LIC money back policy 20 years is a non-linked life insurance policy that offers an attractive combination of protection against death, guaranteed returns and bonus. LIC money back Policy 20 years is additionally called LIC New money back policy 20 years provides a financial support for the family of the deceased policyholder any time before maturity and lump sum amount will be given to the policy holder at the time of maturity on surviving of policyholders.

Lic money back policy 20 years additionally takes care of liquidity wants through its loan facility and there’s High Bonus and High liquidity and saving point. You can calculate the LIC money back Policy 20 years Maturity amount and Premium that should be paid to get all the advantages available under this policy by using LIC money back Policy 20 years Premium and Maturity calculator. you’ll additionally get additional Bonuses along with the benefits and Riders available under this plan.

Lic Money Back Policy 20 years Eligibility and Conditions

LIC Money Back Policy 20 Years

Lic Money Back policy 20 years Eligibility

  • Maximum Age: 30 years
  • Minimum Age: 15 years

Lic New Money Back 20 years policy Sum Assured

  • Minimum :- Rs. 1,00,000/-
  • Maximum :- No Limit

Lic New Money Policy 20 years Policy Term

  • Policy Term :- 20 years
  • Maximum Maturity Age :- 70 Years(nearest birthday)

Lic Money Back Policy 20 years Premium Paying Mode

A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.

  • Monthly (SSS, ECS)
  • Quarterly
  • Half yearly
  • Yearly

Lic Money Back policy 20 years Conditions

The documents required to take the Lic Money Back Policy 20 years are :-

  • Application form/proposal form with photo
  • Address proof
  • Age Proof
  • Medical reports (if required)

Accident Death and Disability Benefit Rider

  • Minimum Age at entry : 18 years(Completed)
  • Maximum Age at entry :  The cover can be opted for at any policy anniversary during the premium paying term.
  • Maximum Cover Ceasing Age : 70 years (nearest birthday)
  • Minimum Accident Benefit Sum Assured : Rs. 1,00,000
  • Maximum Accident Benefit Sum Assured :  An amount equal to Basic Sum Assured subjected to the maximum of RS. 50,00,000 /-overall limit by taking all existing policies of the Life Assured under individual Policies as well as Group policies.

Lic Money Back policy 20 years Sum Assured Rebate

Sum Assured Rebate
From Rs. 1,00,000/- to Rs. 1,95,000/- NIL
From Rs. 2,00,000/- to Rs. 4,95,000/- For every  1,000 Rs./- Sum Assured  2.00 Rs/- rebate
From Rs. 5,00,000/- and above For every  1,000 Rs./- Sum Assured  3.00 Rs/- rebate

 

Lic Money Back Policy 20 years premium and Maturity Calculator 

You can calculate your policy premium with premium calculator. To Calculate you must need to enter your Name, Email ID,MOBILE number, Age, Term, Sum Assured.

Lic Money Back policy 20 years Key Features and benefits

Lic New Money Back Policy 20 years Key Features
  • Lic Money Back Plan for a tenure of 20 years
  •  20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefit
  • Lic Money Back Policy has a special feature that Simple Reversionary Bonus is payable on maturity or earlier death
  • Large Sum Assured is available in Lic Money Back policy
  • Accidental Death and Disability Benefit Rider is available.
Lic New Money Back Policy Benefits
  1. Survival Benefit: Policy Holder will be payable 20% of Basic Sum assured
  • 5th year – 20% of Sum Assured
  • 10th year – 20% of Sum Assured
  • 15th year – 20% of Sum Assured
  • 20th year – 40% of Sum Assured + Accrued Bonuses

2. Death Benefit: 

If the  Insured person dies within the Policy Term then Nominee  of the Policy will be given  Death Benefit.
  • 125%(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus) if any.

3. Accidental death Benefit: If during the policy term, the policy holder dies due to an accident, his/her nominee will get following as Accidental death benefit.

  • 125% of the Basic Sum Assured or 10 times the annual premium (whichever is higher).
  • Additional Accidental Sum Assured.
  • Simple Reversionary Bonus.
  • Final Additional Bonus (if any).

Lic Money Back Policy 20 years Claims

Lic New Money Back policy 20 years have 2 types of claims they are Maturity Claim and Death Claim.

  1. Maturity Claim :- Sum Assured – Survival Benefits +  Simple Reversionary Bonus + FAB(final additional bonus) if any.

For Example :- Mr.Avinash is a 25 years old working men. he takes LIC Money back plan – 20 years for the sum assured of Rs 2500000/- (Rupees Two Lakhs only).Premium paying term is 15 years then he get Maturity Benefit 3,050,000 and Survival benefits 1,500,000 total he can get 4,550,000 as Maturity benefit.

