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Category: LIC Money Back Plans

 LIC New Money Back Plan – 20 Years

LIC New Money Back Plan – 20 Years is a Money Back Plan non-linked life insurance policy Guaranteed returns SB.. and bonus. Premium paid in this plan needs to be paid

15 years while the policy continues for 20 years. Policy can be taken by anyone between 13 to 40 years of age for a fixed tenure of 20 years.

Every 5 years 20% of the Sum Assured is paid to the Life Insured on SB(Survival Benifite) 5th Years 20%, 10th Years-20% 15th Years-20% and the remaining 40% of the Sum Assured is paid to the Life insured along with Vested Simple Reversionary Bonus + Final Addition Bonus

General Conditions of the policy

Minimum Age entry 13 Years (complited)
Maximum Age entry 50 Years (near birth day)
Maximum Maturity Age 70 Years
Policy Term 20 Years
Premium paying Term 15 Years
Min.Basic Sum Assured 1,00,000
Max.Basic Sum Assured No limit
Mode Yearly, half year, quartyl  ,monthly, Ecs
Accident Benefit Rs.1.20
Policy Loan Yes
Assignment Yes
Revival Yes
Surrender Yes
Nomination Yes
High Sum Assured Rebats
1Lac to 1,95,000 NILL
2 Lac to 4,95,000 Rs.2
5 Lac to above Rs.3

 Features of LIC New Money Back Plan – 20 Years

Money Back Plan for a tenure of 20 years

20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefit. Simple Reversionary Bonus and Final Addition Bonus is also paid out

Simple Reversionary Bonus is payable on maturity or earlier death

LIC’s Accidental Death and Disability Benefit Rider is available as an option

Benefits

Death Benefit – In case of death of the Life Insured within the Policy Tenure

The Nominee would be paid the “Sum Assured on Death” along with vested Bonuses as Death Benefit and the policy would be terminated.

The Sum Assured on Death is defined as higher of the following:

125% of Basic Sum Assured

Or

10 times the Annualized Premium

The Sum Assured on Death will always be a minimum of 105% of all Premiums paid.

Survival Benefit

Survival Benefit in the money back plan

20% of Sum Assured at the end of every 5th year

20% of Sum Assured at the end of every 10th year

20% of Sum Assured at the end of every 15th year

Loan Benefits

Loan shall be granted after policy acquires paid-up value. The maximum loan granted as a percentage of Survival Benefits is for inforce /fully paid up policies –upto 90% & for paid –up policies -80%.

Maturity Benefit

Maturity Benefit  survival till the end of the Policy Tenure of 20 years, the policyholder will get the following payouts:

Remaining 40% of the Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any).

Tax Benefit

Income Tax The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.

Lic new money back 20 year plan explain

Example

Mr.Anand Age 30 years  takes a policy under Table-821 for Basic Sum Assured 5 Lac

Age 30 Years
Term 20 Years
Premium Paying Term 15 Years
Basic Sum Assured 5,00,000

This policy Premium Calculator

1st Year Premium with Tax 4.5%

Mode Premium Tax Total
Yearly 37859 1704 39563
Half Yearly 19128 861 19989
Quarterly 9663 435 10098
Monthly (ECS) 3221 108 3366

After 1st Year Premium with Tax 2.25%

Mode Premium Tax Total
Yearly 37859 852 38711
Half Yearly 19128 430 19558
Quarterly 9663 217 9880
Monthly (ECS) 3221 72 3293

He received Money Back

5th Year 100000
10th Year 100000
15th Year 100000
Approximate Return at Maturity

Time 20th Year

40% + SA + Bonus + F.A.B

But Mr Anand dies due to accident in the 18th policy year, his nominee wil get additional Rs. 5 Lac as + Bonus and The S.B.already paid during the 5th ,10th ,15th year will not be deducted.

 

 

LIC Bima Diamond Plan Features

The lic of india has lunched The Bima Diamond plan is the New Money Back  .policy form lic.it non linked, traditional money back lic policy.Along with this you would get the bonus and loyalty additions. However, you must check out the return on this policy. The Endowment plans are notorious for their low returns.  These are the features of LIC Bima Diamond Policy. Money Back Plan with tenure of 16, 20 & 24 years Extended coverage after policy matures

Premium paying terms much less than policy coverage duration

Choice to opt for accidental benefit and to include term riders

Regular payouts are made every 4 years depending on the policy term

Final Addition Bonus to be paid at the end of the policy term

Avail the benefits of section 80c of the income tax act as paid premiums are exempt

And Enjoy tax-exempt maturity amount.

