LIC New Money Back Plan 2019: Know Important Details of Eligibility, Premium, Money Back Benefit (1)

LIC New Money Back Plan 2019: Life Insurance Corporation (LIC) is the country's largest life insurance company. It offers few money back insurance plans from its life insurance products. The insurance plan offered by the state-run company is LIC New Money Back Plan-20 Years.  

The New Money Back Plan-20 Years is a participating non-linked plan which can be purchased for a minimum sum assured of Rs. 1 lakh, as per LIC's website - www.licindia.in. There is no upper limit on the sum assured. 

LIC New Money Back Plan 2019: Important Details 

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 term of policy. Below are premium rates (exclusive of service tax) per Rs. 1,000/- Basic Sum Assured. 

Source: LIC 

Eligibility Criteria: 

Any individual between the age of 13 and 50 years can buy this insurance product with maximum maturity age of 70 years of the insured person. 

Money Back Benefit: 

The first money back of 20% of the sum assured will be credited to the insured person on completion of the fifth year of policy term. Likewise, 20% of the sum assured would be credited to the insured person after completion of policy term of 10th year and 15th year. On the completion of 20th year the left out 40% will be returned to the insured person. 

Income Tax Benefit:  

The subscriber can claim income tax benefit on the premium paid under Section 80C of the Income Tax Benefit, as per the LIC website.