th year of policy.
MATURITY BENEFIT: 40% of Basic Sum Assured + Vested Bonus + FAB if any.
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