Question 1

How much money do I get back?

Accepted Answer

In total, 100% of the basic sum assured: 20% at each of years 5, 10 and 15, and 40% at year 20, with any declared bonuses added at the end.

Question 2

Does my life cover drop after each payout?

Accepted Answer

No. The death benefit is not reduced by the survival benefits already paid.

Question 3

Are the bonuses guaranteed?

Accepted Answer

No. They depend on LIC’s performance. Once a bonus is declared it stays with the policy.

Question 4

Why do I pay for only 15 years?

Accepted Answer

The plan lasts 20 years, but premiums are payable for the first 15. Cover continues for the full 20.

Question 5

Can I borrow against this policy?

Accepted Answer

Yes, once it has a surrender value, within the limits stated in the policy. I can check the figure for your policy.