How LIC money back policy maturity amount is calculated?
How LIC money back policy maturity amount is calculated?
The basic format is Sum Assured + Bonuses + Final Additional Bonus (if declared). An example for calculation demonstration: Mr Z buys a policy of Sum Assured 15 Lakh with a term of 20 years. The insurance company includes Bonuses and Final Additional Bonus in the maturity value as per their company policy.
What is maturity amount in LIC money back policy?
Maturity Benefit: If the policyholder survives till the period of maturity of the policy, he/she will receive 40% of the basic sum assured coupled with reversionary bonuses and the additional bonus amount.
What is new money back policy 25 years?
LIC’s New Money Back Plan-25 years is a simple participating anticipated. Thus, it is a traditional money back plan with scheduled payments and bonus facility. This plan being 25 years tenure has a payment schedule of 25 years of survival and maturity benefits to be paid. All in one go.
How do you calculate money back policy?
New Money Back plan – 20 years provides three money backs which are 20% of Sum Assured on completion of 5th, 10th & 15th year of policy and on completion of policy term (20 years) 40% of Sum Assured + Bonus + FAB is also provided as maturity amount. Please provide following details to calculate Maturity.
What is the benefit of money back policy in LIC?
This policy offers accidental death and disability benefit rider as well. The insured can avail a loan as well on this policy. As a part of this policy, the insured gets a survival benefit of 20% of the basic sum assured at the end of 5th, 10, 15 and 20 years of the policy. Additional bonuses are also paid on maturity.
What is LIC money back policy in detail?
LIC Money Back Policy- Product Specification
| Minimum | Maximum | |
|---|---|---|
| Policy Term (PT) in years | 20 years | |
| Premium Paying Term (PPT) in years | 15 years | |
| Premium Paying Frequency | Annual, half-yearly, quarterly and monthly | |
| Sum Assured | Rs 1 Lac | No Limit |
What is LIC maturity benefit?
Maturity benefit signifies the claim of the policyholder once the policy matures. Generally, the maturity sum is a multiple of the premiums paid up to that time and the additional benefits which the insurance company chooses to give to the policyholder.
What is maturity of LIC money back plan 20 years?
New Money Back plan – 20 years provides three money backs which are 20% of Sum Assured on completion of 5th, 10th & 15th year of policy and on completion of policy term (20 years) 40% of Sum Assured + Bonus + FAB is also provided as maturity amount. Please provide following details to calculate Maturity.
What is maturity of new money back plan?
New Money Back plan – 20 years provides three money backs which are 20% of Sum Assured on completion of 5th, 10th & 15th year of policy and on completion of policy term (20 years) 40% of Sum Assured + Bonus + FAB is also provided as maturity amount. Please provide following details to calculate Maturity. I had taken new endowment plan for 20 years.
What are the benefits of lic 20 years?
LIC Money Back Plan 20 years LIC’s New Money Back Plan 20 years is a simple participating anticipated endowment plan. Thus, it is a traditional money back plan with scheduled payments and bonus facility. This plan being a 20 years tenure has 20 year schedule of survival and maturity benefits to be paid.
Which is the maximum sum assured in LIC money back policy?
The maturity amount of LIC Money Back Policy is the total of sum assured, simple bonuses and final additional bonus. Rs 100000 is the Minimum sum assured amount. The sum assured should be in multiples of Rs 5000. The policy can be surrendered by the policyholder after one year. 70 years is the maximum maturity age.