LIC New Money Back Plan - 20 years
LIC New Money Back Plan - 20 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. Premium in this plan needs to be paid for a period of 15 years while the policy continues for 20 years. Policy can be taken for anyone between 13 to 40 years of age for a fixed tenure of 20 years. 20% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.
Key Features of LIC New Money Back Plan - 20 Years
- Money Back Plan for a tenure of 20 years
- 20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefit
- Simple Reversionary Bonus is payable on maturity or earlier death
- Large Sum Assured is available in this plan
- LIC's Accidental Death and Disability Benefit Rider is available
Benefits you get from LIC New Money Back Plan - 20 Years
Death Benefit - In case of death of the Life Insured within the Policy Tenure, the Nominee would be paid the "Sum Assured on Death" along with vested Bonuses as Death Benefit and the policy would be terminated.
The Sum Assured on Death has been defined as higher of 125% of Basic Sum Assured or 10 times the Annualized Premium subject to a minimum of 105% of all Premiums paid.
Survival Benefit - On survival, the Life Insured will get 20% of Sum Assured at the end of every 5th, 10th and 15th Policy Year and the policy continues till the end of the Policy Tenure of 20 years.
Maturity Benefit-On survival till the end of the Policy Tenure, the policyholder will get the remaining 40% of the Sum Assured + accrued Reversionary Bonus + Final Addition Bonus(if any) as Maturity Benefit and the policy will be terminated.
Income Tax Benefit-Income Tax Benefits available on Paid Life Insurance Premium under Section 80C & Maturity Benefit will also be tax free under section 10(10)D.
Eligibility conditions and other restrictions in LIC New Money Back Plan - 20 Years
- Sum Assured Minimum Rs. 1,00,000, in multiples of Rs 5000 & Maximum Unlimited
- Policy Term is 20 Years
- Premium Payment Term is 15 Years
- Entry Age of Life Insured Minimum 13 Years & Maximum 50 Years
- Age at Maturity is Maximum 70 Years
- Payment modes are Yearly, Half Yearly, Quarterly or Monthly