LICI's Money Tree Policies are the best way to combine life insurance and liquidity. These are the most popular plans sold in Fiji. Periodical ‘money back’ in lump sum can be reinvested in a more profitable scheme or simply utilised for an emergency family need or fund that longstanding family vacation. Money Back Plans are available between ages 12 and 55 depending up on the term of the plan.
In all the money back plans, money is returned to the policyholder in the form of periodical ‘survival benefits’. Risk cover on the life of the assured continues for full sum assured even after payment of survival payments. On survival of the assured up to the date of maturity, the last survival benefit is paid out along with the vested bonuses under the policy.
There are 3 money back plans:
- 15 Year Money Tree Plan (Table 674)
- 20 Year Money Tree Plan (Table 675)
- 25 Year Money Tree Plan (Table 693)
Death Benefit – Payment of the sum assured + the vested bonuses on death of the life assured during the term of the policy.
Maturity Benefit – Payment of the last survival benefit + the vested bonuses on the date of maturity of the policy.
Terminal Illness Benefit – 50% of the sum assured is payable if the life assured becomes terminally ill and the balance along with the vested bonuses is payable on the death of the assured (See details..)
The optional benefits are available on payment of additional premiums over and above the basic premiums. These are not automatically available to all the policyholders; they may be denied to some persons depending upon their health, age, physical disability, occupation etc. There is also a cap on the maximum benefit payable under all LICI policies of the life assured, put together.
||Sum Assured Cap|
|Critical Illness Rider||$100,000|
|Term Assurance Rider||$100,000|