Hello friends, you are very much welcome today we are going to discuss about LIC’s money back plan Money Back Plan whose table number is 920.
LIC has launched this new plan on 1 January 2020 by closing table number 820 to implement the Insurance Regulatory and Development Authority (IRDA) circular. One of the plans. Also Read: Big News Ujjwala Yojana 2.0 : This is how you will get free LPG connection, here is the whole process
While taking this policy you have to choose the Sum Assured and the premium paying term i.e. for how many years you want to pay the premium and the premium paying term of the policy is over then after 5 years the maturity amount will be paid. goes to This is a non-linked plan i.e. not linked to the share market, so that your investment money is completely safe, and it is a limited premium plan i.e. the policyholder has to pay the premium for less than the chosen policy term. Also Read: PF Account Holders: 1 lakh will be withdrawn from PF account without documents, this facility of EPFO starts
Under this scheme, payment will have to be made for 15 years and the insurance period will be 20, that is, insurance will continue for 5 years without paying premium.
This is a money back plan [Money Back Plan] i.e., every 5 years under the plan, the fixed amount is paid according to the sum assured and the maturity amount [Maturity] is paid on the maturity period of 20 years. Also Read: Take LIC policy for just Rs 150, you will get the benefit of 19 lakhs, whenever you want the money back – know how?
Features of Money Back Plan
- Under this scheme, the fixed amount is paid according to the sum insured every 5 years
- This is a limited premium payment plan i.e. limited premium payment means the maturity of the premium paying term i.e. policy term or less.
- The premium paying term will be 15 years while the insurance term will be 20 i.e. the insurance will continue for 5 years without paying the premium.
- This is a non-linked scheme so that your investment money is completely safe.
- This plan can be taken on his own life as the insured or on the life of someone else as the proposer.
- Facility of premium weber benefits is available i.e. if any person takes a policy for his dependent (wife, children or others) and the proposer dies before the completion of the policy term, then the policy will be without premium payment. Will continue to run and all the benefits related to the scheme will be received.
- Can get surrender value anytime after paying premium for 2 full years.
- Loan facility available after paying premium for 2 full years.
- Riders available as Accidental Death and Accidental Disability Rider, Term Rider.
- Exemption from income tax under 80(C) is provided on the premium paid under this scheme.
- Income tax exemption on maturity, under section 10(10D) of Income Tax.
- DAB Double Accidental Benefit i.e. if the insured dies due to accident then the sum assured will be doubled.
Benefit Of Money Back Plan
This is a money back plan [Money Back Plan] i.e. under the plan, every 5 years according to the Sum Assured, the fixed amount is paid and the maturity amount is 20 years on maturity. [ Maturity ] is paid. Special Benefit: Under this scheme, payment will have to be made for 15 years and the insurance period will be 20, that is, insurance will continue for 5 years without paying premium. Also Read: LIC: Invest in this government scheme, you will get 10 thousand pension every month
Maturity Benefit
This benefit is available to the policy holder. When the policy holder survives the policy term then he gets this benefit. In such a case, the policy holder gets
Base Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus.
Death Benefit
The death benefit is received by the nominee of the nominee on the death of the insured. In such a case, the family or the nominee will receive {Basic Sum Assured, or 7 times the annual premium, or 105% of all premiums paid on death, whichever is higher}.
Which includes Base Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus. In this, the bonus will be dependent on the time of death i.e. if the policy holder dies after 20 years, then the bonus will be available up to 20 years. Also Read: Multiple Credit Card: Don’t be careless, use it smartly
Disability Benefit
Under this scheme, if the insured becomes permanently disabled due to accident, then
{all installment waived + 10% of the sum insured every year} an amount equal to the accident benefit amount is paid to him for 10 years and if the insured is If death occurs before the term of insurance, then the disability benefit installment which has not been paid is paid to the nominee [ Nominee ] along with the sum insured.
Income Tax Benefit
According to section of Income Tax Act 1961 in Jeevan Labh scheme, exemption from income tax under 80 (C) is provided on premium. Apart from this, maturity amount is also tax free as per section 10(10D). Also Read: LIC Saral Pension Yojana: LIC’s great plan for retirement, pension will be available for life by lump sum investment
Surrender Value
This feature makes this plan even more attractive. In this plan, if you pay the premium for 2 years, you can get the surrender value at any time. The policy can be surrendered at any time, provided that at least At least two full years’ premiums have been paid. Many people are not able to pay the premium due to any adverse situation or due to any other reason, in such a situation they can get the Surrender Value made on their deposited premium.
Policy Revival Benefits
If the policyholder is not able to pay the premium for a maximum of 2 years due to any reason, then in such a situation the policy can be revived i.e. the policy can be operated again. (All outstanding premiums are required to be paid for the policy to be revived). Also Read: Good news for NPS Subscribers – you can withdraw full money! Know its advantages and disadvantages
Loan benefit
Loan facility is also available under the scheme, after payment of premium for at least 2 full years, loan facility is available under this scheme.
Rebate Benefit
It offers 2% on yearly premium and 1% on half yearly premium. And 1.25% discount is given on the total sum assured. And if the sum insured will be more than 15 lakhs then discount of 1.75% will be provided. Also Read: Good News: This bill related to your bank FD passed in Parliament, know the answer to every question
Start of risk Cover
The risk cover starts from the time the policy holder takes the policy i.e. the risk cover starts from the first day if the age of the policy holder is less than 8 years then the cover will start after 2 years or else after 8 years ( whichever happens first).
Free Look Period
If the insured is not satisfied with the terms and conditions of the scheme, the policy can be closed within a period of 15 days from the date of receipt of the bond, explaining the reasons. In such a case, the policy will be canceled by LIC, the premium fee amount deposited will be refunded after deducting the cover and stamp duty charges. Also Read: Electricity Amendment Bill: Electricity workers strike, Madhya Pradesh may drown in darkness
Suicide Section
If the policy holder commits suicide before 1 year, then 80 percent of the amount paid by the policy holder is returned.
Eligibility and other details -:
( 1 ) Minimum Sum Assured -: 1 lakh
(2) Maximum Sum Assured -: No upper limit.
( 3 ) Minimum Entry Age -: 13 Years
( 4 ) Maximum Entry Age -: 50 Years
( 5 ) Maximum Maturity Age -: 70 Years
( 6) -: Policy Term: 20 years
( 7 ) -: Premium Payment Term -: 15 Years
( 8 ) -: Premium Payment Mode: Premium Paying Mode-:
Yearly, (Yearly) Half yearly, Quarterly, Monthly [ Monthly(ECS)]
( 9 ) – :
Age & Address Proof ( any one ) Age & Address Proof. ( Any One )
Aadhar Card = Aadhaar Card
Passport = Passport
Pancard = Pan Card
Driving License = Driving License
Bank Passbook = Bank Passbook
Voter ID Card = Voter Card
( 10 ) -: For Children
Policy > ( For Children 5 to 17 Years ) For Child Policy > (age 5 to 17) (any one)
School Id Card, = School Id Card .
progress card. = Progress card.
Current Year School Fee Receipt = Current Year. School fee receipt.
( 11 ) -:
One Passport sized Photograph One Passport sized Photograph
