Life is all about comfort, happiness and creating moments of joy with your loved ones at regular intervals.LIC’s NEW MONEY BACK PLAN 25 YEARS is a life insurance plan designed to help you live your life to the fullest while providing assurance and protection for your loved ones in case of any unforeseen circumstances. This plan is tailored to meet your financial needs for important life events such as marriage, parenthood, children’s education, and emergencies. This plan provides protection, saving, and guaranteed money back every 5 years to help you achieve your life goals. It’s a perfect fit for those who want financial security and a plan for life’s important events. So, if you want to enjoy life’s precious moments to the fullest while having a secure financial future, consider LIC’s NEW MONEY BACK PLAN 25 YEARS.
LIC’s Money Back Policy 25 years is a great way to get life insurance coverage and save for your future. This policy offers guaranteed returns and bonuses, and it gives you the peace of mind of knowing that your loved ones will be taken care of financially if something happens to you.
“If a Child, a Spouse or a Parent depends on you and your income, you need Life insurance”
This is a traditional, conventional with profits Money back policy with Limited premium payment and not linked to any share market. This policy has all the benefits like Investment, Insurance cover, Savings, Tax-benefits, Loan, Surrender.
|Minimum age||13 years (Completed)|
|Maximum age||50 years|
|Maximum maturity age||70 years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Policy Term||25 years|
|Premium paying term||20 years|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (through Bank)|
|Loan||Eligible after 2nd year|
|Surrender||Eligible after 2nd year|
|Money Back is paid||On 5th year - 20% of Sum Assured
On 10th year - 20% of Sum Assured
On 15th year - 20% of Sum Assured
On 20th year – 20% of Sum Assured
|On Maturity||40% of Sum Assured + Bonus + Final Bonus|
|On Death||125% of Sum Assured + Bonus (Money back already paid will not be recovered)|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)
If the policy holder of the LIC New Money Back plan LIC’s New Money Back Plan (20 years) expires during the plan duration, the death benefits will include; the Sum Assured on Death plus accrued Bonuses would be payable to the beneficiary regardless of the sum paid earlier as a life cover.
The Sum Assured on Death is higher of the following:
In the unfortunate event of the policyholder’s passing during the policy duration, the nominee will receive the Sum Assured on Death, in addition to any accrued Bonuses, irrespective of the previous survival benefits received. The death benefit amount will be the higher amounts of the following:
The Sum Assured on Death will always be a minimum of 105% of the total premiums paid as on date of death.
Survival benefits include fixed percentages of the sum assured awarded to the policyholder at specific intervals (5th, 10th, 15th, and 20th years), totaling 60% of the sum assured .i.e 15% each interval.
A total amount equivalent to 60% of the sum assured is paid as survival benefits.
Upon the life assured’s survival throughout the 25-year Policy Term, the maturity benefit will be paid, consisting of the remaining 40% of the sum assured, accrued simple reversionary bonuses, and final additional bonus. The policy will then terminate.
In LIC’s New Money Back Plan (25 Years) Buy LIC Money Back Plan (25 Years) there is a Surrender Value provision. If the policyholder chooses to surrender the policy after completing 3 policy years, a certain percentage of the Premium Amount will be returned to the insured.
Once the policyholder has paid the full premium amount for 3 years and the policy has acquired a surrender value, they become eligible for a loan.
Policyholders entitled to company profits: Reversionary and Additional Bonuses paid at maturity or as death benefit.
Premiums paid for LIC New Money Back Plan LIC Money Back Policy Online Purchase qualify for tax-free deduction under Section 80C of the Income Tax Act, up to a maximum of INR 1.5 lakhs. Section 10(10D) allows for tax exemption on all benefits received, including death and maturity benefits.
In case of the policyholder’s death during the policy term, the nominee will receive the Sum Assured on Death, which is 125% of the Basic Sum Assured, along with vested and final bonuses declared.
Accidental death and disability rider benefit
In the event of the insured person’s accidental death, the accidental death and disability rider benefit provides an additional payout. In addition to the death benefit provided by the base plan, a lump sum is paid to the beneficiary. In case of unintentional handicap, regularly scheduled installments are made for a long time, and all charges, both paid and future, are deferred off.
The policyholder receives a particular share of the benefits in bonuses earned by the company as Final Additional Bonus and Simple Reversionary Bonus.
|Buying LIC Policy Online with LICNewPolicyOnline.com||Buying A Policy Offline visiting LIC branch or through an agent|
|Address Proof||Aadhar Zip File||Address Proof||Aadhar|
|ID Proof||ID Proof||Pan Card or Aadhar|
|Age Proof||Age Proof||Aadhar / Driving License|
|Income Proof||IT Returns of last 2 years|
|Buying Online Policy with LICNewPolicyOnline.com|
|Buying A Policy Offline visiting LIC branch or through an agent|
|ID Proof||Pan Card or Aadhar|
|Age Proof||Aadhar / Driving License|
|Income Proof||IT Returns of last 2 years|
1. What is new money-back plan 25 years plan 821?
LIC Money Back Plan 821 is a fixed 25 years tenure plan which provides money back benefits at regular interval during the term of the plan.
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."