LIC New Money Back 20 Years Plan 920 Calculator
UIN: 512N280V02
• Premiums are based on LIC official brochure sample rates.
• Death Benefit = Higher of 125% of BSA OR 7× annualized premium OR 105% premiums paid.
• Survival Benefits = 20% of Basic Sum Assured at end of 5th, 10th & 15th year.
• Maturity Benefit = 40% BSA + Vested Bonus + FAB.
• Yearly Mode Rebate = 2%, Half-Yearly = 1%.
• High SA Rebate applicable above ₹2 lakh.
LIC New Money Back 20 Years Plan 920 Calculator
LIC New Money Back 20 Years Plan 920 Calculator is a useful financial planning tool that helps policyholders estimate:
- Premium payable
- Survival benefits
- Bonus earnings
- Maturity value
- Death benefits
under one of the most popular traditional money-back insurance policies offered by Life Insurance Corporation of India.
The plan combined insurance protection with savings and periodic payouts, making it suitable for individuals looking for both liquidity and long-term financial security.
LIC New Money Back 20 Years Plan 920
LIC New Money Back 20 Years Plan 920 (UIN: 512N280V02) was a traditional, non-linked, participating life insurance policy introduced by LIC.
The policy offered:
- Periodic money-back survival benefits
- Life insurance protection
- Maturity benefits with bonuses
- Participation in LIC profits
The plan helped policyholders receive regular payouts during the policy term while also building long-term savings through bonuses.
Launch and Withdrawal Dates
When Was LIC New Money Back 20 Years Plan 920 Launched?
LIC officially launched the policy on February 1, 2020.
When Was LIC New Money Back 20 Years Plan 920 Withdrawn?
The policy was withdrawn from new sales on November 18, 2024.
Although new purchases are no longer available, existing policyholders continue receiving benefits according to policy conditions.
Key Features of LIC New Money Back 20 Years Plan 920
Type of Insurance Plan
- Non-linked
- Participating
- Limited premium money-back insurance policy
Policy Term
The total policy duration was:
- 20 years
Premium Paying Term
Premiums were payable only for:
- 15 years
while benefits continued for the full 20-year term.
Participation in LIC Profits
As a participating plan, policyholders became eligible for:
- Simple Reversionary Bonus
- Final Additional Bonus
declared according to LIC’s performance.
Liquidity Through Survival Benefits
The plan offered periodic money-back payouts every 5 years, improving liquidity during the policy term.
Life Insurance Protection
Life cover remained active throughout the policy duration, ensuring financial security for the nominee.
Guaranteed and Bonus Benefits
The policy combined:
- Guaranteed benefits
- Bonus additions
to increase maturity value over time.
Objectives of LIC New Money Back 20 Years Plan 920
Why Was LIC New Money Back 20 Years Plan 920 Designed?
The policy aimed to:
- Provide financial protection to family members
- Offer regular survival payouts every 5 years
- Build long-term savings through bonuses
- Support financial goals such as:
- Education
- Marriage
- Retirement planning
Eligibility Criteria for LIC New Money Back 20 Years Plan 920
| Particulars | Details |
|---|---|
| Minimum Entry Age | 13 years completed |
| Maximum Entry Age | 50 years nearest birthday |
| Maximum Maturity Age | 70 years |
| Policy Term | 20 years |
| Premium Paying Term | 15 years |
| Minimum Basic Sum Assured | ₹1,00,000 |
| Maximum Basic Sum Assured | No limit in multiples of ₹5,000 |
| Grace Period | 30 days for yearly, half-yearly, and quarterly modes |
| Free Look Period | 15 days |
How LIC New Money Back 20 Years Plan 920 Worked
LIC New Money Back 20 Years Plan 920 functioned as a traditional money-back insurance policy where the policyholder paid premiums for 15 years while enjoying life cover for the complete 20-year policy duration.
