LIC's New Money Back Plan 20 years is:
- A non-linked participating policy.
- Policyholders can get periodic payments on survival throughout the term.
- Survival benefit calculated as 20% of the sum assured is paid in intervals of 5, 10, and 15 years.
- A simple reversionary bonus is paid at maturity.
- The policy also provides accidental death and disability benefit riders.
- The policy offers a loan facility to policyholders.
Key Highlights of LIC Moneyback 20 years Policy:
- Death benefit: In case of the policyholder’s death during the policy term, the registered nominee gets:
- 10 times annualized premium or
- 125% of the Basic Sum Assured,
- Vested simple reversionary bonuses
- Final additional bonus.
- Periodical survival benefits that have already been paid do not be deducted.
- The minimum death benefit is 105% of the total premiums paid till the date of death.
- Survival benefits: In case the policyholder survives the policy term, he/she receives
- 20% of the Basic Sum Assured at intervals of 5th, 10th & 15th policy year
- 40% of Sum Assured along with accrued bonuses.
- Maturity benefit: If the policyholder survives the policy, he/she gets 40% of the Basic Sum Assured apart from simple reversionary bonuses and final additional bonuses.
- Profit participation: The policy allows participation in profits of the company and policyholders can receive Simple Reversionary Bonuses that may be declared as per the corporation’s experience, provided the policy is in effect.
Money-back plans like these can help individuals who are looking for liquidity combined with a life insurance cover. LIC’s Moneyback 20 years policy is an ideal plan in the money-back insurance category with the unique features and benefits offered.