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LIC’s New Money Back Plan - 20 Years

What is the Plan all About?

LIC’s New Money Back Plan - 20 Years is a non-linked, participating plan that provides the combination of periodic payment on survival at regular intervals along with protection against death through the entire policy term. This combination of benefits provides financial security for the family before maturity and maturity benefit for the surviving policyholders.


What are the Key Features?

  • Cash backs at regular intervals throughout the policy term
  • Avail the guaranteed maturity benefit
  • Life cover available
  • Choose rider to enhance protection
  • Get high sum assured discount
  • Rebate on opting annually/semi annually premium pay mode
  • Loan facility is available
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured before the date of maturity, Sum Assured on Death plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee, provided the policy is in-force. Sum Assured on Death is higher of 10 times of annualized premium or 125% of basic sum assured. The total death benefit payable cannot be less than 105% of all the premiums paid.

Maturity Benefit

    On survival of the life insured till maturity of the policy, 40% of the Basic Sum Assured plus Simple Reversionary Bonuses & Final Additional Bonus is payable.

Survival Benefit

    20% of the basic sum assured is payable at the end of each of 5th, 10th, & 15th policy year. This benefit is payable on survival of the life insured to the end of the specific durations during the policy term.


    Simple Reversionary Bonus is declared annually at the end of each financial year. When declared, it becomes guaranteed benefit under the plan. This bonus amount is added from the date of commencement of the policy till death or completion of the policy term, whichever is earlier. Final additional bonus may also be payable, in case the claim is arising due to maturity or death.

Loan Benefit

    Loan facility can be availed under this policy, after payment of three full policy years’ premiums.

Surrender Value

    This policy acquires Surrender Value after paying at least three full policy years’ premium. The Guaranteed Surrender Value is a percentage of total premiums paid and it depends on the year of surrender. The Surrender Value of Vested Simple Reversionary Bonuses is also payable. The Special Surrender Value is payable, when it is more favorable to the policyholder.

Tax Benefit

    Under this policy, you can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 13 Years 50 Years
Age at Maturity - 70 Years
Policy Tenure 20 Years -
Premium Paying Term 15 Years -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Basic Sum Assured Rs 1 Lac No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

LIC’s Accidental Death and Disability Benefit Rider can be opted, on payment of additional rider premium.

How the Plan Works?

Raman at 30 years, wants to buy LIC’s New Money Back Plan - 20 Years to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, premium paying term of 15 years, sum assured is Rs 1,00,000 with annual premium of Rs 7,752.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 20,000 at the end of each of 5th, 10th, & 15th policy year, as the survival benefit. Rs 40,000 plus Simple Reversionary Bonuses & Final Additional Bonus is payable as the maturity benefit.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during the policy term, Rs 1,00,000 plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee.

Benefit Illustration:

LIC’s New Money Back Plan - 20 Years

Please Note: The benefits illustrated above are calculated at Projected Non-Guaranteed Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. It is assumed that the rate of return will be able to earn throughout the term of the policy