LIC ‘s New Money Back Plan – 20 years 920 ,Maturity Benefits

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LIC ‘s New Money Back Plan – 20 years

This is limited payment non-linked with profits money back type plan. Sum Assured On Death – 125% of basic SA. Death Benefit is limited Sum assured on death + Vested Bonus + FAB if any. Survival Benefits is an 20% of Basic SA is payable after 5th , 10th ,15 years.

Maturity Benefits

40% Basic Sum assured + vested Bonus +FAB Maturity /death claim in instalments for 5,10,15 years for full or part of  maturity /death claim  amount. Option to be exercised 3months before maturity and for death claim during lifetime by life assured.

For Example

Age – 35, Sum assured -5,00,000 , Term  – 12years ,SP – RS.3,64,414 ,Survival benefits age -38 ,15% of sum assured –Rs.75,000 , In case of death at age – 40 ,Survival benefits at age – 41 ,15% of sum assured –Rs.75,000.

Maturity at age -47

Maturity Benefit

Refund of premium + Loyalty addition

Rs.3,64,414 +1,05,000(210*500)

Rs.4,69,414

Death Benefits

Sum assured on death + Loyalty addition , if any…

Rs.5,00,000  + Rs.43,750(87.50 * 500)

Rs.5,43,750

If term rider is opted then additional Rs.5,00,000 will be paid total death benefit will be Rs.5,00,000 + Rs.5,43,750 = Rs.10,43,75

Then additional Rs.5,00,000 will be paid. Total death benefits will be Rs.5,00,000 + Rs.10,43,750 –Rs.15,43,750

Features & Condition

  • Minimum age at entry – 15 years
  • Maximum age at entry -50 years
  • Policy term – 9,12,15, yrs
  1. Term 9years , Maximum at maturity 59 years , Minimum assured Rs.35,000
  2. Term 12 years , Maximum at maturity 62 years , Minimum assured Rs.50,000
  3. Term15 years ,Maximum at maturity 65years , Minimum assured Rs.70,000
  4. Maximum sum assured –No limit

Sum assured in multiples – Rs.5000 only

Available Riders – ADDB and term rider for full policy term.

Mode of payment single premium high sum assured rebate(as% of tabular premium ) term 9years. Up to 70,000  – Nil

Rs.75,000 to 1,45,000 – 6%

Rs.1,50,000 & above – 8%

Term 12 years

  • Up to 95,000 – Nil
  • Rs.1,00,000 to 1,95,000 – 4%
  • Rs2,00,000 above 6%

Term 15 years

  • Up to Rs.1,45,000 – Nil
  • 1,50,000 to 2,95,000 – 3%
  • 3,00,000 above  – 5%
  • Policy loan – Only after one policy year
  • Surrender –first year 75% of SP
  • 2nd year onwards – 90% of SP less SB paid

New Plan 920, 921 – LIC New MoneyBack Plan 20yrs, 25yrs

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