During the policy term, LIC provided periodic survival benefits at regular intervals. At maturity, the remaining maturity amount along with bonuses became payable.
If the policyholder died during the policy term, the nominee received death benefits regardless of earlier money-back payouts already paid.
Example of LIC New Money Back 20 Years Plan 920
Suppose Mr. Rajesh, aged 30 years, purchased the policy with:
- Basic Sum Assured: ₹5,00,000
How Benefits Were Paid
- Premiums payable for 15 years
- After 5th policy year: ₹1,00,000 survival benefit
- After 10th policy year: ₹1,00,000 survival benefit
- After 15th policy year: ₹1,00,000 survival benefit
At maturity during the 20th policy year, he received:
- ₹2,00,000 remaining Basic Sum Assured
- Simple Reversionary Bonus
- Final Additional Bonus (FAB)
LIC New Money Back 20 Years Plan 920 Calculator
LIC New Money Back 20 Years Plan 920 Calculator was developed to estimate:
- Monthly, quarterly, half-yearly, or yearly premiums
- Survival benefits
- Maturity value
- Death benefits
- Bonus projections
The calculator helped policyholders understand expected returns and insurance protection before purchasing the policy.
Calculation Structure of LIC New Money Back 20 Years Plan 920
| Policy Year | Benefits Payable | Description |
|---|---|---|
| 5th Year | 20% of Basic Sum Assured | First Survival Benefit |
| 10th Year | 20% of Basic Sum Assured | Second Survival Benefit |
| 15th Year | 20% of Basic Sum Assured | Third Survival Benefit |
| 20th Year | 40% of Basic Sum Assured + Bonuses | Maturity Benefit |
The calculator generated estimates based on:
- Age of policyholder
- Basic Sum Assured
- Premium payment mode
Benefits of LIC New Money Back 20 Years Plan 920
Survival Benefit
At the end of the:
- 5th year
- 10th year
- 15th year
the policyholder received:
- 20% of Basic Sum Assured
These payouts helped provide liquidity for expenses such as:
- Education
- Loan repayments
- Family financial needs
Maturity Benefit
If the policyholder survived until the end of the 20-year term, LIC paid:
- 40% of Basic Sum Assured
- Simple Reversionary Bonus
- Final Additional Bonus (FAB)
Death Benefit
If death occurred during the policy term after commencement of risk, the nominee received:
- Sum Assured on Death
- Accrued bonuses
Sum Assured on Death
Death benefit was the higher of:
- 125% of Basic Sum Assured, or
- 7 times the annualized premium
Additionally, death benefit was always at least:
- 105% of total premiums paid
Bonus Facility
Simple Reversionary Bonus (SRB)
Declared annually according to the performance of Life Insurance Corporation of India.
Final Additional Bonus (FAB)
A one-time additional bonus payable at maturity or death, subject to LIC declarations.
Loan Facility
Once the policy acquired surrender value after payment of at least two full years’ premiums, policyholders could avail loans against the policy.
Tax Benefits
- Premiums qualified for deductions under Section 80C of the Income Tax Act
- Maturity and death benefits qualified for exemption under Section 10(10D), subject to prevailing tax laws
Sample Illustration of LIC New Money Back 20 Years Plan 920
| Example | Mr. Sharma, Age 30 |
|---|---|
| Sum Assured | ₹5,00,000 |
| Policy Term | 20 years |
| Premium Paying Term | 15 years |
| Approximate Annual Premium | ₹25,800 |
| Survival Benefits | ₹1,00,000 after 5th, 10th, and 15th year |
| Maturity Benefit | ₹2,00,000 + Bonuses at 20th year |
| Death Benefit | Minimum ₹6,25,000 + Bonuses |
Premium Payment Options
What Premium Modes Were Available?
