LIC New Money Back Plan 720 Calculator
UIN: 512N280V03 | Policy Term: 20 Years | Premium Paying Term: 15 Years
Plan Highlights
- ✓ Entry Age: 13 to 50 years
- ✓ Minimum Sum Assured: ₹2,00,000
- ✓ Survival Benefits: 20% at 5th, 10th & 15th year
- ✓ Maturity Benefit: 40% + Bonuses
- ✓ Premium Paying Term: 15 Years
Money Back Schedule (20% each)
Why Financial Security and Life Insurance Matter Today
In the modern financial landscape, having a reliable plan for future security along with life protection has become more important than ever. Life Insurance Corporation of India, widely known as LIC, offers several insurance solutions designed to meet different financial goals and family needs. Among these options, the LIC New Money Back Plan 720 stands out as a combination of insurance protection and long-term savings benefits.
To understand the policy benefits properly and make smarter financial decisions, many people prefer using an LIC New Money Back Plan 720 calculator. This helpful tool allows users to estimate premiums, maturity benefits, and survival payouts before purchasing the plan. In this guide, you will learn complete details about the plan, why the calculator is useful, and how it can help in financial planning.
What Is LIC New Money Back Plan 720?
The LIC New Money Back Plan 720 is a participating, non-linked life insurance policy that provides both life cover and periodic money-back benefits during the policy term. Introduced in 2024, the plan is specially designed for individuals between 13 and 50 years of age who want regular survival benefits along with a lump sum payout at maturity after a 20-year policy duration.
Main Highlights of LIC New Money Back Plan 720
- Policy Duration: Coverage continues for 20 years.
- Money Back Benefits: The policy provides 20% of the basic sum assured at the end of the 5th, 10th, and 15th policy years.
- Maturity Amount: On policy completion, the remaining 40% of the sum assured is paid along with accrued bonuses and possible final additional bonus.
- Life Cover Benefit: In case of the policyholder’s unfortunate demise, 125% of the basic sum assured along with applicable bonuses is payable to the nominee.
- Premium Payment Mode: Fixed and regular premiums are payable throughout the 20-year policy term.
- Eligibility Age: Individuals between 13 and 50 years can purchase this plan.
- Minimum Sum Assured: The policy starts from ₹2,00,000 and is available in multiples of ₹25,000.
This insurance plan is designed to offer periodic returns during the policy term while also providing life protection, making it a suitable option for individuals looking for balanced medium-term financial planning.
Why Should You Use an LIC New Money Back Plan 720 Calculator?
An LIC New Money Back Plan 720 calculator helps policy buyers estimate the expected benefits of the plan based on details like age, sum assured, premium amount, and policy duration. Instead of manually calculating policy values, the calculator provides quick and accurate estimates within seconds.
By using the calculator, you can easily understand:
- Expected survival benefits during the policy term
- Estimated maturity payout
- Death benefit payable to nominees
- Premium affordability and budgeting
The calculator makes financial planning more convenient and helps users choose an investment amount that matches their future financial requirements and long-term goals.
Eligibility Requirements for LIC New Money Back Plan 720 Calculator
Before using the LIC New Money Back Plan 720 calculator, it is important to understand the policy eligibility conditions and coverage limits.
| Parameter | Eligibility Details |
|---|---|
| Entry Age | 13 years completed to 50 years (nearest birthday) |
| Maximum Maturity Age | 70 years (nearest birthday) |
| Policy Term | Fixed for 20 years |
| Premium Paying Term | 15 years |
| Minimum Sum Assured | ₹2,00,000 (in multiples of ₹25,000) |
| Maximum Sum Assured | No upper limit |
| Premium Payment Options | Yearly, Half-Yearly, Quarterly, and Monthly |
How Does the LIC New Money Back Plan 720 Calculator Function?
The LIC New Money Back Plan 720 calculator is designed to estimate policy benefits instantly after entering a few important details.
