LIC 20 Year Money Back Policy (Plan No. 920)

LIC 20 Year Money Back Policy (Plan No. 920)

Plan Type: Non-linked, Participating, Individual, Life Assurance Plan with periodic payments on survival at specific durations during the policy term.

Objective: Provides a combination of protection against death throughout the term of the plan along with periodic payments on survival at specified durations during the policy term.

Key Features:

1. Policy Term: 20 years
2. Premium Paying Term: 15 years
3. Minimum Basic Sum Assured: ₹1,00,000
4. Maximum Basic Sum Assured: No Limit (in multiples of ₹5,000)
5. Age at Entry:
   • Minimum: 13 years (completed)
   • Maximum: 50 years (nearest birthday)
6. Age at Maturity: Maximum 70 years

Benefits:

1. Death Benefit:
   • If the policyholder dies during the policy term, the nominee will receive the Death Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
   • Death Sum Assured is defined as higher of:
     • 125% of the Basic Sum Assured.
     • 10 times the annualized premium.
     • 105% of all premiums paid up to the date of death.
2. Survival Benefits:
   • On survival at the end of each specified period, the policyholder receives a percentage of the Basic Sum Assured as follows:
     • 20% of the Basic Sum Assured at the end of 5th and 10th policy year.
     • 20% of the Basic Sum Assured at the end of 15th policy year.
     • Remaining 40% of the Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any, at the end of the policy term (20th year).
3. Maturity Benefit:
   • On survival to the end of the policy term, the policyholder receives 40% of the Basic Sum Assured plus vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
4. Participation in Profits:
   • The policy participates in the corporation’s profit and is eligible to receive Simple Reversionary Bonuses declared as per the experience of the corporation.
5. Optional Riders:
   • LIC’s Accidental Death and Disability Benefit Rider.
   • LIC’s New Term Assurance Rider.
   • LIC’s Accident Benefit Rider.
   • LIC’s New Critical Illness Benefit Rider.
   • LIC’s Premium Waiver Benefit Rider.

Rebate:

1. Mode Rebate:
   • Yearly: 2% of Tabular Premium.
   • Half-yearly: 1% of Tabular Premium.
   • Quarterly & Monthly: NIL.
2. High Sum Assured Rebate:
   • ₹1,00,000 to ₹1,95,000: NIL.
   • ₹2,00,000 to ₹4,95,000: 2.00% of Basic Sum Assured.
   • ₹5,00,000 to ₹9,95,000: 2.50% of Basic Sum Assured.
   • ₹10,00,000 and above: 3.00% of Basic Sum Assured.

Grace Period:

• A grace period of 30 days is allowed for payment of yearly, half-yearly, or quarterly premiums. For monthly premiums, the grace period is 15 days.

Revival:

• A lapsed policy can be revived within 5 years from the date of the first unpaid premium by paying all due premiums with interest.

Surrender Value:

• Guaranteed Surrender Value: Available after payment of at least two full years’ premiums.
• Special Surrender Value: Higher of the Guaranteed Surrender Value and Special Surrender Value as applicable at the time of surrender.

Loan Facility:

• Loan can be availed against the policy provided the policy has acquired a Surrender Value.

Exclusions:

• In case of suicide within 12 months from the date of commencement of risk, 80% of the premiums paid will be returned.
• In case of suicide within 12 months from the date of revival, higher of 80% of the premiums paid or acquired Surrender Value will be returned.

How to Apply:

• Interested individuals can visit the official LIC website or contact a LIC agent to apply for the 20 Year Money Back Plan.