LIC Insurance Money Back Policy

 LIC has made new money back Insurance policy plan which is called Plan No. 920. In this plane you will will the 3 benefits together, death benefits to nominee, money back benefits and maturity benefits. So, this is great policy who want to safe himself and his family. 

 I have taken this insurance policy plan on 10th Oct. 2020 for 20 years. I have paid 3 installments and today, I am ready its some detail to you for your future benefits. 

This plan protects your both death and also financial benefits. 

Ist benefit : Benefits to Nominee

In case, the policy holder died, full policy amount will given to its nominee. For example I have the Rs. 1,00,000 money back policy, If I will die, my nominee gets Rs. 1 Lakh, even, I paid only 3 installments of Rs. 13060. Just my nominee family member needs to go to our local lic department for claim. 

2nd Benefit : Money Back After End of Every 5th Year

At the end each 5 years in 20 years, policy holder will get 20% money back which will help policy holder to pay its installment. 

It means if you have the policy of insurance Rs. 1,00,000

first 5 years, every month, your insurance premium  liability is = Rs. 730

After 5 years when you will get Rs. 20,000, will deduct and per month your liability will be = Rs. 400

More detail explain

Next 5 year total liability of premium = 43755

Less money back = 20000

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balance payable = 23755

23755/43755 X 100 = 55% approximately 

which is just 55% of your total per month liability

3rd Benefit : On Maturity

You have to pay the premium upto 15 years

means, my policy has started on 09-04-2020 and my last premium will be on 09-04-2035

and my maturity will end of 20 years which will be 9-10-2040

I will get Rs. 1,00,000 + Bonus which is will normal rate of annual interest.