LIC's New Money Back Plan-20 Years (Plan No. 920, UIN No. 512N280V02) is a participating, non-linked life insurance plan that offers both death benefit and survival benefits. Here's a quick overview:

Key Features:

  • Policy term: 20 years
  • Premium payment term: 15 years
  • Sum assured: Minimum sum assured is Rs. 40,000, no maximum limit
  • Survival benefits: 20% of the sum assured payable at the end of 5th, 10th, and 15th years
  • Maturity benefit: Sum assured + accrued bonuses (if any) payable at the end of 20 years
  • Death benefit: Sum assured payable to nominee in case of policyholder's death during the policy term

Additional benefits:

  • Loan against policy: Available after 3 years from policy issuance
  • Tax benefits: Premiums qualify for tax deduction under Section 80C of the Income Tax Act. Maturity and death benefits are also tax-free under certain conditions.
  • Accidental death and disability benefit (rider): Optional add-on coverage that provides additional payout in case of accidental death or disability

Here are some things to consider:

  • This plan is not suitable for short-term goals, as the premium payment term is 15 years.
  • The returns are not guaranteed, as they depend on the bonus declared by LIC.
  • There are other investment options available that may offer higher returns.

If you are considering this plan, it is important to consult with a financial advisor to see if it is suitable for your needs and financial goals.

I hope this information is helpful. Please let me know if you have any other questions about LIC's New Money Back Plan-20 Years.

Invest and trade with Kite by Zerodha, India’s largest retail stockbroker. Open an account now. {}