ordinary endowment insurance plans where
the survival benefits are payable only
at the end of the endowment period, this
scheme provides for periodic payments
of partial survival benefits as follows
during the term of the policy, of course
so long as the policy holder is alive.
In the case of a 20-year Money-Back Policy
(Table 75), 20% of the sum assured becomes
payable each after 5, 10, 15 years, and
the balance of 40% plus the accrued bonus
become payable at the 20th year.
For a Money-Back Policy of 25 years (Table
93), 15% of the sum assured becomes payable
each after 5, 10, 15 and 20 years, and
the balance 40% plus the accrued bonus
become payable at the 25th year.
An important feature of this type of policies
is that in the event of death at any time
within the policy term, the death claim
comprises full sum assured without deducting
any of the survival benefit amounts, which
have already been paid. Similarly, the
bonus is also calculated on the full sum