New Money-back Plan 20 (T-920)

LIC New Money Back Plan (T-920) is a Limited Premium Payment with Profits Money Back Plan in Which Policy Term is fixed to 20 Years But The Policyholder Need To Pay The Premium For Only 15 Years.

Key Features

  • Cover from age group 13 to 50 years.
  • Risk Cover Up to 125% Of Basic Sum Assured.
  • Survival Benefits (Money Back) Of 20% Of Basic Sum Assured For 5th, 10th, 15th Year And Final Maturity At the End of 20th Year.
  • Eligible for all Bonuses and Final Addition Bonuses declared by LIC.
  • Term Rider Benefit Available.
  • Double Accident Rider Available.
  • Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit up to Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
  • Loan and Surrender Facility Available.

Maturity Benefit:

  • 20% of Basic Sum Assured is Payable After 5th, 10th and 15th year of Policy, And at Maturity 40% of Basic Sum Assured + Vested Bonus + FAB.

Death Claim Benefit:

  • Sum Assured on Death (125% of Basic Sum Assured) + Vested Bonus + FAB, if any

Eligibility Criteria:

Minimum Age to Apply 13 Years (Completed)
Maximum Age to Apply 50 Years (Nearest Birthday)
Policy Term 20 Years
Premium Payment Term 15 Year (Fixed)
Maximum Maturity Age 70 Years
Premium Paying Mode Yearly, Half Yearly, Quarterly, Monthly (ECS)
Basic Sum Assured 100000 and above ( in multiple of 5000)
Loan After 3 years
Surrender After 3 years of full premium payment