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LIC New Money Back Plan - 20 Years (Plan no. 820)
This is a Money back policy with Limited premium payment, Non-linked, Conventional, with-profits plan
Money Back is paid every 5th year
| Eligibility Conditions & Restrictions | ||
|---|---|---|
| Minimum age | : | 13 years (Completed) |
| Maximum age | : | 50 years |
| Maximum maturity age | : | 70 years |
| Minimum Sum Assured | : | Rs.1,00,000 |
| Maximum Sum Assured | : | No limit |
| Policy Term | : | 20 years |
| Premium paying term | : | 15 years |
| Premium payment | : | Yearly / Half yearly / Quarterly / Monthly (Thru Bank) |
| Loan | : | Eligible after 3rd year |
| Surrender | : | Eligible after 3rd year |
| Money Back is paid | : |
End of 5th year - 20% of Sum Assured End of 10th year - 20% of Sum Assured End of 15th year - 20% of Sum Assured |
| On Maturity | : | 40% of Sum Assured + Bonus |
| On Death | : |
1.25% of Sum Assured + Bonus (Already Money back paid will not be recovered) |
| Income Tax Benefits | : |
(i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is non-taxable u/s 10(10d) |
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