Lic Money Back Policy 20 years
Lic Money Back 20 years Policy Introduction
Lic Money Back policy 20 years is a non-linked life insurance policy which offers an attractive combination of protection against death ,guaranteed returns and bonus.
Lic money back policy 20 years is also known as Lic New Money Back policy 20years provides a financial support for the family of the deceased policyholder any time before maturity and lump sum amount at the time of maturity for the surviving policyholders.
- Lic Money Back policy 20 years also takes care of liquidity needs through its loan facility and there is High Bonus and High liquidity and saving point.
- Lic Money Back policy 20 years participates in Profits and non linked.
- Lic New Money Back Plan 20 years has a special benefit is some percentage of Sum assured will be paid back to the policyholder in the form of survival benefit periodically.
- In Lic New Money Back Plan 20 years policyholder receives survival benefits at 5th, 10th, 15th years. At end of 20th year Policyholder receives Maturity Benefit which is SUM ASSURED – Survival Benefits paid + BONUS +FAB etc.
- In Lic Money back policy 20 years has a feature that if the policyholder dies within the term of the Policy, Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Lic Money Back Policy 20 years
Eligibility and Conditions
Lic Money Back policy 20 years Eligibility:
|Entry Age||Maximum Age:30 years||Minimum Age: 15 years|
Lic New Money Back 20 years policy Sum Assured:
|Sum Assured||Rs. 1,00,000/-||No Limit|
Lic New Money Policy 20 years policy term:
|Policy Term||20 years|
|Maximum Maturity Age||70 Years(nearest birthday)|
Lic Money Back Policy 20 years Premium Paying Mode
A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
|Monthly (SSS, ECS)||Quarterly||Half yearly||Yearly|
Lic Money Back policy 20 years Conditions:
The documents required to take the Lic Money Back Policy 20 years are
- Application form/proposal form with photo
- Address proof
- Age Proof
- Medical reports (if required)
Accident Death and Disability Benefit Rider
- Minimum Age at entry : 18 years(Completed)
- Maximum Age at entry : The cover can be opted for at any policy anniversary during the premium paying term.
- Maximum Cover Ceasing Age : 70 years (nearest birthday)
- Minimum Accident Benefit Sum Assured : Rs. 1,00,000
- Maximum Accident Benefit Sum Assured : An amount equal to Basic Sum Assured subjected to the maximum of RS. 50,00,000 /-overall limit by taking all existing policies of the Life Assured under individual Policies as well as Group policies.
Lic Money Back policy 20 years Sum Assured Rebate
|From Rs. 1,00,000/- to Rs. 1,95,000/-||NIL|
|From Rs. 2,00,000/- to Rs. 4,95,000/-||For every 1,000 Rs./- Sum Assured 2.00 Rs/- rebate|
|From Rs. 5,00,000/- and above||For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate|
Lic Money Back Policy 20 years premium and Maturity Calculator
You can calculate your policy premium with premium calculator
To Calculate you must need to enter your Name,Email ID,MOBILE num,Age,Term,Sum Assured.
Lic Money Back policy 20 years Key Features and benefits
Lic New Money Back Policy 20 years Key Features:
- Lic Money Back Plan for a tenure of 20 years
- 20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefit
- Lic Money Back Policy has a special feature that Simple Reversionary Bonus is payable on maturity or earlier death
- Large Sum Assured is available in Lic Money Back policy
- Accidental Death and Disability Benefit Rider is available.
Lic New Money Back Policy Benefits:
1.Survival Benefit:Policy Holder will be payable 20% of Basic Sum assured
- 5th year – 20% of Sum Assured
- 10th year – 20% of Sum Assured
- 15th year – 20% of Sum Assured
- 20th year – 40% of Sum Assured + Accrued Bonuses
2. Death Benefit: IF the Insured person dies within the Policy Term then Nominee of the Policy will be given Death Benefit.
- 125%(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus) if any.
3.Accidental death Benefit: If during the policy term, the policy holder dies due to an accident, his/her nominee will get following as Accidental death benefit.
