LIC Money Back 20 Years Plan 920
Periodic Survival & Maturity Payout Offline Calculator
LIC Money Back 20 Years Plan 920 Overview
LIC Money Back Plan 20 Years Plan 920 is a participating endowment money-back plan replacing Plan 720. It provides a survival benefit of 20% of Sum Assured at the end of the 5th, 10th, and 15th policy years, and matures at 20 years with 40% SA + Bonuses.
Eligibility & Rules
- Entry Age: 13 to 50 Years
- Policy Term: 20 Years
- Premium Paying Term: 15 Years
- Minimum Sum Assured: ₹1,00,000
Key Plan Benefits
- Survival Benefit: 20% of Basic Sum Assured payable at the end of the 5th, 10th, and 15th policy years.
- Maturity Benefit: Remaining 40% of Sum Assured + Vested Bonus + Final Additional Bonus.
- Death Benefit: Higher of 125% of Basic SA or 7x annualized premium + Bonus (No deduction of survival payouts).
Detailed Maturity Benefit
40% of Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). The remaining 60% is paid as survival benefits during the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹2,00,000 |
| Age | 30 Years |
| Total Paid Premium (15 Yrs) | ₹2,38,000 |
| Total Survival Benefits Paid | ₹1,20,000 |
| Maturity Payout | ₹2,50,000 |
| Total Benefits | ₹3,70,000 |
Calculating…