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LIC’s NEW MONEY BACK PLAN
20 Years
( Plan No. 820 )
UIN : 512N280V01
LIC’s New Money Back Plan -20 years ~ Benefits
Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan No. 820

Maturity Benefit

Maturity Benefit

40% of the Basic Sum Assured along
with
Vested Simple Reversionary
Bonuses and
Final Additional Bonus, if any.
Modification-

40% of the Basic Sum Assured
along with
Vested Simple Reversionary
Bonuses and
Final Additional Bonus, if any.

Death Benefit

Death Benefit

‘Sum Assured on
Death' instead of
SA

Basic Sum Assured(BSA) along
with Vested Simple Reversionary

Bonuses and
Final Additional Bonus, if any.

‘Sum Assured on Death’ along
with Vested Simple Reversionary
Bonuses and
Final Additional Bonus, if any.

The death benefit as defined above
shall not be less than 105% of total
premiums* paid as on the date of
death .
LIC’s New Money Back Plan -20 years ~ Benefits

What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~

125% of Basic Sum Assured (1.25 x BSA)
OR

10 times Annualised Premium.(10 x AP).

[Premiums - excluding taxes, extra premiums and premiums for riders, if any]
LIC’s New Money Back Plan -20 years ~ Benefits
NO
Change
in SB

Survival Benefit
5th

Survival Benefit
Payable

10th

15th

20%

Policy Year

20%

20%

Paid-up
Value
modified

Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan No. 820

Paid-up value per thousand Sum Assured
Year

‰

Year

‰

6,11

70

15

50

2,7,12

140

16

120

3,8,13

210

17

190

4,9,14

280

18

260

19

330

20

400

Paid –up value shall be equal to
[(Number of premiums paid/ Total

Number of premiums payable)x Basic
Sum Assured less total amount of
Survival Benefits paid under the policy.
LIC’s New Money Back Plan -20 years ~
Eligibility Conditions and Restrictions
Particulars
Age at entry

Money Back Plan -20 years
( Plan No. 75)
13 to 50 years

New Money Back Plan – 20
years ( Plan No. 820)
13 to 50 years

Age at Maturity Maximum 70 years

Maximum 70 Years

Policy Term

20 years

20 years

Premium
Paying Term

20 Years

15 Years

Premium mode

Yearly, Half-yearly, Quarterly,
Monthly (SSS or ECS)

Yearly, Half-yearly, Quarterly,
Monthly (SSS or ECS)

Basic Sum
Assured

50,000 and above

Minimum
Sum
Assured
modified

1,00,000 and above
( In multiples of 5000)

Premium
Paying
term
modified
LIC’s New Money Back Plan -20 years ~ Rebates
Rate
modified

Rebate

Mode
Plan No. 75

Plan No. 820

Yearly

3% of tabular Premium

2% of tabular premium

Half-yearly

1.5% of tabular premium

1% of tabular premium

Quarterly

Nil

Nil
Slab & Rate
modified

Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan No. 820

Basic Sum Assured

Rebate (Rs.)

Basic Sum Assured

Rebate (Rs.)

1,00,000 and above

2.00‰ SA

5,00,000 and above

3.00‰ BSA

50001 to 1,00,000

1.00‰ SA

2,00,000 to 4,95,000

2.00‰ BSA

Upto 50000

Nil

1,00,000 to 1,95,000

Nil
LIC’s New Money Back Plan -20 years ~ Loan
Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan No. 820

Available after payment of 3 full years

Available after payment of 3 full years premiums.
% of loan
modified

premiums.
Loan granted shall be 90% of the

The maximum amount of loan that can be granted

Surrender Value in case of inforce

as a percentage of Surrender Value be as under:

policies and 85% of the Surrender Value

For inforce and fully paid-up policies – upto 90%

in case of Paid-up policies.

For paid-up policies – 80%

Foreclosure action shall be initiated on

Foreclosure action shall not be taken under fully

default of 2 or more half-yearly loan

paid-up and inforce policies even if there is

interest installments.

default of loan interest.
LIC’s New Money Back Plan -20 years ~ Surrender Value
Plan No. 75

Plan No. 820

Guaranteed Surrender Value (GSV)

Guaranteed Surrender Value (GSV)
No
Change

Available after payment of 3 full years
premiums.

Available after payment of 3 full years
premiums.

Before Payment of Survival Benefit:
GSV shall be equal to 30% of the total
premiums paid less First Year Premium and
extra premium, if any.
After Payment of Survival Benefit:
GSV shall be 30% of the premiums paid after
the due date on which last SB was paid less
extra premium, if any.

GSV shall be a percentage of total premiums
paid (net of taxes) excluding extra premium, if
any and premium paid for riders, if opted for.
Less any survival Benefits already paid.
Examples of GSV factors applicable for total
premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)

GSV %
modified

Cash Value of vested bonuses, if any.
Bonus
Payable
modified

GSV factor applicable to vested bonus, if any.
Examples of Vested bonus factors –
Year of SV – Factor
3
10
19

16.21%
18.16%
30%
LIC’s New Money Back Plan -20 years ~ Surrender Value
No change in SSV

Money Back Plan -20 years
Plan No. 75

New Money Back Plan – 20 years
Plan No. 820

Special Surrender Value (SSV)

Special Surrender Value (SSV)

Surrender Value shall be the discounted
value of the Paid-up Sum Assured and
vested simple reversionary bonuses.

Surrender Value shall be the discounted
value of the Paid-up Sum Assured and
vested simple reversionary bonuses.

The discount factors shall be special
surrender value factors as provided in Table1A of the Special Surrender Value Booklet
and will depend upon the policy term and
duration elapsed since the commencement of
the policy.

