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’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 | ||
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.
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.
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