LIC's New Money Back Plan-20 years is a participating non-linked plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term.
Income Tax Benefit
Premium paid under this plan is eligible for TAX rebate under section 80c.
Maturity under this plan is free under sec 10(10D).
20% of Basic SA is payable after 5th, 10th and 15th year of policy.
Maturity Time 40% of Basic Sum Assured + Vested Bonus + FAB if any.
Sum Assured + Vested Bonus + FAB if any.
Policy Term 20 years
Minimum Basic Sum Assured Rs. 1,00,000/-
Maximum Basic Sum Assured No Limit
Minimum Policy Term 20 years
Maximum Policy Term 20 years
Premium Paying Term 15 years
Minimum Entry Age 13 years (completed)
Maximum Entry Age 50 years (nearest birthday)
Maximum Age at Maturity for Life Assured 70 years
Mode of Premium Payment Yearly, half-yearly, quarterly & monthly
Accidental Death & Disability Benefit Rider available on payment of additional premium.