LIC’s New Money Back Plan-20 years is A Non-Linked, Participating, Limited Premium, Individual, Life Assurance 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 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.
A. Death Benefit:
Death benefit payable in case of death of the Life Assured during the policy term provided the policy is in force (i.e. all due premiums have been paid) shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus if any. Where “Sum Assured on Death” is defined as higher than 125% of the Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid
up to the date of death. The premiums mentioned above exclude taxes, extra premium, and rider premium if any.
B. Survival Benefits:
In case of Life Assured surviving to the end of the specified durations provided all due premiums have been paid, 20% of the Basic Sum Assured shall be payable at the end of each of 5th, 10th & 15th policy year.
C. Maturity Benefit:
On Life Assured surviving to the end of the policy term, provided the policy is in force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to 40% of the Basic
Eligibility Conditions and Other Restrictions:
|Minimum Basic Sum Assured||Rs. 100,000|
|Maximum Basic Sum Assured||No Limit|
|Minimum Age at entry||13 Years (completed)|
|Maximum Age at entry||50 Years (nearer birthday)|
|Maximum Maturity Age||70 Years (nearer birthday)|
|Policy Term||20 Years|
|Premium Paying Term||15 Years|
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