LIC of India new plan launched on 1st. february 2020 which name is LIC New Money Back Plan 921 (LIC Table no. 921) is a traditional life insurance policy which offers guaranteed return and bonus with savings.In this plan Premium needs to be paid for a period of 20 years while the policy continue for 25 years. Policy taken age between 13 to 45 years age for a fixed tenure of 25 years.

15% of the Sum Assured is paid to the policy holder 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 (FAB) would be paid to the policy holder on survival till the end of the Policy term as Maturity Benefit. The new money back plan 921, 25 years Unique Identification Number (UIN) is 512N278V02.
 

Please Note: You can now buy online LIC new money back plan 921 25 years through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.

Is LIC money back policy good?

In LIC money back policy, the remaining 40% of the basic sum assured along with simple reversionary bonus and the last additional bonus is paid at the end of the policy. Therefore, if you want a money back in the middle of a LIC policy and are looking for a fixed return at the end of the policy and a money back option between the policy, then LIC’s Money Back Policy – 25 Years is definitely best for you.

Key Features of LIC New Money Back Plan 921

• Money Back Plan for a term of 25 years
• 15% of Sum Assured is paid at the end of 5th, 10th, 15th and 20th Year as Survival Benefit(SB)
• Simple Reversionary Bonus is payable on maturity or earlier death
• Large Sum Assured is available in this policy
• Options to avail accidental and disability benefit rider, critical illness and term rider.
• Settlement option available for maturity and death benefits in instalments 5, 10, and 15 years. 
• Paid premiums are exempted from income tax under 80C
• Maturity amount is tax free under 10 (10D).

Plan – Parameter/ Eligibility

Minimum Age at Entry	13 Years (Completed)
Maximum Age at Entry	45 Years
Maximum Age at Maturity	70 Years
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (NACH)
Policy Term	25 years.
Premium Payment Term	20 years.
Basic Sum Assured	1,00,000 and above (in multiple of 5,000)
Loan	After 2 years
Surrender	After 2 years of premium payment

Parameter of LIC New Money Back Plan 921

Rebates in LIC New Money Back Plan 921

Rebate means discount on premium. Two rebates in this policy one is Mode Rebate and another is Sum Assured Rebate.

Mode Rebate: Rebate given based on premium payment mode chosen.

Premium Payment Mode	Percentage(%)
Yearly Mode	2%
Half yearly Mode	1%
Quarterly and Monthly	Nil

High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.

Basic Sum Assured (BSA)	Rebate per Rs. 1000 /- S.A.
Rs. 1,00,000 to Rs. 1,95,000	NIL
Rs. 2,00,000 to Rs. 4,95,000	Rs. 2 of 1000/BSA
Rs. 5,00,000 and above	Rs. 3 of 1000/BSA

Benefits

Benefits

Maturity Benefits

LIC New Money Back Plan 921 Maturity Benefit = 40% of Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

Sum Assured on Maturity: On Survival to the end of the policy term, 40% of Sum Assumed on Maturity, Vested Simple Reversionary Bonuses, and Final Additional Bonus if any will be paid.

Survival Benefit

Survival Benefit – On survival, the Life Insured will get 15% of Sum Assured at the end of every 5th, 10th, 15th and 20th Policy Year and the policy continues till the end of the Policy Term of 25 years.

Death Benefits

LIC New Money Back Plan 921 Death Benefit = 125% of Sum Assured on death + Vested Simple Reversionary Bonuses + Final Additional Bonus (FAB).

• Sum Assured on Death : In case of death of the policy holder within the Policy term, the 125% of Sum Assured + vested Bonuses would be paid to the Nominee and policy would be terminate.
• The Sum Assured on Death is higher of 125% of Basic Sum Assured or 7 times the Annualized Premium subject to a minimum of 105% of all Premiums paid.
• Sum Assured on Death is 7 times higher than the annualized premium.
• Death Benefit : The Death Benefit shall not be less than 105% of the total premium paid as on death.

Eligibility

LIC New Money Back Plan 921 Surrender, Loan and Paid-up value.

LIC New Money Back Plan 9201 Surrender, Loan and Paid-up value details is given below.

Surrender period : Policy can be surrender after 2 years at least 2 full years payment of premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan 936, after at least 2 full years of premium paid.

Paid-up value : Once a LIC New Money Back Plan 920 policy has completed minimum 2 full years and more premiums paid, and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up value.

Paid-up value formula

Paid-up value = Sum Assured * Total number of premiums paid/Total number of premiums to be paid

 

LIC New Money Back Plan 921 with an Example

An example of Ravi who is purchasing this Plan with following details.

Sum Assured (Rs.)	5,00,000
Age (Years)	25
Policy Term(Years)	25
Premium Paying Term	20
Purchase Year	2020
Yearly Premium	1st. yrs. (30012), 2nd yrs. (29366) onward

LIC New Money Back Plan 921 with an Example

As per above example, policy holder needs to pay the premium of Rs. 30,012 1st. year and Rs. 29,366 2nd year onward every year for 20 years (Premium Paying Term) and after completion of 25 years (Policy Term). The benefits (money back, maturity & Year-wise death claims) related to this plan is given below.

If he survives,

At end of 5th year he get 75,000 /-

At end of 10th year he get 75,000 /-

At end of 15th year he get 75,000 /-

At end of 20th year he get 75,000 /-

 

Maturity Details

If Policy holder survives 25 years, then Maturity (40% 0f Sum Assured + Bonus +FAB) will be as under.

MATURITY YEAR	AGE AT MATURITY	TOTAL PREMIUM PAID	MATURITY AMOUNT (APPROX.)
2045	50	5,87,966	8,62,500 (excluding money back)

 

Death Claim Details

In case of death during policy term ( Before 25 years ), 125% ofSum Assured + Bonus + Final Additional Bonus (Normal Life Cover) will be paid to nominee. In case of accidental death, additional amount equal to Sum Assured along with Sum Assured + Bonus + Final Addition Bonus (Accidental Life Cover) will be paid to nominee. Year-wise and Age-wise Normal Life Cover and Accidental Life Covers will be as follows.

How to Understand given below Table?

Suppose if, unfortunate death of policyholder happens in year 2042 (at age 47), then by that time total premium paid will be Rs. 5,29,234 and nominee will get death claim except money back as Rs.11,51,000 in case of normal death or Rs. 16,51,000 as accidental death claim in case of death due to accident and policy will be stop.

LIC New Money Back Plan 921 additional information

Revival : Policy should be revived before 5 years from last unpaid premiums.

Loan Facility : Loan facility is available under LIC Jeevan Labh plan, after at least 2 full years payment of premiums.

Riders Facility : Accidental Death and Disability Benefit Rider, critical illness and Term Assurance Rider is available.

Suicide Clause : If Policy Holder Committed Suicide within 12 month from date of taking the policy 80% of paid premium will be returned back. If committed suicide after 1 year. Full Sum assured + Bonus will be paid by LIC to their nominee.

Cooling off Period : Policy holder can return back policy within 15 days from date of receiving the policy.

Date Backing Facility : Available.

Proposal Form : Form No. 300, 340.