This plan provides the much-needed life cover of the policy holder. The premiums are to be paid up to 20 years but the policy will end at 25 years. LIC’s New Money Back Plan (T-921) Is A Limited Premium Payment With Profits Money Back Plan In Which Policy Term Is Fixed To 25 Years But The Policyholder Need To Pay The Premium For Only 20 Years.
Why New Money Back Plan-25
This policy states the guaranteed return of the funds invested and premiums paid every month.
- 15% of the sum assured will be paid to the policy holder every 5 years.
- Cover from age group 13 to 45 years.
- Risk Cover Up to 125% Of Basic Sum Assured
- Survival Benefits (Money Back) Of 15% Of Basic Sum Assured For 5th, 10th, 15th & 20th Year And Final Maturity At the End of 25th 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.
125% of the basic sum assured will be paid on the unfortunate demise of the policy holder. The premiums mentioned are excluded from any kind of tax. (Sum Assured on Death (125% of Basic Sum Assured) + Vested Bonus + FAB, if any)
15% of the sum assured will be paid every 5 years to the policy holder until the maturity period when the remaining 40% of the sum assured will be paid. (15% of Basic Sum Assured is Payable After 5th, 10th and 15th & 20th 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||45 Years (Nearest Birthday)|
|Policy Term||25 Years|
|Premium Payment Term||20 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|