LIC New Money Back Plan 25 years
LIC’s New Money Back Plan-25 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. This unique combination provides financial support for the family of the deceased policyholder at any time before maturity and a lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
Eligibility conditions and other restrictions in LIC New Money Back Plan – 25 Years
Sum Assured Minimum : Rs. 1,00,000, in multiples of Rs 5000 & Maximum Unlimited
Policy Term: 25 Years
Premium Payment Term: 20 Years
Entry Age of Life Insured: Minimum 13 Years & Maximum 45 Years
Age at Maturity is Maximum: 70 Years
Payment modes: Yearly, Half Yearly, Quarterly or Monthly
Benefits LIC Money Back plan 25 years
Death Benefit
On death during the policy term provided the policy is in full force, death benefit, defined as the sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as of the date of death.
The premiums mentioned above exclude tax, extra premium, and rider premium if any.
Survival Benefit
In the case of Life Assured surviving to the end of the specified durations, 15% of the Basic Sum Assured at the end of each of the 5th, 10th, 15th & 20th policy years.
Maturity Benefit
In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Participation in Profits
The policy shall participate in the profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force. Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity, provided the policy has run for the certain minimum term.
Optional Benefit under LIC New MoneyBack Plan 25 years
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider can be opted for under an in-force policy at any time within the premium paying term by payment of additional premium and the cover will be available throughout the policy term provided the Policy is in force for the full Sum Assured as on date of the accident. In case of accidental death, the Accident Benefit Sum Assured will be payable as a lump sum along with the death benefit under the basic plan.
In case of accidental permanent disability arising due to an accident under plan LIC New Money Back Plan 25 years (within 180 days from the date of the accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
However, on surrender of an inforce basic policy (which has acquired Surrender Value) to which this rider is attached, a proportion of the additional premium charged in respect of cover after the premium paying term shall be refunded.