1. NEW MONEY BACK – 25 YEARS
Plan No. 821
Call (+91) 7738546484
License No: 10149681
Agency Code: 02187929
LIC's New Money Back Plan-25 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.
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. Where, “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.
In case of Life Assured surviving to the end of the
specified durations 15% of the Basic Sum Assured at
the end of each of 5th, 10th, 15th & 20th policy year.
In 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.
7. Eligibility Conditions & Other
Minimum entry age : 13 years(completed)
Maximum entry age : 45 years (nearest birthday)
Maximum maturity age: : 70 years (nearest birthday)
Fixed Policy Term : 25 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 be 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
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.
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