LIC New Money Back Plans- 820 & 821| Details, Premium and Maturity Calculators
LIC New Money Back Plans (Plan 820 and Plan 821) are with profit, non – linked, Limited payment plans where survival benefits are paid every fifth year. Plan 820 and 821 have a term of 20 and 25 Years respectively. The premium payment term of these plans are 15 years and 20 years.
LIC New Money back Plans 820 and 821 – Key features
- Death benefit: If the policyholder dies during the policy term, the nominee will be entitled to receive 125% of the Basic Sum Assured, vested simple reversionary bonuses and final additional bonus. Also, the periodical survival benefits which have been already paid will not be deducted from the death benefit.
- Survival Benefits: If the policyholder survives the policy term, the nominee will receive 20% (for 20 Year policy) or 15% (for 25 Year policy) of the Basic Sum Assured at the end of every fifth policy year.
- Maturity Benefit: If the Life Assured survives till maturity, 40% of the Basic Sum Assured in addition to simple reversionary bonuses and final additional bonus will be paid.
- LIC’s Accidental death and disability benefit rider is available as an option under this plan.
| LIC’s New Money Back Plans – Eligibility conditions and restrictions | ||||
|---|---|---|---|---|
| Plan 820 – (20 Year money back plan) | Plan 821 – (25 Year money back plan) | |||
| Minimum | Maximum | Minimum | Maximum | |
| Age at entry | 13 years (Completed) | 50 Years | 13 years (Completed) | 45 years |
| Basic Sum Assured | 1,00,000 | No Limit | 1,00,000 | No Limit |
| Plan 820 – (20 Year money back plan) | Plan 821 – (25 Year money back plan) | |||
| Term of the plan | 20 Years | 25 Years | ||
| Premium paying term | 15 Years | 20 Years | ||
| Maximum age at maturity | 70 Years | 70 Years | ||
LIC New Money back Plans 820 and 821 – Premium and Maturity Calculator
Premium and benefit calculator for money back plans, is an online calculator, to help you understand the benefit pattern and premium of the plan. The calculator can give you an idea on the survival benefits and its reinvestment value at a chosen interest rate. Click on the ‘Button’ provided below to open the calculator.
LIC New Money back Plans 820 and 821 -Illustration of benefits
In order to understand LIC’s New money back plans at depth, let us consider the example of a person taking the plan. Let the details of the person purchasing the plan be as follows.
| Plan Details Considered for Illustration | |||
|---|---|---|---|
| Age | 35 Years | Sum Assured | 10,00,000 |
| Term | 25 Years | Premium Payment Term | 20 Years |
| Premium Details (First Year) | |||
| Basic Premium | GST | Total Premium | |
| Yearly | 60086 | 2704 | 62790 |
| Half Yearly | 30359 | 1366 | 31725 |
| Quarterly | 15338 | 690 | 16028 |
| Monthly | 5113 | 230 | 5343 |
Please note: The benefit illustration shown above are as per the latest bonus rates of the plan. Future benefits of the plan can vary based on the actual experiences of LIC of India. Please visit LIC website for more details.
Read more:
- Premium and benefit calculators for all LIC Plans
- LIC’s Jeevan Tarun – Children’s Plan all details with calculators
- LIC’s Children’s Money back plan – all details with calculators.
