Money back plans are guaranteed income plans that pay back a certain amount of the invested money at specific intervals to the insured person as survival benefit. LIC’s New Money Back Plan - 25 Years is one such plan that offers a combination of regular income and insurance protection. This is also a participating, non-linked plan that offers vested bonuses to the company based on profit earned. In addition to the survival benefit offered at regular intervals, this policy also takes care of the policyholder’s liquidity needs through its loan facility.
Individuals who meet the following eligibility criteria can apply for LIC’s New Money Back Plan - 25 Years:
Some of the notable features of LIC’s New Money Back Plan - 25 years are listed as follows:
The following benefits are available to policyholders under LIC’s New Money Back Plan - 25 Years:
|Benefits||Extent of coverage|
|Death benefit||In case of the death of the policyholder within the policy term, the ‘sum assured on death’ mentioned in the policy schedule will be paid to the beneficiary along with vested reversionary bonus and final additional bonus. (The death benefit shall not be less than 105% of the total premiums paid.)|
|Survival benefit||Upon survival of a specific period, 15% of the basic sum assured will be paid to the policyholder. This benefit is applicable at the end of the 5th, 10th, 15th, and 20th years.|
|Maturity benefit||Upon survival of the full policy term, the ‘sum assured on maturity’ mentioned in the policy schedule will be paid to the policyholder along with vested reversionary bonus and final additional bonus.|
|Accidental death and disability benefit rider (optional)||In case of accidental death or permanent total disability, the sum assured mentioned in the rider cover will be paid to the policyholder. In case of permanent disability arising from an accident, the sum assured will be paid in equal monthly installments over a period of 10 years. The future premiums will be waived in this case.|
The exclusions applicable to LIC’s New Money Back Plan - 25 Years are listed as follows:
Death claim: In case of the death of the policyholder, the nominee must intimate the company immediately. The claim must be submitted to the home branch where the policy was bought. All claims form can be downloaded from LIC’s official website. Along with the claim form, the following documents must be submitted to the company:
Maturity claim: The company typically sends an intimation to policyholders two months before the date of its maturity. Policyholders must provide the discharge form along with other policy documents to file for claim settlement.
Once these documents are submitted, the company will provide the settlement amount after the verification of documents.
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