LIC's NEW BIMA GOLD is a Money back plan. For a lesser premium get more coverage. Apply now and get the receipt the next day.

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MONEY BACK PLAN(20 and 25 Years)


LIC's Money Back plan, unlike ordinary endowment insurance plans where the survival benefits are payable only at the end of the endowment period, this scheme provides for periodic payments of partial survival benefits as follows during the term of the policy, of course so long as the policy holder is alive.


Survival Benefit:

In the case of a 20-year Money-Back Policy (Table 75), 20% of the sum assured becomes payable each after 5, 10, 15 years, and the balance of 40% plus the accrued bonus become payable at the 20th year.
For a Money-Back Policy of 25 years (Table 93), 15% of the sum assured becomes payable each after 5, 10, 15 and 20 years, and the balance 40% plus the accrued bonus become payable at the 25th year.

Death Benefit:

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.

TAX SAVING :
Premium paid in that financial year towards all life insurance come  with Tax rebate under Sec 80C and in case of Health insurance under sec 80D.