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Are you looking for a reliable investment option that offers both protection and periodic payouts? Look no further than LIC’s New Money Back Plan – 25 Years. As the Best LIC Agent in Kolkata, I’m excited to share the ins and outs of this unique policy with you.
Table of Contents
Key Takeaways
- LIC New Money Back Plan – 25 Years offers both insurance and savings benefits.
- Regular survival benefits provide liquidity during the policy term.
- The plan participates in LIC’s profits through bonuses.
- Flexible premium payment options and rider choices are available.
- Loan facility is available after paying premiums for two years.
What is LIC New Money Back Plan – 25 Years?
LIC’s New Money Back Plan – 25 Years is a non-linked, participating, limited premium, individual life assurance savings plan. It’s designed to provide financial security to your family while also offering regular payouts during the policy term.
Key Features:
- Policy Term: 25 years
- Premium Paying Term: 20 years
- Minimum Entry Age: 13 years (completed)
- Maximum Entry Age: 45 years (nearer birthday)
- Minimum Basic Sum Assured: Rs. 100,000
- Maximum Basic Sum Assured: No Limit (in multiples of Rs. 5,000)
Benefits of LIC New Money Back Plan – 25 Years
1. Death Benefit
In the unfortunate event of the policyholder’s death during the policy term, the nominee 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 any)
The death benefit is never less than 105% of the total premiums paid up to the date of death.
2. Survival Benefits
One of the most attractive features of this plan is the regular payouts you receive while the policy is active. Here’s how it works:
- 15% of the Basic Sum Assured paid at the end of the 5th policy year
- 15% of the Basic Sum Assured paid at the end of the 10th policy year
- 15% of the Basic Sum Assured paid at the end of the 15th policy year
- 15% of the Basic Sum Assured paid at the end of the 20th policy year
These payouts can help you meet various financial goals or reinvest for better returns.
3. Maturity Benefit
Upon policy maturity, you receive:
- Sum Assured on Maturity (40% of the Basic Sum Assured)
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if any)
4. Participation in Profits
This plan allows you to participate in the profits of LIC. You’re entitled to receive Simple Reversionary Bonuses declared as per LIC’s experience.
Riders Available
To enhance your protection, 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 Premium Payment Options
You can pay your premiums:
- Yearly
- Half-yearly
- Quarterly
- Monthly (through NACH)
- Through salary deductions
Loan Facility
Need funds urgently? This plan offers a loan facility after you’ve paid premiums for at least two years. The maximum loan amount is:
- Up to 90% of Surrender Value for in-force policies
- Up to 80% of Surrender Value for paid-up policies
Why Choose LIC New Money Back Plan – 25 Years?
- Financial Security: It provides a safety net for your family in case of your untimely demise.
- Regular Payouts: The survival benefits help you meet financial goals at different life stages.
- Savings and Investment: It’s not just an insurance plan; it’s also a savings tool that participates in LIC’s profits.
- Flexibility: With various premium payment options and rider choices, you can customize the plan to your needs.
- Tax Benefits: You may be eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
How to Get Started
As the Best LIC Agent in Kolkata, I’m here to help you navigate this plan and find the best option for your needs. Here’s how we can proceed:
- Assess Your Needs: We’ll discuss your financial goals and current situation.
- Calculate the Ideal Sum Assured: Based on your needs, we’ll determine the right coverage amount.
- Choose Riders: We’ll select appropriate riders to enhance your protection.
- Select Premium Payment Mode: We’ll pick the most convenient payment frequency for you.
- Complete the Application: I’ll assist you in filling out the necessary forms.
- Policy Issuance: Once approved, LIC will issue your policy document.
Remember, insurance is not just a product; it’s a promise of protection and financial security. As your dedicated LIC Agent in Kolkata, I’m committed to helping you secure your family’s future.
Ready to take the next step? Call me at 7980031260, and let’s discuss how LIC New Money Back Plan – 25 Years can work for you.
FAQs
Can I surrender my policy?
Yes, you can surrender the policy after paying premiums for at least two years. The surrender value will be the higher of the Guaranteed Surrender Value or Special Surrender Value.
What happens if I can’t pay premiums?
If you’ve paid premiums for at least two years, your policy will continue as a paid-up policy with reduced benefits.
Is there a grace period for premium payment?
Yes, there’s a grace period of 30 days for yearly, half-yearly, or quarterly premium payments, and 15 days for monthly payments.
Can I revive a lapsed policy?
Yes, you can revive a lapsed policy within 5 years from the date of the first unpaid premium, subject to certain conditions.
Are there any tax benefits?
Yes, you may be eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. However, please consult a tax advisor for detailed information.
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