LIC Popular Plans
Money Back Plan 820
New Money Back Plan – 25 Years (Plan no. 820) :
This insurance plan is a participating non-linked plan that offers protection against death along with periodic payment on survival at specified durations during the term. The plan also takes care of liquidity needs through its loan facility. The policy is for 20 years. The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Maturity Benefits :
In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Survival Benefits :
In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.
Death Benefits :
On death during the policy term provided the policy is in full force, death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
|Eligibility Conditions & Restrictions for plan no: 820|
|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)