NEW MONEY BACK 20 YEAR PLAN
Lic’s New Money Back 20 Year Plan gives you the best saving and protection benefits to you and your family and this plan is a non linked plan which offers your family financial support at the time of adversity before the maturity period and after maturity period the policyholder can enjoy the survival benefits.
Min Basic Amount Assured: Rs 1,00,000
Max Basic Amount Assured: No Limit
Policy Time: 20 years
Time of premium payment: 15 Years
Min Entry Age: 13 Years
Max Entry Age: 50 Years
Max Age at Maturity for Life Assured: 70 years
Premium Payment Mode: Monthly, Quarterly, Half-yearly, Yearly
The benefit of Accidental Death and Disability Rider is applicable on payment of additional premium.
LIC’S NEW MONEY BACK 20 YEARS PLAN BENEFITS
1 Survival Benefit: after payment of 5th, 10th & 15th policy year than 20% of basic Sum Assured will be payable
At the time of Maturity- 40% of Basic Sum Assured + Vested Bonus + FAB if any
2 Death Benefit: Sum Assured + Vested Bonus + FAB if any.
Sum Assured is higher of 10 times of Annualized Premium or 105% of all premiums paid on death or 125% of basic sum assured.
3 Surrendered Value Benefit: the Policyholder can surrender his policy at any time during his policy term but the condition is that three full years premium is paid.
4 Loan Benefit: After payment of premium for three full years than you can use loan facility.
5 Income Tax Benefit: Tax Rebate is available when you pay the premium under this plan section is 80c and under sec 10(10D) maturity is free for this plan.