LIC New Money Back Plan 20 yrs
LIC’s New Money Back Plan20 yrs 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 of every 5 years on survival at specified durations during the term.
This unique combination of LIC New Money Back Plan 20 yrs provides financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
Eligibility conditions in LIC New Money Back Plan 20 yrs :
- Sum Assured :
- Minimum : Rs. 1,00,000, in multiples of Rs 5000 &
- Maximum Unlimited : NO LIMIT
- 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
Benefits under LIC New Money Back Plan 20 yrs :
In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
LIC Accidental Death and Disability Benefit Rider: LIC Accidental Death and Disability Benefit Rider can be opted for under an inforce policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is inforce for the full Sum Assured as on date of accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.
In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
Tax Savings under LIC New Money Back Plan 20 yrs
All premiums paid under this policy qualifies for u/s. 80C of Income Tax Act.
Survival Benefits every 5 years, maturity claim or Death claim if any are a 100% Tax free under section 10 (10 D) of Income Tax Act.,