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Are you looking for a life insurance policy that offers both protection and periodic returns? Look no further than LIC’s New Money Back Plan – 20 Years. As a trusted LIC Agent in Kolkata, I’m excited to break down this popular policy for you.
Table of Contents
Key Takeaways
- LIC’s New Money Back Plan – 20 Years offers both insurance protection and periodic returns.
- The policy term is 20 years with a premium paying term of 15 years.
- It provides death benefit, survival benefits, and maturity benefit along with bonuses.
- You can enhance coverage with riders and customize benefit payouts.
- Premium rebates are available for higher sum assured and annual payment mode.
- The plan offers flexibility in terms of premium payment and benefit receipt options.
What is the LIC New Money Back Plan – 20 Years?
LIC’s New Money Back Plan – 20 Years is a non-linked, participating, limited premium payment life insurance plan. It’s designed to provide financial protection to your family while also offering regular payouts during the policy term.
Key Features:
- Policy Term: 20 years
- Premium Paying Term: 15 years
- Minimum Entry Age: 13 years (completed)
- Maximum Entry Age: 50 years (nearest birthday)
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No limit (in multiples of ₹5,000)
Benefits of the LIC New Money Back Plan – 20 Years
1. Death Benefit
If the policyholder passes away during the policy term, the beneficiary receives:
- Sum Assured on Death (higher of 125% of Basic Sum Assured or 7 times the annualized premium)
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
Note: The death benefit is never less than 105% of total premiums paid up to the date of death.
2. Survival Benefits
The plan offers periodic payouts if the policyholder survives specific durations:
- 20% of Basic Sum Assured at the end of 5th year
- 20% of Basic Sum Assured at the end of 10th year
- 20% of Basic Sum Assured at the end of 15th year
3. Maturity Benefit
On surviving the full policy term, the policyholder receives:
- 40% of Basic Sum Assured
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
4. Participation in Profits
This plan participates in LIC’s profits, entitling policyholders to Simple Reversionary Bonuses declared by LIC.
Riders Available
To enhance your coverage, you can opt for the following riders:
- 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
Note: You can choose either the Accidental Death and Disability Benefit Rider or the Accident Benefit Rider, not both.
Flexible Options
Settlement Option for Maturity Benefit
Instead of receiving the maturity benefit as a lump sum, you can opt to receive it in installments over 5, 10, or 15 years.
Option to Take Death Benefit in Installments
Beneficiaries can choose to receive the death benefit in installments over 5, 10, or 15 years instead of a lump sum.
Premium Payment and Discounts
You can pay premiums yearly, half-yearly, quarterly, or monthly. LIC offers rebates for higher sum assured and annual premium payment mode:
Mode Rebate:
- Yearly: 2% of tabular premium
- Half-yearly: 1% of tabular premium
- Quarterly/Monthly/Salary deduction: No rebate
High Sum Assured Rebate:
- ₹2,00,000 to ₹4,95,000: ₹2 per ₹1,000 Basic Sum Assured
- ₹5,00,000 and above: ₹3 per ₹1,000 Basic Sum Assured
Why Choose LIC’s New Money Back Plan – 20 Years?
- Financial Security: Provides protection to your family in case of unfortunate events.
- Regular Payouts: Offers liquidity through survival benefits every 5 years.
- Savings and Insurance: Combines the benefits of a savings plan with life coverage.
- Flexibility: Options to enhance coverage through riders and customize benefit payouts.
- Bonuses: Participate in LIC’s profits through reversionary and final additional bonuses.
How to Buy LIC New Money Back Plan – 20 Years
As an experienced LIC Agent in Kolkata, I can guide you through the process of purchasing this policy. Here’s what you need to do:
- Contact me: Call me directly at 7980031260 to discuss your insurance needs.
- Understand the plan: I’ll explain all aspects of the policy and answer your questions.
- Fill the proposal form: Provide accurate information about yourself and your health.
- Submit documents: Furnish necessary KYC and medical documents as required.
- Pay the premium: Choose your preferred payment mode and make the first premium payment.
- Policy issuance: Once approved, LIC will issue your policy document.
As your trusted LIC Agent in Kolkata, I’m here to help you make the best decision for your financial future. Don’t hesitate to reach out at 7980031260 to learn more about LIC’s New Money Back Plan – 20 Years or any other LIC policies. Let’s secure your family’s future together!
FAQs about LIC New Money Back Plan – 20 Years
Can I surrender the policy before maturity?
Yes, you can surrender the policy after paying premiums for at least two years. The surrender value will be higher of the Guaranteed Surrender Value or Special Surrender Value.
Is there a grace period for premium payment?
Yes, there’s a grace period of 30 days for yearly, half-yearly, and quarterly modes, and 15 days for monthly mode.
Can I revive a lapsed policy?
Yes, you can revive a lapsed policy within 5 years from the date of first unpaid premium, subject to certain conditions.
Are there any tax benefits?
Premiums paid and benefits received may be eligible for tax benefits under the Income Tax Act, 1961. However, these are subject to change, so please consult a tax advisor for details.
Can I take a loan against this policy?
Yes, you can avail a loan against the policy after paying premiums for at least two years. The maximum loan amount is up to 90% of the surrender value for in-force policies.
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