• LIC's New Money Back Plan 25 Years

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    LIC's New Money Back Plan-25 years is a life insurance policy which is a participating non-linked plan. This plan offers an economically palatable combination of cover and protection against death like any other life insurance policy throughout the term. But it also has the added advantage of periodic payments on survival at certain specific time lapses during the term. This combination allows policyholders to enjoy financial support for the family in case of the policy owner’s death any time before the maturity date and lump sum amount when the policy matures for the surviving policyholders. This LIC plan looks to meet the liquidity needs through the loan facility available at the same time.

    Eligibility Criterias for LIC's New Money Back Plan-25 years

    The following are the basic and the most important eligibility criterion to apply for this plan:

    Minimum entry age 13 years
    Maximum entry age 45 years.
    Minimum age at maturity Not applicable
    Maximum age at maturity 70 years.

    Other Requirements:

    1. Policyholder has to do the following:
    2. Fill up an ‘Application form/ proposal form’
    3. Accurate medical history
    4. Address proof
    5. Other KYC documents.
    6. Medical examination may be required depending on the sum assured and the age of the applicant.

    Key Features of LIC's New Money Back Plan-25 years

    Plan type Non-participating traditional life insurance plan with guaranteed benefits.
    Plan basis Individual
    Premium paying terms 20 years.
    Policy term 25 years.
    Death benefits In the unfortunate event of the policy holder’s untimely demise during the policy tenure the Sum Assured on Death along with the accrued Bonuses would be payable to the claimant or nominee regardless of the amounts paid earlier as the survival benefit. Sum Assured on Death will be the higher amounts of of the following:
    • 125% of the Basic Sum Assured which was selected at the time of the policy initiation.
    • 10 x annualized premium that has already been paid
    Note that the amounts have to be a minimum of 105% of the total premiums paid as on date of death.
    Maturity benefits The policyholder will receive some maturity benefits as well. This will included the remaining amount which is 40% of the Basic Sum Assured as well as the accrued bonuses. Henceforth, the policy terminates.
    Survival benefits This policy comes with great survival benefits which are paid in the following way:
    • 15% of the Sum Assured is paid at the end of the 5th Policy Year
    • 15% of the Sum Assured is paid at the end of the 10th Policy Year
    • 15% of the Sum Assured is paid at the end of the 15th Policy Year
    • 15% of the Sum Assured is paid at the end of the 20th Policy Year
    A total of 60% of the maturity sum assured is paid out, as survival benefit.
    Premium payment frequency Monthly, quarterly, half-yearly and annually
    No Medicals The plan might require medicals based on LIC’s discretion or by simply answering a few questions.
    Free-look period 15 days for manually purchased policy
    Grace period

    15 days for monthly mode polices

    30 days for yearly, half-yearly and quarterly mode policies.

    Alterations The policy allows alteration of premium paying frequency.
    Nomination Nomination is accepted under this policy.
    Sum Assured

    Minimum: Rs. 1 lakh.

    Maximum: There is no limit. (But has to be in the multiples of Rs. 5000.)

    Policy coverage Death benefits, maturity benefits as well as survival benefits.
    Loan Under Policy Loan can be taken under the policy on the condition that the policy has acquired a specific surrender value and it is also subject to the terms and conditions which may change from time to time on this respect.
    Grace period 30 days is allowed as grace period
    Policy revival The policy can revived within 2 years from the date of 1st premium missed.
    Surrender Benefit Available

    Benefits and Advantages of LIC's New Money Back Plan-25 years

    The following are the main features and benefits of the LIC's New Money Back Plan-25 years:

    Death Benefits:In the unfortunate event of the policy holder’s untimely demise during the policy tenure the Sum Assured on Death along with the accrued Bonuses would be payable to the claimant or nominee regardless of the amounts paid earlier as the survival benefit. Sum Assured on Death will be the higher amounts of of the following:

    • 125% of the Basic Sum Assured which was selected at the time of the policy initiation.
    • 10 x annualized premium that has already been paid

    Note that the amounts have to be a minimum of 105% of the total premiums paid as on date of death.

    Survival Benefits: This policy comes with great survival benefits which are paid in the following way:

    • 15% of the Sum Assured is paid at the end of the 5th Policy Year
    • 15% of the Sum Assured is paid at the end of the 10th Policy Year
    • 15% of the Sum Assured is paid at the end of the 15th Policy Year
    • 15% of the Sum Assured is paid at the end of the 20th Policy Year

    A total of 60% of the maturity sum assured is paid out, as survival benefit.

    Maturity Benefits: The policyholder will receive some maturity benefits as well. This will included the remaining amount which is 40% of the Basic Sum Assured as well as the accrued bonuses. Henceforth, the policy terminates.

    Tax Benefits: The premium amounts are exempted under the Section 80C of the Income Tax Act. However, service tax is applicable.

    Loan Under Policy: You can take a loan under the policy on the condition that the policy has acquired a specific surrender value and it is also subject to the terms and conditions which may change from time to time on this respect.

    Bonuses: Since this is a participating plan the company as well as the policy accrues Simple Reversionary Bonuses as well as Final Additional Bonus.

    How The LIC's New Money Back Plan-25 years Works

    You get the death benefits amount under the circumstances that the policy holder’s death occurs within the policy term. The paid amount to the nominee is given regardless the premiums paid. However, if start getting paid periodically after the 10 th year of the policy term. If you survive the whole term which is 25 years, you get the rest 40% of the maturity amount assured to you. So, this is a win win situation for the policyholder, financially. You also get other accrued bonuses since this is a participating non linked plan.

    Premium Payable for LIC's New Money Back Plan-25 years

    The following should give you the basic idea about the premiums payable for this policy:

    The annual premium is mentioned in Rupees. Basic Premium is mentioned below (Tax (such as service taxes) amount is not included):

    Age Rs 5 Lakhs Sum Assured Rs 10 Lakhs Sum Assured
    20 Years 27900 55800
    30 Years 28611 57221
    40 Years 30815 61631

    Riders Available for LIC's New Money Back Plan-25 years

    LIC’s Accidental Death and Disability Benefit Rider

    • Minimum Accident Benefit Sum Assured : Rs. 1 lakh
    • Maximum Accident Benefit Sum Assured : An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs.50 lakh
    • (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
      • Minimum Age at entry for Life Assured : 18 years (completed)
      • Maximum Age at entry for Life Assured : The cover can be opted for at any policy anniversary during the premium paying term.
      • Maximum cover ceasing age : 70 years (nearest birthday)

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC's New Money Back Plan 25 Years Reviews

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      "Good Policy"
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      "Good Service"
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      , chennai
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    • LIC Life Insurance
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      "Excellent"
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      , chennai
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