2. Death claim :-  Sum Assured on Death means 125% of Basic sum assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to nominee.  Death benefit paid should be more than 105% of total premiums paid as on the date of death.

Lic Money back policy 20 Years Bonus

There are 2 types of Bonuses are available in this plan: 

  • Simple Reversionary Bonus is declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. No bonus is paid on death after the premium paying term.
  • Final Addition Bonus may also be payable provided the policy has run for certain minimum period.

Lic Money Back Policy Risk Cover:

  • Minimum Sum Assured = Rs. 1,00,000.
  • Maximum Sum Assured = No Limit.

Lic Money Back Policy Loan Facility:         

  • In Lic Money Back policy 20 years  loan facility is available after the policy acquires paid up value.                    

Additional Information:

  • Housing Loan Surety:  Available
  • Riders available:  Yes
  • Policy Revival: Policy can be revived before 2 years from date of First Unpaid Premium (FUP).
  • Suicide Clause: if insured commit suicide before 12 months he will be returned back 80% of premium what he paid.

Lic Money Back Policy 20 years Example

Mr.Avinash is a 25 years old working men. he takes LIC Money back plan – 20 years for the sum assured of Rs 2,00,000/- (Rupees Two Lakhs only). he is required to pay annual premium of Rs 15,667.00 (Rupees Fifteen Thousand Six Hundred and Sixty Seven only) for 15 years.

Survival Benefits
5th year   – Rs 40,000.00 (20% of 2,00,000/-)
10th year  – Rs 40,000.00 (20% of 2,00,000/-)
15th year  – Rs 40,000.00 (20% of 2,00,000/-)
20th year  – Rs 80,000.00 (40% of 2,00,000/-) + Accrued Bonuses.

On Death:
If Mr. Avinash dies during the policy term, her nominee will receive 125% of sum assured along with the accrued bonuses. Any survival benefit which has been already paid will not be deducted.

On Accidental Death:

If Mr. Avinash dies due to an accident, during the policy term, his nominee will receive the 125% of Sum assured + Additional accidental Sum assured + Accrued bonuses.
Any survival benefit which has been already paid will not be deducted.

Benefit Illustration:

Suppose if Avinash taken New Money Back Plan for 10,00,000 Rs./-  for 20 years then if he dies then he will be paid  125% of Basic Sum Assured or 10 times of annual Premium whichever is higher means

Basic Sum Assured is Rs. 10,00,000

125% of BSA                10,00,000  X 125/100  = 12,50,000

Suppose Naveen Paid Premium for 5 Years and died. Let Annual Premium  be 50,000 then

10 times of 50,000 is Rs. 5,00,000/-

As 12,50,000  is higher than 5,00,000  Nominee get 12,50,000 as Death Benefit.

 IF he survives

  • At end of 5th year he get 2,00,000 /-
  • At end of 10th year he get 2,00,000 /-
  • At end of 15th year he get 2,00,000 /-
  • At Maturity age i.e., he get 4,00,000 +Vested Bonus + FAB

Lic Money Back Policy Tabular Premium

13 77.60
14 77.65
15 77.75
16 77.80
17 77.85
18 77.90
19 77.95
20 78.00
21 78.05
22 78.10
23 78.20
24 78.25
25 78.35
26 78.45
27 78.60
28 78.70
29 78.90
30 79.10
31 79.30
32 79.55
33 79.85
34 80.15
35 80.50
36 80.90
37 81.35
38 81.85
39 82.35
40 82.95
41 83.55
42 84.25
43 85.00
44 85.80
45 86.65
46 87.60
47 88.60
48 89.65
49 90.80
50 92.05

 

Lic Money Back Policy 20 years FAQs

  1. What Happend if policy holder stop paying the premium?

A.If the premiums are not paid within Grace Period, the policy lapses and all benefits cease. However, if at least 3 years’ premiums have been paid, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

Reduced Sum Assured = Basic Sum Assured *(Number of Premiums Paid / Total Number of Premiums Payable)

The policy can however be revived within 2 consecutive years from the date of first unpaid premium.

2. How to surrender the policy ?

A.The policy can be surrendered only after it accrues Cash Value after at least 3 years’ premiums have been paid.This percentage will depend on the policy term and policy year in which the policy is surrendered and specified as per the table mentioned.