LICs New Money Back Plan
Plan No. 820
LIC's New Money Back Plan
LIC money Back Policy Key Features
This is a Profit Participating Traditional Plan.
Simple money back plan with bonus option
Instalment (Premium)needs to be paid for a period of 15 years only while the policy continues for a period of 20 years.
Returns (Maturity Benefit)
If the instalment paid without break 5th, 10th and 15th years, 20% of the Basic Sum Assured is paid as Survival Benefit and the policy continues
The rest of the 40% of the Basic Sum Assured is paid on survival at the end of the policy tenure along with the accrued bonuses.
Benefits of LIC Money Back Policy- 20 years
Bonus: This policy participates in the bonuses of the LIC OF INDIA and the policy accrues Simple Reversionary Bonuses and Final Additional Bonus
LIC’s New Money Back Plan
(MONEY BACK): On survival, 20% of the Sum Assured is paid to the policyholder as Survival Benefit(Money Back) and the policy continues:
1st Return at the end of the 5th Policy Year
2nd Return at the end of the 10th Policy Year
3rd Return at the end of the 15th Policy Year
Final Return (Maturity Benefit): On survival till the end of the policy tenure, the remaining 40% of the Basic Sum Assured + accrued bonuses are paid to the policyholder as Maturity Benefit and the policy terminates
Life Isurance: if the Life Insured dies within the policy tenure, then the Sum Assured on Death + accrued Bonuses would be payable to the nominee irrespective of the amounts paid earlier as survival benefit. Sum Assured on Death is defined as higher of:
.125% of the Basic Sum Assured as chosen at the policy inception or
10 times of annualized premium as being paid
Subject to a minimum of 105% of the total premiums paid as on date of death
Optinal Rider available:
LIC’s Accidental Death and Disability Benefit Rider
Discount :
There is mode discount for yearly and half-yearly Instalments (premium payments)
Tax Benefit
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Optional Benefit:
Accidental Death & Disability Benefit Rider is available.
Liquidity
Pre Sanctioned Loan Available after payment of 3 full years premiums.
