LIC New Money Back Plan 25 years Plan 821

          LIC New Money back Plan-20 years offers financial protection against death throughout the term as well as periodic payment at specified durations during the period. It provides financial cover for the family of the deceased policy-holder until Maturity and lump sum amount (40% of Basic Sum Assured along with Simple Reversionary Bonus and Final Additional Bonus) at the time of Maturity in case of survival. The Death benefit provided by this policy includes the Sum Assured on Death (higher one of 125% of Basic Sum Assured or 10 times of annualized premium) along with Simple Reversionary Bonuses and Final Additional Bonus.. If the policy holder survives till the end of specified term 15% of Basic Sum Assured will be paid at each 5th, 10th and 15th and 20th years.

          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 

• Death Benefit and Maturity Benefit is provided to the Life Assured in this LIC Money Back Policy 25 years.
• Loan Facility can be availed by the Insured in this plan.
• After the completion of the Policy Term, the Policyholder is provided with vested Reversionary Bonus + Additional Bonus with Sum Assured.
• Rider Option is available for this Policy.
• 15% of sum assured will be paid at 5th, 10th, 15th, 20th years of the policy after the premium is paid at regular intervals.
• At the time of Death of the Life Assured, Nominee will be provided with the lump sum amount along with bonuses.

Eligibility Conditions

Particulars	Minimum	Maximum
Entry Age	13 years	45 years
Maturity Age	–	70 years
Policy Term	–	25 years
Premium Paying Term	–	20 years
Basic Sum Assured	1,00,000/-	No Limit
Premium Mode	Monthly (ECS or SSS), Quarterly, Half Yearly, Yearly

Benefits

Survival Benefit: The Life Assured will be provided 15% of Sum Assured at intervals of 5th, 10th, 15th and 20th years of the policy at the end of specific duration.

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 provided to the Nominee. The Sum Assured is 10 times the annualized premium or 125% of the Basic Sum Assured. The Death Benefit paid shall not be less than 105% of the premiums paid as on date of death.

• Death Benefit = Sum Assured (125%) + vested Simple Reversionary Bonuses + Final Additional Bonus.

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 Policyholder.

Rider

          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 be 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 case of permanent disability due to accident, the Accident Benefit Sum Assured will be paid in monthly installments for a period of 10 years. The Future Accident Benefit Sum Assured Premiums will be waived off.

Eligibility Conditions

Minimum Entry Age	18 years
Maximum Entry Age	Can be opted 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 are two bonus available for LIC New Money Back Plan 20 years. They are.

1. Simple Reversionary Bonus.
2. 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 in addition with final additional bonus.

Final Additional Bonus: If the policy is run for a certain 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 till 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.
• 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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