I bought LIC New Money Back Policy- 20 years, to ensure the financial security of my loved ones. Last year, the policy matured and we received the maturity benefit. The amount we received from the plan helped us to plan for our children’s brighter future and helped us to invest a portion for our secured future. By Raveesh VermaRead more
LIC Money Back policy-20 years is a limited premium plan that is designed to offer life protection cum investment benefits throughout the term of the policy. In addition to this, the New Money Back Plan offered by the Life Insurance Corporation of India provides periodic payment on survival at specified durations during the term.
Let us explore more about the LIC New Money Back Plan-20 years and understand more about it.
|Entry Age||13 years||50 years|
|Maturity Age||-||70 years|
|Policy Term||20 years|
|Sum Assured||Rs. 1 Lakh||No Limit|
Death Benefit is paid to the nominee in case the policyholder dies during the policy term. The benefit paid is equal to the “Sum Assured on Death” along with Final Additional Bonus and vested Simple Reversionary Bonuses, if any. The sum assured on death is the higher of 125% of the Basic Sum Assured or 7 times of annualized premium.
In case the policyholder survives till the predetermined tenure, 20% of the Sum Assured will be paid to them as a Survival Benefit, and their policy will remain in effect. The survival benefit will be paid at the end of each of the 5th, 10th & 15th policy years.
If the policyholder lives till the end of the policy's term, 40% of the Basic Sum Assured plus Final Additional Bonuses are given to the policyholder as Maturity Benefit, and the policy expires.
Flexibility in Fund Selection
The plan allows the policyholder to invest in the type of funds as per their needs and risk appetite. The plan offers 4 fund options such as: Bond Fund, Secured Fund, Balanced Fund and Growth Fund.
The plan allows the policyholders to avail loans against their policy, provided at least two year’s premiums have been fully paid. The maximum loans provided under the policy is
For in-force policies – up to 90%
For paid-up policies – up to 80%
One can also avail tax benefits on the premiums paid under the LIC New Money Back Policy.
If the policyholder is not satisfied with the terms and conditions of their plan, he/she can cancel their policy within the first 15 days of the policy inception. This period of 15 days is called the free-look period.
Riders for Enhanced Protection
Additional riders are available under the plan that provides protection to the policyholder against the life’s uncertainties. The plan provides protection against death, disability, and critical illnesses. The riders available are:
LIC’s Accidental Death and Disability Benefit Rider
LIC’s Accident Benefit Rider
LIC’s New Term Assurance Rider
LIC’s New Critical Illness Benefit Rider
|Review of LIC Plans|
|Review of LIC New Children’s Money Back Policy||Review of LIC New Bima Gold||Review of LIC Nivesh Plus Plan||Review of LIC Komal Jeevan||Review of LIC Varishtha Pension Bima Yojana||Review of LIC New Bima Bachat Plan||Review of LIC Money Back Policy||Review of LIC Annuity Plans||Review of LIC Jeevan Akshay-VI||Review of LIC Bima Diamond||Review of LIC Senior Citizen Pension Scheme||Review of LIC Jeevan Saral||Review of LIC New Endowment Plan||Review of LIC Single Premium Endowment Plan||Review of LIC New Pension Plus||Review of LIC Jeevan Tarang||Review of LIC Bhagya Laxmi||Review of LIC Jeevan Azad||Review of LIC Jeevan Shiromani||Review of LIC Jeevan Lakshya||Review of LIC New Jeevan Shanti||Review of LIC Bima Jyoti||Review of LIC Jeevan Tarun||Review of LIC New Jeevan Amar Plan||Review of LIC Jeevan Akshay-VII||Review of LIC Dhan Sanchay||Review of LIC Dhan Varsha||Review of LIC Jeevan Labh Plan||Review of LIC New Jeevan Anand||Review of LIC Jeevan Umang Plan||A Review of LIC SIIP||Revival Of Lapsed LIC Policy: How To Get Your Money Back|
The LIC New Money Back plan for 20 years is one of the best life insurance policies if you are looking for a plan with life protection and savings. With its several benefits the plan was designed to look after the financial needs of the policyholder.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