LIC's New Money Back Plan-20 Years (P-920)

LIC New Money Back Plan -  20 Years is a non-linked life insurance policy  Which offers guaranteed returns and bonus.  Premium in this plan needs to be paid for a period of 15 years while the policy continues for 20 years. Policy can be taken by anyone between 13 to 40 years of age for a fixed tenure of 20 years. 20% of the Sum Assured is paid to the Life Insured on survival at the end of every 5 years and the remaining  40% of the Sum Assured along with Vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the Life Insured on survival till the end of the Policy Tenure as Maturity Benefit.
Eligibility
Entry Age	Min. Age - 13 years (completed) Max. Age - 50 years (nearest birthday)
Polocy Term	20 years
Premium Payment Term	15 years
Premium Payment Mode	Yearly, Halfly, Quarterly, Monthly (NACH)
Sum Assured	Min. S.A - 1,00,000 Max. S.A - No LIMIT (Depending Upon Income)
Policy Benefits
Survival Benefit	On survival, the Life Insured will get the following:     20% of Sum Assured at the end of every 5th year     20% of Sum Assured at the end of every 10th year     20% of Sum Assured at the end of every 15th year
Death Benefit	The Nominee would be paid the “Sum Assured on Death” along with vested Bonuses as Death Benefit and the policy would be terminated. The Sum Assured on Death is defined as higher of the following:     125% of Basic Sum Assured     10 times the Annualized Premium The Sum Assured on Death will always be a minimum of 105% of all Premiums paid.
Maturity	On survival till the end of the Policy Tenure of 20 years, the policyholder will get the following payouts: Remaining 40% of the Sum Assured + accrued Reversionary Bonus + Final Addition Bonus (if any).
Surrendered Value	Policy can be surrendered at any time during the policy term provided at least 2 full years premiums have been paid
Loan	Loans are available provided if at least 2 full years’ premiums have been paid
Income Tax Benefit	Premium paid under this plan is eligible for TAX rebate under section 80c. Maturity Under this plan is free under sec 10(10D)
Documents would be required	Recent colored photograph of the life insured and proposer
	Identity proof like Voter’s ID Card, PAN Card, Aadhar Card, Driving License, Passport, etc.
	Address proof like Voter’s ID Card, Driving License, Passport, Electricity bill, telephone bill, etc.
	Age proof like passport, voter’s ID Card, Aadhar card, etc.