LIC New Money Back Plan – 20 Years is a non-linked life insurance policy which offers guaranteed returns and bonus. Premium in this plan needs to be paid for a period of 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.
20% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.
Key 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
- LICâ€™s Accidental Death and Disability Benefit Rider is available as an option