LIC New Money Back Policy (Table 820 & 821) is a simple money back plan. This policy can be taken for a duration of 20 years or 25 years. A money back will be paid at the end of every 5 years.

In 20 years plan, 20 % of Sum assured will be paid at the end of 5 , 10 , 15 years. 40 % of Sum assured with the Accured Bonus will be paid at the end of 20th year.

In 25 years plan, 15 % of Sum assured will be paid at the end of 5 , 10 , 15 , 20 years. 40 % of Sum assured with the Accured Bonus will be paid at the end of 25 years.

If the Life insured dies within the policy term, Sum Assured on Death ( 125% of SA or 10 times Annual Premium whichever is higher) with Bonus and Loyalty Additions (if any) will be paid to the nominee without detecting any of the money paid back earlier.

Features of LIC New Money Back Policy :

• This is a simple money back plan with both Death and Survival Benefits.

• Money back will be paid once in every 5 years.

Benefits of LIC Money Back Policy :

Maturity Return – 40 % of Sum Assured with Bonus and Loyalty Additions (if any) will be paid

Money Back Amount — The return on every 5th year is:

20% of Sum assured in 5th , 10th & 15th yr for a policy term of 20 years
15% of Sum assured in 5th, 10th, 15th & 20th year for a policy term of 25 years

Death Benefit – On death of the life insured, Sum Assured on Death ( 125% of SA or 10 times Annual Premium whichever is higher) with the accured Bonus will be paid to the nominee without deducting any of the earlier money back paid.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns

New Bima Bachat

LIC New Bima Bachat Plan (Table 816) is a single premium Money Back Plan.In this plan the premium is paid only once. 15% of the Sum Assured is paid after every 3 years and the entire Single Premium paid plus Loyalty Additions is paid on Maturity. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid irrespective of the amount of money paid as Survival Benefit.

Features of LIC New Bima Bachat:

Premium needs to be paid as lump-sum only once
A money back equal to 15 % of Sum assured will be paid once in every 3 years
Policy term can be 9yrs, 12 years or 15 years

Benefits of LIC New Bima Bachat:

Maturity Return – Single Premium paid along with Loyalty Addition (if any) will be paid

Money Back Amount — The return on every 3rd year for each policy term is:

15% of the Sum Assured is paid at the end of the 3rd and 6th year for Policy Term of 9 years
15% of the Sum Assured is paid at the end of the 3rd, 6th and 9th year for Policy Term of 12 years
15% of the Sum Assured is paid at the end of the 3rd, 6th, 9th and 12th year for Policy Term of 15 years

Death Benefit

On death before 5 Years, Sum assured will be paid
On death after 5 years, Sum Assured with Loyalty Additions (if any) will be paid

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns

Loan on Policy – Available after completion of 1 policy Year.

Housing Loan Surity– Available