LIC NEW MONEY BACK PLAN – 20 YEARS (Plan No: 920)
LIC NEW MONEY BACK PLAN – 20 YEARS is Non-Linked, participating, Individual, Life Assurance Savings Money back Plan. In this plan a periodic payment of survival benefit is done at a specified duration during the term along with lump sum amount at the time of maturity of the policy.
Unique Identification Number: 512N280V02
Launch Date: 1st February 2020
Maturity Benefit LIC NEW MONEY BACK PLAN – 20 YEARS:
40 % Basic Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus, if any.
- on Survival to the end of the policy term provided all due premiums have been paid.
- Payable in Lump Sum or as per Settlement Option exercised
Survival Benefits:-
20% of the Basic Sum Assured, at the end of 5th, 10th & 15th policy year.
Death benefit:
Sum Assured on Death + Vested Simple Reversionary Bonuses + Final Additional Bonus, if any, shall be payable.
- Where “Sum Assured on Death” is defined as a higher of 125% of Basic Sum Assured or 7 times of annualized premium.
- This death benefit shall not be less than 105% of all the premiums paid as on the date of death. Where premiums exclude service tax, extra premium, and rider premiums if any.
Income Tax Benefit:
under section 80C of the Income Tax Act, premiums paid under the L.I.C New Money Back Plan – 20 years are eligible for a rebate up to the limit of Rs: 1,50,000/-
under Section 10(10D) of Income Tax Act, The Maturity benefit received by the policyholder or the Death claim received by the Nominee under the L.I.C’s New Money Back Plan – 20 years plan is entirely tax-free and no TDS is deductible
Synopsis of LIC NEW MONEY BACK PLAN – 20 years:
| Sr. No. | Particulars | Eligibility Condition |
| 1 | Age at entry for Life assured | Minimum – 13 years completed Maximum -50 yrs nearest birthday |
| 2 | Policy Term Premium paying term | 20 years 15 Years |
| 3 | Maximum Maturity Age | 70 years (nearer birthday) |
| 4 | Basic Sum assured (in multiples of 5,000/-) | Minimum – 1,00,000/- Maximum – Unlimited |
| 5 | Mode rebate | Yearly – 2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil |
| 6 | Large Sum Assured rebate (per 1000 S.A) | 1,00,000 to 1,95,000 – NIL 2,00,000 to 4,95,000 – Rs: 2 %o B.S.A. 5,00,000 and above – Rs: 3.00 %o B.S.A |
| 7 | Mode of payment of premiums | Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme |
| 8 | Grace Period | 30 days for Yrly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes |
| 9 | Surrender & Policy Loan | After payment of premiums of 2 full years *conditions apply |
| 10 | Revival | Within 5 years from First Unpaid Premium & before Maturity |
| 11 | Optional Riders Available: | L.I.C’s Accidental Death & Disability Benefit Rider L.I.C’s Accident Benefit Rider L.I.C’s Term Assurance Rider L.I.C’s Critical Illness Benefit Rider |
- For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/
Settlement Option for Maturity Benefits:
- The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policy holder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment
Option to take Death Claim Benefits in instalment:
- Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments
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