Premium and Maturity Calculator – LIC New Money Back Plans (820 and 821). LIC’s New Money Back plans are limited payment, with profit, non linked money back plans with two terms to choose from, namely 20 years and 25 years. Premium payment terms of these plans are 15 years and 20 years respectively.
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.
LIC Money back Plans 820 and 821 Key features
- Death benefit: If the policyholder dies during the policy term, the nominee will get 125% of the Basic Sum Assured, vested simple reversionary bonuses and final additional bonus. Also, the periodical survival benefits which have been paid will not be deducted.
- 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.
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.