Insurance plans for IT Employees
IT Employees may like to go for short time plans as their work is stressful. LIC is having some good plans for IT employees. These plans not only cover their life, gives tax exemption under section 80C and returns are also guaranteed. Monthly premium through ECS may help employees from IT and related Industry to save for future.
LIC Premium paying modes like yearly, half yearly, quarterly and monthly ECS are the 4 ways you can pay.
For more info call us at 9032813425
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Thursday, April 14, 2016
Insurance plans for IT Employees
LIC Jeevan Saral (Table No. 165)
LIC India | Jeevan Saral | Jeevan Anand
LIC Jeevan Saral (Table No. 165)
(Golden Peacock Award winning Insurance Plan)
Policy Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
Premiums:
Premiums can be pay yearly, half-yearly, quarterly, or monthly.
Policy Eligibility:
Entry Age : 12 to 60 years
Maturity Age : 70 years Maximum
Policy Term : 10 to 35 years
Min. Premium : Rs. 250 /month for age up to 49 and Rs. 400 /month for age 50 & above.
Max. Premium : No Limit
LIC Jeevan Saral Chart:
Benefits of Jeevan Saral
Loyalty Additions:
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
Death Benefit:
250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
Maturity Benefit:
The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.
Guaranteed Surrender Value:
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Special Surrender Value:
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.
Example:
Mr. Rohit is 25 years old and is working in IT industry.
He opts for jeevan saral plan for 25 years term and chooses monthly premium of Rs.1000/- after adding DAB (Double Accidental Benefit) Net premium of Rs.1021. On maturity he will receive Rs.13,65,101/- (as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation).
If he dies after 5 years, his nominee will get Rs.2,50,000 (250 x 1000) + premium paid for 5 years – first year premium = 2,50,000 + 61260- 12252 = 2,99,008 + Loyalty Addition.
Policy Summary:
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. It also offers the flexibility of term and a lot of liquidity.
Premiums:
Premiums can be pay yearly, half-yearly, quarterly, or monthly.
Premiums can be pay yearly, half-yearly, quarterly, or monthly.
Policy Eligibility:
Entry Age : 12 to 60 years
Maturity Age : 70 years Maximum
Policy Term : 10 to 35 years
Min. Premium : Rs. 250 /month for age up to 49 and Rs. 400 /month for age 50 & above.
Max. Premium : No Limit
Entry Age : 12 to 60 years
Maturity Age : 70 years Maximum
Policy Term : 10 to 35 years
Min. Premium : Rs. 250 /month for age up to 49 and Rs. 400 /month for age 50 & above.
Max. Premium : No Limit
LIC Jeevan Saral Chart:
Benefits of Jeevan Saral
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.
Death Benefit:
250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
Maturity Benefit:
The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.
Guaranteed Surrender Value:
The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.
Special Surrender Value:
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy.
Example:
Mr. Rohit is 25 years old and is working in IT industry.
He opts for jeevan saral plan for 25 years term and chooses monthly premium of Rs.1000/- after adding DAB (Double Accidental Benefit) Net premium of Rs.1021. On maturity he will receive Rs.13,65,101/- (as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation).
If he dies after 5 years, his nominee will get Rs.2,50,000 (250 x 1000) + premium paid for 5 years – first year premium = 2,50,000 + 61260- 12252 = 2,99,008 + Loyalty Addition.
LIC’s New Jeevan Nidhi Plan No. 818
LIC New Jeevan Nidhi Plan No. 818
A Compulsory Pension Plan from LIC
LIC New Jeevan Nidhi Plan is introduced with effect of 27th Jan 2014. This is conventional with profit Pension Plan from LIC.
Eligibility conditions and restrictions:
Eligibility conditions and restrictions:
1.
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Minimum Age at entry for Life Assured:
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20 years (nearest Birth day)
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2.
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Maximum Age at entry for Life Assured:
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58 years (nearest Bday) in Regular Premium
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60 years (nearest Bday) in Single Premium
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3.
