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New Money Back Policy (Money Back Policy With Profits)


New Money Back Policy


Table No. 93
(Money Back Policy With Profits)

Introduction

This is a fixed term policy. The premium has to be paid  till the end of the term 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 full sum assured along with accumulated bonus 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 .
(S.A + Bonus - 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 policy holder will have a substantial lumpsum  amount at the end of the term of the policy.

Benefits

Ø  Survival Benefits:
ü  The following table explains the returns of survival of the policy holder till the ends of the term.


Period
Survival Benefit Amount
5 Years
15% Of Sum Assured
10 Years
15% Of Sum Assured
15 Years
15% Of Sum Assured
20 Years
15% Of Sum Assured
25 Years
40% Of Sum Assured + Bonus


Ø  Death Benefit:
ü  Sum Assured + Bonus  , without any deduction or adjustment for the amount  that may have been paid earlier by way of survival benefit.

Ø  Mode Benefit:
ü  The following table shows the rebate available on the mode of premium payment.


Mode
Rebate
Yearly
3% of tabular premium
Half - Yearly
1.5% of tabular premium
Quarterly
Nil


Ø  Sum Assured Benefit:
ü  The following table shows the rebate available on the sum assured.


Sum Assured
Rebate
Up To Rs. 50,000
Nil
Rs. 50,001 To Rs. 1,00,000
Re. 1 Per Thousand
Rs. 1,00,001 And Above
Re. 2 Per Thousand


Features

Ø  A money back policy with 25 years fixed term.

Ø  Minimum Sum Assured - Rs. 50,000/-

Ø  No Maximum Limit

Ø  Minimum age at entry - 13 years

Ø  Maximum age at entry - 45 years

Ø  Maximum age at maturity -70 years

Ø  Modes Allowed - All

Ø  No medical examination is required if the conditions applicable  under Non Medical  Schemes are  satisfied.

Ø  Housing Loan available

Ø  Age Proof  Compulsory    

Ø  Life assured should be major at the time when first survival benefit will become due, in case he is a minor  at the time taking insurance.