Money Back Plan No. 920 is a limited payment, non-linked, with profits Money Back Plan .
Features & Conditions:
Minimum age at entry : 13 years (Completed)
Maximum age at entry : 50 years (Nearer Birthday)
Max. age at maturity : 70 years (Nearer Birthday)
Policy term : 20 years
Premium Paying term : 15 years
Minimum Sum Assured : 1,00,000/-
Maximum Sum Assured : No limit
Available Riders:
LIC’s Accidental Death and Disability Benefit Rider / Accident Benefit Rider , Term Rider & Critical illness Rider.
Payment Mode of Premium:
Yearly mode , Half Yearly mode, Quarterly & Monthly ( SSS & NACH)
Rebates:
Mode Rebate: Yearly: 2%, Half Yearly: 1 %
Grace Period:
15 Days given in monthly premium payment mode and 30 days for other payment modes.
Claim Concessions:
Available under Base Plan only. Not apply to policy Riders and Death due to Suicide.
Paid-up Value of policy:
Paid up value available after payment of premium of 2 full years.
Surrender:
Surrender value available after payment of premium of 2 full years.
Policy Loan Benefits:
Loan Benefits available after payment of premium of 2 full years.
Revivals:
Within 5 years of First Unpaid Premium (FUP)
Back Dating:
Allowed with lean Month’s benefits.
Proposal Form:
Form 300, 340 or Form 360
Tax Benefits:
On Premium: Deduction under Section 80C as per Income Tax rules
Maturity Amount: Exempt u/s 10(10D)
Death claim : Exempt u/s 10(10D)
Survival Benefits: Exempt u/s 10(10D)
All New Money Back Plan No. 920 Details with example are available in Video. Please check the video given below.
Sum Assured on Death : Calculated as 125% of Basic Sum Assured
DEATH BENEFIT: Sum Assured on Death + Vested Bonus + Final additional bonus(FAB) if any.
SURVIVAL BENEFIT: 20% of Basic Sum Assured is payable after 5th, 10th and 15th year.
MATURITY BENEFIT: 40% of Basic Sum Assured + Vested Bonus + Final additional bonus(FAB) if any
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured .
Non -Medical Schemes: All Allowed.
Age Proofs: All Allowed.
Female Lives : All Allowed
Keyman/Partnership/Empl-Employee: Allowed only under Employer-Employee
Example
