LIC NEW MONEY BACK PLAN-20 YEARS

LIC's New Money Back Plan-20 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.

Eligibility Conditions and Other Restrictions:

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

Premium paying modes:                   Yearly, Half-yearly, Quarterly and Monthly mode.

Policy Benefits:-

Death benefit: 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.
The premiums mentioned above exclude tax, extra premium and rider premium, if any.

Survival Benefits: 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.

Maturity Benefit: 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.

Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation provided the policy is in full force.

Final Additional Bonus may also be declared under the policy in the year when the policy results  into a claim either by death or maturity, provided the policy has run for certain minimum term.

For more details http://www.licindia.in/MONEY_BACK_PLAN-20_YEARS_benefits.html or visit your nearest LIC branch/ or email at: sushilshm2010@gmail.com