Information Required in the Calculator
The calculator generally asks for:
- Entry age of the policyholder
- Desired sum assured
- Premium amount
- Policy duration (fixed at 20 years)
- Premium payment frequency such as monthly, quarterly, half-yearly, or yearly
What Calculations Does the Tool Perform?
After entering the details, the calculator estimates:
- Survival benefits of 20% at the end of the 5th, 10th, and 15th policy years
- Maturity payout of 40% after completion of 20 years
- Bonus additions declared by LIC
- Death benefit equal to 125% of the sum assured along with bonuses
This gives policy buyers a complete understanding of expected returns, premium commitments, and overall financial benefits.
Step-by-Step Process to Use LIC New Money Back Plan 720 Calculator
Enter Basic Personal Information
Provide your date of birth and gender so the calculator can determine the applicable age category.
Choose the Desired Sum Assured
Select the insurance amount you want to purchase while considering the minimum limit of ₹2,00,000.
Select Premium Payment Frequency
Choose a suitable premium payment mode such as yearly, half-yearly, quarterly, or monthly.
Confirm the Policy Duration
The LIC New Money Back Plan 720 comes with a fixed 20-year policy period.
View Estimated Policy Benefits
Once all details are entered, the calculator displays:
- Total premium payable
- Money-back benefits during the policy term
- Estimated maturity amount
- Death benefit details
Analyze the Results
You can use the estimated figures to understand payout timelines, premium affordability, and overall suitability of the policy according to your financial planning goals.
Example of LIC New Money Back Plan 720 Calculation
Suppose a person named Nitin, aged 25 years, chooses a sum assured of ₹5,00,000 with annual premium payments. The calculator may show the following estimated benefits:
- Survival benefit of ₹1,00,000 each at the end of the 5th, 10th, and 15th years
- Maturity amount of ₹2,00,000 plus applicable bonuses after 20 years
- Death benefit of ₹6,25,000 along with bonuses if the policyholder passes away during the policy period
This estimation helps the policyholder evaluate whether the plan matches future financial objectives.
Benefits of Using LIC New Money Back Plan 720 Calculator
Better Understanding of Payouts
The calculator clearly shows when and how much money will be received during the policy term.
Easier Financial Planning
Users can estimate premium obligations and manage future budgets more efficiently.
Quick Policy Comparison
Different sum assured amounts and payment options can be compared instantly.
Improved Decision Making
The tool helps users decide whether they should increase coverage, reduce premiums, or explore additional riders.
Major Advantages of LIC New Money Back Plan 720
| Benefit | Description |
|---|---|
| Periodic Cash Benefits | Survival payouts at the 5th, 10th, and 15th years |
| Insurance Protection | Life coverage throughout the 20-year policy term |
| Bonus Benefits | Reversionary bonuses and possible final additional bonus |
| Flexible Payment Options | Multiple premium payment frequencies available |
Frequently Asked Questions About LIC New Money Back Plan 720
What Is LIC New Money Back Plan 720?
It is a 20-year participating money-back insurance policy that offers periodic payouts, maturity benefits, and life insurance protection.
When Are the Money-Back Benefits Paid?
The policy provides 20% of the basic sum assured at the end of the 5th, 10th, and 15th policy years.
What Is the Maturity Benefit Under This Plan?
At policy maturity, the policyholder receives 40% of the sum assured along with accrued bonuses and possible final bonus additions.
Who Can Purchase LIC New Money Back Plan 720?
Individuals between 13 and 50 years of age are eligible to buy this policy.
What Is the Minimum Sum Assured Available?
The minimum sum assured under this plan is ₹2,00,000.
Final Conclusion
The LIC New Money Back Plan 720 can be a suitable option for individuals looking for life insurance coverage along with periodic financial returns during the policy term. An online LIC New Money Back Plan 720 calculator makes policy planning easier by helping users understand premiums, survival benefits, maturity payouts, and overall returns in a simple and transparent manner.
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