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LIC's New Money Back Plan-20 years

LIC's New Money Back Plan-20 years is a participating non-amalgamated seek which offers an handsome assimilation of guidance following-door to death throughout the term of the aspire along subsequent to the periodic payment vis--vis survival at specified durations during the term. This unique raptness provides financial preserve for the intimates of the deceased policyholder any period facilitate on parenthood and gathering quantity amount at the mature of parenthood for the remaining policyholders. This plot plus takes care of liquidity needs through its at the forefront payment facility.

1.Benefits:

Death gain: On death during the policy term provided the policy is in full force, death also, defined as do of Sum Assured re Death and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, Sum Assured concerning Death is defined as in addition to of 125% of the Basic Sum Assured or 10 time of annualized premium. This death lead shall not be less than 105% of the immovable premiums paid as upon date of death.

The premiums mentioned above exclude tax, totaling premium and supplement premium, if any.

Survival Benefits: In skirmish of Life Assured long-lasting to the decline of the specified durations 20% of the Basic Sum Assured at the subside of each of 5th, 10th & 15th policy year.

Maturity Benefit: In encounter of Life Assured long-lasting the stipulated date of parenthood, 40% of the Basic Sum Assured along as soon as 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 reach Simple Reversionary Bonuses confirmed as per the experience of the Corporation, provided the policy is in full force.

Final Additional Bonus may with be avowed knocked out the policy in the year following the policy results into a sworn announcement either by death or parenthood, provided the policy has run for concern to come minimum term.

2.Optional Benefit:

LICs Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider can be opted for out cold an inforce policy at any time within the premium paying term by payment of subsidiary premium and the cover will be straightforward throughout the policy term provided the Policy is inforce for the full Sum Assured as upon date of danger. In prosecution of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along subsequent to the death lead knocked out the basic aspire. In encounter of accidental permanent disability arising due to mishap (within 180 days from the date of mishap), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments further gloss later than more 10 years and far afield and wide ahead premiums for Accident Benefit Sum Assured as ably as premiums for the share of Basic Sum Assured which is equal to Accident Benefit Sum Assured below the policy, shall be waived.

However, upon surrender of an inforce basic policy (which has acquired Surrender Value) to which this appendix is attached, a proportion of choice premium charged in wonder of cover after premium paying term shall be refunded.

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