LIC’s Money Back is Limited Premium Payment,non-linked,With profits Money back plan. LIC New Money Back Policy 20 years provides a financial support for the family of the deceased policy holder any time before maturity and lump sum amount will be given to the policy holder at the time of maturity on surviving of policy holder. lic Money Back policy 20 years also takes care of liquidity needs through its loan facility and there is High Bonus and High Return and Saving Point.
You can calculate the LIC Money Back Policy 20 years Maturity amount and Premium that has to be paid to get all the benefits available under this policy by using LIC Money Back Policy 20 years Premium and Maturity calculator. You can also get Additional Bonuses along with the Benefits and Riders available under this plan.
Lic Money Back policy 20 years Eligibility:
Minimum entry age : 13 years Completed
Maximum entry age : 50 years (Nearest Birthday)
Max.Maturity age : 70 year
Policy Term : 20 years
Premium pay term : 15 years
Min.sum Assured : 100000
Max.Sum Assured : No Limit (Depending upon Income)
Premium pay Mode : Yearly, Halfly, Quarterly, Monthly(ECS)
Also see : Jeevan Tarun LIC Money back Policy
Maximum Accidental Death and Disability Benefit Rider up to age 70 years.
Lic Money Back policy 20 years Conditions:
The documents required to take the Lic Money Back Policy 20 years are
Application form/proposal form with photo
Medical reports (if required)
Policy Benefits :
ON DEATH: Sum Assured on Death , vested Bonus & FAB if any.
Sum Assured on Death=Higher of 125% of Basic sum Assured Or 10 Times of Annualized Premium.
Death Benefits Shall not be less than 105% of total premiums paid as on date of death.
The premiums exclude taxes,Extra premium and rider premiums.
ON SURVIVAL : 20% OF Basic sum assured is payable after 5th,10th,&15th year of policy.Maturity Times 40% of Basic Sum Assured + Vested Bonus + FAB if any.
SURRENDERED VALUE : The Policy can be Surrendered for cash provided at least 3 full years premiums have been paid completed.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid excluding extra premiums and premiums for riders,if opted for.This percentage will depend on the policy term and policy year in which the policy is Surrendered.
Income Tax Benefit:
LIC’s Money back premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfillment of all terms and conditions.
LOAN : Loan Available after payment of premium of Three full years.