LIC Money Back Policy 20 Years (Table no: 820) Review
UIN no: 512N280V01
Contents
LIC Money Back Policy 20 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. Premium in LIC New Money Back Plan – 20 Years Plan needs to be paid for 15 years. The total policy term will be 20 years. Policy can be taken for anyone between 13 to 40 years of age for a fixed tenure of 20 years.
In new money back policy 20 years, 20% 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.
Introduction of LIC Money Back Policy 20 years
- LIC released “Lic Money Back Policy 20 years (T820)” on 6th January 2014 as per new guidelines of IRDA.
- In Lic Money Back Policy 20 years Service tax is added which is 3.09%.
- New Money Back Plan 20 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 20 years participate in Profits and non-linked.
- In New Money Back Plan 20 years policyholder receives survival benefits at 5th, 10th, 15th years. At the end of 20th 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 will be given to Nominee i.e. SUM ASSURED + BONUS acquired till that Year.
- We can add Accident Benefit Rider and Critical Illness Rider by paying small Amount with the Premium.
- In New Money Back Plan 20 years there is High Bonus and High liquidity and saving point.
Lic’s New Money Back Plan-20 years Parameters
| Age |
|
| Policy Term |
|
| Sum Assured |
|
| Premium Paying Mode |
|
| Premium Paying Term |
|
Accident Death Rider
Minimum Age at entry: 18 years(Completed).
Maximum Age at entry: The cover can be opted for at 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.
Disability Benefit Rider
If permanent disability arising due to an accident. An amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years, and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured, which is equal to Accident Benefit Sum Assured under the policy shall be waived. The amount will be paid within 180 days from the date of the accident.
LIC Money Back Policy 20 years Calculator
LIC Money Back Policy 20 years Calculator helps you to calculate premiums, benefits, bonus, etc. Premium rates can be calculated based on Sum Assured using the LIC New Money Back Plan-20 years premium calculator. Maturity advantages and Death benefits are also calculated using the LIC Money Back Policy 20 years maturity calculator.
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Rebates of New Money Back Plan – 20 years
Mode Rebate:
Yearly – Table Premium 2%
Half yearly – Table Premium 1%
Quarterly – Nil
Monthly – Nil
Sum Assured Rebate:
|
Sum Assured |
Rebate |
| From Rs. 1,00,000/- to Rs. 1,95,000/- |
NIL |
| 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 20 years Benefits
-
Survival Benefit
Policy Holder will be payable 20% of Basic Sum Assured at the end of each particular duration of 5th 10th 15th years.
-
Maturity Benefit
Sum Assured – Survival Benefits + Simple Reversionary Bonus + FAB(final additional bonus) if any.
-
Death Benefit
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 Money Back Policy 20 years Benefit illustration
Suppose if Naveen was taken Money Back Policy 20 years for 10,00,000 Rs./- for 20 years. If he dies within Policy Term, then it 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 end of 5th year, he gets 2,00,000 /-
At end of 10th year, he gets 2,00,000 /-
At end of 15th year, he gets 2,00,000 /-
At Maturity age i.e., he get 4,00,000 +Vested Bonus + FAB.
Additional Information about New Money Back Policy 20 years
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 for 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 under this plan.
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 plan.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: Assignment and nominations are possible under this plan.
LIC Money Back Policy 20 years Example
| DOB |
2/27/1973 |
| DOC |
01/01/2014 |
| Age NBD |
41 |
| P.P.Term / P.Term |
15 |
| Sum_Assured |
100000 |
| Accident_Benefit |
Yes |
| Tabular_Rate |
83.55 |
| Service_Tax |
3.09% |
| Mode |
Premium |
S_Tax |
G_Prem |
| Yearly Premium |
8302.05 |
263 |
8565 |
| Half Yearly Premium |
4193.19 |
133 |
4326 |
| Qty Premium |
2117 |
68 |
2185 |
| SSS |
706.61 |
23 |
729 |
| 13 | 77.60 |
| 14 | 77.65 |
| 15 | 77.75 |
| 16 | 77.80 |
| 17 | 77.85 |
| 18 | 77.90 |
| 19 | 77.95 |
| 20 | 78.00 |
| 21 | 78.05 |
| 22 | 78.10 |
| 23 | 78.20 |
| 24 | 78.25 |
| 25 | 78.35 |
| 26 | 78.45 |
| 27 | 78.60 |
| 28 | 78.70 |
| 29 | 78.90 |
| 30 | 79.10 |
| 31 | 79.30 |
| 32 | 79.55 |
| 33 | 79.85 |
| 34 | 80.15 |
| 35 | 80.50 |
| 36 | 80.90 |
| 37 | 81.35 |
| 38 | 81.85 |
| 39 | 82.35 |
| 40 | 82.95 |
| 41 | 83.55 |
| 42 | 84.25 |
| 43 | 85.00 |
| 44 | 85.80 |
| 45 | 86.65 |
| 46 | 87.60 |
| 47 | 88.60 |
| 48 | 89.65 |
| 49 | 90.80 |
| 50 | 92.05 |
For more details about LIC Money back policy 20 years click on below link.
LIC Money back Policy 20 years.
Other Money Back Plans available in LIC
LIC Money Back Policy 25 years
LIC New Children Money Back Policy