👉Resultantly, all upcoming premiums for Accident Benefit Sum Assured would cease to exist.

Simple Reversionary Bonus👈
The company calculates this bonus per thousand of the Sum Assured upon completion of each year of policy coverage. Consequently, these form part of the guaranteed benefits.

👉Thus, these bonuses accrue during the premium paying period during the life of the policy but are paid when the policy matures or upon the death of the policyholder along with the additional final bonus.

👉Simple Reversionary Bonuses are determined by the company taking into consideration its performance.

Final Addition Bonus👈
👉The company pays this
bonus if the policy runs for a minimum period determined by us. It may be declared at the time of claim upon either death or maturity.

👉Eligibility Requirements for Accidental Death and Disability Benefit Rider.

👉The minimum Accident Death Benefit Sum Assured is rupees 100,000, with the maximum being Rupees 50 lacs.The minimum age must not be less than 18 years, with no ceiling set to the maximum, with the maximum coverage for a period of 70 years.

👉Eligibility Conditions of the New Money Back Plan at a Glance

Coverage and Benefits 👈
Minimum BSA-100000👈
Maximum BSA-No Limit👈
Minimum Required Age for Enrolling-13 Years👈
Maximum Age permitted for Enrolling-50 Years👈

Death / Survival / Maturity 👈

Accidental Death and Disability👈
Max.BSA- 50,00,000👈
Min.Age-must not less than 18 Years👈
Max coverage for a period of 70 Years👈

👉Grace Period and Revival of Policy

👉Grace Period: If you choose the monthly mode of paying premiums then you would get a grace of 15 days should you miss a payment. The grace period is set at 30 days in cases of quarterly, half-yearly and yearly modes of premium payments.

👉Revival: In the event of premium not being paid even during the grace period, the policy would lapse. Nonetheless, it may be revived before a period of two years from the day premiums payment get stopped, upon due approval from the company

👉Surrender Cases
As far as the policyholder choosing to surrender the LIC New Money Back Plan is concerned, he can do so only after having paid the premiums in full for not less than three years.

Mode of Premiums👈

👉The company gives you the leverage to choose a premium paying mode of yearly, half-yearly, monthly or quarterly basis or via deductions in salary.

The table below shows the premiums per rupees 1000 of basic sum assured.👈👇👇

Age Premium
20 78.00
30 79.10
40 82.95
50 92.05

The annual premium is mentioned below in rupees, tax not included👈👇👇

5 Lacs 10 Lacs
30 37259 74518
40 39146 78291
50 43604 87209


👉In the unfortunate incident of the policyholder committing suicide within a year from the date of policy purchase, the company won’t accept any claim in excess of 80% of the premiums paid excluding taxes, rider premiums, and extra premium.

👉In the case of suicide within a year of policy revival, the company would be paying 80% of the premiums paid excluding taxes, extra premium and rider premiums or acquired Surrender Value, whichever is higher.

👉Documents Required of LIC New Money Back Plan 20Years

👉Policy Holder has to fill an ‘Application form / Proposal form’ with accurate medical history. A medical exam may be necessary in few cases based on sum assured and the age of the applicant

Overall, following documents are required:👇👇

Plan application form with a photograph👈
Residence proof👈
ID & Age proof👈
4.Medical reports if necessary👈

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