LIC New Money Back Plan is a typical money back policy from LIC of India. Under this policy one have to pay premium till 15 years when the policy will be covered till 20 years. The benefit will be distributed in small money back installments and will be paid as per the policy terms. LIC New Money Back Plan – 20 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. In this page we will share everything about lic new money back plan calculator, lic money back policy 20 years features & details, lic money back plan benefits, lic money back policy review and more details at one place.
LIC New Money Back Plan Key Highlights & features
- The policy tenure is for 20 years duration when the premium payment is allowed till 15 years only.
- 20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefit as per the lic money policy terms.
- Simple Reversionary Bonus is payable on maturity or earlier death
- Large Sum Assured is available in this plan and also get rebates on higher sum assured value.
- LIC’ s Accidental Death and Disability Benefit Rider is available
Eligibility Conditions and Other Restrictions in lic new money back plan
For Basic plan
Minimum Basic Sum Assured : Rs. 100,000
Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
Minimum Age at entry for Life Assured : 13 years (completed)
Maximum Age at entry for Life Assured : 50 years (nearest birthday)
Maximum Maturity Age for Life Assured : 70 years (nearest birthday)
Term : 20 years
Premium paying term (PPT) : 15 years
LIC’s Accidental Death and Disability Benefit Rider
Minimum Accident Benefit Sum Assured : Rs. 100,000
Maximum Accident Benefit Sum Assured : An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh Accident Benefit Sum Assured taking all existing policies of the Life Assured under individual as well as group schemes including policies with in-built accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
Minimum Age at entry for Life Assured : 18 years (completed)
Maximum Age at entry for Life Assured: The cover can be opted for at any policy anniversary during the premium paying term.
Maximum cover ceasing age : 70 years (nearest birthday)
|From Rs. 1,00,000/- to Rs. 1,95,000/-
|From Rs. 2,00,000/- to Rs. 4,95,000/-
||For every 1,000 Rs./- Sum Assured 2.00 Rs/- rebate
|From Rs. 5,00,000/- and above
||For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate
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 amount could be higher of any 3 amounts 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 as per the money back terms.
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– Life Insurance premiums paid can be exempted under section 80C as per income tax laws in India.
LIC New Money Back Plan Premium Calculator
Visit lic of India official website and the look for the premium calculators section. Find out the New money back plan calculator and use the same to find out how much premium you need to pay for the desired sum assured value.
For more details please visit LIC New Money Back Plan Official page.