LIC NEW MONEY BACK POLICY 2014 (25 year term)

LIC introduced two New Money Back Plans Plan No. 820 & Plan No. 821 with effect from 6th January, 2014. The Unique Identification Number (UIN) for LIC’s New Endowment Plan is 512N280V01.

There are lots of changes made by LIC in these plans.


Plan 820 is a plan with fixed term of 20yrs and Plan 821 is fixed for 25yrs

Silent Features

Plan 820 Plan 821
Term 20 25
Premium Payment 15 20
Minimum/Maximum Age at entry 13 years to 50yrs
Minimum Basic Sum Assured 100000
Maximum Maturity Age 70yrs
Survival Benefit:
End of 5th yr 20% 15%
End of 10th yr 20% 15%
End of 15thyr 20% 15%
End of 20th yr 40%+Bonus 15%
End of 25th yr 40%+Bonus
On Death “Sum Assured on Death”, vested Simple Reversionary bonuses and Final Additional bonus, if any,

“Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 10 times of annualized premium. This Death Benefit (as defined above) shall not be less than 105% of total premiums paid as on date of death. The premiums mentioned above exclude taxes, extra premium and rider premiums, if any.



Min. Entry age: 13rs                                                                        Max. Entry age: 50yrs

Max. Maturity age: 70yrs                                                              Min. Policy term: 20yrs

Max. Policy term: 25yrs                                                                 Min. Sum assured:  100000/-      

Max. Sum assured: no limit                                                         Extra sum assured: 25% of SA

Premium payment term:  15yrs - or- 20yrs                            Payment mode: monthly/ quarterly/half yearly/ yearly

Accidental Rider: Available                                                           Loan facility: after 3yrs

Tax benefit:  Available                                                                   Maturity benefit: 40% of SA + bonus+ interim bonus                      

Death benefit:  SA + bonus+ interim bonus                          Accidental Death benefit:  2XSA + bonus+ interim bonus

 

Sample premium details

LIC new money back

PAYMENT TERM 20YRS & SA 2LAC

PAYMENT TERM 15YRS & SA 2LAC

AGE

MLY

QLY

HLY

YLY

AGE

MLY

QLY

HLY

YLY

15

991

2972

5881

11640

 

1302

3905

7729

15298

20

1016

3049

6036

11948

 

1327

3979

7878

15595

25

1025

3075

6087

12049

 

1333

3998

7914

15667

30

1041

3124

6184

12241

 

1345

4036

7991

15818

35

1071

3214

6363

12595

 

1369

4108

8134

16101

40

1119

3356

6643

13150

 

1411

4235

8383

16595

 

LIC new Money Back

PAYMENT TERM 20YRS & SA 1LAC

PAYMENT TERM 15YRS & SA 1LAC

AGE

MLY

QLY

HLY

YLY

AGE

MLY

QLY

HLY

YLY

15

512

1537

3044

6027

 

668

2004

3968

7855

20

526

1576

3122

6180

 

680

2041

4042

8004

25

530

1589

3146

6231

 

683

2050

4060

8039

30

538

1613

3195

6327

 

690

2070

4098

8115

35

553

1659

3284

6504

 

702

2106

4170

8256

40

576

1730

3425

6781

 

723

2169

4295

8504

 

Money back 15 yrs premium payment: (a) 5th yr 20% (b) 10th yr 20% (c) 15th yr 20% of sum assured

Money back  20 yrs premium payment: (a)5th yr 15% (b)10th yr 15% (c) 15th yr 15% (d) 20th yr 15% of sum assured