You can get regular money and protect your family with LIC’s New Money Back Plan – 20 Years. This plan helps you save money and gives you life insurance at the same time. It takes care of your money needs at different times in life. Let me tell you how this plan works in simple words.
LIC New Money Back Plan Maturity Calculator
Policy Benefits Over Time
Premium Summary
| Particular | Amount (₹) |
|---|
Year-Wise Policy Details
| Year | Cumulative Premium Range | Guaranteed Surrender Value Range | Special Surrender Value Range | Bonus Range | Survival Benefit | Maturity Benefit | Death Benefit Range |
|---|
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
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Key Features at a Glance
- Protection and Savings: The plan takes care of your family in two ways – life cover and regular money.
- Survival Benefits: Money comes to your account every 5 years as a special benefit.
- Maturity Benefit: A big amount waits for you at the end of your plan.
- Bonuses: Extra bonus money grows from LIC’s profits each year.
- Flexible-Premium Payments: The plan lets you pay as per your comfort – choose monthly, every 3 months, 6 months, or yearly.
- Loan Facility: Quick money help is available through loans when you need it urgently.
- Rider Options: More benefits can be added to make your plan even stronger.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Age | 13 years (completed) |
| Maximum Age | 50 years |
| Policy Term | 20 years |
| Premium Paying Term | 15 years |
| Minimum Sum Assured | ₹2,00,000 |
| Maximum Sum Assured | No limit |
Benefits Explained
1. Death Benefit
In case of the policyholder’s death during the term, the nominee will receive:
- Higher of:
- 125% of Basic Sum Assured, or
- 7 times the annualized premium.
- Bonuses (Simple Reversionary and Final Additional Bonus, if applicable).
- Minimum payout: 105% of total premiums paid.
2. Survival Benefits
If you survive the term, you will receive 20% of the Basic Sum Assured at the end of the 5th, 10th, and 15th policy years.
3. Maturity Benefit
At the end of the 20 years, you get:
- 40% of the Basic Sum Assured, plus
- Accumulated bonuses (if any).
Sample Premiums and Payout Illustration
Premiums for a Basic Sum Assured of ₹2,00,000 (Standard Life)
| Age (Years) | Annual Premium (₹) |
|---|---|
| 20 | 15,896 |
| 30 | 16,082 |
| 40 | 16,846 |
| 50 | 18,679 |
Example: How It Works
Let’s say you are 30 years old and choose a Basic Sum Assured of ₹5,00,000.
| Year | Survival Benefit (₹) | Maturity Benefit (₹) | Death Benefit (₹) |
|---|---|---|---|
| 5 | 1,00,000 | ||
| 10 | 1,00,000 | ||
| 15 | 1,00,000 | ||
| 20 | 2,00,000 + Bonuses | 6,25,000 + Bonuses |
Rider Options
Enhance your policy with these riders:
- Accidental Death and Disability Rider: Additional sum assured for accidental death or disability.
- Accident Benefit Rider: Lump sum payout in case of accidental death.
- New Term Assurance Rider: Extra life cover during the policy term.
Surrender and Paid-Up Policy
1. Surrender Value
You can surrender the policy after paying one full year’s premium. The surrender value is higher than the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
2. Paid-Up Policy
If you stop paying premiums after one year, your policy becomes paid up with reduced benefits. The sum assured and bonuses are adjusted based on the premiums paid.
| Policy Year | GSV Factor (%) | SSV Factor (%) |
|---|---|---|
| 3 | 35 | 16.22 |
| 10 | 57.5 | 18.16 |
| 15 | 70 | 21.99 |
| 20 | 90 | 35.00 |
Loan Facility
You can avail of a loan after one year of paying premiums.
| Policy Status | Loan Percentage |
|---|---|
| In-Force (1 Year) | 50% of GSV |
| In-Force (2+ Years) | 75% of GSV |
Interest rate: Determined annually based on LIC’s guidelines.
Why Choose LIC New Money Back Plan – 20 Years?
This plan is ideal for:
- You can get money returns from time to time.
- You need to keep your family financially safe.
- You want fixed money returns and extra bonus benefits.
- You like different ways to pay money and get loans when needed.
How to Buy the Policy
- Contact a LIC agent or visit the nearest branch.
- Choose your Basic Sum Assured and rider options.
- Complete the application form and submit the necessary documents.
- Pay the premium to activate the policy.
Conclusion
You can think of LIC’s New Money Back Plan – 20 Years as your money friend. It helps you at every step of life. You get guaranteed money returns and protection for your family. This plan helps when you’re saving for something big in life or want to keep your family safe.
You should start this LIC plan today to make your future better.
