This plan of LIC is a combination of whole life and most popular money back plan. The benefits and features of this plan are given below.

• Survival benefits: 10% of the basic sum assured is payable to the life assured on survival after every 5 years from the date of commencement as long as the life assured is alive and the policy is in force.
• Death benefits: Sum assured along with vested bonuses are payable on death of the life assured whenever it occurs, irrespective of the survival benefits already paid.
• Bonus: Simple reversionary bonus accrues during the life time of the life assured and is payable on his/her death, along with final additional bonus if any.
• Accident benefit option: Accident benefit option is available up to a maximum of Rs.25 lakhs. This maximum limit is inclusive of all other policies with LIC.
• Maturity date: The policy under this plan terminates only on death of the life assured. Hence there is no maturity date under this plan.

The minimum age at entry is 13 years maximum 65 years. The premiums can be paid as

Let us understand the details of the policy from the following example.

Age: 35 years, Term: 25 years, sum assured: 10 lakhs.

Yearly premium payable is Rs.38,785-00

The total premium payable by the customer would be 9,69,625-00 (Rs.38,785 x 25). Assuming that the policyholder lives up to 71 years, the payments made as per the conditions of the policy would be, at 40 years to 70 years (7 installments) of Rs.1.00 lakh each as survival benefits. If the policyholder dies at the age of 71 the insured amount of Rs.10.00 lakhs + Bonuses accrued upto 71 years (for 36 years) would be payable. It is assumed that the bonus payable would be 3% of S.A. per annum.

The total bonus payable would be Rs.10.80 lakhs. Thus the total amount payable on death would amount to Rs.20.80 lakhs. This payment is in addition to Rs.7.00 lakhs (paid as survival benefits.) The total amount received by the policy holder/nominee would amount to 27.80 lakhs.

Thus you will find that this policy provides periodical payments as well as high life cover.