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Minimum Deferment Period:
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5 years under Single Premium
7 years under Regular Premium
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4.
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Maximum Deferment Period:
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35 years
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5.
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Minimum age at Maturity:
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55 years (Nearest Birthday)
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6.
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Maximum age at Maturity:
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65 years (Nearest Birthday)
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7.
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Premium payment mode:
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Yearly, Half-yearly, Quarterly, Monthly (SSS or Single Premium
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8.
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Minimum Sum Assured:
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Rs 1,00,000/- for regular Premium
Rs 1,50,000/- for Single Premium
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9.
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Maximum Sum Assured:
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No Limit
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Benefits:
(A) Guaranteed Additions:
Provided the policy is in full force, Guaranteed Additions @ Rs. 50 per Thousand Basic Sum Assured will be added to the Basic Sum Assured for each completed year, for first five years.
In case of surrender of fully paid up policy or in case of death claim, the guaranteed additions for the policy year of death or surrender will be added fully.
(B) Optional Benefit on LIC’s Accidental Death and Disability Benefit Rider at extra premium
(C) Participation in Profits
The Policy shall participate in profits from the 6th year onwards till the end of deferment period and at such rates as may be declared by the corporation provided the policy is kept in force for full sum assured.
Final Additional Bonus may also be declared under the policy depending on experience of LIC
(D) Benefit on Vesting
Provided this policy is in full in force, on vesting, an amount equal to Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Final Additional Bonus if any shall be made available to the life assured. The benefits available on vesting shall be payable as per details given below:
(E)Option available to the Life Assured for utilization of benefit amount:
The following options will be available to the life assured for the utilization of benefit amount on vesting/surrender
1) To Purchase in immediate annuity
The life assured will have a choice to commute the amount available on vesting/surrender to the extent allowed under Income tax act. The entire amount available on vesting/surrender or the balance amount after commutation as the case may be, shall be utilized to purchase immediate annuity at then prevailing annuity rates. Commutation will only be allowed provided that the balance is sufficient to purchase the minimum amount of annuity as per the provisions of sections of insurance Act. 1938.
In case the said is insufficient to purchase the minimum amount of annuity then the said amount shall be paid as a lump sum to the life assured.
The annuity shall only be purchased from Life Insurance Corporation of India.
2) To purchase a new Single premium deferred pension product from Life Insurance Corporation of India.
Under this option the entire proceeds available on vesting/ surrender shall be utilized to purchase a new single premium deferred pension product provided the policyholder satisfied the eligibility criteria for purchasing a single premium deferred pension product.
(F) Death Benefit:
Death during the first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.
Death after first five policy years: Provided the full policy in force, basic sum assured along with accrued guaranteed addition bonus, vested Simple Reversionery Bonuses and Final Additional Bonus, if any, shall be paid as lump sum or in the form of annuity or partly in lump sum and balance in the form of annuity to the nominee/legal heir at then the prevailing immediate annuity rates.
In any case, provided all due premiums have been paid, the total death benefit at any time shall not be less than 105% of total premiums paid (excluding taxes, extra premium and rider premium, if any).
Single Premium Endowment Plan Table No. 817
Single Premium Endowment Plan Table No. 817
Lic’s new single premium endowment plan – Table no – 817
Single Premium Endowment Plan Highlights
1. Single premium 2. With profit endowment plan
3. Minimum age at entry is 90 days
4. Loan available after completion of one year
5. Back dating is allowed
Maturity benefit
1. Sum assured
2. Simple reversionary bonuses
3. Final additional bonus, if any.
Death benefit
1. After commencement of risk - Sum assured plus vested simple reversionary bonuses and final additional bonus, if any.
2. Before commencement of risk# - Return of single premium excluding taxes and extra premiums, if any.
# in case the age at entry of life assured is less than 8 years, risk will commence either 2 years from the doc or policy anniversary after completion of 8 years of age whichever is earlier, for others risk shall commence immediately.
