LIC New Money Back Plan (20 Years) - Features,Benefits,Details
Updated On Jul 17, 2021
Table of Contents
Recently LIC has launched a new life insurance product known as LIC’s New Money Back Plan 20 Years. This is a non-linked, participating plan. LIC’s New Money Back Plan provides life cover and guaranteed payouts at regular intervals throughout the policy term.
In case of an unforeseen demise of the life assured during the policy term a death benefit payout will be provided to the nominee regardless of regular payouts made throughout the policy at specific periods. LIC’s New Money Back Plan provides financial support to the life assured during different stages of his/her life and also provides financial support to the family of life assured in case of unforeseen demise of the life assured during policy term. This plan also provides maturity benefits at the end of the policy term.
Key Features of LIC’s New Money Back Plan 20 Years
Following are some key features of LIC’s New Money Back Plan 20 Years:
- Provides death benefit in case of an untimely demise of the life assured during the policy term.
- Provides survival benefits throughout the policy term at regular intervals.
- Provides maturity benefits.
- Allows participation in profits.
- Availability of LIC’s Accidental Death and Disability Rider.
Benefits of Purchasing LIC’s New Money Back Plan 20 Years
Following are the benefits of purchasing LIC’s New Money Back Plan:
- Life Cover: LIC’s New Money Back Plan is a kind of life insurance plan that provides guaranteed payouts throughout the policy term at regular intervals. Since it is a life insurance plan it provides a death benefit in case of an unforeseen demise of the life assured during the policy term.
- Guaranteed Payouts: LIC’s New Money Back Plan provides guaranteed payouts at regular intervals during the policy term which are known as survival benefits. These payouts are calculated as a fixed percentage of the sum assured and are provided at specific intervals during the policy term. These payouts help the life assured to fulfil his/her different financial requirements at different stages of life.
- Maturity Benefit: Under LIC’s New Money Back Plan, maturity benefits are provided in case the life assured survives the entire policy term. The maturity benefit shall be provided at the end of the policy term after excluding payouts made during the policy term.
- Wealth Appreciation: LIC’s New Money Back Plan is a participating plan which allows participation in profits i.e, simple reversionary bonuses are declared upon the policy as per the performance of the insurance company.
- Enhanced Coverage: Under LIC’s New Money Back Plan Accidental Death and Disability rider is offered which increases the base coverage of the policy. This rider can be purchased along the life insurance policy. Under this rider, a lump sum is provided in case the life assured passes away in an accident during the policy term and if the life assured suffered permanent disability caused by an accident, the life assured will receive monthly instalments over a span of 10 years. If the life assured suffers permanent in an accident, during the policy term, all future premiums will get waived off.
Eligibility Criteria of LIC’s New Money Back Plan 20 Years
Following is the eligibility criteria of LIC’s New Money Back Plan 20 Years:
|Minimum Entry Age||13 years|
|Maximum Entry Age||50 years|
|Minimum Sum Assured||INR 1 Lakh|
|Maximum Sum Assured||No Limit|
|Policy Term||20 years|
|Premium Payment Term||15 years|
|Maximum Maturity Age||70 years|
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.