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LIC Money Back Plan – 20 Years Maturity Calculator

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The LIC Money Back Policy 20 Years Maturity Calculator is an invaluable tool for individuals who've invested in the LIC Money Back Plan. This unique plan promises its policyholders a specified percentage of the sum assured at regular intervals, provided they survive the set policy years within the 20-year term.

With the LIC Money Back Policy Calculator, policyholders can effortlessly determine both the premiums due and the maturity amount expected at the end of the 20-year period. Although LIC no longer offers this particular plan, existing policyholders can still take advantage of this calculator for their benefit.

Let’s understand the LIC Money Back Plan – 20 Years Maturity Calculator and shed some light on its key features, benefits, and more.

What is the LIC Money Back Plan – 20 Years Maturity Calculator?

The LIC Money Back Plan - 20 Years Maturity Calculator is a digital tool introduced by LIC to assist policyholders in understanding the maturity benefits associated with the LIC Money-Back Plan - 20 Years.

This calculator operates based on specific criteria that outline the plan's rewards -

  • Duration: The policy has a fixed term of 20 years.
  • Survival Benefit: Once a policyholder reaches the 5th, 10th, and 15th years of the policy, they are eligible for a survival benefit.
  • Periodic Returns: In the aforementioned years (5th, 10th, and 15th), policyholders are rewarded with 20% of the sum assured.
  • Maturity Benefit: At the end of the policy term, the remaining 40% of the sum assured is provided. This is coupled with a bonus and the FAB (Final Additional Bonus).

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Advantages of LIC Money Back Policy – 20 Years Maturity Calculator

The LIC Money Back Policy 20 Years Maturity Calculator stands as an important tool for individuals looking to get insights from their policy. This calculator seamlessly brings several advantages to the fore -

  • Precision in Numbers: One of the primary benefits of the LIC Money Back Policy Calculator is its accuracy. With this calculator, you can effortlessly find out the maturity benefits of the plan as per your specific inputs.
  • User-friendly Design: Navigating the calculator is a breeze. It's built for simplicity and only asks for essential details like age, sum assured, and the policy term.
  • Swift Computations: Forget about laborious manual calculations! With this tool swiftly processing the data, you can get your maturity benefits' estimate in a jiffy.
  • Help in Financial Planning: Planning for the future becomes more efficient and practical with this calculator. By offering a projection of the plan's maturity benefits, it serves as a guidepost, assisting in charting out future expenditures and investment strategies.
  • An Arena for Comparison: Not all plans and terms are created equal. The LIC Money Back Policy 20 Years Maturity Calculator empowers you to juxtapose the maturity benefits of varying policy terms and sum assured values. This comparative insight can be pivotal in making a well-informed choice when selecting a plan.

Illustration of Maturity Benefit Using LIC Money Back Plan – 20 Years Maturity Calculator

To understand the benefits of the LIC Money Back Plan for 20 years, let's take an example:

Meet Anu. In 2022, at the age of 29, Anu decided to invest in the LIC Money Back Plan-20 years. She chooses a basic sum assured (BSA) of INR 10 Lakhs. Here's a breakdown of the benefits Anu stands to receive:

  • Year 2027 (Age 34): After 5 years into the policy, Anu receives her 1st survival benefit, which is 20% of her BSA. This translates to INR 2 Lakhs.
  • Year 2032 (Age 39): 10 years after starting her policy, Anu gets her 2nd survival benefit. This is again 20% of her BSA, amounting to INR 2 Lakhs.
  • Year 2037 (Age 44): 15 years in, Anu receives her 3rd survival benefit. This is also 20% of the BSA, giving her another INR 2 Lakhs.
  • Year 2042 (Age 49): At the completion of the 20-year policy term, Anu gets her maturity benefit. This is 40% of her BSA, which is INR 4 Lakhs.

It's important to note that Anu will receive these benefits only if she survives the entire duration of the 20-year policy.

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Parting Insights

The LIC Money Back Policy 20 Years Maturity Calculator has been specifically designed to help individuals who've made the prudent decision of investing in the LIC Money Back Plan. By breaking down and simplifying the process, the LIC Money Back Policy Calculator highlights the benefits that one can expect from their policy, ensuring that they are well informed at every stage of their investment journey.

With this invaluable digital instrument, you can be confident in the accuracy of the numbers and effectively plan your financial future without the stress of manual calculations. Furthermore, its user-friendly design ensures that even those who aren't tech-savvy can navigate with ease.

Although LIC no longer offers this specific plan, the calculator remains an essential asset for existing policyholders by assisting them in extracting maximum value from their investment.

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