INSUBCONTINENT EXCLUSIVE:
LIC: LIC Money Back Plan can be started with minimum sum assured of Rs 1 lakh.Life Insurance Corporation (LIC), the country's largest life
insurance company, offers few money back insurance plans among its life insurance products
One such insurance plan offered by the state-run company is LIC New Money Back Plan-20 Years
The New Money Back Plan-20 Years, a participating non-linked plan, can be purchased for a minimum sum assured of Rs 1 lakh, according to
LIC's website - www.licindia.in
There is no upper limit on the sum assured, according to the Life Insurance Corporation website
( All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana)Sum Assured: LIC's New Money Back Plan-20 years can be purchased with a
minimum sum assured of Rs 1 lakh and it has no limit on the maximum sum assured.Who can buy: Any individual between age of 13 and 50 years
can buy this insurance product with maximum maturity age of 70 years of the insured person.Premium: Under LIC's New Money Back Plan-20
years, the individual has to pay premium up to 15 years for a policy term of 20 years
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through salary deductions over the
Below are premium rates (exclusive of service tax) per Rs 1,000/- Basic Sum Assured:Source: LICMoney back benefit: The first money back of
20 per cent of the sum assured will be credited to the insured person on completion of the fifth year of policy term
Subsequently, 20 per cent of the sum assured would be credited to the insured person on completion of policy term of 10th year and 15th year
On the completion of 20th year the remaining 40 per cent will be returned to the insured person.Income tax benefit: The subscriber is
eligible to claim income tax benefit on the premium paid under Section 80C of the Income Tax Benefit, according to the LIC website.Get the
latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
