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Money Back Plan -20 years (Table No. 75) |
New Money Back Plan – 20 years (Table No.820) |
| Maturity Benefit |
40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. |
No Change |
| Death Benefit |
Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. |
‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death . |
| Survival Benefit |
20% of the sum assured in every 5th, 10th and 15th year |
No Change |
| Paid-up value |
Paid-up value per thousand Sum Assured |
Paid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy. |
| Age at entry |
13 to 50 years |
13 to 50 years |
| Age at Maturity |
Maximum 70 years |
Maximum 70 years |
| Policy Term |
20 Years |
15 years |
| Premium mode |
Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) |
Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) |
| Basic Sum Assured |
50,000 and above |
1,00,000 and above ( In multiples of 5000) |
| Rebate |
- 3% of tabular Premium for Yearly premium
- 1.5% of tabular premium for Half-Yearly premium
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- 2% of tabular premium for Yearly premium
- 1% of tabular premium for Half-Yearly premium
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| Loan |
- Available after payment of 3 full years premiums.
- Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies.
- Foreclosure action shall be initiated on default of 2 or more half-yearly loan interest installments.
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- Available after payment of 3 full years premiums
- he maximum amount of loan that can be granted as a percentage of Surrender Value be as under:
For inforce and fully paid-up policies – upto 90%
For paid-up policies – 80%
- Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is default of loan interest.
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| Guaranteed Surrender Value (GSV) |
- Available after payment of 3 full years premiums
- Before Payment of Survival Benefit:
GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any.
After Payment of Survival Benefit: GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any.
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- Available after payment of 3 full years premiums.
- GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid.
Examples of GSV factors applicable for total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)
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| Special Surrender Value (SSV) |
- Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
- The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
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- Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
- The discount factors shall be special surrender value factors as provided in Table-1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
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| Main Changes |
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A Policy may be revived within a period of 5 years from the date of first unpaid premium.
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Taxes, if any , were borne by the Corporation.
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A Policy may be revived within a period of 2 years from the date of first unpaid premium.
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Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
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| No Changes in |
- Back Dating
- Grace Period
- Assignment/Nomination
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- Back Dating
- Grace Period
- Assignment/Nomination
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