LIC's New Money Back Policy (Table No- 820) is a Non-Linked gauranteed returns endowment plan.LIC New Money Back Policy for 20 years lets you enjoy 20% of sum assured after every fifth, tenth, and fifteenth year of the policy. And, on the twentieth year, it provides you the accrued bonus along with 40% of policy's balance.You can select the type of money back policy as per your financial requirements.
Features of LIC New Money Back Policy:
This is a simple money back plan with both Death and Survival Benefits.
Money back will be paid once in every 5 years.
Available under Section 80 C for premiums paid.
And Section 10 (10D) for Maturity returns.
|Eligibility Criteria For Money Back Plan|
|Minimum Age at Entry||13 Years (Completed)|
|Maximum Age at Entry||50 Years(Nearest Birthday)|
|Maximum Maturity Age||70 Years(Nearest Birthday)|
|Policy Term||20 Years|
|Premium Paying Term||15 Years|
|Minimum Sum Assured||1,00,000/-|
|Maximum Sum Assured||No Limit (sum assured in multiple of 5000/-)|
|Policy Mode||Yearly, Half-Yearly, Quaterly, Monthly (NACH only|
|Rebate Of Mode Of Premium||Yearly - 2%
Half-Yearly - 1%
Quaterly & Monthly - Nil
|High Sum Assured Rebate||1,00,000 to 1,95,000 - Nil
2,00,000 to 4,95,000 - 2% on B.S.A.
5,00,000 and Above - 3% on B.S.A.
|Loan||After payment of premiums for at least 3 full years|
|Revival||Within 2 Years of lapse|
On death of the life insured, Sum Assured on Death ( 125% of SA or 10 times Annual Premium whichever is higher) with the accured Bonus will be paid to the nominee without deducting any of the earlier money back paid.
40 % of Sum Assured with Bonus and Loyalty Additions (if any) will be paid.
Money Back Amount
The return on every 5th year is: 20% of Sum assured in 5th , 10th & 15th yr for a policy term of 20 years