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Money Back Plan – 820

New Money Back Plan – 25 Years (Plan no. 820) :

Are you looking for an insurance policy that helps you live comfortably and looks after your family in the case of your demise? The LIC New Money Back Plan 820 does just that. This is a participating non linked plan with a 25-year term. The policy can participate in the corporation’s profits and is entitled to receive Simple Reversionary Bonuses as long as the policy is in full force.

Maturity Benefits :

In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Survival Benefits :

In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year.

Death Benefits :

On death during the policy term provided the policy is in full force, death benefit, defined as a sum ? Sum Assured on Death? and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where, a Sum Assured on Deatha? is defined as higher of 125% of the Basic Sum Assured or 10 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

How it Works

While the policy has a term of 25 years, the premium must be paid only for 20 years. From the 5th year onwards, the policy will pay out 15% of the assured sum every five years. The remaining 40% of the sum assured and bonuses accrued will be paid on maturity. In the case of the policy holder’s demise before the policy term, the nominee will get a lump sum payment of the assured sum and bonuses regardless of the payments already made.

LIC New Money Back Plan 820 Policy Details

This policy allows policy holders to enjoy financial security in their golden years and for their family in the case of their demise. The key features of this policy are:

  • Full payout of 1.25% of sum assured and bonuses in case of policy holder demise within policy term
  • 15% of maturity benefit to be paid on completion of 5th, 10th, 15th and 20th year
  • 40% of maturity benefit to be paid on maturity
  • Policy term: 25 years
  • Premium payment term: 20 years
  • Premium can be paid monthly, quarterly, semiannually or annually.
  • Minimum sum assured: Rs 1,00,000. No maximum limit
  • Premiums paid exempted from income tax under Section 80C
  • Maturity/death benefits eligible for tax rebate under Section 10(10D)
  • Surrender and loan facilities available after paying premium for 3 years
  • Minimum entry age: 13 years
  • Maximum entry age: 45 years

Contact an authorized LIC agent today to know more.

Eligibility Conditions & Restrictions for plan no: 820 
Minimum age13 years (Completed)
Maximum age50 years
Maximum maturity age 70 years
Minimum Sum AssuredRs.1,00,000
Maximum Sum AssuredNo limit
Policy Term20 years
Premium paying term15 years
Premium payment Yearly / Half yearly / Quarterly / Monthly (Thru Bank)
LoanEligible after 3rd year
SurrenderEligible after 3rd year
Money Back is paidEnd of 5th year - 20% of Sum Assured
End of 10th year - 20% of Sum Assured
End of 15th year - 20% of Sum Assured
On Maturity40% of Sum Assured + Bonus
On Death1.25% of Sum Assured + Bonus
(Already Money back paid will not be recovered)
Income Tax Benefits(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)

Frequently Asked Questions:

  • Is loan is obtainable for this policy?
    -Yes, after 3 years from Date of commencement
  • What happens if we discontinue paying the premium?
    -Policy is lapsed and Insurance risk cover stops
  • What is the difference between an endowment and a money back policy?
    -In Endowment plan, Money is paid in the end.


LIC's New Money Back plans

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