The maximum age at entry must be 30 years while the minimum must be 15 years. The term is 20 years. The minimum Sum Assured is 1, 00,000Rupees and there is no maximum limit. The maximum Maturity age is 70 years. The policy holder will get a share in the profits of the company through Simple Reversionary Bonus if the policy is running properly. Final Bonus will be declared at the time of claiming the policy through death or maturity.In case of accidental death, an optional rider called Accidental Death Benefit rider can be opted for which provides twice the sum assured, available with payment of Rs.100 per 1 lakh sum assured every year.
Features
- The Plan provides Maturity and Survival Benefits to the Life Assured.
- A Lump sum amount will be paid after death or a particular term.
- At the end of the Policy Term, the Life Assured will get the Sum Assured along with Simple Reversionary Bonus.
- Accidental Death and Disability Benefit Rider is provided in this LIC New Money Back Plan 20 years.
- As Survival Benefit, 20% of sum assured is paid on the 5th, 10th and 15th year of the Policy.
Eligibility
Conditions
Minimum Entry Age
|
13 years
|
Maximum Entry Age
|
50 years
|
Maximum Maturity Age for
Life Insured
|
70 years
|
Policy Term
|
20 years
|
Minimum Basic Sum Assured
|
100000
|
Maximum Sum Assured
|
No Limit
|
Premium Payment Term
|
15 years
|
Premium Payment Mode
|
Monthly, Quarterly, Half
yearly and Yearly
|
Benefits
Death Benefit: If the Life Assured dies within the policy
term, the Nominee is provided with the Sum Assured as Death Benefit. The Sum
Assured along with Simple Reversionary Bonuses and Final Additional Bonus is
offered to the Nominee. The Sum Assured is 10 times the annualized premium or
125% of the Basic Sum Assured.
Survival Benefit: If the Life Insured survives till the end
of the specified durations, 20% of the Basic Sum Assured is provided on the
5th, 10th & 15th Policy year.
Maturity Benefit: On Survival of the Policyholder till the
end of Policy, the remaining 40% of the Basic Sum Assured along with vested
Simple Reversionary Bonuses and Final Additional Bonus is provided to the Life
Assured.
Riders
The Life Assured can select the Accidental Death and
Disability Benefit Rider which is optional.
LIC’s Accidental Death and Disability Benefit Rider
- By Payment of additional premium, this Rider can have opted which is available throughout the Policy term.
- During Accidental Death, the Accident Benefit Sum Assured along with death benefit is provided to the Nominee.
- In the case of permanent disability due to the accident, the Accident Benefit Sum Assured will be paid in monthly installments for 10 years. The Future Accident Benefit Sum Assured Premiums will be waived off.
Eligibility Conditions
Minimum Entry Age
|
18 years
|
Maximum Entry Age
|
Can opt at any time during the premium payment term.
|
Maximum Cover Ceasing Age
|
70 years
|
Minimum Accident Benefit Sum Assured
|
Rs 1,00,000/-.
|
Maximum Accident Benefit Sum Assured
|
Amount equal to Basic Sum Assured, which is subjected to a
maximum of Rs 50,00,000/- of overall limit.
|
Bonus Details
There is two bonus available for LIC New Money Back Plan 20
years. They are.
- Simple Reversionary Bonus.
- Final Additional Bonus.
Simple Reversionary Bonus: At the end of each financial
year, the Simple Reversionary Bonus is declared per thousand of sum assured.
The Bonus is accured during the premium paying term but paid at the time of
death or end of the term also with a final additional bonus.
Final Additional Bonus: If the policy is run for a specified
minimum period, the additional bonus will be paid. It is Provided at the time
of Maturity or Death.
Additional Information
- Loan Facility: The Life Assured can avail the Loan Facility under this Plan.
- Risk Coverage: This option is available until the end of the Policy Term.
- Riders: The LIC Money Back Plan 20 years has rider option facility.
- Cooling off period: The Policy can be returned within 15 days if the Life Insured is not satisfied with the Terms and Conditions of the policy.
- Suicide Clause: If the Life Assured commits suicide within 12 months, 80% of the premium paid will be returned.
- Housing Loan Surety: The Policy Holder can avail the Housing Loan Surety.
- Policy Revival: The Policy can be revived within 2 years from the date of first unpaid premium.
- Nominations/Assignments: The LIC Money Back Policy 20 years provides Assignments and Nominations in this plan.
Claim Process
The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured.
- Duly filled claim form.
- Original Policy Document.
- Identification Proof.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Employer’s Certificate.
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