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About New Money Back Plan – 25 years (821)

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This is a fixed term policy. The premium has to be paid upto 20 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 the 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 the 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 may 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 policyholder will have a substantial lump sum amount at the end of the term of the policy.

Features & Conditions

Minimum age at entry13 years lbd
Maximum age at entry45 years nbd
Max. age at maturity70 years nbd
Policy term25 years
Premium Paying term20 years
Minimum S.A.Rs. 1,00,000/- &
in multiples of Rs. 5,000 thereafter.
Maximum S.A.No limit
Available RidersAccident & Permanent Disability Benefit
Rider availablefor full policy term.
Premium Rs. 1.15 %o payable for 20 years.
Mode of PaymentYearly, Half Yly, Qly & Mly ( SSS & ECS)
Mode RebateYearly : 2%, Half Yly : 1 %
High Basic S.A. RebateUpto 1,95,000 : Nil
2,00,000 to 4,95,000 : Rs. 2 %o Basic SA
5,00,000/- & above : Rs. 3 %o Basic SA
Policy LoanAvailable after payment of premium of
3 full years.
RevivalsWithin 2 years of FUP
Back DatingAllowed with lean Month’s benefits.
Service Tax1st Year of Policy : 3.09%
2nd Year onwards : 1.545%
Tax BenefitsOn Basic Premiums : u/s 80C
SB/Maturity/Death claim : u/s 10(10D)

Benefits

DEATH BENEFIT:
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: 15% of Basic SA is payable after 5th, 10th , 15th & 20th year of policy.

MATURITY BENEFIT: 40% of Basic Sum Assured + Vested Bonus + FAB if any.

Underwriting Rules

Non -Medical Schemes:
All Allowed.

Non-Standard Age Proofs:
All Allowed.

Female Lives :
All Allowed.

Pregnant ladies:
Cat I & II only up to 24 weeks of pregnancy.

Minor lives/Major Students:
Max rated up S.A. inclusive of all plans Rs. 1crore only.
S.A. beyond Rs. 1crore/substandard minor lives at CUS only with MM’s recommendation.

Sub-Standard Major lives:
Up to EMR Class Ten only.
Physically Handicapped lives should be gainfully employed.

Occupation/Residence Extra:
1.4375 times of Standard extra is to be charged.

Actual Sum Assured (ASA) for SUC:
For FMR, Special Reports, MHR & TRSA:
1.25 times of Basic S.A. only.

Keyman/Partnership/Empl-Employee:
Allowed only under Employer-Employee

NRIs & FNIOs Residence Group:
Group I & II: Not Allowed.
Group III to VI: Allowed with extra.
Group VII: Allowed without extra.
Juvenile lives, House wives and NMS Scheme: Group V, VI and VII only.

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