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. At the Buyonlinelic Insurance Agency, we believe in helping you make the right decision based on your lifestyle and needs.
By law, all Life`s in operation in the state of India are required to be insured or bonded.
New Money Back Plan Details:
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.
- Death benefit: 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.
- Survival Benefits: 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.
- Maturity Benefit: 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.
- Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity provided the policy has run for certain minimum term.