The LIC New Money Back 20 Years Plan-920 is a participating life insurance policy that offers financial protection along with periodic payouts to meet your liquidity needs. To estimate the premium payable for this plan, the LIC New Money Back 20 Years Plan-920 Premium Calculator is a helpful tool that allows potential policyholders to calculate premiums based on their personal details and coverage requirements.
Overview of the LIC New Money Back 20 Years Plan-920
The LIC New Money Back 20 Years Plan-920 is a life insurance plan designed to provide both savings and protection. Key features of the plan include:
- Policy Term: 20 years
- Premium Payment Term: Pay premiums for only 15 years while enjoying life cover for 20 years.
- Life Cover: Offers life insurance coverage for the full 20-year term.
- Guaranteed Money-Back Payouts: Survival benefits are paid at specified intervals if the life assured is alive at the end of these periods.
- Death Benefit: In case of the policyholder’s unfortunate death, the death benefit is paid to the nominee.
- Bonuses: The plan participates in LIC’s profit-sharing, and bonuses are declared to enhance the payouts.
- Maturity Benefit: At the end of the policy term, a lump sum maturity benefit is paid, which can also be taken as an annuity.
- Premium Waiver: In case of disability due to an accident, future premiums may be waived to ensure the policy continues.
In summary, the LIC New Money Back 20 Years Plan-920 provides periodic payouts for liquidity, long-term life cover, and guaranteed benefits.
What is the LIC New Money Back 20 Years Plan-920 Premium Calculator?
The LIC New Money Back 20 Years Plan-920 Premium Calculator is an online tool designed to help you estimate the premium for your insurance plan based on:
- Age of Life Assured: Your age at the time of purchasing the plan.
- Sum Assured: The amount of insurance coverage you wish to opt for.
- Premium Payment Mode: Choose between yearly, half-yearly, quarterly, or monthly premium payments.
- Accident Benefit Rider: Option to add this rider for extra protection.
- Premium Waiver: Opt to waive premiums in case of disability.
Key Features of the Premium Calculator
- Free to Use: Available online at no cost.
- No Login Required: Easily accessible without the need for signup.
- Quick Estimates: Provides instant premium estimates.
- Adjustable Inputs: Allows users to modify inputs to see how premiums change.
- Official LIC Tool: Ensures accurate and reliable estimates based on LIC’s official rates.
The premium estimates from this calculator help policyholders understand the cost of the plan and make informed purchase decisions.
How to Use the LIC New Money Back 20 Years Plan-920
Using the LIC New Money Back 20 Years Premium Calculator is easy and straightforward. Follow these steps:
- Visit the Calculator Page: Go to LIC Premium Calculator.
- Select Product: Choose “New Money Back 20 Years” from the dropdown menu.
- Add Riders: Specify if you need Accident Benefit or other riders.
- Enter Details: Provide basic personal details such as your name, mobile number, and email.
- Input Age and Sum Assured: Enter your age and desired sum assured.
- Choose Payment Mode: Select your preferred premium payment mode (yearly, half-yearly, etc.).
- Tick Premium Waiver: If you want to add the premium waiver benefit, check the relevant box.
- Calculate Premium: Click the “Calculate Premium” button.
- Review Results: The premium estimate will appear along with money-back details.
- Test Scenarios: Modify inputs to see how premium changes under different scenarios.
The process is quick and easy, helping you determine the most affordable premium structure for your budget.
Benefits of the LIC New Money Back 20 Years Plan-920 Premium Calculator
The LIC New Money Back 20 Years Premium Calculator offers several useful benefits:
- Free Tool: It’s available online at no charge.
- Quick and Simple: Requires minimal information and generates premium estimates instantly.
- Flexible: Allows users to modify parameters like sum assured, payment mode, and riders to see premium changes.
- Tailored Premiums: Helps policyholders select the right sum assured and payment term based on affordability.
- Rider Options: Incorporates optional riders such as Accident Benefit and Premium Waiver.
- Helps Decision Making: Assists buyers in designing an optimal insurance plan.
- Easy to Access: No need for registration or login.
By using this calculator, potential buyers can accurately estimate their premium requirements and tailor the policy to suit their needs.
FAQs on LIC New Money Back 20 Years Plan-920
What is the minimum sum assured under the LIC New Money Back 20 Years Plan?
The minimum sum assured is ₹1,00,000.
What are the policy and premium payment terms?
The policy term is 20 years, and premiums are payable for the first 15 years.
What payment modes are available for premiums?
You can choose from yearly, half-yearly, quarterly, or monthly payment modes.
Can the premium payment period be extended?
No, the premium payment term is fixed at 15 years.
Is a medical examination required for this plan?
For healthy individuals, no medical examination is required for a sum assured up to ₹2 lakhs.
Conclusion
The LIC New Money Back 20 Years Plan-920 is an ideal insurance solution that combines life cover with periodic money-back payouts to meet long-term financial needs. The online premium calculator allows easy premium estimation, helping buyers make informed decisions about their insurance needs.
By using this tool, you can design a policy with the right sum assured, riders, and premium payment structure in just a few simple steps. This plan from LIC is a smart choice for those seeking comprehensive life insurance with liquidity benefits.
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