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PLAN FEATURES
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Minimum Age
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13 years (completed)
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Maximum Age
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45 years (nearest Birthday)
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Maximum Maturity Age
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70 years (nearest Birthday)
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Plan Term
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25 years
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Premium Term
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20 years
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Yearly, Half yearly, Quarterly or Monthly
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Minimum Sum Assured
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1,00,000- Basic Sum Assured shall be in multiples of
Rs.5000/-
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Maximum Sum Assured
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No Limit
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Rider Available
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Accidental Death &Disability / Accidental Death, Term
Rider, Critical Illness Rider , Accidental Benefit Rider
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40 % of Sum Assured + Bonus + Final Bonus
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Policy Surrender
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Available after 2 years of premium payment
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Loan On Policy
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Available after 2 years of premium payment
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Tax Benefit
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125 % of Sum Assured + Bonus+ Final Additional
Bonus (as applicable)
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15 % of Sum Assured at 5, 10, 15 &20 years
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About LIC New Money Back Plan ?
LIC’s New Money Back Plan-25 years is a simple participating anticipated endowment plan. Thus, it is considered a traditional money-back plan with scheduled payments and a bonus facility. This plan being 25-years of tenure has a payment schedule of 25 years of survival and maturity benefits to be paid
Why Should buy New Money Back Plan ?
Features
- This endowment plan is a traditional participating plan.
- Simple money-back plans with the bonus option.
- The insured needs to pay a premium for a time frame of 20 years in case the plan continues for 25 years.
- If the Life Insured is alive at the end of the 5th, 10th, 15th, and 20th years, 15% of the Basic Sum Assured is paid as Survival Benefit, and the policy continues.
- The rest of the 40% of the Basic Sum Assured is paid on survival until the completion of the policy tenure, along with the accrued bonuses.
- If the life insured demise during the policy term, the entire Sum Assured on Death plus accrued Bonuses would be payable to the beneficiary as Death Benefit.
LIC New Money Back Plan 25 Years – Benefits
- Bonus: The policyholder receives a particular share of the benefits in bonuses earned by the company as Final Additional Bonus and Simple Reversionary Bonus.
- Survival Benefit: On survival, 15% of the Sum Assured is paid to the policyholder as Survival Benefit, and the policy continues:
- Payable at the end of the 5th Policy Year
- Payable at the end of the 10th Policy Year
- Payable at the end of the 15th Policy Year
- Payable at the end of the 20th Policy Year
- Maturity Benefit: If the insured survives till the completion of the policy term, the remaining 40% of the Basic Sum Assured plus accrued bonuses are paid as maturity benefit to the owner of the insurance policy, and the plan terminates
- Death Benefit– In case of the unfortunate demise of the insurance plan owner, the Sum Assured on Death plus accrued Bonuses would be payable to the beneficiary regardless of the sum paid earlier as survival benefit. Sum Assured on expiry is defined as higher of:
- 125% of the Basic Sum Assured, which is chosen by the insured at the beginning of the policy
- 10x the annual premium as being paid.
- On the date of demise, a minimum of 105% of the entire premiums deposited is paid out to the beneficiary.
- This plan provides add-on coverage as accidental death and disability benefit rider.
- Higher discounts are applied in the case of yearly and half-yearly premium payments.
- The LIC policyholder can save on taxes on the claim received and premium paid per section 10(10D) and 80C of the Income Tax Act.