LIC’s NEW MONEY BACK PLAN
25 Years
( Plan No. 821 )
UIN:51278VO1
Money Back Plan -25 yearsPlan No. 93
New Money Back Plan – 25 yearsPlan No. 821
Maturity Benefit Maturity Benefit
40% of the Basic Sum Assured along with
Vested Simple Reversionary Bonuses and
Final Additional Bonus, if Any.
40% of the Basic Sum Assured along with
Vested Simple Reversionary Bonuses and
Final Additional Bonus, if Any
Death Benefit Death Benefit
Sum Assured(SA) along with Vested Simple Reversionary Bonuses and
Final Additional Bonus, if any.
‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses
and Final Additional Bonus, if any.
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death .
Modification- ‘Sum Assured on Death' instead of SA
No change
LIC’s New Money Back Plan -25 years ~ Benefits
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~
125% of Basic Sum Assured (1.25 x BSA)
OR
10 times Annualised Premium.(10 x AP).
[*Premiums - excluding taxes, extra premiums and premiums for
riders, if any]
LIC’s New Money Back Plan -25 years ~ Benefits
Survival BenefitPolicy Year 5th 10th 15th 20th
Survival Benefit Payable
15% 15% 15% 15%
LIC’s New Money Back Plan -25 years ~ Benefits
NO Change in SB
Paid-up Value modified
ParticularsMoney Back Plan -25 years
( Plan No. 93)New Money Back Plan – 25
years ( Plan No. 821)
Age at entry 13 to 45 years 13 to 45 years
Age at Maturity Maximum 70 years Maximum 70 Years
Policy Term 25 years 25 years
Premium Paying Term
25 Years 20 Years
Premium modeYearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
Basic Sum Assured
50,000 and above1,00,000 and above ( In multiples of 5000)
Premium Paying term modified
LIC’s New Money Back Plan -25 years ~ Eligibility Conditions and Restrictions
Minimum SA modified
ModeRebate
Plan No. 93 Plan No. 821
Yearly 3% of tabular Premium 2% of tabular premium
Half-yearly 1.5% of tabular premium 1% of tabular premium
Quarterly Nil Nil
Money Back Plan -25 yearsPlan No. 93
New Money Back Plan – 25 yearsPlan No. 821
Basic Sum AssuredRebate (Rs.)
Basic Sum Assured Rebate (Rs.)
1,00,000 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA
50001 to 1,00,000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA
Upto 50000 Nil 1,00,000 to 1,95,000 Nil
Slab & Rate modified
Rate modified
LIC’s New Money Back Plan -25 years ~ Rebates
Money Back Plan -25 yearsPlan No. 93
New Money Back Plan – 25 yearsPlan No. 821
Available after payment of 3 full years
premiums.
Available after payment of 3 full years premiums.
Loan granted shall be 90% of the
Surrender Value in case of inforce
policies and 85% of the Surrender
Value in case of Paid-up policies.
The maximum amount of loan that can be granted
as a percentage of Surrender Value be as under:
For inforce and fully paid-up policies – upto 90%
For paid-up policies – 80%
Foreclosure action shall be initiated on
default of 2 or more half-yearly loan
interest installments.
Foreclosure action shall not be taken under fully
paid-up and inforce policies even if there is
default of loan interest.
% of loan modified
LIC’s New Money Back Plan -25 years ~ Loan
Plan No. 93 Plan No. 821
Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV)
Available after payment of 3 full years premiums.
Available after payment of 3 full years premiums.
Before Payment of Survival Benefit:GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.After Payment of Survival Benefit:GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.
GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any Survival Benefits already paid.Examples of GSV factors applicable for total premiums paidPolicy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term)
Cash Value of vested bonuses, if any. GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors –Year of SV – Factor 3 15.28% 20 21.99% 24 30%
GSV % modified
Bonus Payable modified
No Change
LIC’s New Money Back Plan -25 years ~ Surrender Value
Money Back Plan -25 yearsPlan No. 93
New Money Back Plan – 25 yearsPlan No. 821
Special Surrender Value (SSV) Special Surrender Value (SSV)
Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value Payable Surrender Value payable
The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
No change in SSV
LIC’s New Money Back Plan -25 years ~ Surrender Value
Money Back Plan -25 yearsPlan No. 93
New Money Back Plan – 25 yearsPlan No. 821
A Policy may be revived within a period of 5 years from the date of first unpaid premium.
A Policy may be revived within a period of 2 years from the date of first unpaid premium.
Taxes, if any , were borne by the Corporation.
Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
There shall be no change in the following Items
Back Dating
Grace Period
Assignment/Nomination
LIC’s New Money Back Plan -25 years