LIC’s New Money Back Plan-20 years is a Non-Linked, Participating, Limited Premium, Individual Life Assurance plan. It offers a valuable blend of protection against death throughout the plan’s term and periodic payments on survival at specific intervals during the term. This combination ensures financial support for the deceased policyholder’s family before maturity and a lump sum amount for surviving policyholders upon maturity. The plan also provides a loan facility to address liquidity needs.
LIC’s New Money Back Plan Benefits
Death Benefit:
In the event of the Life Assured’s demise during the policy term, provided that the policy is active (i.e., all due premiums have been paid), the Death benefit will include the “Sum Assured on Death” along with vested Simple Reversionary Bonuses and the Final Additional Bonus, if applicable. “Sum Assured on Death” is defined as the higher of 125% of the Basic Sum Assured or 7 times the annualized premium. This death benefit will not be less than 105% of the total premiums paid up to the date of death.
The premiums mentioned above do not include taxes, extra premiums, or rider premiums, if any.
Survival Benefits
Maturity Benefits
Participation in Profits
Eligibility Conditions
| Minimum Basic Sum Assured | Rs. 100,000 | |
| Maximum Basic Sum Assured | No Limit | |
| Minimum Age at entry | 13 years (completed) | |
| Maximum Age at entry | 50 years (nearer birthday) | |
| Maximum Maturity Age | 70 years (nearer birthday) | |
| Policy Term | 20 years | |
| Premium Paying Term | 15 years | |
Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
Suicide Clause: i. The policy becomes void if the Life Assured, whether sane or insane, commits suicide within 12 months from the risk commencement date. In such cases, the Corporation will not entertain any claim under the policy, except for a refund of 80% of the total premiums paid, provided the policy is active. ii. If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of revival, the payout is the higher of 80% of the total premiums paid until the date of death or the surrender value as of the date of death. No other claims are entertained under the policy.
This clause does not apply to policies that have lapsed without acquiring paid-up value, for which no payout is made.
Please note that the mentioned premiums do not include any taxes, extra premiums, or rider premiums other than the Term Assurance rider, if applicable.
