LIC's New Money Back Plan -20 Years (720)

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LIC's New Money Back Plan – 20 Years (UIN: 512N280V03) is a non-linked, participating life insurance plan that combined periodic payouts with life cover on survival at specified  durations during the term. It provides for protection and savings.

🔑 Key Features:

• Policy Term: 20 years

• Premium Paying Term: 15 years

• Minimum Entry Age: 13 years (completed)

• Maximum Entry Age: 50 years (nearest birthday)

• Maximum Maturity Age: 70 years

• Minimum Basic Sum Assured: ₹2,00,000

• Maximum Basic Sum Assured: No limit (in multiples of ₹25,000)

• High Sum Assured Rebate (on Premium)

• Mode of Payment and benefits: 

💰 Benefits:

1. Survival Benefits

Policyholders receive 20% of the Basic Sum Assured at the end of each of the 5th, 10th, and 15th policy years on life assured surviving (all due premiums have been paid).

2. Maturity Benefit:

Upon surviving the policy term, the policyholder receives 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any 

3. Death Benefit:

In the unfortunate event of the policyholder's demise during the policy term provided the policy is in force, the nominee receives the Sum Assured on Death plus accrued bonuses. The Sum Assured on Death is defined as the higher of:

• 125% of the Basic Sum Assured

• 7 times the annualized premium

This amount is subject to a minimum of 105% of the total premiums paid up to the date of death .

4. Participation in Profits:

The policy participates in the profits of the Corporation and is eligible to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in force. A Final Additional Bonus may also be declared in the year when the policy results into a claim either by death or maturity 

🛡️ Optional Riders:

Policyholders could enhance their coverage by opting for up to three of the following riders:

• LIC’s Accidental Death and Disability Benefit Rider: Provides additional sum assured in case of accidental death or disability.

• LIC’s Accident Benefit Rider: Offers lump sum payment in case of accidental death.

• LIC’s New Term Assurance Rider: Provides additional term insurance cover.

Note: Only one of the accident-related riders could be chosen.

💡 Additional Features:

• Loan Facility: Available after payment of at least two full years' premiums. Policyholders could avail loans up to 90% of the Surrender Value for in-force policies and up to 80% for paid-up policies .

• Tax Benefits: Premiums paid under this plan were eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity/death benefits were tax-exempted under Section 10(10D), subject to prevailing tax laws.

• Surrender Value: The policy can be surrendered after completion of first policy year provided one full year’s premium(s) has been paid . However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the Surrender Value equal to higher of Guaranteed Surrender Value and Special Surrender Value.