Fixed
percentage of sum assured paid
periodically.
This
policy enables you to satisfy
important financial needs like
children's education or marriage,
long awaited holiday, purchase
of car, scooter, TV etc.
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:
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.
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 may have
already been paid as money-back
components. Similarly, the bonus
is also calculated on the full
sum assured.
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