LIC Money-Back Plan - 20 Years Maturity Calculator

LIC Money Back Policy - 20 Years was withdrawn from LIC core product offerings. Its updated version is available for sale under the name of LIC New Money Back Plan - 20 Years. These plans are designed to offer periodic survival benefits, unlike traditional endowment policies that offer returns only at maturity. The final maturity benefit is comprised of the remaining sum assured amount plus bonuses. 

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About LIC Money-Back Plan - 20 Years Maturity Calculator

It is an online tool offered by LIC that helps you calculate the benefits of the LIC Money-Back Plan - 20 Years plan. 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.

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

  • The remaining 40% is paid as maturity benefit along with bonus plus FAB (Final Additional Bonus).

Sample Benefit Illustration using LIC Money-Back Plan - 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. Now with the policy term at 20 years, you will receive the following benefits –

  • First survival benefit after 5 years at the age of 34

  • Second survival benefit after 10 years at the age of 39

  • Third survival benefit after 15 years at the age of 44

  • Final maturity amount in 20 years at the age of 49

Let’s look at the breakup of benefits based on the above scenario for a basic sum assured (BSA) of Rs. 10 Lakhs.

Policy Year Age Description Benefit Final Payout
2027 34 years 1st survival benefit (after 5 years) 20% of BSA Rs. 2 Lakhs
2032 39 years 2nd survival benefit (after 10 years) 20% of BSA Rs. 2 Lakhs
2037 44 years 3rd survival benefit (after 15 years) 20% of BSA Rs. 2 Lakhs
2042 49 years Maturity benefit (after 20 years) 40% of BSA Rs. 4 Lakhs

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

What happens if you die within the policy term? Here’s what your benefits will look like in such a case.

Death Benefit Illustration using LIC Money-Back Plan - 20 Years Maturity Calculator

Death benefit under LIC’s Money Back Plan - 20 Years is defined as –

(a) 125% of Basic Sum Assured, or

(b) 10 times the Annual Premium

If you die 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. 74,500 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) 10 times Rs. 74,500 – Rs. 7,45,000

Thus, your nominee will get Rs. 12.5 Lakhs on your death because it is higher than 10 times the annual premium.

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

  1. Death occurs 3 years into the policy term

    Survival benefit – None

    Death benefit – Rs. 12.5 Lakhs

  2. Death occurs 6 years into the policy term

    Survival benefit – 20% of Rs. 10,00,000 – Rs. 2 Lakhs

    Death benefit – Rs. 12.5 Lakhs

  3. Death occurs 11 years into the policy term

    1st Survival benefit after 5 years – 20% of Rs. 10,00,000 – Rs. 2 Lakhs

    2nd Survival benefit after 10 years – 20% of Rs. 10,00,000 – Rs. 2 Lakhs

    Death benefit – Rs. 12.5 Lakhs

  4. Death occurs 17 years into the policy term

    1st Survival benefit after 5 years – 20% of Rs. 10,00,000 – Rs. 2 Lakhs

    2nd Survival benefit after 10 years – 20% of Rs. 10,00,000 – Rs. 2 Lakhs

    3nd Survival benefit after 15 years – 20% of Rs. 10,00,000 – Rs. 2 Lakhs

    Death benefit – Rs. 12.5 Lakhs

Note that the above illustration is only for the basic understanding of the benefit breakup for LIC Money Back Plan - 20 Years. It does not factor in the bonus amount because it is neither fixed nor guaranteed.

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

About LIC Money-Back Plan - 20 Years

As the name suggests, the policy offers a fixed percentage of the money back to the policyholder on surviving certain policy years within the policy term of 20 years. A notable feature of the LIC Money-Back Plan - 20 Years is that on the death of the life assured within the policy term, the nominees are entitled to the entire sum assured on death, irrespective of the survival benefits paid out.

Eligibility Criteria Of LIC New Money-Back Plan - 20 Years

In order to use the LIC Money-Back Plan - 20 Years maturity calculator and the premium calculator, you should be aware of the following eligibility criteria.

Criteria Minimum Maximum
Entry Age 13 years 50 years
Maximum Maturity Age 70 years
Policy Term 20 years
Premium Paying Term 15 years
Sum Assured Rs. 1 Lakh No Limit

FAQ's

  • Q: Can I get the 1st survival amount from LIC Money Back 20-year policy directly in my personal bank account?

    Ans: Yes, all you have to do is submit an NEFT bank mandate at your nearest LIC branch along with details of your bank account including bank account number, IFSC. All the proceeds will directly reflect in your account as and when due.
  • Q: Can I claim 125% of the sum assured if I survive the policy term of LIC Money Back 20-year policy?

    Ans: If you are the life assured, only on your death will the nominee receive 125% of the sum assured. If you survive the policy term, you will get 20% of the sum assured on the 5th, 10, and 15th policy year. The remaining 40% will be paid at the end of the policy term, i.e on maturity.
  • Q: Does the LIC Money-Back Plan - 20 Years maturity calculator need my current age to calculate the benefits?

    Ans: The benefits payable to you depend on what your current age is. As you grow older, the risk of insuring you increases. And therefore the insurer charges higher premiums as age increases. This is why age is an important factor considered by LIC’s online calculators.
  • Q: How is the monthly premium for LIC Money-Back Plan - 20 Years policy calculated?

    Ans: Premiums depend on the age of the life assured, gender, sum assured, and the premium paying term. The LIC Money-Back Plan - 20 Years maturity calculator will need you to fill in these criteria to accurately calculate the benefits.
  • Q: Why is the LIC Money-Back Plan - 20 Years maturity calculator important?

    Ans:
    • It offers prompt results and saves time.
    • You can use it from the comfort of your home.
    • It eliminates miscommunication by third-party agents.
    • It helps you decide if the coverage you need is affordable or not before actually purchasing the plan.

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