INSUBCONTINENT EXCLUSIVE:
LIC insurance policy: LIC New Money Back Plan-20 Years come with a premium paying term for 15 years.Life Insurance Corporation (LIC) of
India which offers term insurance policies, endowment plans and pension schemes also offers money back insurance policies
LIC New Money Back Policy-20 years is one of the money back plans being sold by the country's largest life insurer which offers protection
against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term, LIC noted
on its website licindia.in
Premiums paid towards LIC's New Money Back Policy-20 years qualify for income tax benefits under Section 80C of Income Tax Act.Any
individual in the age group of 13 years and 50 years can buy the LIC New Money Back Plan-20 Years for minimum sum assured of Rs 1 lakh
There is no maximum limit for the sum assured, according to LIC.An individual opting to buy LIC New Money Back Plan-20 Years has to pay
premium for 15 years while the policy's maturing term is 20 years with maximum age of maturity at 70 years, LIC added.Money back or the
year.On maturity of the LIC policy, if the individual is surviving, 40 per cent of the basic sum assured along with simple reversionary
bonuses and final additional bonus, if any, shall be payable to the policy holder, LIC said.In case the policy holder dies during the policy
term and had paid all premiums, the nominee or legal heir of the policy holder will get 125 per cent of the basic sum assured or 10 times of
annualized premium, LIC added.Below are the sample premium rates per Rs
1,000 of basic sum assured for LIC New Money Back Plan-20 Years:Age (in years)Premium (Rs.)2078.003079.1 04082.955092
05Source: LICPremiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals
If premiums are not paid within the grace period then the policy will lapse
A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the date of maturity
by paying all the arrears of premium together with interest, LIC said.
