This policy offers guaranteed returns and bonuses on your premiums paid monthly or any payment plan chose by the policy holder. The policy can be taken by anyone from 13-40 years of age. LIC New Money Back Plan (T-920) is a Limited Premium Payment with Profits Money Back Plan in Which Policy Term is fixed to 20 Years But The Policyholder Need To Pay The Premium For Only 15 Years.
Why New Money Back Plan
This policy states that the policy holder will be paying the premiums up to 15 years but the sum assured will be paid at the end of 20 years.
20% of the sum assured will be paid to the policy holder every 5 years until the policy reaches maturity period.
- Cover from age group 13 to 50 years.
- Risk Cover Up to 125% Of Basic Sum Assured.
- Survival Benefits (Money Back) Of 20% Of Basic Sum Assured For 5th, 10th, 15th Year And Final Maturity At the End of 20th Year.
- Eligible for all Bonuses and Final Addition Bonuses declared by LIC.
- Term Rider Benefit Available.
- Double Accident Rider Available.
- Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit up to Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
- Loan and Surrender Facility Available.
If the policy holder is dead, unfortunately, 125% of the sum assured will be paid or 10 times the annualized premium rates will be paid to the family or the nominee of the policy holder. Sum Assured on Death (125% of Basic Sum Assured) + Vested Bonus + FAB, if any
20% of the sum assured will be paid every 5 years to the policy holder and at the period of maturity, the remaining 40% will be paid with the additions of loyalty bonuses. 20% of Basic Sum Assured is Payable After 5th, 10th and 15th year of Policy, And at Maturity 40% of Basic Sum Assured + Vested Bonus + FAB.
|Minimum Age to Apply||13 Years (Completed)|
|Maximum Age to Apply||50 Years (Nearest Birthday)|
|Policy Term||20 Years|
|Premium Payment Term||15 Year (Fixed)|
|Maximum Maturity Age||70 Years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS)|
|Basic Sum Assured||100000 and above ( in multiple of 5000)|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment|