New Money Back Plan - 20 Years
New Money Back Plan - 20 Years
This is a money back plan which provides periodical returns of survival benefits during the policy term. In this plan 20% of the sum assured is payable at the end of 5th,10th and 15th year of the policy term, and the balance of 40% plus the accrued bonuses becomes payable at the 20th year.
In the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
U/S 80 C : Premiums paid under this plan are eligible for tax rebate u/s 80C
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
On Survival
On Death
On Accidental death
New Money Back (Plan No. 820) - Term 20 Years
This is a money back plan which provides periodical returns of survival benefits during the policy term. In this plan 20% of the sum assured is payable at the end of 5th,10th and 15th year of the policy term, and the balance of 40% plus the accrued bonuses becomes payable at the 20th year.
In the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full sum assured.
Features
- Survival Benefits are paid periodically
- Balance of the sum assured along with accrued bonuses is paid at the end of policy term
- Premium payment term is only 15 years
- Double Tax Benefit u/s 80 C and u/s 10 D
- Death risk cover is 125% of the basic sum assured
- Additional accidental sum assured
- Loan is available against this plan
Eligibility Conditions
Minimum
age at entry
|
13
years
|
Maximum
age at entry
|
50
years
|
Policy
Term
|
20
years
|
Premium
Payment Term
|
15
years
|
Maximum
age at maturity
|
70
years
|
Minimum
sum assured
|
Rs
1,00,000/-
|
Maximum
sum assured
|
No
higher limit
|
Periodical Survival Benefits
Year
of Policy Term
|
Percentage of Sum
Assured
|
5th year
|
20% of Sum Assured
|
10th year
|
20% of Sum Assured
|
15th year
|
20% of Sum Assured
|
20th year
|
40% of Sum Assured + Accrued
Bonuses
|
Double Tax Benefit
U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)
Possible Events during Policy Term
On Survival
If the policy holder survives the policy term, he/she will receive survival benefits as below:
5th year - 20% of Sum Assured
10th year - 20% of Sum Assured
15th year - 20% of Sum Assured
20th year - 40% of Sum Assured + Accrued Bonuses
5th year - 20% of Sum Assured
10th year - 20% of Sum Assured
15th year - 20% of Sum Assured
20th year - 40% of Sum Assured + Accrued Bonuses
On Death
If the policy holder dies during the policy term, his/her nominee will receive:
1. 125% of the Basic Sum Assured or 10 times the annual premium (whichever is higher)
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
The periodical survival benefits which have already been paid will not be deducted.
1. 125% of the Basic Sum Assured or 10 times the annual premium (whichever is higher)
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
The periodical survival benefits which have already been paid will not be deducted.
On Accidental death
If during the policy term, the policy holder dies due to an accident, his/her nominee will get following:
1. 125% of the Basic Sum Assured or 10 times the annual premium (whichever is higher)
2. Additional Accidental Sum Assured
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
The periodical survival benefits which have already been paid will not be deducted.
1. 125% of the Basic Sum Assured or 10 times the annual premium (whichever is higher)
2. Additional Accidental Sum Assured
3. Simple Reversionary Bonus
4. Final Additional Bonus (if any)
Understand New Money Back Plan - 20 Years with an example
Mrs. Kapoor is a 25 years old working woman. She takes LIC Money back plan - 20 years for the sum assured of Rs 2,00,000/- (Rupees Two Lakhs only). She is required to pay annual premium of Rs 15,667.00 (Rupees Fifteen Thousand Six Hundred and Sixty Seven only) for 15 years.
Survival Benefits
5th year - Rs 40,000.00 (20% of 2,00,000/-)
10th year - Rs 40,000.00 (20% of 2,00,000/-)
15th year - Rs 40,000.00 (20% of 2,00,000/-)
20th year - Rs 80,000.00 (40% of 2,00,000/-) + Accrued Bonuses.
On Death
If Mrs. Kapoor dies during the policy term, her nominee will receive 125% of sum assured along with the accrued bonuses. Any survival benefit which has been already paid will not be deducted.
On Accidental Death
If Mrs. Kapoor dies due to an accident, during the policy term, her nominee will receive the 125% of Sum assured + Additional accidental Sum assured + Accrued bonuses.
Any survival benefit which has been already paid will not be deducted.
Survival Benefits
5th year - Rs 40,000.00 (20% of 2,00,000/-)
10th year - Rs 40,000.00 (20% of 2,00,000/-)
15th year - Rs 40,000.00 (20% of 2,00,000/-)
20th year - Rs 80,000.00 (40% of 2,00,000/-) + Accrued Bonuses.
On Death
If Mrs. Kapoor dies during the policy term, her nominee will receive 125% of sum assured along with the accrued bonuses. Any survival benefit which has been already paid will not be deducted.
On Accidental Death
If Mrs. Kapoor dies due to an accident, during the policy term, her nominee will receive the 125% of Sum assured + Additional accidental Sum assured + Accrued bonuses.
Any survival benefit which has been already paid will not be deducted.
| Other LIC Plans | |||
|---|---|---|---|
| Term Plans | Endowment Plans | Money-Back Plans | Children Plans |
| Anmol Jeevan | New Endowment Assurance | Money-Back 25 years | Jeevan Tarun |
| Amulya Jeevan | New Jeevan Anand | Children's Money Back | |
| Jeevan Lakshya | |||
| Jeevan Rakshak | |||
| Limited Premium Endowment | |||
