LIC of India new plan launched on 1st. february 2020 which name is LIC New Money Back 920 (LIC Table no. 920) is a traditional life insurance policy which offers 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 Reversionary Bonus + Final Addition Bonus (FAB) would be paid to the policy holder on survival till the end of the Policy term as Maturity Benefit. The new money back plan 920, 20 years Unique Identification Number (UIN) is 512N280V02.
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 benefit at the end of 5, 10 and 15 years. On completion of the policy, along with maturity amount, it also pays the ordinary reversionary bonus and final additional bonus.
|Minimum Age at Entry||13 Years (Completed)|
|Maximum Age at Entry||50 Years|
|Maximum Age at Maturity||70 Years|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (NACH)|
|Policy Term||20 years.|
|Premium Payment Term||15 years.|
|Basic Sum Assured||1,00,000 and above (in multiple of 5,000)|
|Loan||After 2 years|
|Surrender||After 2 years of premium payment|
Rebates in LIC New Money Back Plan 920
Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.
Mode Rebate: Rebate given based on premium payment mode chosen.
|Premium Payment Mode||Percentage(%)|
|Half yearly Mode||1%|
|Quarterly and Monthly||Nil|
High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
|Basic Sum Assured (BSA)||Rebate per Rs. 1000 /- S.A.|
|Rs. 1,00,000 to Rs. 1,95,000||NIL|
|Rs. 2,00,000 to Rs. 4,95,000||Rs. 2 of 1000/BSA|
|Rs. 5,00,000 and above||Rs. 3 of 1000/BSA|
LIC New Money Back Plan 920 Maturity Benefit = 40% of Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).
Sum Assured on Maturity: On Survival to the end of the policy term, 40% of Sum Assumed on Maturity, Vested Simple Reversionary Bonuses, and Final Additional Bonus if any will be paid.
Survival Benefit – On survival, the Life Insured will get 20% of Sum Assured at the end of every 5th, 10th and 15th Policy Year and the policy continues till the end of the Policy Term of 20 years.
LIC New Money Back Plan 920 Death Benefit = 125% of Sum Assured on death + Vested Simple Reversionary 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 Benefit : 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.
Death Claim Details
In case of death during policy term ( Before 20 years ), 125% ofSum Assured + Bonus + Final Additional Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.
How to Understand given below Table?
Suppose if, unfortunate death of policyholder happens in year 2037 (at age 42), then by that time total premium paid will be Rs. 4,60,864 and nominee will get death claim except money back as Rs. 9,95,000 in case of normal death or Rs. 14,95,000 as accidental death claim in case of death due to accident and policy will be stop.
Year-wise Death Claim given as under
|Age||Risk Cover Normal||Risk Cover Accidental||Premium||Amount Received|
LIC New Money Back Plan 920 additional information
Revival : Policy should be revived before 5 years from last unpaid premiums.
Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.
Riders Facility : Accidental Death and Disability Benefit 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 off 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.