This plan is launched on the occasion of the Lic diamond jubilee celebration. Lic of INDIA completed 60 years in 2016. This plan is available u to31 August 2017.

Option of selecting 2 Riders along with the plan

General Conditions of the policy

Minimum Age entry 14 Years (complited)
Maximum Age entry
Term 16 Years 50 Years
Term 20 Years 45 Years
Maximum Maturity Age
Term 16 Years 66 Years
Term 20 Years 65 Years
Term 24 Years 41 Years
Policy Term 16Years, 20 Years, 24 Years
Premium paying Term
Term 16 Years 10Years
Term 20 Years 12 Years
Term 24 Years 15 Years
Min.Basic Sum Assured 1,00,000
Max.Basic Sum Assured 5,00,000
Mode Yearly, half year, quartyl  ,monthly, Ecs
Policy Loan Yes
Assignment Yes
Revival Yes
Surrender Yes
Nomination Yes

 

LIC Bima Diamond Benefits

Money-Back

Lic Bima diamond Survival Benefit- the policyholder being alive and all due premiums being paid, at the end of every four years of the policy period, a fixed percentage of the

In this policy moneyback endowment plan this plan gives a fixed amount after a fixed interval. You will get a fixed % of S.A After 4 Years

In a 16 Years term policy you will get money back 3 times,

In a 20 Years term policy you will get money back 4 times,

In a 24 Years term policy you will get money back 5 times,

Basic Sum Assured would be paid out.

Plan Term 4th Year 8th Year 12th Year 16th Year 20th Year
16 Year 15% 15% 15%
20 Year 15% 15% 15% 15%
24 Year 15% 15% 15% 15% 15%

Maturity Benefit of Bima Diamond Plan:

Policy maturity  provided you have paid up all premiums due  Sum Assured less Survival benefits with Loyalty Addition.

Death Benefit:

Policyholder unfortunate dies during the first five years of the policy term

Sum Assured  will be paid ,

After 5 years – Sum Assured + additional amount would be payable as ‘Loyalty Addition if any.

Extended Cover after Maturity:

Polic Term Min. Age Max. Age Max. Maturity Extended Cover Period
16 Years 14 Years 50 Years 66 Years 8 Years
20 Years 14 Years 45 Years 65 Years 10 Years
24 Years 14 Years 41 Years 65 Years 12 Years

In case of death during the Extended Coverage, 50% of the basic sum assured would be paid out.

Loan:

Loan Available of the policy

Auto Cover:

This policy For 3 to 5 years premium paid – 6 months from FUP

Riders:-

This policy Riders available for more than 5 years paid premium

Accident rider

Term rider

Disability benefit rider

Example of LIC Bima Diamond

Venkat Takes a policy under this plan

Age – 30 years

Basic Sum Assured – Rs. 5,00,000

Policy Term = 16 years

with the following parameters

This policy Premium Calculator

1st Year Premium with Tax 4.5%

Mode Premium Tax Total
Yearly 42761 1924 44685
Half Yearly 22575 972 22575
Quarterly 11404 491 11404
Monthly (ECS) 3802 164 3802

 

After 1st Year Premium with Tax 2.25%

 

Mode Premium Tax Total
Yearly 42761 962 43723
Half Yearly 21603 486 22089
Quarterly 10913 246 11159
Monthly (ECS) 3638 82 3720

 

He received Money Back

 

4th Year 75000
8th Year 75000
12th Year 75000
Approximate Return at Maturity

Time 16th Year

55% + Loyalty Additon

 

LIC BIMA SHREE TABLE NO 848

lic bima shree

BIMA SHREE  TABLE NO 848   Life insurance of India Bima Shree Lic lanched bima shree plans 16/03/2018 With profit, limited premium payment money back and non-linked life insurance plan lanched in march 2018 This plan is specially designed for High Net-worth Individuals LIC’s Bima Shree plan offers a combination of protection and savings. This […]

lic-money-back-plans

LIC New Money Back Plan – 20 Years is a Money Back Plan non-linked life insurance policy Guaranteed returns SB.. and bonus. Premium paid in this plan needs to be paid 15 years while the policy continues for 20 years. Policy can be taken by anyone between 13 to 40 years of age for a […]

Lic Jeevan shiromani plan 847

lic jeevan shiromani plan,shiromani plan in lic

Jeevan shiromani plan 847  Features Life Insurance Corporation of India  is launching a new money back plan LIC Jeevan Shiromani Plan 847 on 19/12/ 2017 It is a non-linked, with profits, limited premium payment money back plan. LIC is claiming that this plan is designed especially to the target High Networth Individuals. This plan is provides […]

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