The discount factors shall be special
surrender value factors as provided in Table1A of the Special Surrender Value Booklet
and will depend upon the policy term and
duration elapsed since the commencement of
the policy.

Surrender Value Payable

Surrender Value payable

The Higher of Guaranteed Surrender Value
and Special Surrender Value shall be
payable.

The Higher of Guaranteed Surrender Value
and Special Surrender Value shall be
payable.
LIC’s New Money Back Plan -20 years
New Money Back Plan – 20 years
Plan No. 820

Money Back Plan -20 years
Plan No. 75
A Policy may be revived within a
period of 5 years from the date of
first unpaid premium.

A Policy may be revived within a
period of 2 years from the date of
first unpaid premium.

Taxes, if any , were borne by the
corporation.

Taxes, if any, shall be applicable at
the prevailing rates and borne by
the policyholder as per rules.

There shall be no change in
the following Items
Back Dating
Grace Period
Assignment/Nomination

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LIC New Money Back plan table no 820 - 20 years

  • 1. LIC’s NEW MONEY BACK PLAN 20 Years ( Plan No. 820 ) UIN : 512N280V01
  • 2. LIC’s New Money Back Plan -20 years ~ Benefits Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Maturity Benefit Maturity Benefit 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Modification- 40% of the Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. Death Benefit Death Benefit ‘Sum Assured on Death' instead of SA Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. ‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death .
  • 3. LIC’s New Money Back Plan -20 years ~ Benefits What is Sum Assured on Death? Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annualised Premium.(10 x AP). [Premiums - excluding taxes, extra premiums and premiums for riders, if any]
  • 4. LIC’s New Money Back Plan -20 years ~ Benefits NO Change in SB Survival Benefit 5th Survival Benefit Payable 10th 15th 20% Policy Year 20% 20% Paid-up Value modified Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Paid-up value per thousand Sum Assured Year ‰ Year ‰ 6,11 70 15 50 2,7,12 140 16 120 3,8,13 210 17 190 4,9,14 280 18 260 19 330 20 400 Paid –up value shall be equal to [(Number of premiums paid/ Total Number of premiums payable)x Basic Sum Assured less total amount of Survival Benefits paid under the policy.
  • 5. LIC’s New Money Back Plan -20 years ~ Eligibility Conditions and Restrictions Particulars Age at entry Money Back Plan -20 years ( Plan No. 75) 13 to 50 years New Money Back Plan – 20 years ( Plan No. 820) 13 to 50 years Age at Maturity Maximum 70 years Maximum 70 Years Policy Term 20 years 20 years Premium Paying Term 20 Years 15 Years Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Basic Sum Assured 50,000 and above Minimum Sum Assured modified 1,00,000 and above ( In multiples of 5000) Premium Paying term modified
  • 6. LIC’s New Money Back Plan -20 years ~ Rebates Rate modified Rebate Mode Plan No. 75 Plan No. 820 Yearly 3% of tabular Premium 2% of tabular premium Half-yearly 1.5% of tabular premium 1% of tabular premium Quarterly Nil Nil Slab & Rate modified Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Basic Sum Assured Rebate (Rs.) Basic Sum Assured Rebate (Rs.) 1,00,000 and above 2.00‰ SA 5,00,000 and above 3.00‰ BSA 50001 to 1,00,000 1.00‰ SA 2,00,000 to 4,95,000 2.00‰ BSA Upto 50000 Nil 1,00,000 to 1,95,000 Nil
  • 7. LIC’s New Money Back Plan -20 years ~ Loan Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Available after payment of 3 full years Available after payment of 3 full years premiums. % of loan modified premiums. Loan granted shall be 90% of the The maximum amount of loan that can be granted Surrender Value in case of inforce as a percentage of Surrender Value be as under: policies and 85% of the Surrender Value For inforce and fully paid-up policies – upto 90% in case of Paid-up policies. For paid-up policies – 80% Foreclosure action shall be initiated on Foreclosure action shall not be taken under fully default of 2 or more half-yearly loan paid-up and inforce policies even if there is interest installments. default of loan interest.
  • 8. LIC’s New Money Back Plan -20 years ~ Surrender Value Plan No. 75 Plan No. 820 Guaranteed Surrender Value (GSV) Guaranteed Surrender Value (GSV) No Change Available after payment of 3 full years premiums. Available after payment of 3 full years premiums. Before Payment of Survival Benefit: GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any. After Payment of Survival Benefit: GSV shall be 30% of the premiums paid after the due date on which last SB was paid less extra premium, if any. GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Less any survival Benefits already paid. Examples of GSV factors applicable for total premiums paid Policy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term) GSV % modified Cash Value of vested bonuses, if any. Bonus Payable modified GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors – Year of SV – Factor 3 10 19 16.21% 18.16% 30%
  • 9. LIC’s New Money Back Plan -20 years ~ Surrender Value No change in SSV Money Back Plan -20 years Plan No. 75 New Money Back Plan – 20 years Plan No. 820 Special Surrender Value (SSV) Special Surrender Value (SSV) Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. The discount factors shall be special surrender value factors as provided in Table1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. The discount factors shall be special surrender value factors as provided in Table1A of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. Surrender Value Payable Surrender Value payable The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
  • 10. LIC’s New Money Back Plan -20 years New Money Back Plan – 20 years Plan No. 820 Money Back Plan -20 years Plan No. 75 A Policy may be revived within a period of 5 years from the date of first unpaid premium. A Policy may be revived within a period of 2 years from the date of first unpaid premium. Taxes, if any , were borne by the corporation. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules. There shall be no change in the following Items Back Dating Grace Period Assignment/Nomination