LIC Money Back Plan No. 920

Money Back Plan No. 920 is a limited payment, non-linked, with profits Money Back Plan .

Features & Conditions:

Minimum age at entry : 13 years (Completed)

Maximum age at entry : 50 years (Nearer Birthday)

Max. age at maturity : 70 years (Nearer Birthday)

Policy term : 20 years

Premium Paying term : 15 years

Minimum Sum Assured : 1,00,000/-

Maximum Sum Assured : No limit

Available Riders:

LIC’s Accidental Death and Disability Benefit Rider / Accident Benefit Rider , Term Rider & Critical illness Rider.

Payment Mode of Premium:

Yearly mode , Half Yearly mode, Quarterly & Monthly ( SSS & NACH)

Rebates:

Mode Rebate: Yearly: 2%, Half Yearly: 1 %

Grace Period:

15 Days given in monthly premium payment mode and 30 days for other payment modes.

Claim Concessions:

Available under Base Plan only. Not apply to policy Riders and Death due to Suicide.

Paid-up Value of policy:

Paid up value available after payment of premium of 2 full years.

Surrender:

Surrender value available after payment of premium of 2 full years.

Policy Loan Benefits:

Loan Benefits available after payment of premium of 2 full years.

Revivals:

Within 5 years of First Unpaid Premium (FUP)

Tax Benefits:

On Premium: Deduction under Section 80C as per Income Tax rules

Maturity Amount: Exempt u/s 10(10D)

Death claim : Exempt u/s 10(10D)

Survival Benefits: Exempt u/s 10(10D)

Sum Assured on Death :

Calculated as 125% of Basic Sum Assured

DEATH BENEFIT:

Sum Assured on Death + Vested Bonus + Final additional bonus(FAB) if any.

SURVIVAL BENEFIT:

20% of Basic Sum Assured is payable after 5th, 10th and 15th year.

MATURITY BENEFIT:

40% of Basic Sum Assured + Vested Bonus + Final additional bonus(FAB) if any

Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured .