LIC New Money Back Plan 25 years
LIC New Money Back Plan 25 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 durations during the term.
This unique combination 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.
Benefits LIC New Money Back Plan 25 years
In case of Life Assured surviving to the end of the specified durations 15% of the Basic Sum Assured at the end of each of 5th, 10th, 15th & 20th 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 new Money Back plan 25 years is suitable for those who want returns in between the term of the policy. This plan is suitable if requirement is there for every 4 to 5 years. This plan provides natural as well as Accidental cover and lump sum returns at the end of the term. This plan is suitable if aligned with child’s studies. Every 5 years returns can be used for education like Admission, fee etc.,
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.,