LIC New Money Back Plan 25 Years is the plan which is non-linked participant that offers a wonderful gathering of several programs which are based on life protection accompanied by periodic payment for survival purpose at every specified interval. This extraordinary unique collection of programs offers financial support for the families who have lost their nearest and dearest ones. They have the right to claim the compensation at any time before maturity and the total lump sum amount after the maturity of the presently living personalities. This program also provides care for the needs and requirements through the facility known as loan facility.

Eligibility Criteria:

There are some eligibility criteria which is needed to be fulfilled for choosing the LIC new money back plan 25 years.

1.    Minimum sum guaranteed: Rs. 100,000

2.    Maximum sum guaranteed: Unlimited (should be in the multiples of 5000 rupees only)

3.    The minimum age required: 13 years (finished)

4.    Maximum age required: 45 Years (closest birthday)

5.    Maximum age of maturity for the assured life: 70 Years (closest birthday)

6.    Total Term: 25 years

7.    Premium term for payment: 20 Years

For LIC’s in case of accidental death and the disability benefit of a rider

1.    Minimum sum assured during the case of fortuity: Rs. 100,000

2.    Maximum sum assured during the case of accident: a sum equivalent to the sum insured under this basic plan is subjected to the level best of around Rs. 50 lacs in the case of accident. This includes the policy of inbuilt advantage taken by the Life Insurance Corporation of India and the sum assured for the accident under this new proposal should be taken effectively into consideration.

3.    Minimum age for taking an entry into life insurance: 18 Years (completed)

4.    Maximum age for taking an entry into life insurance: the cover shall be provided at any anniversary of the policy during the paying term of premiums.

5.    Maximum age for ceasing cover: 70 years (closest birthday)

Premium Payments:

Premiums should be compensated regularly, i.e. yearly basis, half-yearly basis, quarterly basis or monthly basis (via ECS only) or via deducting the amount from your salary over the policy term you choose.

Moreover, an extra period of a month, but within 30 days only, shall be permitted as grace period from quarterly to yearly and 15 days for basis of monthly mode of payment of premiums.

Revival:

If premiums are not compensated within the period, then the insurance policy will definitely collapse. A collapsed insurance policy can be retrieved within a span of 2 continuous years from the generated date of the first uncompensated premium, but before the maturity date by compensating the entire arrears of the premium altogether, along with interests at the rates fixed by the organization from period to period that is subject to the submission of acceptable evidence of ongoing insurability.

The corporation saves all the rights to receive the original terms, and proceed further for revising terms or reject the retrieval of a ceased policy. The retrieval of the ceased policy shall come into the effect only after the exact is approved by the Corporation and is particularly advanced to the holder of the insurance policy. Retrieval of the rider or riders, if selected for, will be regarded accompanied by the retrieval of the policy and not under any sort of isolation. This is one of the best strategies of the LIC New Money Back Plan 25 Years.