Life Insurance Corporation of India allowed premiums under LIC New Money Back 20 Years Plan 920 to be paid through:
- Yearly mode
- Half-yearly mode
- Quarterly mode
- Monthly mode through ECS
Grace Period
The policy offered:
- 30 days grace period for yearly, half-yearly, and quarterly modes
- 15 days grace period for monthly premium payments
Surrender Value
When Did LIC New Money Back 20 Years Plan 920 Acquire Surrender Value?
After payment of at least two full years’ premiums, the policy acquired Guaranteed Surrender Value (GSV).
The surrender value consisted of:
- Percentage of premiums paid
- Accumulated bonuses
according to LIC surrender value rules.
Optional Riders Available
What Riders Could Be Added to LIC New Money Back 20 Years Plan 920?
Policyholders could enhance coverage through optional riders by paying additional premium.
Available riders included:
- LIC Accidental Death and Disability Benefit Rider
- LIC New Term Assurance Rider
- LIC Accident Benefit Rider
These riders increased overall financial protection under the policy.
Exclusions Under LIC New Money Back 20 Years Plan 920
Suicide Clause
If the policyholder committed suicide within:
- 12 months from policy commencement, or
- 12 months from revival date
the claim amount remained limited according to LIC rules.
Generally, only:
- 80% of premiums paid
became payable under such situations.
Advantages of LIC New Money Back 20 Years Plan 920
Why Was LIC New Money Back 20 Years Plan 920 Popular?
- Combined savings and life insurance protection
- Provided regular money-back payouts every 5 years
- Eligible for bonus benefits
- Suitable for long-term conservative investors
- Loan facility available after 2 years
- Participating plan offering profit-sharing benefits
Disadvantages of LIC New Money Back 20 Years Plan 920
Limitations of LIC New Money Back 20 Years Plan 920
- Returns were lower compared to market-linked insurance plans
- Long-term continuation was necessary to maximize bonus benefits
- Withdrawn in November 2024 and unavailable for new purchase
Comparison with Other LIC Plans
| Plan Name | Type | Policy Term | Premium Term | Launch Date | Bonus Eligible | Current Status |
|---|---|---|---|---|---|---|
| LIC New Money Back 20 Years 920 | Money Back | 20 years | 15 years | 1 Feb 2020 | Yes | Withdrawn |
| LIC New Money Back 25 Years 921 | Money Back | 25 years | 20 years | 1 Feb 2020 | Yes | Withdrawn |
| LIC Jeevan Labh 936 | Endowment | 16–25 years | Limited Pay | Active | Yes | Active |
| LIC Bima Ratna 864 | Guaranteed Return | 15–20 years | Regular | 2022 | Yes | Active |
Frequently Asked Questions (FAQs)
What is LIC New Money Back 20 Years Plan 920?
LIC New Money Back 20 Years Plan 920 was a non-linked participating money-back insurance policy offering periodic payouts every 5 years along with life insurance protection and maturity benefits.
When Was LIC New Money Back 20 Years Plan 920 Launched and Withdrawn?
The policy was launched on February 1, 2020, and withdrawn on November 18, 2024.
What Was the Premium Paying Term Under LIC New Money Back 20 Years Plan 920?
Premiums were payable for 15 years, while the total policy term remained 20 years.
What Money-Back Benefits Were Provided Under LIC New Money Back 20 Years Plan 920?
The policy paid:
- 20% of Basic Sum Assured after 5th year
- 20% after 10th year
- 20% after 15th year
At maturity, remaining 40% of Basic Sum Assured along with bonuses became payable.
Could Policyholders Avail Loans Under LIC New Money Back 20 Years Plan 920?
Yes, loans became available once the policy acquired surrender value after payment of two full years’ premiums.
Final Thoughts
LIC New Money Back 20 Years Plan 920 was considered one of the balanced traditional insurance products offered by LIC because it combined regular cash flow, bonus participation, and life insurance protection. Although withdrawn from sale, the policy continues benefiting existing policyholders through guaranteed payouts, bonuses, and financial security for their families.
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