Life Insurance Corporation of India (LIC), the country’s largest life insurance company, is offering a money back plan apart from other insurance products like endowment plans, pension plans, unit linked plans and term insurance plans being offered by the LIC. Named as LIC New Money Back Plan-20 Years, the LIC’s insurance policy, offers protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term, LIC noted on its website www.licindia.in.
LIC Insurance Policy: Here are details of money backs, sum assured, eligibility criteria and premiums payable under LIC New Money Back Plan-20 Years:
LIC’s New Money Back Plan-20 Years can be purchased by any individual between the age of 13 and 50 years with minimum sum assured of Rs 1 lakh and it does not has any upper limit for the sum assured, according to LIC.
Maximum maturity age for LIC New Money Back Plan is 20 years and the insurance scheme comes with a policy term of 20 years while its premium paying term that is the term till which the policy holder has to pay the premium is 15 years, LIC added.
LIC Insurance: LIC New Money Back Plan-20 Years Benefits:
In case the policy holder of LIC New Money Back Plan-20 Years survives during the period of policy term, with all insurances paid, the policy holder gets 20 per cent of the basic sum assured at the end of each of fifth, tenth and fifteenth policy year.
If the policy holder of LIC New Money Back Plan-20 Years dies during the policy term, the nominee of the policy holder will get ‘sum assured on death’ and vested simple reversionary bonuses and final additional bonus, LIC said. “Sum assured on death is defined as higher of 125 per cent of the basic sum assured or 10 times of annualized premium,” LIC added.
On maturity of the LIC New Money Back Plan-20 Years, 40 per cent of the basic sum assured along with vested simple reversionary bonuses and final additional bonus, will be payable to the LIC New Money Back Plan-20 Years policy holder.
LIC Premiums: Here are details of premiums payable by policy holder for purchasing LIC New Money Back Plan-20 Years:
Following are premium rates per Rs. 1,000 of basic sum assured for LIC New Money Back Plan-20 Years:
|Age (in years)||Premium (Rs.)|
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly basis or through salary deductions over the term of policy.
Premiums paid towards LIC New Money Back Plan-20 Years qualify for income tax benefits under the Section 80C of the Income Tax Act.
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