ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » Personal Finance News

LIC policy: New Money Back Plan-20-year plan: Know what it is, benefits and other details

LIC New Money Back Plan: Policy also looks after liquidity needs through its loan facility.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
LIC policy: New Money Back Plan-20-year plan: Know what it is, benefits and other details
The benefit will not be less than 105% of the total premiums paid. Photo: PTI

Life Insurance Corporation of India or LIC has several products under its hat, which includes term and endowment insurance products as well as pension plans and whole life plans for the people to choose from. One of them is LIC New Money Back Plan-20 years plan that benefits the policy holder in many ways. Additionally, the policy also looks after liquidity needs through its loan facility.

Who can buy LIC's New Money Back Plan-20 year Plan?

The LIC's New Money Back Plan-20 years Plan can be purchased by any individual who is between the age group of 13 years to 50 years. The minimum sum assured with the plan is Rs 1 lakh whereas there is no limit to the maximum sum assured. 

What is the premium paying  terms available with the LIC's New Money Back Plan-20 years Plan?

The LIC's New Money Back Plan-20 years Plan comes with a premium paying term of 15 years with 20 years as the term duration for the policy. The LIC's New Money Back Plan-20 years Plan has a maximum maturity age of 75 years. 

Given below is the sample premium rates per Rs. 1,000 for the basic sum assured, according to LIC

What is the frequency of payment of premiums available under the LIC's New Money Back Plan-20 years Plan?

The policy holder can pay premiums on a regular basis at  yearly, half-yearly, quarterly or monthly intervals. The applicant can get a grace period of one calendar month in case of payments of yearly or half-yearly or quarterly premiums. The grace period is 15 days for monthly premiums. 

Death Benefit

If all the premiums are duly paid, then the Sum Assured on Death is as high as 125% of the Basic Sum Assured or 10 times of annualized premium. Moreover, the benefit will not be less than 105% of the total premiums paid. 

However, the premiums exclude service tax, extra premium and rider premiums. 

Survival Benefit

One can get  20% of the Basic Sum Assured at the end of each of 5th, 10th and 15th policy year, in the case of Life Assured survival benefit. 

Maturity Benefit

The policy holder can benefit from 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus on maturity. 

Optional Benefit

With LIC, one can avail the  LIC's Accidental Death and Disability Benefit Rider as an optional rider plan, with additional payment of premium. In case of death of the policy holder, one will get not only the death benefit under the basic plan but also Accident Benefit Sum Assured will also be payable. 

In the case of disability due to an accident, amount equal to the Accident Benefit Sum Assured will be payable in installments for a span of 10 years. 

Revival

If the policy holder fails to pay the premium on time, even with the grave period, the policy will lapse. The policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but should be before the end of policy term on payment of all the arrears of premium together with interest. 

Cooling-off period

The policy holder has the choice of returning the policy within a span of 15 days from the date of receipt if not satisfied with the terms and conditions. The policy holder needs to state the reason for the same as well. 

Exclusion

In case of suicide, the policy will remain void. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
LICLife Insurance Corporation of Indiainsurance
Written By: ZeeBiz WebTeam
Updated: Wed, Jun 12, 2019
07:24 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Life Insurance Corporation ups stake in Hero MotoCorp, HUL, Capri Global Life Insurance Corporation ups stake in Hero MotoCorp, HUL, Capri Global
IDBI Bank share price slumps 5% intraday as it reacts to divestment update; why this insurance stock may have advantage? IDBI Bank share price slumps 5% intraday as it reacts to divestment update; why this insurance stock may have advantage?
Market Capitalisation of top-10 most valued companies erode over Rs 2.29 lakh crore last week – LIC, TCS, Infosys take biggest hit Market Capitalisation of top-10 most valued companies erode over Rs 2.29 lakh crore last week – LIC, TCS, Infosys take biggest hit
Government concerned about dip in LIC share price; calls it temporary blip Government concerned about dip in LIC share price; calls it temporary blip
LIC Q4 Results 2022: standalone profit down 18% YoY at Rs 2371 cr; state insurer declares dividend of Rs 1.50 per share LIC Q4 Results 2022: standalone profit down 18% YoY at Rs 2371 cr; state insurer declares dividend of Rs 1.50 per share

LATEST NEWS

Apple iPhone 14 Pro to feature Always-On Display - Check expected launch date, specifications and more

Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices

Amazon Fab Phones Fest: Up to 40% off on smartphones from Apple, Xiaomi, Samsung, Tecno and more

Stocks to buy: Sanjiv Bhasin picks GMR, LTTS, HDFC AMC for gains today; check why

ASCI releases advertisement complaints report; educational, healthcare products advertisements found most objectionable

Wealth Guide: National Insurance Awareness Day 2022: Significance, importance of 'Financial Security' - Expert explains

GST council clears proposal to remove tax exemptions on some items

Covid 19: Centre urges states to prepare strategy for upcoming festive season to control Covid-19

Shapoorji Pallonji Group chairman Pallonji Mistry dies at 93

Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV