LIC New Money Back Plan (T-920) is a Limited Premium Payment with Profits Money Back Plan in Which Policy Term is fixed to 20 Years But The Policyholder Need To Pay The Premium For Only 15 Years.
- Cover from age group 13 to 50 years.
- Risk Cover Up to 125% Of Basic Sum Assured.
- Survival Benefits (Money Back) Of 20% Of Basic Sum Assured For 5th, 10th, 15th Year And Final Maturity At the End of 20th Year.
- Eligible for all Bonuses and Final Addition Bonuses declared by LIC.
- Term Rider Benefit Available.
- Double Accident Rider Available.
- Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit up to Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
- Loan and Surrender Facility Available.
- 20% of Basic Sum Assured is Payable After 5th, 10th and 15th year of Policy, And at Maturity 40% of Basic Sum Assured + Vested Bonus + FAB.
Death Claim Benefit:
- Sum Assured on Death (125% of Basic Sum Assured) + Vested Bonus + FAB, if any
|Minimum Age to Apply||13 Years (Completed)|
|Maximum Age to Apply||50 Years (Nearest Birthday)|
|Policy Term||20 Years|
|Premium Payment Term||15 Year (Fixed)|
|Maximum Maturity Age||70 Years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS)|
|Basic Sum Assured||100000 and above ( in multiple of 5000)|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment|