Compare old Money Back Plan 93 to New Money Back Plan 821

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LIC launches New Money Back plan for 25 Years - Table no 821. As per the rule of IRDA most of the LIC plans are revised.

Below are the list of changes done in new Money Back Plan 821 compared to old Money Back Plan 93.

Money Back Plan -25 years (Plan No. 93) New Money Back Plan – 25 years (Plan No. 821)
Maturity Benefit 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any. No Change
Death Benefit Sum Assured(SA) 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 15 % every 5 years No Chnage
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 45 years 13 to 45 years
Age at Maturity Maximum  70 years Maximum  70 years
Policy Term 25 Years 20 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
  • 2% of tabular premium for Yearly premium
  • 1% of tabular premium for Half-Yearly premium
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.
  • Available after payment of 3 full years premiums
  • The 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.
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.
  • 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)
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.
  • 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.
Main Changes
  • A  Policy may be revived within a period of 5 years from the date of first unpaid premium.
  • Taxes, if any , were borne by the Corporation.
  • A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in
  • Back Dating
  • Grace Period
  • Assignment/Nomination
  • Back Dating
  • Grace Period
  • Assignment/Nomination

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List of LICs New Plans Launching This year

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List of LIC’s plans – launched in 2014

    1. Single Premium Endowment Plan (Table No. 817) launched on 1 January 2014
    2. New Endowment Plan (Table No. 814) launched on 3 January 2014
    3. New Money Back Plan for 20 Years (Table No 820) launched on 6 January 2014
    4. New Money Back Plan for 25 Years (Table No 821) launched on 6 January 2014
    5. New Bima Bachat Plan (Table No 816) launched on 7 January 2014
    6. New Jeevan Anand Plan (Table No. 815) launched on 8 January 2014
    7. New Jeevan Nidhi Plan (Table No. 818) launched on 28 January 2014
    8. Anmol Jeevan 2  (Table No. 822) launched on 3 February 2014
    9. Amulya Jeevan 2 (Table no 823) launched on 3 February 2014
    10. Online Term Plan – e-Term
    11. Jeevan Rakshak (Table No. 827) launched on 19 August 2014
    12. Varishtha Pension Bima Yojna (VPBY) (Table No. 828) launched on 15 August 2014
    13. Jeevan Shagun Plan (Table No 826) Launched on 1 September 2014
    14. Microinsurance Plan – BHAGYA LAKSHMI (Table No. 829)
    15. LIMITED PREMIUM ENDOWMENT PLAN With Profits (Table No.830) launched on 9 December 2014

List of LIC’s New plans – launching in 2015.

    1. JEEVAN TARUN (Table No 834) will be launched in May 2015
    2. Jeevan Lakshya (Table No 833) Launched on 12 March 2015
    3. Children Money Back Plan (Table No 832) launched on 4 March 2015
    4. Jeevan Sangam Single Premium Plan (Table No 831) launched on 4 March 2015
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Compare old Endowment Plan 14 to New Endowment Plan no 814

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LIC launches New Endowment Plan (Table No 814). As per the rule of IRDA most of the LIC plans are revised.

Below are the list of changes done in new Endowment Plan 814 compared to old Endowment Plan 14.
Endowment Assurance Plan (Table No. 14) New Endowment Plan (Table No.814)
Maturity Benefit Basic Sum Assured along with Vested Simple Reversionary Bonuses and  Final Additional Bonus, if Any. No Change
Death Benefit Sum Assured (SA) 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.



Age at entry 12 to 65 years 8 to 55 years
Age at Maturity Maximum  75 years Maximum  75 years
Policy Term 5 to 55 years 12 to 35 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
  • 2% of tabular premium for Yearly premium
  • 1% of tabular premium for Half-Yearly premium
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.
  • Available after payment of 3 full years premiums
  • The maximum amount of loan that can be granted as a percentage of Surrender Value shall  depend on the Policy Term,
  • Foreclosure action shall not be taken under fully paid-up and inforce  policies even if there is default of loan interest.
Guaranteed Surrender Value (GSV)
  • Available after payment of 3 full years premiums
  • GSV shall be equal to 30% of the total premiums paid less First Year Premium and  extra premium, if any.
  • 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. Examples of GSV factors applicable for total  premiums paid
    Policy Year ~ GSV factor
             3   =   30%
             5   =   50%
           t -1  =   80% (t=Policy Term)



Main Changes
  • A  Policy may be revived within a period of 5 years from the date of first unpaid premium.
  • Taxes, if any , were borne by the Corporation.
  • A  Policy may be revived within a period of 2 years from the date of first unpaid premium.
  • Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
NO Changes in
  • Back Dating
  • Paid-up Value
  • Grace Period
  • Assignment/Nomination
  • Back Dating
  • Paid-up Value
  • Grace Period
  • Assignment/Nomination

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