Loan on single premium endowment plan
1. Available after completion of 1 policy year.
2. Amount of loan will depend on year of policy and policy term.
3. The maximum loan shall be granted as a percentage of surrender value (sv).
Eligibility conditions and restrictions
| Particulars |
Description
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Age at entry
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90 days (completed) to 65 years (nearest birthday)
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Age at maturity
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18 to 75 years
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Policy term
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10 to 25 years
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Premium mode
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Single premium only
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Basic Sum Assured
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50000 and above ( in multiples of 5000)
– no upper limit |
Surrender Value: Higher of guaranteed surrender value or special value shall be payable. The policy can be surrendered at any time during the policy term.
Guaranteed surrender value (GSV): 1st year ~ 70% of single premium excluding taxes and extra premium, if any. Thereafter ~ 90% of single premium excluding taxes and extra premium, if any. plus surrender value of vested bonuses.
Special surrender value (SSV): Discounted value of sum assured and vested simple reversionary bonuses.
Surrender value factors applicable to vested bonuses
Why should I take single premium endowment plan - Table No 817
S - Single premium – One time investment.
P - Protection – Risk cover for full sum assured.
E - Excellent for meeting educational needs of young ones.
C - Children from the age of 90 days can be covered.
I - Ideal for investment planning-wide range of policy term.
P - Protection – Risk cover for full sum assured.
E - Excellent for meeting educational needs of young ones.
C - Children from the age of 90 days can be covered.
I - Ideal for investment planning-wide range of policy term.
A - attractive - Participates in Profits
L - Liquidity through loan.New Endowment Plan (Plan No. 814)
New Endowment Plan (Plan No. 814)
This is the most popular form of life assurance since it not only makes provision for the family of the Life Assured in the event of his early death, but also assures a lump sum at any desired age. Being an Endowment assurance plan, this policy is suitable for people of all ages and social groups. This is a savings oriented plan which earns a high bonus. The premium is very low as compared to other policies and returns are high.
Features
- Life risk cover for the life insured
- Additional accidental risk cover
- Moderate Premiums
- High bonus
- Savings oriented plan
- The upper limit of additional accidental sum assured is Rs 50 Lakhs only.
Minimum age at entry
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8 years
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Maximum age at entry
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55 years
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Minimum Term
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12 years
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Maximum Term
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35 years
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Maximum age at maturity
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75 years
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Minimum sum assured
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Rs 1,00,000.00
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Maximum sum assured
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No higher limit
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Double Tax Benefit
U/S 80 C : Premiums paid under this plan are eligible for tax rebate
U/s 80C U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Possible Events during policy duration:-
On Death:
If the policy holder dies during the policy term, his/her nominee will be paid following, after which the policy will terminate.
1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Simple Reversionary Bonus 3. Final Additional Bonus (if any)
On Accidental Death :
In case, the policy holder dies due to an accident, the nominee will get following, after which the policy will terminate.
1. Basic sum assured or 10 times of the Annual premium (whichever is higher)
2. Additional accidental sum assured (maximum upto Rs. 50 Lakhs)
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
The policy holder will get the following returns at maturity:
1. Basic sum assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any) The policy will terminate after this.
Understand New Endowment Plan with an example
Mr. Jitender aged 30 years, plans to take New Endowment Plan for the term of 20 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only). He is required to pay an annual premium of Rs 10,230.00 (Rupees Ten Thousand Two Hundred and Thirty only).
Possible Events
Possible Events
On Death
If Mr Jitender dies during the policy term, his nominee will receive the Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. After this, the policy will terminate.
On Accidental Death: If during the policy term, Mr. Jitender dies due to an accident, his nominee will receive the Basic Sum Assured (Rs 2,00,000.00) + Additional Sum Assured (Rs 2,00,000.00) + Accrued Bonuses. The policy will terminate after this event.
On Survival till maturity:
If Mr. Jitender survives till the end of policy term, he will get the Basic Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. The policy will terminate thereafter.LIC JEEVAN AROGYA (904)
LIC JEEVAN AROGYA
JEEVAN AROGYA
for more details you can call me on +91-9032813425 and contact me and get the health insurance now for you and your family and secure it for future.
