- 1 Lic Money Back Policy 25 Years (Plan no 821) Review
- 2 New Money Back Policy – 25 years Features
- 3 Lic New Money Back Plan 25 years Parameters
- 4 Lic Money Back Plan 25 years Rebates
- 5 Lic Money Back Policy 25 years Calculator
- 6 Lic Money Back 25 years Policy Premium Calculator
- 7 New Money Back Policy 25 years Benefits
- 8 Lic 25 years Money Back Policy Benefit Illustration
- 9 Lic’s New Money Back Plan-25 years Additional Information
- 10 New Money Back Policy 25 years Lic Example
- 11 Lic New Money Back Policy 25 years Premium Chart 821
- 12 Other Money Back Plans available in LIC
Lic Money Back Policy 25 Years (Plan no 821) Review
Lic Money Back Policy 25 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. In New Money Back Policy – 25 years, Premium needs to be paid for a period of 20 years while the policy continues for 25 years. Policy can be taken by anyone between the age of 13 to 45 years for a fixed tenure of 25 years.
In lic new money back plan 25 years (Plan no 821) 15% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.
New Money Back Policy – 25 years Features
- LIC released “Lic Money Back Policy 25 Years (T821)” on 6th January, 2014 as per new guidelines of IRDA.
- In New Money Back Plan 25 years Service tax is added which is 3.09%.
- New Money Back Plan 25 years is a type of Endowment Plan where some percentage of Sum Assured will be paid back to the policyholder in the form of survival benefit periodically.
- New Money Back Plan 25 years participate in Profits and non-linked.
- In New Money Back Plan 25 year’s policyholder receives survival benefits at 5th, 10th, 15th, 20th years. At the end of 25th year, Policyholder receives Maturity Benefit which is SUM ASSURED – Survival Benefits paid + BONUS +FAB, etc.
- If he dies within the term of the Policy, Death Benefit paid to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
- We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
- In New Money Back Policy – 25 years there is High Bonus and High liquidity and saving point.
Lic New Money Back Plan 25 years Parameters
Eligibility conditions under Lic Money Back Policy 25 Years are,
|Premium Paying Term||
|Premium Paying Mode||
Accident Death and Disability Benefit Rider:
Minimum Age at entry: 18 years(Completed).
Maximum Age at entry: The cover can opt for any policy anniversary during the premium paying term.
Maximum Cover Ceasing Age: 70 years (nearest birthday).
Minimum Accident Benefit Sum Assured: Rs. 1,00,000/-.
Maximum Accident Benefit Sum Assured: An amount equal to Basic Sum Assured subjected to the maximum of Rs. 50,00,000 /- overall limit by taking all existing policies of the Life Assured under individual Policies as well as Group policies.
Lic Money Back Plan 25 years Rebates
Yearly – Table Premium 2%.
Half yearly – Table Premium 1%.
Quarterly – Nil.
Monthly – Nil.
Sum Assured Rebate:
|From Rs. 1,00,000/- to Rs. 1,95,000/-||
|From Rs. 2,00,000/- to Rs. 4,95,000/-||For every 1,000 Rs./- Sum Assured 2.00 Rs/- rebate.|
|From Rs. 5,00,000/- and above||For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate.|
Lic Money Back Policy 25 years Calculator
Lic new money back policy 25 years calculator helps you to calculate the premiums, benefits, bonus, loan value, etc. You can calculate the premiums based on your sum assured using this Lic Money Back Policy 25 years Premium Calculator. Maturity benefits, death benefits and bonus are also calculated using Lic Money Back Policy 25 years Maturity Calculator.
New Money Back Policy 25 years Benefits
Policy Holder will be payable 15% of Basic Sum Assured at the end of each specific duration of 5th 10th 15th 20th years.
Sum Assured – Survival Benefits + Simple Reversionary Bonus + FAB(final additional bonus) if any.
If the Insured person dies within the Policy Term, then Nominee of the Policy will be given Death Benefit (Sum Assured on Death) + Simple Reversionary Bonus + FAB (final additional bonus) if any.
Sum Assured on Death means 125% of Basic Sum Assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to the nominee. Death benefit paid should be more than 105% of total premiums paid as on the date of death.
Lic 25 years Money Back Policy Benefit Illustration
Suppose if Naveen took Lic Money Back Policy 25 Years for 10,00,000 Rs./-. The Policy Holder survives 25 years then if he dies then he will be paid 125% of Basic Sum Assured or 10 times of annual Premium whichever is higher i.e.
Basic Sum Assured is Rs. 10,00,000/-.
125% of BSA 10,00,000 X 125/100 = 12,50,000
Suppose Naveen Paid Premium for 5 Years and died.
Let Annual Premium be 50,000 then, 10 times of 50,000 is Rs. 5,00,000/-.
As 12,50,000 is higher than 5,00,000 Nominee will get 12,50,000 as Death Benefit.
If he survives,
At the end of the 5th year, he gets 1,50,000 /-.
At the end of the 10th year, he gets 1,50,000 /-.
At the end of the 15th year, he gets 1,50,000 /-.
At the end of the 20th year, he gets 1,50,000 /-.
At Maturity age i.e., he get 4,00,000 +Vested Bonus + FAB.
Lic’s New Money Back Plan-25 years Additional Information
Risk Coverage: – Till end of Term of the Policy.
Date of Commencement of Risk: – In the case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
Locking period: – 3 years.
Loan Facility: – Available.
Income Tax Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.
Housing Loan Surety: Available.
Riders available: Yes.
Policy Revival: Policy can be revived before 2 years from the date of First Unpaid Premium (FUP).
Suicide Clause: If insured commit suicide before 12 months he will be returned 80% of premium what he paid.
Proposal Forms: Proposal Form no. 300 or 340 will be used to this lic money back policy 25 years.
Service Tax: 3.09% service tax is applicable.
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: Assignment and nominations are possible under Lic Money Back Policy 25 Years.
New Money Back Policy 25 years Lic Example
|P.P.Term / P.Term||
|Half Yearly Premium||
For more information about Lic Money Back Policy 25 Years, please click on below link.
Other Money Back Plans available in LIC