The LIC's New Money Back Plan-25 years is a participating plan with a money back feature as the name suggests. It is a non-linked life insurance plan that offers guaranteed returns and bonus.
Premium has to be paid for 20 years but the policy continues for 25 years. Money Back, which is 15% of the Sum Assured will be given at end of every 5 years and maturity along with the bonus at the end of policy term. Anyone between 13 to 40 years of age can take this policy for a fixed tenure of 25 years. Loan facility is also available in this policy after 3 years from the start of the policy.
The Maturity Benefit is 40% of Sum Assured + Simple Reversionary Bonuses + Final Additional Bonus.
The Survival Benefit is 15% of the Basic Sum Assured at the end of each of 5th, 10th, 15th & 20th policy year. The insured can avail tax benefits under section 80C for the premium paid. The maturity amount is also tax-free under section 10(10)D.
For more details on LIC's Money Back Plan please feel free to contact your Best LIC Insurance Agents and Advisor Ahmed Uddin.