IB132314-SM131620

CASH BACK PLAN (PLAN-203/204/205)

 

INTRODUCTION

This plan is suitable for people who require lump sum amounts periodically in future to meet specific expenses such as children’s education or marriage. At the same time, the policy provides insurance protection for the family as well as old age provision.

Cash Back Plan offers you three Plan Periods – 12 years, 15 years, and 18 years.

BENEFITS

Payment of Survival Benefits as a specific percentage of Sum Assured will be payable at particular intervals, as mentioned below for different terms.

Maturity/Survival Benefits:

Cash Back 12

  • 20% of Sum Assured after 4 years
  • 20% of Sum Assured after 8 years
  • 60% of Sum Assured after 12 years + Bonus for full sum assured as on the date of maturity.

Cash Back 15

  • 25% of Sum Assured after 5 years
  • 25% of Sum Assured after 10 years
  • 50% of Sum Assured after 15 years + Bonus for full sum assured as on the date of maturity.

Cash Back 18

  • 25% of Sum Assured after 5 years
  • 25% of Sum Assured after 10 years
  • 25% of Sum Assured after 15 years
  • 25% of Sum Assured after 18 years + Bonus for full sum assured as on the date of maturity.

By making regular payment of premium you will enjoy life insurance protection during the term of policy. In the event of unfortunate death before the date of maturity, sum assured with accrued bonus is paid to the beneficiary.

Even after the payment of cash back installments mentioned above, life risk is continued for the full sum assured to provide total financial protection to family.

Accident Benefit

The policy holder has an option to choose Accident Benefit Rider during the term of the policy or up to the age of 70, whichever is earlier. In the event of unfortunate death due to accident when the policy is in force, an additional amount equal to accident benefit sum assured is paid along with the claim.(This Rider is available for a maximum sum assured of US $ 100,000 for an individual, inclusive of all the policies, held by him). In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installment spread over of 10 years.

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

Attribute Minimum limit Maximum limit
Sum Assured US $ 2500 No limit
Age Entry 13 years (Last Birthday) for terms 15 and 18 years and

14 years (Last Birthday) for term 12 years

58 years (Nearer Birthday)

For term 12 years

55 years (Nearer Birthday) for term 15 years

50 years (Nearer Birthday) for term 18 years.

Age at Maturity   70 years (Nearer Birthday)
Term Fixed term of 12, 15 or 18 years  
Mode of Premium Payment Yearly, Half Yearly, Quarterly, Monthly and Single

SERVICING ASPECTS

Premium Payment

Choice of flexible premium payments, either throughout the term of the policy (Full Term Option) or for a limited term of five years or Single Premium is available.

Paid Up value

If  premium have been paid for a period of three years(two years in case of limited term payment) and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced sum assured, payable on the date of maturity  or in the event of unfortunate death, if earlier.

SPECIAL PROVISIONS

Commutation of Premium

All future premium payable for the remaining period can be made in lump sum at a special discounted rate.

Premium Sealing

One can pay premium in advance up to a period of 5 years in lump sum at a discounted rate. Unutilized portion of lump sum amount, if any, is refundable.

Portability

Policy can be transferred to LIC of India on repatriation of the policy holder to India. The transfer will be effected only if full first year’s premium is paid and on completion of one year from the date of acceptance, provided the policy is in full force for the full sum assured and on receipt of a written requested from the policy holder. The sum assured and attached bonus, if any, shall stand altered to the equivalent Indian rupee amount at the rate of exchange, current on the date on which the request for transfer is received by the Company and subject to the instruction current on that date of Reserve Bank of India.