LIC New Money Back Plan 20 Yrs Plan 720
Offline Premium, Survival Benefits & Maturity Calculator
LIC New Money Back Plan 20 Years Plan 720 Overview
LIC's New Money Back Plan 20 Years Plan 720 is a participating, non-linked, regular premium payment plan. This plan provides an excellent combination of **protection against death throughout the term of the plan along with the periodic payment on survival (Survival Benefits)** at specified durations during the term. This unique combination provides liquidity at key milestones of life.
Eligibility & Rules
- Entry Age: 13 to 50 Years
- Policy Term: 20 Years
- Premium Paying Term: 15 Years
- Minimum Sum Assured: ₹1,00,000
Key Plan Benefits
- Survival Benefit: 20% of Basic Sum Assured payable at the end of the 5th, 10th, and 15th policy years.
- Maturity Benefit: Remaining 40% of Sum Assured + Vested Bonus + Final Additional Bonus.
- Death Benefit: Full 125% of Basic SA + Bonus (Survival payouts are not deducted from death claim).
Detailed Maturity Benefit
40% of Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). The remaining 60% is paid as survival benefits during the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Age of Policyholder | 30 Years |
| Policy Term / PPT | 20 Years / 15 Years |
| Yearly Premium (Approx, Base) | ₹37,500 |
| Total Premiums Paid (Approx) | ₹5,62,500 |
| Survival Payouts (Year 5, 10, 15) | ₹3,00,000 (₹1,00,000 each) |
| Maturity Payout (40% SA + Bonus + FAB) | ₹7,50,000 (₹2,00,000 SA + ₹4,00,000 Bonus + ₹1,50,000 FAB) |
| Total Benefits | ₹10,50,000 |
Calculating…