LIC New Money Back Plan 20 years

LIC New Money Back Plan

LIC New Money Back Plan

LIC Money Back Plan 820 – 20 Years

LIC New Money Back Plan 820 – 20 Years, (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 50 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

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LIC New Jeevan Anand 915

LIC New Jeevan Lakshya 933

LIC New Jeevan Labh Endowment 936

LIC New Jeevan Umang Plan 945

Eligibility of LIC New Money Back Plan 820 – 20 years

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 New money Back 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.

LIC New Money Back Plan 820 – Rebates

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

LIC New Money Back Plan 820 years – 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.

LIC New Money Back Plan 20 years – Example

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

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

Age

Risk Cover Normal

Risk Cover Accidental

Premium

Amount Received

25

645000

1145000

38851

0

26

665000

1165000

38172

0

27

685000

1185000

38172

0

28

705000

1205000

38172

0

29

725000

1225000

38172

0

30

745000

1245000

38172

100000

31

765000

1265000

38172

0

32

785000

1285000

38172

0

33

805000

1305000

38172

0

34

825000

1325000

38172

0

35

845000

1345000

38172

100000

36

865000

1365000

38172

0

37

885000

1385000

38172

0

38

905000

1405000

38172

0

39

935000

1435000

38172

0

40

955000

1455000

0

100000

41

975000

1475000

0

0

42

995000

1495000

0

0

43

1015000

1515000

0

0

44

1045000

1545000

0

0

45

0

0

0

620000




Additional Information LIC New Money Back 820

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 after 3 years.

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

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. 80% of premium will be returned back what he paid, his NOMINEE.

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.

Backdating: The policies can be dated back within the same financial year.

Assignments / Nominations: Assignment and nominations is possible under 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.

3 thoughts on “LIC New Money Back Plan 20 years

  1. kishan kumar rao

    dir sir
    hame money back plan no. 820 chhiye
    hamare mail pe link bhej digiye

    Reply

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