LIC New Money Back Plan 25 years Review
LIC New Money Back Plan 25 years (Plan. No: 821) is a Participating non-linked With-Profits Limited Premium Payment Plan. LIC Money Back Policy 25 years was introduced by the Life Insurance Corporation of India (LIC) on 06th June 2014 with a Unique Identification Number of 512N278V01.
Lic has introduced this attractive Money Back-25 years Policy to provide Combination of Death and Survival Benefits, Which means it provides Protection against Death throughout the Policy Term along with the Periodic Payment on survival at specified durations during the Term. The unique Combination of this Policy Provides financial support for the family of the deceased policyholder at any time before the Policy Term and gives lump sum amount on the Maturity of our Policy.
LIC New Money Back 25 years Policy Features & Benefits
Benefits of LIC Money Back Plan 25 years
- Death Benefit: Death Benefit means the Amount / Benefits Received by the Nominee on the Death of the Policy Holder. The Death Benefit can be defined as the Sum of “Sum Assured on Death” and Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
- Sum Assured on Death = 125% of (Basic Sum Assured) (or) 10 times of Annualized Premium.
- Survival Benefit: In the case of Survival of the Life Assured on the Completion of Maturity Period Policyholder will receive Survival Benefit of 15% of the Basic Sum Assured at the end of the specified Durations like 5th, 10th, 15th & 20th policy year.
- Maturity Benefit: On the Survival of the Life Assured on the Date of Maturity, 40% of the Basic Sum Assured along with the Simple Reversionary Bonuses and Final Additional Bonus will be payable as Maturity Benefit.
- Participation in Profits: Depending on the Corporation Experience the Policy shall participate in profits of the Corporation and shall be Eligible to receive Simple Reversionary Bonuses at such rate and on such terms as declared by the corporation.
- Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity provided the policy has run for the certain minimum term.
LIC New Money Back Plan 25 years Features
- LIC Money Back 25 years Plan is a New Money Bank Plan introduced to provide the Combination of Death & Survival Benefits.
- Policy Holders can get the additional LIC’s Accidental Death and Disability Benefit Rider by Payment of Additional Premium.
- The Unique Feature of this Policy is, it provides the Death Claim of Full Sum Assured without Deducting any Survival Benefit.
- Simple Reversionary Bonus is payable on Policy Maturity or on earlier death.
- The Optional higher cover will be available through Riders.
- The Policy can be Surrendered at any time during the policy Term after the Successful Payment of Premiums for three full years.
- Guaranteed Surrender Value, which is the Percentage of the Total Premiums Paid excluding Total Premium Paid and Premiums for Riders, shall be payable on surrender of the Policy.
- A Grace Period of one Month but not less than 30 Days will be allowed for Yearly, Half-yearly, Quarterly Modes and 15 Days for Monthly Mode of Premium Payment.
Eligibility Conditions of LIC Money Back Plan No. 821
For Basic Plan:
|Policy Term||25 years.|
|Sum Assured (The Basic Sum Assured shall be in Multiples of Rs. 5000/-)||
|Maximum Maturity Age||70 years.|
|Premium Paying Term||20 years.|
|Premium Payment Modes (ECS & SSS)||
LIC New Money Back Plan 25-years Premium Calculator
By Using the LIC Money Back Policy 25-years Premium Calculator, You can calculate the Minimum Premium that has to be Paid to take the Policy. The Amount of Premium Paid will depend on the Premium Payment Modes. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
LIC Money Back Plan No. 821 Riders
Life Insurance Corporation of India is offering a Special “Accidental Death and Disability Benefit Rider” under this New Money Back Plan 25 years (Plan No. 821). By Paying Additional Premium, Policy Holder can avail this “LIC’s Accidental Death and Disability Benefit Rider“. Check the below Conditions required to get the LIC Accidental Death and Disability Benefit Rider.
- Minimum Entry Age: 18 years.
- Maximum Entry Age: The cover can be opted for at any policy anniversary during the premium paying term.
- Maximum Cover Ceasing Age: 70 years (nearest birthday).
