LIC's New Money Back Plan -25 Years
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LIC's New Money Back Plan – 25 Years (Plan No. 921, UIN: 512N278V02) was a non-linked, participating, limited premium individual life assurance savings plan offered by the Life Insurance Corporation of India (LIC). This plan combined periodic survival benefits with life insurance coverage, providing financial protection and savings.
🔑 Key Features
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Plan Type: Non-linked, participating, limited premium individual life assurance savings plan.
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Policy Term: 25 years.
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Premium Paying Term: 20 years.
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (through NACH), or salary deductions.
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Loan Facility: Available after payment of premiums for at least two full years.
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Grace Period: 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.
🎯 Eligibility Criteria
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Minimum Entry Age: 13 years (completed).
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Maximum Entry Age: 45 years (nearest birthday).
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Maximum Maturity Age: 70 years (nearest birthday).
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Minimum Basic Sum Assured: ₹1,00,000.
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Maximum Basic Sum Assured: No upper limit (subject to underwriting).
💰 Benefits
1. Survival Benefits
If the policyholder survives the specified durations during the policy term, 15% of the Basic Sum Assured is payable at the end of each of the 5th, 10th, 15th, and 20th policy years.
2. Maturity Benefit
On survival to the end of the policy term, provided all due premiums have been paid, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, is payable.
3. Death Benefit
In case of death during the policy term, provided all due premiums have been paid, the nominee receives:
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Sum Assured on Death, which is higher of:
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125% of the Basic Sum Assured, or
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10 times the annualized premium.
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Plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
The death benefit shall not be less than 105% of the total premiums paid up to the date of death.