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Features of LIC New Money Back Policy :


• This is a simple money back plan with both Death and Survival Benefits.
• Money back will be paid once in every 5 years.


LIC New Money Back Policy Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 1,00,000 No Limit
Policy Term (in years) 20 yrs , 25 yrs
Premium Payment Term(in yrs) 15 yrs, 20 yrs
Entry Age of Policyholder 13 50
Age at Maturity - 70
Payment modes Yearly, Half-yearly, Quarterly, Monthly and SSS

Benefits of LIC Money Back Policy :


Maturity Return – 40 % of Sum Assured with Bonus and Loyalty Additions (if any) will be paid

Money back Amount — The return on every 5th year is:

· 20% of Sum assured in 5th , 10th & 15th yr for a policy term of 20 years
· 15% of Sum assured in 5th, 10th, 15th & 20th year for a policy term of 25 years



Death Benefit – On death of the life insured, Sum Assured on Death ( 125% of SA or 10 times Annual Premium whichever is higher) with the accured Bonus will be paid to the nominee without deducting any of the earlier money back paid.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available after payment of 3 full year premium.
Housing Loan Surity- Available

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Sum Assured

 

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Policy Term (Yrs)
Double Accident Benefit

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LIC New Money Back Policy

LIC New Money Back Policy (Table 820 & 821) can be taken for a duration of 20 years or 25 years. A money back will be paid at the end of every 5 years.

In 20 years plan, 20 % of Sum assured will be paid at the end of 5 , 10 , 15 years. 40 % of Sum assured with the Accured Bonus will be paid at the end of 20th year.

In 25 years plan, 15 % of Sum assured will be paid at the end of 5 , 10 , 15 , 20 years. 40 % of Sum assured with the Accured Bonus will be paid at the end of 25 years.

If the Life insured dies within the policy term, Sum Assured on Death ( 125% of SA or 10 times Annual Premium whichever is higher) with Bonus and Loyalty Additions (if any) will be paid to the nominee without detecting any of the money paid back earlier.

Service Tax is applicable on the premium paid for this policy, at the rate of 3.75% for the 1st year premium and 1.875% from 2nd year onwards.