Life Insurance Corporation of India, which recently launched its LIC IPO, offers various insurance policies and plans to its customers. In this video we discuss one of the most popular LIC plans - the LIC New Money Back 25 years plan. The tabel no. for this plan is 921. Earlier this table no. was 821.
This plan offers survival benefits, maturity benefits and death benefits to the customer and their nominees.
Survival benefits are paid out at the rate of 15% of the basic sum assured at intervals of 5 years. That is 5 years, 10 years, 15 years and 20 years. If the policyholder survives till the end of the policy term, a maturity benefit equivalent to 40% of the basic sum assured is paid out.
Death benefit is paid out in case of the unfortunate event of death of the policyholder during the policy term. The death benefit is equal to 125% of the basic sum assured.
In addition to the above, LIC also pays vested simple revisionary bonus and final additional bonus.