LIC Money Back Policy 20 Years Maturity Calculator

About LIC Money Back Policy 20 Years Maturity Calculator

LIC Money Back Policy 20 years maturity calculator is an online tool offered by the LIC that helps you calculate the benefits of the LIC New Money Back Plan 20 years. The maturity calculator uses the following criteria to calculate the benefits of the plan-

• In the case of this plan, the policy term is fixed at 20 years.

• Survival benefit is paid on completing 5, 10, and 15 policy years.

• In each of these years, policyholders get 20% of the basic sum assured.

• The remaining 40% is paid as maturity benefit and Simple Reversionary bonus plus FAB (Final Additional Bonus).

How Does the Calculator Work?

You just need to enter details like age, policy term, premium amount, and sum assured. The calculator instantly shows an approximate maturity value and total benefits.

Why Use the LIC Maturity Calculator?

It helps you make an informed decision by giving a clear picture of expected returns and bonus payouts before buying the policy.

How to Use LIC Money Back Policy 20 Years Maturity Calculator? 

The LIC Money Back Policy 20 Years Maturity Calculator can be accessed very easily from the LIC official website and used with the following simple steps:

Step 1: Go to the official LIC website and scroll down to “How Much You Need” Section. Then Click on “Calculate Premium”.

Step 2: Provide the basic details such as Name, DOB, gender, contact, etc. Then click on “Next”. Then click on “Quick Quote”.

Step 3: Choose the LIC Money Back Policy 20 Years Plan from the plan list and hit “Coverage”.

Step 4: Provide the plan details such as sum assured, policy term, premium paying term, etc., then click on “Quote”.

The LIC Money Back Policy 20 Years Maturity Calculator will use the details you provided and generate a result showing premium amounts under each premium paying frequency (monthly/ quarterly/ half-yearly/ yearly). You can click on the premium paying frequency you select and view a detailed illustration. You can see the maturity amount from this illustration.

What are the Benefits of the LIC Money Back Policy 20 years Maturity Calculator?

LIC money back policy 20 years maturity calculator offers several benefits such as:

• Accurate Calculation: The LIC Money Back Policy 20 years maturity calculator for plan no. 720 accurately calculates the plan's maturity benefits based on your inputs.

• Easy to Use: The The LIC money back policy 20 years maturity calculator is easy to use and requires only basic information such as age, sum assured, and policy term.

• Saves Time: Using the LIC Money Back Policy maturity calculator saves time as it quickly calculates the maturity benefits of the plan without the need for manual calculations.

• Financial Planning: The LIC Money Back Policy maturity calculator helps in financial planning by providing an estimate of the maturity benefits of the plan, which can help you plan your future expenses and investments.

• Comparison: The LIC Money Back Policy 20 years maturity calculator allows you to compare the maturity benefits of different policy terms and sum assured amounts, which can help you make an informed decision while choosing a plan.

The Policybazaar Online term insurance calculator is a valuable tool for those planning their financial future with policies like term insurance. It allows them to make informed decisions based on accurate data and comparisons.

Sample Benefit Illustration using LIC Money Back Policy 20 Years Maturity Calculator

Let’s take a sample to make it easier for you to understand. Assuming that you are 29 years of age in the year 2022, and you have decided to buy LIC Money Back policy 20 years. With the help of LIC Money Back Policy 20 years maturity calculator, let us calculate the benefits you will receive:

Let’s look at the breakup of benefits in this Money Back LIC policy, based on the above scenario for a basic sum assured (BSA) of Rs. 10 Lakhs.

The above illustration is only applicable if you survive the entire duration of the policy i.e. for 20 years.

Death Benefit Illustration using LIC Money Back Policy 20 Years Maturity Calculator

Death benefit under LIC Money Back Policy 20 years (plan no. 720) defined a –

(a) 125% of Basic Sum Assured, or

(b) 7 times the Annual Premium

If the policyholder dies within the policy term of 20 years, you get whichever of the above amount is higher at the time of death.

Taking the above example where Basic Sum Assured was Rs. 10 Lakhs, you would have to pay Rs. 80,739 every year throughout the premium paying term. You can calculate the premium amount using LIC’s premium and maturity calculator.

Death benefit at any point within the policy term will be calculated as –

(a) 125% of Rs. 10,00,000 – Rs. 12.5 Lakhs

(b) 7 times Rs. 80,739 – Rs. 5,65,173

Thus, your nominee will get Rs. 12.5 Lakhs on your death because it is higher than 7 times the annual premium.

Let’s look at different scenarios and calculate the benefits.

Note that the above illustration is only for the basic understanding of the benefit breakup for LIC Money Back policy 20 years. It does not consider the bonus amount because it is neither fixed nor guaranteed.

Therefore, the final maturity benefit amount calculated by the LIC Money Back Policy 20 Years Maturity Calculator may be higher than what has been shown in the table above.

Note: Along with LIC plans, you can also consider a Systematic Investment Plan (SIP) that offers a structured approach to securing your financial future. You can also use an SIP calculator to project potential returns and strategize your investments effectively.

Summing Up:

The LIC Money Back Policy 20 Years Maturity Calculator is a useful tool for anyone looking to invest in the LIC Money Back policy 20 years. It provides an accurate calculation of the maturity benefits and helps in financial planning and decision-making.

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