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LIC New Future Bright Plan 255

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LIC New Future Bright Plan (255) is a unique policy amalgamating savings and protection plans. In this policy, the premium is paid in a lump sum at the commencement of the policy. It is an ideal option for individuals looking for life cover, liquidity and guaranteed return under one plan. 
This policy handles the liquidity aspect through periodic payments of 10% of the total sum assured, provided the policy has completed three years and six years. Moreover, the plan also offers a loan facility. The insured individual gets a life cover during this policy tenure of nine years. In case of the policyholder's unfortunate demise when the policy is activated, an equivalent amount to the sum assured is paid to the beneficiary. If the policyholder survives till policy maturity, an amount equal to 102% of the premium added with the loyalty edition (if declared) is paid in full.

LIC New Future Bright Plan Benefits

LIC New Future Bright Plan (255) offers the following benefits to the policyholder on survival –

  • After three years- After three years of the policy tenure, 10% of the sum assured is paid to the policyholder.
  • After six years- After six years of the policy tenure, another 10% of the sum assured is paid to the policyholder.
  • On Policy Maturity- The policy is matured after nine years, following which the insured individual receives 102% of the single premium paid. After that, it is added with loyalty addition (if any). The amount, however, excludes any taxes and extra premiums.
  • Beneficiary benefit - In case of the policyholder's unfortunate demise when the term is activated, an amount equivalent to the sum assured is paid to the beneficiary regardless of survival benefits already paid under the plan.
  • Other benefits - No optional benefits or riders are available under this policy.

Eligibility Conditions

Features

Minimum Limit

Maximum Limit

Sum Assured

AED 73,458 

No Limit. However, it is subject to medical and financial underwriting.

Entry Age

15 years Completed

60 years

Maturity Age

24 years Completed

69 Years

Term

9 years fixed

Premium Payment Mode

Single 

Serving Aspects

  • Surrender Value - The policy acquired a surrender value after one full policy year completes. The minimum guaranteed surrender value is 95% of the single premium paid minus any survival benefits paid. It excludes any taxes or extra premiums. However, if any special surrender value is mentioned in the policy bond, it may be paid if it is favourable to the policyholder.
  • Policy Loan - Under LIC New Future Bright Plan (255), a policy loan is available only if the policy has acquired surrender value. The Insured may get a loan up to 80% of the surrender value of the plan.
  • Grace Period - This plan does not have any provisions for a grace period.
  • Paid-Up Value - This plan does not have any provisions for paid-up value.
  • Underwriting Requirements - all underwriting aspects will be according to the underwriting policies of LIC.

Benefit Illustration

Let's consider an individual who is aged 35 years.

  • Sum assured- AED 367,300
  • Term- 9 years (Fixed)
  • Mode- Single
  • Premium Amount (including insurance levy) - AED 355,760

The benefits the policyholder can enjoy during the term are described below:

  • After three years – AED 36,730 will be paid to the insured individual.
  • After six years- AED 36,730 will be paid to the insured individual.
  • On Maturity- AED 362,151.5+ loyalty addition (if any) will be paid to the policyholder

Apart from the periodical payments stated above, Valuable protection to the extent of the total sum assured is also provided under this plan.

In case of the policyholder's unfortunate demise when the term is activated, a total sum of AED 367,300 will be paid to the beneficiary regardless of survival benefits already paid under the plan.

Why Choose LIC New Future Bright Plan (255)

It would be best if you opt for LIC New Future Bright Plan (255) because it offers:

  • Periodic payment of 10% after three years of the commencement of the policy.
  • Periodic payment of 10% after six years of the commencement of the policy.
  • On policy maturity after nine years, 102% of the single premium paid goes to the policyholder.
  • Provides beneficiary benefits in case of the unfortunate demise of the policyholder regardless of the survival benefits already paid under the plan. 
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