Are you looking for an insurance policy that helps you live comfortably and looks after your family in the case of your demise? The LIC New Money Back Plan 820 does just that. This is a participating non linked plan with a 25-year term. The policy can participate in the corporation’s profits and is entitled to receive Simple Reversionary Bonuses as long as the policy is in full force.
In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
On death during the policy term provided the policy is in full force, death benefit, defined as a sum. Sum Assured on Death? and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where a Sum Assured on Deaths is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
This policy allows policyholders to enjoy financial security in their golden years and for their family in the case of their demise. The key features of this policy are:
|Eligibility Conditions & Restrictions for plan no: 820|
|Minimum age||13 years (Completed)|
|Maximum age||50 years|
|Maximum maturity age||70 years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Policy Term||20 years|
|Premium paying term||15 years|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Loan||Eligible after 3rd year|
|Surrender||Eligible after 3rd year|
|Money Back is paid||End of 5th year - 20% of Sum Assured
End of 10th year - 20% of Sum Assured
End of 15th year - 20% of Sum Assured
|On Maturity||40% of Sum Assured + Bonus|
|On Death||1.25% of Sum Assured + Bonus
(Already Money back paid will not be recovered)
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)