LIC New Future Bright Plan 255

About LIC New Future Bright Plan 255

The LIC New Future Bright Plan 255 is a fixed-term life insurance plan with a policy term of 9 years. It is designed for those looking for guaranteed returns in USD, liquidity through periodic payouts, and life cover under a single plan. The plan demands a single premium payment at the beginning of the policy. So, there are no recurring premium payments during the policy tenure. New Future Bright is a single premium policy for a fixed term of 9 years, which gives 10% of the Sum Assured and maturity benefit after completion of certain policy years. The insurer will pay the policyholder as 102% of the single payment (excluding any taxes and extra premium, if any) and Loyalty Addition, if declared.

Key Features of New Future Bright Plan 255

The plan is distinguished from a standard savings plan in numerous respects:

• Savings-cum-protection life insurance plan

• Single premium payment made once at policy commencement

• Cashback of 10% of the Sum Assured after completion of the 3rd year

• Additional cashback of 10% of the Sum Assured after completion of the 6th year

• Maturity benefit of 102% of the single premium paid (excluding taxes and any extra premium), along with Loyalty Addition, if declared

• Full life cover throughout the 9-year policy term

• Loan facility available after the policy acquires surrender value

• No optional riders or additional benefits available under the plan

Eligibility Criteria for LIC New Future Bright Plan 255

Eligibility under New Future Bright Plan 255 is based on age, Sum Assured, and policy term.

Benefits of LIC New Future Bright Plan 255

New Future Bright Plan 255 offers the following benefits:

Survival Benefit After 3 Years

After completion of the third policy year, 10% of the Sum Assured is paid to the life assured.

Survival Benefit After 6 Years

After completion of the sixth policy year, another 10% of the Sum Assured is paid to the life assured.

Maturity Benefit

On survival until the end of the 9-year policy term, the life assured receives:

• 102% of the single premium paid (excluding taxes and any extra premium)

• Loyalty Addition, if declared

Death Benefit

If the life assured passes away during the policy term, the beneficiary receives an amount equal to the full Sum Assured. This benefit is payable irrespective of the survival benefits already paid under the policy.

Loan Facility

A policy loan is available once the policy acquires surrender value. The maximum loan amount is up to 80% of the surrender value.

Benefit Illustration of LIC New Future Bright Plan 255

The insurer provides the following illustration to explain the policy benefits.

Benefits payable during the policy term:

• After completion of 3 years: USD 10,000

• After completion of 6 years: USD 10,000

• On maturity after 9 years: USD 98,598.3 plus Loyalty Addition, if declared

• In the event of death during the policy term: The beneficiary receives USD 100,000 irrespective of the survival benefits already paid.

Policy Details of New Future Bright Plan 255

New Future Bright Plan 255 includes several policy servicing features that determine how the plan is administered. The key policy details are explained below.

Surrender Value

The policy acquires a surrender value after completion of one full policy year.

• The minimum guaranteed surrender value is 95% of the single premium paid (excluding taxes and any extra premium), minus any survival benefits already paid.

• A Special Surrender Value mentioned in the policy bond may be paid if it is more favourable to the policyholder.

Policy Loan

A loan facility is available after the policy acquires surrender value. The maximum loan amount is up to 80% of the policy's surrender value, subject to the policy terms.

Paid-Up Value

A paid-up value is not available under this plan. Since it is a single premium policy, there is no paid-up provision.

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