LIC MONEY BACK POLICY 920

LIC of India new plan launched on 1st. February 2020 which name is LIC New Money Back 920 (LIC Policy no. 920) is a traditional life insurance policy which is guaranteed  return and bonus with savings.In this plan Premium needs to be paid for a period of 15 years while the policy continue for 20 years. Policy taken age between 13 to 50 years  age for a fixed tenure of 20 years.

20% of the Sum Assured is paid to the policy holder on survival at the end of every 5 years and the remaining 40% of the Sum Assured along with Vested Simple Reversion Bonus + Final Addition Bonus (FAB) would be paid to the policy holder on survival till the end of the Policy term as Maturity Benefit

What is LIC money back policy?

LIC’s New Money Back Policy is a 20 years, non-linked partnership policy that pays money back at certain periods during the policy period. This policy pays 20% of the sum assured  as money back, as survival bonus at the end of 5, 10 and 15 years. On completion of the policy, along with maturity amount, it also pays the ordinary recessionary bonus and final additional bonus

Key Features of LIC New Money Back 920

• Money Back Plan for a term of 20 years
• 20% of Sum Assured is paid at the end of 5th, 10th and 15th Year as Survival Benefits
• Simple Recessionary Bonus is payable on maturity or earlier death
• Large Sum Assured is available in this policy
• Options to avail accidental and disability benefit rider, critical illness and term rider.
• Settlement option available for maturity and death benefits in installments 5, 10, and 15 years.
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax free under 10 (10D).

LIC New Money Back Plan 920 Death benefit = 125% of Sum Assured on death + Vested Simple Recessionary Bonuses + Final Additional Bonus (FAB)

Sum Assured on Death : In case of death of the policy holder within the Policy term, the 125% of Sum Assured + vested Bonuses would be paid to the Nominee and policy would be terminate.

The Sum Assured on Death is higher of 125% of Basic Sum Assured or 7 times the  Annualized  Premium subject to a minimum of 105% of all Premiums paid. Sum Assured on Death is 7 times higher than the annualized premium.

Death benefits: The Death Benefit shall not be less than 105% of the total premium paid as on death.
LIC New Money Back Plan 920 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 2 years at least 2 full years payment of  premiums.
Loan Facility : Loan facility is available under LIC Jeevan Labh plan 936, after at least 2  full years of premium paid.
Paid-up value : Once a LIC New Money Back 920 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Riders Facility : Accidental Death and Disability Bene􀄆t Rider, critical illness and  Term Assurance Rider is available.
Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.
Cooling Period : Policy holder can return back policy within 15 days from date of  receiving the policy.
Date Backing Facility : Available.
Proposal Form : Form No. 300, 340.

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