LIC New Money Back Plan 20 Years
Maturity Calculator

LIC New Money Back Plan 20 Years Maturity Calculator (920) is a valuable tool for policyholders estimating the maturity and survival benefits associated with this 20-year insurance plan. Users can quickly determine the expected maturity amount and periodic survival benefits they will receive at the end of the 5th, 10th, and 15th policy years by entering key details like the sum assured, age, and policy term.

LIC New Money Back Plan 20 Years Summery

LIC’s New Money Back Plan 20 Years - Eligibility

Policy Term: 20 years.
Premium Paying Term: 15 Years.
Min. Basic Sum Assured: Rs. 1,00,000/-
Max. Basic Sum Assured: No Limit.
Min. Entry Age: 13 years.
Max. Entry Age: 50 years.
Maximum Age at Maturity: 70 years.
Premium Payment Options: Yearly, Half-yearly, Quarterly & Monthly.
Accidental Death & Disability Benefit Rider: Available on payment of extra premium.

LIC’s New Money Back Plan 20 Years - Benefits

On Death: Sum Assured + Bonus + Final Additional Bonus (FAB) if any,
where sum assured on death:

105% of all premium paid or 7 times of Annualized Premium, whichever is higher.

On Survival: 20% of Sum Assured is payable after 5th, 10th and 15th year of policy.
At Maturity 40% of Sum Assured + Bonus + Final Additional Bonus (FAB) if any.
Surrendered Value: The Policy can be surrendered after completion of minimum of two full years of premiums been paid.
Loan: Loan Facility is available only after payment of premiums for at least two years.
Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c. and maturity benefits is free under Sec 10(10D).