LIC New Money Back Plan 20 years

LIC New Money Back Plan 20 years is a limited premium money-back plan designed to offer combined benefits of protection against death along with the periodic payment on survival at specified durations during the term. 

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LIC New Money Back Plan 20 Years- An Overview

The LIC New Money Back Plan - 20 Years is a life insurance policy with a 20-year term. It offers policyholders the dual benefit of financial protection and periodic payouts. Throughout the policy term, policyholders receive survival benefits at specific intervals, providing them with a source of income. If the policyholder survives the entire term, they receive the remaining sum assured along with any accrued bonuses. In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the death benefit, which includes the sum assured and bonuses. 

Key Features of LIC New Money Back Plan 20 years

  • Periodic Payouts: Offers regular survival benefits throughout the policy term.

  • Limited Premium Payment: The premium paying term is 15 years, whereas the policy continues to provide coverage and benefits for the full term of 20 years.

  • Surrender Value and Loan Facility: Provides a surrender value and the option to take loans against the policy's value.

  • Loan Facility: Policyholders have the option to avail of a loan under the policy, provided that they have paid at least two full years' premiums. 

Eligibility Criteria of LIC Money Back Policy 20 Years

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

Benefits of LIC Money Back Policy 20 Years

The Money Back Policy offered by the LIC of India offers a combination of insurance coverage and periodic payouts. Below mentioned are LIC New Money Back Plan 20 years Benefits. Have a look:

  • Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the nominee receives the death benefit. Death Benefit paid to the nominee is Sum Assured on Death + accrued bonuses.
    Sum Assured on Death is defined as higher of:

    • 125% of the Basic Sum Assured 

    • 7 times of annualized premium as being paid

    ** Note: The death benefit will not be less than 105% of the total premiums paid.

  • Survival Benefits: The policy provides regular payouts at specified intervals during the policy term. Policyholders receive 20% of the sum assured as survival benefits every five years (i.e., at the end of the 5th, 10th, and 15th policy years). These payouts serve as a source of periodic income.

  • Maturity Benefit: If the policyholder survives the entire 20-year term and all premiums are paid per the policy terms, they receive the maturity benefit. The benefit includes the "Basic Sum Assured," which is equivalent to 40% of the Basic Sum Assured, along with any accrued Simple Reversionary Bonuses and, if applicable, the Final Additional Bonus.

  • Loan Facility: A policyholder can avail under the policy if at least two full years' premiums have been paid. The maximum loan amount permitted under the policy is:

    • For in-force policies, policyholders can avail loans up to 90% of the Surrender Value.

    • For paid-up policies, loans of up to 80% of the Surrender Value can be availed.

  • Tax Benefits: Premiums paid under the LIC Money Back Policy - 20 Years are eligible for tax deductions under Section 80C of the Income Tax Act, and the maturity/death benefits are tax-exempted under Section 10(10D), subject to prevailing tax laws.

Optional Benefits for Enhanced Coverage

  1. Rider Benefit

    LIC New Money Back-20-year policy allows the policyholder to enhance their coverage by adding specific riders (optional benefits) to their base policy. These riders provide additional protection in various scenarios, such as accidental death, disability, or critical illness. The riders available under the plan are:

    • LIC Accidental Death and Disability Benefit Rider

    • LIC Accident Benefit Rider

    • LIC New Term Assurance Rider

    • LIC New Critical Illness Benefit Rider

  2. Option to take Death & Maturity Benefit in Instalments

    Under this feature, the policyholder has the option to receive death and maturity benefits in periodic installments over a selected period of 5, 10, or 15 years instead of receiving a lump sum amount. This option is available for both in-force policies and paid-up policies.

    Monthly Rs. 5,000/- Quarterly Rs. 15,000/- Half-Yearly Rs. 25,000/- Yearly Rs. 50,000/-

    The periodic installments can be paid in advance, and policyholders have the flexibility to choose their preferred payment frequency, whether yearly, half-yearly, quarterly, or monthly. However, the minimum installment amount varies depending on the selected payment mode: 

    Mode of Installment payment Minimum installment amount
    Monthly Rs. 5,000/-
    Quarterly Rs. 15,000/-
    Half-Yearly Rs. 25,000/-
    Yearly Rs. 50,000/-



  • If the Life Assured, whether sane or insane, commits suicide within the first 12 months from the commencement of risk, the policy will be considered void, and the company will not process any claim under the policy, except for an amount equivalent to 80% of the total premiums paid, provided the policy is in force.

  • In the event of suicide within the initial 12 months from the date of revival, the company will pay the higher of either 80% of the total premiums paid until the date of death or the surrender value as of the date of death. No other claims under the policy will be entertained in such circumstances.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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