LIC's New Money Back Plan – 20 Years

920 Money Back 20 yrs_English

Money back means the survival benefits which a policy holder gets in between his or her policy before the maturity cums and since it is a with profit plan so there is participation in the profits of the company in the form of Bonuses.

920 Money Back 20 yrs_Hindi

Money back means the survival benefits which a policy holder gets in between his or her policy before the maturity cums and since it is a with profit plan so there is participation in the profits of the company in the form of Bonuses.

It is a money back plan for the tenure of 20 Years with a premium payment of 15 Years. Survival Benefit will be payable every after 5 years @ 20 % of Basic Sum Assured. On Maturity, balance 40 % of Sum Assured and vested reversionary bonuses with Final Additional Bonus will be payable in lump sum. The policy can be taken by any person between the ages of 13 years to 50 years.

Money Back Plan with Saving & Protection

Part of Sum Assured is payable after every 5 years in the form of Survival Benefit. Ideal to fulfil periodic goals. Also, enjoy maturity benefits at the end of the Term.

Life Protection with Guaranteed Returns

In case of Unfortunate demise during policy term, an amount equal to Sum Assured plus bonus will be payable without deduction of Survival Benefits paid earlier.

Profit Sharing as per Valuation

Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.

Fulfilment of Goals

Periodic Survival Benefits in the form of Money back. Ideal for those who have short term goals like dream vacation, taking new house, children education.

Additional Accident Benefit

By paying a small extra premium amount, you can secure your life for high insurance protection on natural or accidental death by opting DAB and Term Rider.

Advantages

Avail Tax benefit on premium paid

Tax Free Maturity Amount

Tension Free Claim Settlement

Eligibility  Criteria:

Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).

Riders Available

LIC’s Accidental Death and Disability Rider

LIC’s Accident Benefit Rider

LIC’s New Term Insurance Rider

Death Benefit

On death of the Life Assured during the Policy Term, 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 of 125% Basic Sum Assured or 7 times of annualised premium.

This Death Benefit (as defined above) shall not be less than 105% of total premiums paid up to the date of death. Where,
1. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.

2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC’s Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid.

Survival Benefit

On Survival 20% of Basic Sum Assured shall be payable at the end of 5th, 10th and 15th years 

Maturity Benefit

40% of Basic Sum Assured on Maturity alongwith vested Simple Reversionary Bonus and Final Additional Bonus.

Loan Facility is available after completion of the first policy year provided one full year’s premium has been paid.

Option to Surrender the Policy

The policy can be surrendered by the policyholder after completion of the first policy year provided at least one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of at least two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to the Guaranteed Surrender Value and Special Surrender Value.