LIC New Money Back 20 Year Plan (720)

LIC New Money Back 20 Year Plan (720) – Introduction

LIC New Money Back Plan 20 Years (Plan No. 720) is a participating life insurance plan that offers a combination of periodic returns and financial protection. It is designed for individuals who want regular income along with life cover.

This plan provides survival benefits at regular intervals during the policy term, ensuring liquidity while maintaining insurance protection throughout the duration.

At maturity, the remaining portion of the Sum Assured along with bonuses is paid, helping achieve long-term financial goals.

Eligibility – LIC Money Back 20 Year Plan (720)

• Minimum Age at Entry: 13 years
• Maximum Age at Entry: 50 years
• Policy Term: 20 years
• Premium Paying Term: 15 years
• Minimum Sum Assured: ₹2,00,000
• Maximum Sum Assured: No limit

Survival Benefits (Money Back)

The policy provides money back benefits as follows:

• 20% of Sum Assured at the end of 5th year
• 20% of Sum Assured at the end of 10th year
• 20% of Sum Assured at the end of 15th year

Maturity Benefit

On survival till the end of the policy term, the policyholder receives: 40% of Basic Sum Assured + Accrued Bonuses + Final Additional Bonus (if any).

Death Benefit

In case of death during the policy term, the nominee receives the full Sum Assured along with bonuses, irrespective of the survival benefits already paid.

Optional Benefit Riders

• Accidental Death and Disability Benefit Rider (AD & DB): Provides additional financial protection in case of accident.
• New Term Assurance Rider: Offers additional life cover.

Surrender

The policy can be surrendered after paying minimum required premiums, and surrender value is payable as per LIC rules.

Loan

Loan facility is available once the policy acquires surrender value.

Grace Period

A grace period of 30 days is allowed for premium payment.

Free Look Period

A 15-day free look period is available to review the policy.