LIC New Money Back Plan
LIC Money Back Plan Table number 821, Life Insurance Corporation of India has been a pioneer in the
insurance sector in India since 1952, providing various services and has gathered the trust of the people.
Life Insurance Corporation of India (LIC) bring new policies every year it has every year consideration,
the response to its previous plan 820 the LIC has bought this new plan called LIC New Money Back Plan.
Under this blog, we will look into the benefits and the eligibility criteria for LIC New Money Back Plan
table number 821.
What is LIC New Money Back Plan?
It is the policy offered by the Life Insurance Corporation of India New Money Back Plan table no 821
launched on as the name itself states the policy is a 9th October 2013.
money-back plan, it one of the saving plan that not only provides a good return but also provides security from future uncertainty, it works as insurance as well.
This policy duration is for 25 years, but under this policy, the policyholder has to pay only for 20 years,
the remaining will be covered by the LIC.
Key Features of LIC New Money Back Plan 25 Years:
- New Money-Back policy is for a tenure of 25 years
- The policy pays an assured sum of 15% at the end of every 5 years.
- And a sum assured of 40% is provided at the end of the policy that is 25th year.
- As with all the policies it also provides the Accidental Death and Disability Rider Benefit Rider
at an additional add-on validation feature.
Eligibility Criteria of LIC New Money Back Plan:
The Minimum Age Eligibility Criteria of this policy is 13 years,
The Maximum Age Eligibility Criteria under this policy is 45 years,
and the Tenure of the plan is 25 years, so the maximum age is 70 years for the maturity period.
Minimum Sum Assured is 1,00,000 for the policy period of 25 years,
No limit for maximum sum assured.
If you are entering in the policy at the of 13 your Maturity period is 48 years,
And entering in a policy at the age of 45 years maturity period is 70 years.
This is a NON-Linked LIC Policy which means it will not be affected by the variation in the stock market.
Grace Period LIC Money Back Plan:
Like all the LIC policy even this policy provides its customer the benefit of the grace period,
the grace period is covered in 3 different variants as follows,
If you are a policyholder paying a premium Yearly, half-yearly, and quarterly then the grace period
provided for you is 30 days,
If you are a policyholder paying the premium on a monthly basis then the grace period
provided for you will 15 days.
Surrender Value LIC Money Back Plan:
The LIC Money Back Plan provides the customer surrender value as well,
Well, however, doing it will be a financial loss for the policyholder,
But if you are planning to surrender value then there are criteria that the policy should be at least
3 years old, only if you can apply for a Surrender value.
Loan facility under LIC Money Back Plan:
The LIC policy is considered as an asset for the policyholder and you can opt loan on it,
but the criteria for applying for a loan under LIC Money Back policy is at least 3 years,
the customer should be holding a policy for at least 3 years.
However, the loan provided on the basis of the policy does not exceed the value of the lumpsum or
the total sum of premium paid till the date of application.
Premium Rebate on LIC New Money Back Plan 25 years:
Well, to promote the saving in the people the LIC has a premium rebate
offer for its policyholder as follows:
If you pay the premium amount Yearly or Semi-Annually the LIC company provides you a rebate of 2%
on the amount of the premium,
on the other hand, if you are paying your policy on a Quarterly or monthly basis this facility is not provided.
Tax Rebate on LIC Money Back Plan:
As all the investment platform provides you the benefit of tax benefit, even LIC Money Back Plan,
The tax claim on paying a premium is under section 80c and
The income on the investment is exempted from tax under section 10(10D).
In summary, “LIC Money Back Plan 821” seems a decent plan compared to various other policies, well the plan has various aspects there are benefits to the customer including 20 years premium for 25 years of the plan,
However, It is one of the policy LIC provides are best of its kind but there are various other plans, which are released by the LIC which are worth taking a look at before opting for this policy. There are certain plan that is
Linked plans that provided a higher return on your investment as well.
[ Read More: LIC E-Term Plan – Features and Benefits ]
[ Read More: LIC Bima Jyoti Plan No 860 – Features, Benefits, and Eligibility ]