LIC New Money Back Plan – 20 years

LIC New Money Back Plan

LIC New Money Back Plan

LIC Money Back Policy 20 Years benefit

BUY ONLINE LIC'S MONEY BACK 20 YRS. PLAN

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LIC New Money Back Plan (lic table no 820) – 20 Years is a traditional life insurance policy which offers guaranteed return and bonus with savings.In this plan Premium needs to be paid for a period of 15 years while the policy continue for 20 years. Policy taken age between 13 to 40 years for a fixed tenure of 20 years. 20% of the Sum Assured is paid to the policy holder on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus (FAB) would be paid to the policy holder on survival till the end of the Policy term as Maturity Benefit.


LIC New Money Back Plan – 20 Years Key Features

  • Money Back Plan for a term of 20 years
  • 20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefit(SB)
  • Simple Reversionary Bonus is payable on maturity or earlier death
  • Large Sum Assured is available in this policy
  • LIC Accidental Death and Disability Benefit Rider is available in this policy

Lic New Money Back Plan-20 years conditions

Age Min. age :  13 years

Max. age:  50 years

Policy Term Policy Term  : 20 years

Max. Maturity Age : 70 years (nearest birthday)

Sum Assured Min. SUM ASSURED: Rs. 1,00,000/-

Max. SUM ASSURED: No Limit

Premium Paying Mode Monthly(SSS, ECS),Quarterly,Half yearly,Yearly
Premium paying Term  15 years only

Accidental Death Rider

Min. Age at entry : 18 years(Completed).

Max. Age at entry :  The cover can be opted for at any policy anniversary during the premium paying term.

Max. Cover Ceasing Age : 70 years (nearest birthday).

Min. Accident Benefit Sum Assured : Rs. 1,00,000.

Max. Accident Benefit Sum Assured :  An amount equal to Basic Sum Assured subjected to the maximum of RS. 50,00,000 /-overall limit by taking all existing policies of the Life Assured under individual Policies as well as Group policies.

Disability Benefit Rider

In LIC Bima plan 820 If policy holder permanent disable arising due to accident. Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums under this policy, shall be waived. An amount will paid within 6th month from the date of accident.

Rebates of  New Money Back Plan – 20 years

Mode Rebate:

Yearly             – Table premium 2%

Half yearly     – Table Premium 1%

Quarterly       – Nil

Monthly         – Nil

Sum Assured Rebate:

Sum Assured Rebate
From Rs. 1,00,000/- to Rs. 1,95,000/- NIL
From Rs. 2,00,000/- to Rs. 4,95,000/- For every  1,000 Rs./- Sum Assured  2.00 Rs/- rebate
From Rs. 5,00,000/- and above For every  1,000 Rs./- Sum Assured  3.00 Rs/- rebate

Benefits

Death Benefit – In case of death of the policy holder within the Policy term, the Sum Assured +vested Bonuses would be paid to the Nominee and  policy would be terminate.
The Sum Assured on Death is higher of 125% of Basic Sum Assured or 10 times the Annualized Premium subject to a minimum of 105% of all Premiums paid.

Survival Benefit – On survival, the Life Insured will get 20% of Sum Assured at the end of every 5th, 10th and 15th Policy Year and the policy continues till the end of the Policy Term of 20 years.

Maturity Benefit-If the policy holder survival till the end of the Policy Tenure, the policyholder will get the rest 40% of the Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (FAB) if any) as Maturity Benefit and the policy will be terminated.

Income Tax Benefit-Income Tax Benefits available under Section 80-C & Maturity Benefit under section 10(10)D.

Benefit Example for LIC Money Back Policy 20 years 

An example of SUNIL who is purchasing this Plan with following details.

Sum Assured: Rs.5,00,000
Policy Term: 20 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 38851

Premium Calculator-LIC New Money Back Policy 820

Please Select Only Plan No-820

Maturity Details

If policy holder SUNIL survives the policy term 20 years then Maturity will be as under.

Maturity Year Maturity Age Maturity Amount(approx)
2036 45 620000 excluding money back

If he survives,

At end of 5th year he get 1,00,000 /-

At end of 10th year he get 1,00,000 /-

At end of 15th year he get 1,00,000 /-

At Maturity age i.e., he get 2,00,000 +Vested Bonus + FAB.

Year-wise Death Claim given as under

Year Age Risk Cover Normal Risk Cover Accidental Premium Tax Saved Net Premium Amount Received
2016 25 645000 1145000 38851 11248 27603 0
2017 26 665000 1165000 38172 11248 26924 0
2018 27 685000 1185000 38172 11248 26924 0
2019 28 705000 1205000 38172 11248 26924 0
2020 29 725000 1225000 38172 11248 26924 0
2021 30 745000 1245000 38172 11248 26924 100000
2022 31 765000 1265000 38172 11248 26924 0
2023 32 785000 1285000 38172 11248 26924 0
2024 33 805000 1305000 38172 11248 26924 0
2025 34 825000 1325000 38172 11248 26924 0
2026 35 845000 1345000 38172 11248 26924 100000
2027 36 865000 1365000 38172 11248 26924 0
2028 37 885000 1385000 38172 11248 26924 0
2029 38 905000 1405000 38172 11248 26924 0
2030 39 935000 1435000 38172 11248 26924 0
2031 40 955000 1455000 0 0 0 100000
2032 41 975000 1475000 0 0 0 0
2033 42 995000 1495000 0 0 0 0
2034 43 1015000 1515000 0 0 0 0
2035 44 1045000 1545000 0 0 0 0
2036 45 0 0 0 0 0 620000

Additional Information about New Money Back Policy 20 years

Risk Coverage: –End of Term of the Policy.

Date of Commencement of Risk: Risk commencement starts when taking the policy(day one).

Locking period: – 3 years.

Loan Facility: – Available.

Income Tax Reduction:  Available under Section 80-C and Section 10 (10D) for Maturity returns.

Loan:  Available.

Riders available:  Yes.

Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).

Suicide Clause: if the policy holder commit suicide before 1 year he will be returned back 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under this plan.

BUY ONLINE LIC'S MONEY BACK 20 YRS. PLAN

BUY ONLINE LIC’S THIS PLAN

Services that I offer

  • New LIC Policy Quotes and Completion
  • Complete guidance
  • Doorstep Premium Collection Service
  • Personalized Policy Recommendations
  • Renewal / Revival of Lapsed Policies
  • Human Life Value Calculation
  • LIFE TIME SERVICES

FOR MORE INFORMATION PLEASE CONTACT -:

BASPA NAND PANCHOLI

CON.9891009400

Emailbasupancholi@gmail.com

Office Address:-25,KG,Marg,Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

LIC OTHER MONEY BACK PLANS

LIC New Money Back Plan – 20 years

LIC New Money Back Plan 25 Years

LIC New Bima Bachat



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