LIC’s New Money Back Plan for 20 years- Features
LIC's 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 50 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 Additional Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.
LIC’s New Money Back Plan for 20 years – Benefits
- Survival Benefit : (provided all due premiums have been paid) 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 : On survival till the end of the Policy Tenure, the policyholder will get the remaining 40% of the Sum Assured + Accrued Reversionary Bonus + Final Additional Bonus (if any) as Maturity Benefit and the policy will be terminated.
- Death Benefit : (provided the policy is In force)
a) 125%of Basic Sum-Assured, OR
b) 10 times of Annualized Premium, OR
c) 105% of all Premiums paid as on death
WHICHEVER IS HIGHER
- Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act & Maturity under this plan is 100% Tax free under sec 10(10D)
LIC’s New Money Back Plan for 20 years – Details
- 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 & Final Additional Bonus as applicable is payable on Maturity or earlier death.
- Rider Benefit - Accidental Death and Disability Benefit Rider and Term Rider.
- Rebate on Higher Sum Assured and Mode of Payment.