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LIC Jeevan Akshay VII
Unique Features
- Affordable Premiums
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LIC Life Insurance
LIC New Money Back 20 Years
The LIC New Money Back Plan 20 Years (Plan No: 920) was launched on Ja ...Read More
🛡️ IRDAI Approved
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📊 1.98 solvency ratio
✅ 98.5%% claim settlement ratio
🌐 2048+ pan-India
About LIC New Money Back 20 Years
A quick read on what this LIC Life Insurance term plan covers and why it might be a fit for you.
The LIC New Money Back Plan 20 Years (Plan No: 920) was launched on January 6, 2014, to cater to the financial needs of business owners and salaried individuals in India. This is a fixed-period, non-linked, participating plan that protects the policyholder against death and disburses periodic payouts of 20% of the Sum Assured upon completion of five, ten, and fifteen years, provided the policyholder survives.
A simple reversionary bonus also accrues upon policy maturity. The plan includes optional accidental death and disability coverage.
LIC New Money Back Plan 20 Years offers a range of benefits including:
- Death Benefits
- Maturity Benefits
- Participation in Profits
- Policy Revival
- Survival Benefits
Eligibility Criteria for LIC New Money Back 20 Years
Entry age
Minimum Age - 13 years, Maximum Age - 50 years
Maturity age
Maximum Maturity Age - 70 years
Policy tenure
20 years
Premium payment term
15 years
Premium payment frequency
Annual, half-yearly, quarterly, and monthly
Sum assured
Rs 1 lakh to No limit
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Death Benefits
- Maturity Benefits
- Loyalty Additions
Cons
- Exclusion for pre-existing conditions
- No automatic cover continuance
- Benefits are not guaranteed
Video reviews
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
LIC Money Back Plan 920 Details
Know the details of LIC Money Back Plan No. 920 with examples and calculations. It is a 20-year plan policy introduced by the Life Insurance Corporation of India.
Who can buy this plan
Eligibility criteria pulled straight from the policy wording.
Minimum entry age: 13 years
Maximum entry age: 50 years
Minimum sum assured: Rs 1 lakh
Maximum sum assured: No limit
Maximum policy term: 20 years
How Does the LIC New Money Back 20 Years Plan Work?
Let's understand how the LIC New Money Back 20 Years Plan works with a simple premium illustration.
Problem
Mr. Verma is looking for a life plan that offers both death and maturity benefits.
Solution
His financial advisor advised him to buy the LIC New Money Back 20 Years Plan, and he visited PolicyX.com to explore options.
Let's understand how the LIC New Money Back 20 Years Plan works for him with a premium illustration table.
| Age of policyholder | Policy Term | Premium payment tenure | Basic sum assured | Annual Premiums |
| 30 years | 20 years | 15 years | Rs 1 lakh | Rs 7,752 |
Benefits of LIC New Money Back 20 Years
There are various benefits to buying the LIC New Money Back 20 Years Plan. Let’s understand each of them in detail:
- Death Benefit: If death occurs during the first five policy years, the benefit is payable if the insured person dies before maturity. Before the date of commencement of risk, a refund of premiums paid without interest will be payable.
- Maturity Benefits: If the insured survives until the end of the policy period, and all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition will be payable.
- Participation in Profits: This plan also offers participation in profits along with the base maturity benefits.
- Additional Bonus: This bonus is paid if the policy runs for a minimum period, as determined by the company. It may be declared at the time of claim (death or maturity).
Features of LIC New Money Back 20 Years
Key features that make LIC New Money Back 20 Years stand out.
Policy Loan
You can avail a policy loan once it acquires surrender value.
Cooling Period
This plan offers a 15-day free-look period, allowing you to return the policy if you are not satisfied.
Paid-up Value
This policy acquires a paid-up value if premiums for at least 3 years have been paid.
Tax Benefits
The LIC New Money Back 20 Years Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for premiums paid up to ₹1.5 lakh in a financial year.
Documents Required for LIC New Money Back 20 Years
Keep these documents handy when applying for LIC New Money Back 20 Years.
Photo ID Proof
Photo ID Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (any one): Utility bill, Passport, Voter ID, Ration card.
Medical Records
Medical Records (if requested).
Income Proof
Income Proof (any one): Bank statement, last three months' salary slips (for salaried individuals).
Exclusions of LIC New Money Back Plan 20 Years
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired, whichever is higher, is paid.
Other Features of LIC New Money Back 20 Years
Here are the key features of the LIC New Money Back 20 Years.
Plan At a Glance
| Key Benefits | Limitations |
| Death Benefits | Premium Offset |
| Maturity Benefits | High sum assured rebate |
| Participation in Profits | Auto cover continuance |
| Additional Riders | Top-up premium |
In a Nutshell
If you are a business owner or a salaried individual, you can consider buying LIC New Money Back 20 Years Plan to ensure your family is financially protected. You will also receive benefits if you survive the policy term.
For more information about this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts will listen to your unique needs and suggest the best possible solution.
Frequently Asked Questions
The 4 most-asked questions about LIC New Money Back 20 Years, answered.
Under LIC Money Back Plan-20 years, the premiums can be paid regularly in yearly, half-yearly, quarterly or monthly mode.
No, the plan offers a grace period of 30 days, wherein you can pay your premiums within the date of the first unpaid premium. Your policy will remain in force with all the benefits. If the premium is not paid before the expiry of the days of grace, the policy lapses.
No, you cannot. Policy loans can only be availed under the policy if at least two full years’ premiums have been paid.
There is no limit to the maximum Basic Sum Assured under LIC Money Back Plan. However, the amount hose should be in multiples of Rs. 5000.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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