LIC's New Money Back Plan-20 Years (Plan No. 920, UIN No. 512N280V02) is a participating, non-linked life insurance plan that offers both death benefit and survival benefits. Here's a quick overview:
Key Features:
- Policy term: 20 years
- Premium payment term: 15 years
- Sum assured: Minimum sum assured is Rs. 40,000, no maximum limit
- Survival benefits: 20% of the sum assured payable at the end of 5th, 10th, and 15th years
- Maturity benefit: Sum assured + accrued bonuses (if any) payable at the end of 20 years
- Death benefit: Sum assured payable to nominee in case of policyholder's death during the policy term
Additional benefits:
- Loan against policy: Available after 3 years from policy issuance
- Tax benefits: Premiums qualify for tax deduction under Section 80C of the Income Tax Act. Maturity and death benefits are also tax-free under certain conditions.
- Accidental death and disability benefit (rider): Optional add-on coverage that provides additional payout in case of accidental death or disability
Here are some things to consider:
- This plan is not suitable for short-term goals, as the premium payment term is 15 years.
- The returns are not guaranteed, as they depend on the bonus declared by LIC.
- There are other investment options available that may offer higher returns.
If you are considering this plan, it is important to consult with a financial advisor to see if it is suitable for your needs and financial goals.
I hope this information is helpful. Please let me know if you have any other questions about LIC's New Money Back Plan-20 Years.
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