LIC’s New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified duration during the term.
• Minimum Basic Sum Assured: Rs. 1,00,000/-
• Maximum Basic Sum Assured: No Limit
• Policy Term: 20 years
• Premium Paying Term: 15 years
• Minimum Entry Age: 13 years (completed)
• Maximum Entry Age: 50 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 70 years
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
LIC’s New Money Back 20Years Benefit Details
• On Death: “Sum Assured + Vested Bonus + FAB if any.”
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. 105%of all Premiums paid as on death OR
iii. 125% of Basic Sum Assured.
• The premiums exclude taxes, extra premium and rider premiums.
• On Survival : 20% of Basic SA is payable after 5th, 10th and 15th year of policy.
• Maturity Time 40% of Basic Sum Assured + Vested Bonus + FAB if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
• Loan : Loan Facility is available under this plan, after payment of premiums for at least 3 full years.
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
LIC Money Back plan holds special interest to people who besides wishing to provide for their old age and family feel the need for lump sum benefits at periodical intervals.
LIC Money Back plan meets with periodical needs although loans are not granted under this policy. A terminal bonus is granted though.
The basic bonus under this plan is slightly lower than the rate applicable to endowment assurances.
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