LIC's New Money Back Plan-25 years

Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in-force shall be (i.e. all due premiums have been paid), “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Where “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid upto the date of death. Where i. “Annualized Premium” shall be the premium payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums ii. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. B) Survival Benefits: On Life Assured surviving to the end of the specified durations provided all due premiums have been paid, 15% of the Basic Sum Assured shall be payable at the end of each of 5th, 10th, 15th & 20th policy year. C. Maturity Benefit: On Life Assured surviving to the end of the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to 40% of the Basic Sum Assured. D. Participation in Profits: The policy shall participa

On Life Assured surviving to the end of the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to 40% of the Basic Sum Assured. D. Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary 3 Bonuses declared as per the experience of the Corporation, provided the policy is in- force. In case the premiums are not duly paid, the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid-up value. Simple Reversionary Bonuses shall be declared annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan on such terms and conditions as declared by the Corporation. In the event of policy being surrendered, the surrender value of vested bonuses, if any, as applicable on the date of surrender shall be payable. 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 at such rates and on such terms as may be declared by the Corporation.Final Additional Bonus shall not be payable under paid-up policies. The actual allocation to policyholders, out of the surplus emergin

If less than one full years' premiums has been paid and any subsequent premium be not duly paid , all the benefits under the policy shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable. If at least one full years' premiums has been paid and any subsequent premiums be not duly paid, on completion of first policy year, the policy shall not be wholly void, but shall continue as a paid-up policy till the end of the policy term. The Sum Assured on Death under the paid-up policy shall be reduced to such a sum, called Death Paid-up Sum Assured and shall be equal to Sum Assured on Death multiplied by the ratio of the total period for which premiums have already been paid bears to the maximum period for which the premiums were originally payable. The Death Benefit 10 payable under the paid-up policy, on death of the Life Assured, shall be Death Paid-Up Sum Assured along with vested Simple Reversionary Bonuses, if any. This Death benefit, shall not be less than 105% of total premiums paid upto the date of death. The Sum Assured on Maturity under the paid-up policy shall be reduced to such a sum, called Maturity Paid- up Sum Assured and shall be equal to [(Sum Assured on Maturity plus total amount of Survival Benefits payable under the policy) multiplied by the ratio of the total period for which premiums have already been paid be

Loan shall be available, within the surrender value, during the policy term subject to the following: i. Loan can be availed under the policy after completion of first policy year provided one full year's premium(s) has been paid. ii.The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as under: Policy Status Before payment of two After payment of two full full year's premiums year's premiums Under In-force 50% 75% policies Under Paid-up 40% 65% policies iii.The rate of loan interest applicable for full loan term, for the loan to be availed under this policy for every 12 months' period from 1st May to 30th April shall not exceed 10 year G-Sec yield p.a. compounding half-yearly 13 as at the last trading date of previous financial year plus 3% or the yield earned on the Corporation's Non-Linked Participating fund plus 1%, whichever is higher. For loan sanctioned during 12 months' period commencing from 1st May, 2024 to 30th April, 2025, the applicable interest rate shall be 9.5% p.a. compounding half-yearly for entire term of the loan. The basis for determination of interest rate for Policy Loan is subject to change. iv. During the policy term, in the event of default in payment of interest on the due dates and when the outstanding loan amount along with the interest is to exceed the Surrender Value, the Corporation would be entitled to foreclos

If premiumis not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive complete years from the date of first unpaid premium but before the Date of Maturity. The revival shall be effected on payment of all the arrears 9 of premium(s) together with interest (compounding half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer. The Corporation reserves the right to accept at original terms, accept with modified terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation. The rate of interest applicable for revival under this product for every 12 months' period from 1st May to 30th April shall not exceed 10 year G-Sec yield p.a. compounding half yearly as at the last trading day of previous financial year plus 3% or the yield earned on the Corporation's Non-Linked, Participating Fund plus 1%, whichever is

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses. The above grace period will also apply to rider premiums which are payable along with premium for base policy.

If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 30 days from the date of receipt of the electronic or physical mode of the Policy Document stating the reasons for objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for Base policy and rider(s) if any) for the period of cover, expenses incurred on medical examination(including special reports, if any) and stamp duty charges.

Suicide: i. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Nominee or Beneficiary of the Life Assured shall be entitled to 80% of the total premiums paid till the date of death, provided the policy is in-force. 15 ii. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the total premiums paid till the date of death or the surrender value available as on date of death shall be payable. The Nominee or Beneficiary of the Life Assured shall not be entitled to any other claim under the policy. This clause shall not be applicable for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies. Note: Premiums referred above shall not include any taxes, if collected explicitly extra premiums and any rider premium, other than Term Assurance rider, if any.