- 125% of the Basic Sum Assured or 10 times the annual premium (whichever is higher)
- Additional Accidental Sum Assured
- Simple Reversionary Bonus
- Final Additional Bonus (if any)
Lic Money Back Policy 20 years Claims
Lic New Money Back policy 20 years have 2 types of claims they are Maturity Claim and Death Claim.
- Sum Assured – Survival Benefits + Simple Reversionary Bonus + FAB(final additional bonus) if any.
Mr.Naveen is a 25 years old working men. he takes LIC Money back plan – 20 years for the sum assured of Rs 2500000/- (Rupees Two Lakhs only).Premium paying term is 15 years then he get Maturity Benefit 3,050,000 and Survival benefits 1,500,000 total he can get 4,550,000 as Maturity benefit.
2.Death claim :
- Sum Assured on Death means 125% of Basic sum assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to nominee. Death benefit paid should be more than 105% of total premiums paid as on the date of death.
Lic Money back policy 20 years Bonus:
There are 2 types of Bonuses are available in this plan:
- Simple Reversionary Bonus is declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. No bonus is paid on death after the premium paying term.
- Final Addition Bonus may also be payable provided the policy has run for certain minimum period.
Lic Money Back Policy Risk Cover:
- Minimum Sum Assured = Rs. 1,00,000.
- Maximum Sum Assured = No Limit.
Lic Money Back Policy Loan Facility:
- In Lic Money Back policy 20 years loan facility is available after the policy acquires paid up value.
- Housing Loan Surety: Available
- Riders available: Yes
- Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
- Suicide Clause: if insured commit suicide before 12 months he will be returned back 80% of premium what he paid.
Lic Money Back Policy 20 years Status
To Know the Lic Money Back Policy status you can now also check through online and more info about Lic Money Back policy 20 years will be available in below link
Lic Money Back Policy 20 years Example
Mr.Naveen is a 25 years old working men. he takes LIC Money back plan – 20 years for the sum assured of Rs 2,00,000/- (Rupees Two Lakhs only). he is required to pay annual premium of Rs 15,667.00 (Rupees Fifteen Thousand Six Hundred and Sixty Seven only) for 15 years.
5th year – Rs 40,000.00 (20% of 2,00,000/-)
10th year – Rs 40,000.00 (20% of 2,00,000/-)
15th year – Rs 40,000.00 (20% of 2,00,000/-)
20th year – Rs 80,000.00 (40% of 2,00,000/-) + Accrued Bonuses.
If Mr. Naveen dies during the policy term, her nominee will receive 125% of sum assured along with the accrued bonuses. Any survival benefit which has been already paid will not be deducted.
On Accidental Death:
If Mr. Naveen dies due to an accident, during the policy term, his nominee will receive the 125% of Sum assured + Additional accidental Sum assured + Accrued bonuses.
Any survival benefit which has been already paid will not be deducted.
Suppose if Naveen taken New Money Back Plan for 10,00,000 Rs./- for 20 years then if he dies then he will be paid 125% of Basic Sum Assured or 10 times of annual Premium whichever is higher means
Basic Sum Assured is Rs. 10,00,000
125% of BSA 10,00,000 X 125/100 = 12,50,000
Suppose Naveen Paid Premium for 5 Years and died. Let Annual Premium be 50,000 then
10 times of 50,000 is Rs. 5,00,000/-
As 12,50,000 is higher than 5,00,000 Nominee get 12,50,000 as Death Benefit.
IF he survives
- At end of 5th year he get 2,00,000 /-
- At end of 10th year he get 2,00,000 /-
- At end of 15th year he get 2,00,000 /-
- At Maturity age i.e., he get 4,00,000 +Vested Bonus + FAB
Lic Money Back Policy Tabular Premium
Lic Money Back Policy 20 years FAQs
1.What Happend if policy holder stop paying the premium?
A.If the premiums are not paid within Grace Period, the policy lapses and all benefits cease. However, if at least 3 years’ premiums have been paid, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
Reduced Sum Assured = Basic Sum Assured *(Number of Premiums Paid / Total Number of Premiums Payable)
The policy can however be revived within 2 consecutive years from the date of first unpaid premium.
2.How to surrender the policy ?
A.The policy can be surrendered only after it accrues Cash Value after at least 3 years’ premiums have been paid.This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as per the table mentioned.