LIC New Money Back Plan – 25 Years
LIC New Money Back Plan 25 Years (lic table no 821) is a traditional life insurance policy which offers guaranteed return and bonus with survival benefits.In this plan Premium needs to be paid for a period of 20 years while the policy continue for 25 years. Policy taken age between 13 to 45 years for a fixed tenure of 25 years. 15% 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 – 25 Years Key Features
- Money Back Plan for a term of 25 years
- 15% of Sum Assured is paid at the end of 5th, 10th 15th and 20th Year as money back
- Simple Reversionary Bonus is payable on maturity or earlier death
- Large Sum Assured is available in this plan
- LIC Accidental Death and Disability Benefit Rider is available
LIC New Money Back Plan-25 years conditions
Eligibility conditions under Lic Money Back Policy 25 Years are,
|Age||Min. age : 13 years
Max. age: 45 years
|Policy Term||25 years|
|Sum Assured||Min. SUM ASSURED: Rs. 1,00,000/-
Max. SUM ASSURED: No Limit
|Premium paying Term||20 years|
|Premium Paying Mode||Monthly (SSS, ECS), Quarterly, Half yearly, Yearly|
Accident Death and Disability Benefit 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 max. of RS. 50,00,000 /-overall limit by taking all existing policies of the Life Assured under individual Policies as well as Group policies.
LIC New Money Back Policy 25 Years Rebates
Yearly – Table premium 2%.
Half yearly – Table Premium 1%.
Quarterly – Nil.
Monthly – Nil.
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 – 25 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 15% of Sum Assured at the end of every 5th, 10th 15th and 20th Policy Year and the policy continues till the end of the Policy Term of 25 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 LIC 25 years Money Back Policy
An example of AMIT who is purchasing this Plan with following details.
Sum Assured: Rs.10,00,000
Policy Term: 25 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 59522
Premium Calculator-LIC New Money Back Policy 821
Please Select Only Plan No-821
If policy holder AMIT survives the policy term 25 years then Maturity will be as under.
|Maturity Year||Maturity Age||Maturity Amount(approx)|
|2041||50||1750000 (excluding money back)|
If he survives,
At end of 5th year he get 1,50,000 /-.
At end of 10th year he get 1,50,000 /-.
At end of 15th year he get 1,50,000 /-.
At end of 20th year he get 1,50,000 /-.
At Maturity age i.e., he get 4,00,000 +Vested Bonus + FAB.
|Year||Age||Risk Cover Normal||Risk Cover Accidental||Premium||Tax Saved||Net Premium||Amount Received|
Lic’s New Money Back Plan-25 years Additional Information
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 for premiums paid 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 he will be returned back 80% of premium what he paid.
Proposal Forms: Proposal Form no. 300 or 340 will be used under this lic money back policy 25 years..
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 Lic Money Back Policy 25 Years.
Services that I offer
- New LIC Policy Quotes and Completion
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- Personalized Policy Recommendations
- Renewal / Revival of Lapsed Policies
- Human Life Value Calculation
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FOR MORE INFORMATION PLEASE CONTACT -:
BASPA NAND PANCHOLI
Office Address:-25,KG,Marg,Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.