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.
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 term of policy. Below are premium rates (exclusive of service tax) per Rs. 1,000/- Basic Sum Assured:
| Age (in years) | Premium (Rs.) |
|---|---|
| 20 | 78.00
|
| 30 | 79.10
|
| 40 | 82.95
|
| 50 | 92.05
|
Source: LIC
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