Wednesday, April 13, 2016
New Children's Money Back Plan (Plan No. 832)
NEW CHILDREN'S MONEY BACK PLAN
New Children's Money Back Plan (Plan No. 832)
LIC's New Children's Money Back Plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified duration.
Features
- Children up-to the age of 12 years can be covered
- Money back is provided at the age of 18, 20 and 22 years
- Policy matures at the age of 25 years
- Life risk cover is provided to children
- Additional Premium Waiver Benefit is available for parents/proposer between 18 to 55 years
- Loan can be taken against the policy
- Double tax benefit (u/s 80C and u/s 10D)
Eligibility Conditions
Minimum age at entry
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0 years
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Maximum age at entry
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12 years
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Age at Maturity
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25 years
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Policy Term
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25 – Age at entry
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Minimum sum assured
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Rs 1,00,000.00
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Maximum sum assured
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No higher limit
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Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Money Back and Maturity Chart
Age
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Money Back
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18 years
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20% of Sum Assured
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20 years
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20% of Sum Assured
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22 years
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20% of Sum Assured
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25 years
(Maturity)
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40% of Sum Assured +
Reversionary Bonus +
Final Additional Bonus (if any)
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Commencement of Risk
For Children less than 8 years: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.
For Children aged 8 years or more: For those aged 8 years or more, risk will commence immediately.
Possible Events during policy duration
On Death before commencement of risk
If the policy holder(child) dies before the commencement of risk, all premiums paid excluding the extra premium, taxes and rider premiums will be returned.
If the policy holder(child) dies before the commencement of risk, all premiums paid excluding the extra premium, taxes and rider premiums will be returned.
On Death after commencement of risk
In case, the policy holder(child) dies after the commencement of risk, nominee will get following, and the policy will terminate after that.
1. Sum Assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
In case, the policy holder(child) dies after the commencement of risk, nominee will get following, and the policy will terminate after that.
1. Sum Assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
On Survival / Maturity
The policy holder will get following survival benefits and maturity returns.
At the Age of 18 years : 20% of Sum Assured
At the Age of 20 years : 20% of Sum Assured
At the Age of 22 years : 20% of Sum Assured
At the Age of 25 years : 40% of Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (if any)
At the Age of 18 years : 20% of Sum Assured
At the Age of 20 years : 20% of Sum Assured
At the Age of 22 years : 20% of Sum Assured
At the Age of 25 years : 40% of Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (if any)
Understand New Children's Money Back Plan with an example
Mr. Kuljeet aged 35 years, plans to take New Children's Money Back Plan for his daughter named Lisa aged 7 years. He chooses the sum assured of Rs 5,00,000.00 (Rupees Five Lakhs only).
He is required to pay an annual premium of Rs 19,310.00 (Rupees Nineteen Thousand Three Hundred and Ten only).
Possible Events
Commencement of Risk
The risk on Lisa's life will start when she completes 8 years of age.
On Death after commencement of risk
On Death after commencement of risk
If Lisa dies after the commncement of risk, her nominee will receive the Basic Sum Assured i.e. Rs 500,000.00 (Rupees Five Lakhs) + Accrued Bonuses. After this, the policy will terminate.
On Survival till maturity
If Lisa survives till the end of policy term, she will get following benefits:
1. 20% of Sum Assured (Rs 100,000/-) at age of 18
2. 20% of Sum Assured (Rs 100,000/-) at age of 20
3. 20% of Sum Assured (Rs 100,000/-) at age of 22
4. 40% of Sum Assured (Rs 200,000/-) + Accrued Bonuses
1. 20% of Sum Assured (Rs 100,000/-) at age of 18
2. 20% of Sum Assured (Rs 100,000/-) at age of 20
3. 20% of Sum Assured (Rs 100,000/-) at age of 22
4. 40% of Sum Assured (Rs 200,000/-) + Accrued Bonuses
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