What You Need to Know About LIC New Money Back Plan-25 Years

Introduction to LIC’s New Money Back Plan 25 Years
Key Features of the Plan
Benefits of the Plan
Product Specification
– Eligibility Criteria
– Premium Payment Options
– Policy Term and Maturity Age
– Sum Assured and Money Back Options
Conclusion

What You Need to Know About LIC’s New Money Back Plan-25 Years

LIC’s New Money Back Plan-25 is one of the best policy launches by LIC oF India if Are you looking for a reliable investment option that not only secures your future but also provides regular returns? Look no further than LIC’s New Money Back Plan-25 Years! This versatile policy offers an array of benefits, including guaranteed payouts, flexible premium payments, and tax advantages. In this blog post, we’ll take a closer look at the product specifications of this exciting new plan from LIC so you can make an informed decision about your financial future. So sit back, relax, and let us guide you through everything you need to know about LIC’s Money Back Plan-25 Years!

Introduction to LIC’s New Money Back Plan 25 Years

LIC’s New Money Back Plan 25 Years is a non-linked, with-profit endowment life insurance plan that offers financial protection in the event of death. The policy also provides for the payment of regular income during the policy term in the form of money-back benefits. At the end of the policy term, a lump sum benefit is payable.

This plan can be bought by anyone between the ages of 8 years and 55 years (age at last birthday). The minimum policy term is 10 years and the maximum policy term is 25 years. The minimum sum assured under this plan is Rs.1,00,000 and there is no maximum limit on sum assured.

The premium paying terms for LIC’s New Money Back Plan 25 Years are: Regular pay for policies with terms up to 20 years and Limited pay for policies with terms exceeding 20 years. Under regular pay, premiums are required to be paid throughout the policy term. Under limited pay, premiums are only required to be paid for a certain number of years as decided at inception of the policy (the “premium paying period”). After the premium paying period is over, no further premiums are required to be paid and the policy will continue to participate in profits till maturity.

Key Features of the Plan

LIC’s new money-back plan is a great way to get the coverage you need and the peace of mind you want. Here are some of the key features of this plan:

-You can choose your policy term, from 10-30 years.

-You’ll get protection against death, terminal illness, and critical illness.

-You can add riders to your policy for additional protection.

-Your premiums will remain level throughout the life of the policy.

-You can pay your premiums annually, semi-annually, or monthly.

-There is a grace period of 30 days for paying your premiums.

-You can cancel your policy at any time and receive a refund of your premiums paid.

Benefits of the Plan

LIC’s new money back plan- years is a great way to save for your future. This plan offers many benefits that make it a great choice for those looking to save money. Here are some of the benefits of this plan:

1. Flexibility – This plan offers flexibility in how you can use the money you save. You can use it for anything you want, whether it’s a down payment on a house, a new car, or even your child’s education.

2. Guaranteed returns – With this plan, you are guaranteed to get your money back, plus interest. This gives you peace of mind knowing that your investment is safe.

3. Tax benefits – This plan offers tax benefits that can help you save even more money. The interest you earn is tax-free, and the withdrawals are also tax-free.

4. Easy to set up – Setting up this plan is easy and can be done online or over the phone. You don’t need to worry about paperwork or complex procedures.

5. Affordable – This plan is very affordable, making it a great option for those on a budget. The monthly premiums are very reasonable, and there are no hidden fees or charges.

Product Specification

The LIC New Money Back Plan-20 years is a participating non-linked plan that offers financial protection against death throughout the policy term along with the opportunity to avail of liquidity through partial withdrawals. This plan also takes care of the education expenses of your child by providing for payment of lump sum amounts on specified policy durations.

In case of death of the policyholder during the policy term, provided the policy is in full force, Sum Assured on Death as defined below shall be payable to the nominee:

a)10 times of annualized premium for policies up to age 45 years at entry

b)            7 times of annualized premium for policies from age 46-60 years at entry

c)            5 times of annualized premium for policies from age 61-70 years at entry

This benefit shall not be payable if death occurs within 12 months from date of commencement or revival of risk under this plan.

Loan facility will be available under this plan. The outstanding loan amount, including interest thereon, shall not exceed 80%of Surrender Value. The Policy can be surrendered at any time after it has acquired a Surrender Value.

– Eligibility Criteria

To be eligible for this plan, you must be between the ages of 18 and 50. The policy term must be at least 15 years but no more than 20 years. You must also have a regular income to qualify.

– Premium Payment Options

When you purchase a life insurance policy, you have the option to pay your premiums in one lump sum, or spread out your payments over time. There are advantages and disadvantages to both methods of payment.

Paying your premium in one lump sum gives you the peace of mind of knowing that your policy is paid up for the entire term. You will not have to worry about making monthly or yearly payments, and you will not be charged any interest on your premium. However, paying in one lump sum can be a large financial burden upfront, especially if you are on a tight budget.

Paying your premiums over time gives you the flexibility to budget your payments into your monthly expenses. This can make it easier to afford your life insurance policy. However, you will be charged interest on your unpaid premium balance, which can add up over time.

– Policy Term and Maturity Age

The policy term of LIC’s New Money Back Plan-25 Years is 20 years. The maturity age is 65 years.

The policy provides for payment of survival benefits at the end of specified durations during the policy term, as well as a lump sum benefit at maturity. The policy term and maturity age are uniform for all lives assured under the plan.

LIC’s New Money Back Plan-25 Years provides for two types of premiums, single premium and regular premiums. Single premium policies have a Policy Term of 20 years only, while regular premium policies have a Policy Term of 20 years with an option to extend up to 25 years by paying additional premiums.

– Sum Assured and Money Back Options

When you purchase a life insurance policy, you choose a sum assured, which is the amount of money your beneficiaries will receive in the event of your death. The sum assured is usually based on your income and the number of dependents you have.

Most life insurance policies also have a money back option, which allows you to receive a portion of your premiums back if you live to a certain age or if the policy matures without being claims. Money back options are typically available for 10, 20, or 30 years.

LIC’s new money back plan- years is a whole life insurance policy that offers a sum assured of Rs.1 crore and a money back option of 20 years. The policy also offers additional benefits such as Accidental Death Benefit and Critical Illness Benefit.

Conclusion

The LIC’s New Money Back Plan-25 Years is an excellent option for anyone looking to ensure a secure future. It provides assistance in uncertain times and gives you the peace of mind that your family will be taken care of when you’re not around. With its many features, it’s worth considering if you’re looking for a reliable long term investment plan. We hope this article has helped you understand all the details regarding the LIC’s New Money Back Plan-25 Years so that you can make an informed decision about investing in it.