- Minimum Accident Benefit Sum Assured: Rs. 1,00,000/-
- Maximum Accident Benefit Sum Assured: An amount equal to Basic Sum Assured subjected to the maximum of RS. 50,00,000/- overall limit by taking all existing policies of the Life Assured under individual Policies as well as Group policies.
LIC New Money Back Policy 25 years Rebates
LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. Which means, if one pays annually instead of quarterly or monthly the premium would be 2% lower for the same Sum Assured. The Rates of Rebates for LIC New Money Back Plan 25 years is given below.
- Yearly Mode: 2% of Tabular Premium.
- Half-yearly: 1% of Tabular Premium.
- Quarterly & Monthly: NIL.
High Sum Assured Rebate:
|Basic Sum Assured||
|Rs. 1,00,000/- to Rs. 1,95,000/-
Rs. 2,00,000/- to Rs. 4,95,000/-
Rs. 5,00,000/- and above
For every 1,000 Rs./- Sum Assured 2.00 Rs/- rebate.
For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate.
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The Employee will get CEIS Rebate of 10% on the Tabular Premium for Basic Plan a well as for “Accidental Death and Disability Benefit Rider”.
LIC Money Back Policy 25 years Buying Procedure
You can Buy the LIC Money Back Policy 25-years from the Nearest LIC Branch Office or through online at the LIC’s Official Website or From the LIC Agent. The Documents required for buying LIC New Money Back Plan 25 years are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports(if required).
LIC Money Back Plan 25-years Claim Process
The Policy Holder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policy Holder within the Policy Term or if your Policy Maturity Period is completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Claim Process are
- NEFT form.
- Discharge form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death Certificate.
The Claims available under LIC New Money Back Plan 25-years are Maturity Claim and Death Claim.
Maturity Claim: Sum Assured – Survival Benefits + Simple Reversionary Bonus + FAB (final additional bonus) if any will be payable on the Maturity of the Policy.
Death Claim: 125% of Basic Sum Assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to the nominee on Sudden Death of the Life Assured. Death benefit paid should be more than 105% of total premiums paid as on the date of death.
Additional Information Related to LIC New Money Back Policy 25 years (Plan. No 821)
Risk Cover: LIC Money Back Policy provides Risk Cover to the Policyholder. The Coverage Details are Mentioned below.
- Maximum Sum Assured: Rs. 1,00,000/-
- Minimum Sum Assured: No Limit.
Loan Facility: Loan facility is available under this plan after the policy acquires paid up value. The Loan as a percentage of surrender value shall be as under.
- For in force/fully paid-up policies: up to 90%.
- For paid up policies: up to 80%
- Housing Loan Surety: Available.
Policy Revival: LIC New Money Back Plan 25 years can be revived before two years from the date of First Unpaid Premium (FUP).
Riders: A Special ” Accidental Death and Disability Benefit” Rider is available under this Plan.
Proposal Forms: Proposal Form no. 300 or 340 will be useful for this Plan.
Surrender Value: The LIC Money back policy 25 years policy can be surrendered at any time during the policy term by Successful Payment of Premiums for full three years.
Grace Period: A Grace Period of one Month but not less than 30 Days will be allowed for Yearly, Half-yearly, Quarterly Modes and 15 Days for Monthly Mode of Premium Payment.
FAQ’s for LIC New Money Back Plan 25 years
1. What If I Want to Surrender my LIC New Money Back 25-years Policy?
You can avail the Guaranteed Surrender Value on Surrendering the LIC Money Back Policy at any time during the Policy Period.
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium.
2. Can I Revive My LIC New Money Back Plan 25 years?
Yes, you can revive your Lapsed Policy within two consecutive years from the Date of First Unpaid Premium.
3. What is the Grace Period available for this Policy?
A Grace Period of 1 Month not Less than 30 Days is available for yearly, Half-yearly Premium Payment Modes and 15 Days for Monthly Mode of Premium Payment.
4. Is Loan Facility available under this LIC New Money Back Plan 25 years?
Yes, Loan Facility is available under this Plan after the Policy acquires Paid-up Value.