LIC New Money Back 20 Years (Plan 920) is a with-profit money back plan launched on 1 February 2020 and later replaced by Plan 720. You pay for 15 years; LIC returns 20% of the sum assured at years 5, 10 and 15, and 40% plus bonuses at year 20. A 30-year-old with ₹5 lakh pays about ₹30,380 a year and, at a ₹40 bonus, receives about ₹9 lakh in total.
Money Back 920 Premium & Payout Calculator
Your estimate
40% of sum assured + bonus
- Premium per instalment
- ₹30,380
- Survival benefits (money back)paid at the end of years 5, 10 and 15
- ₹1,00,000
- Total premium paid
- ₹4,55,700
- Total bonus (estimated)
- ₹4,00,000
- Total returns
- ₹9,00,000
- Sum assured on deathplus bonuses accrued; money backs already paid are not deducted
- ₹6,25,000
- Premium paying term
- 15 years
- Age at maturity
- 50 years
- Total premium paid₹4,55,70051%
- Net gain₹4,44,30049%
Survival benefit (money back) schedule, bonus at the assumed rate
| Policy year | Your age | Premium paid till then | Payout |
|---|---|---|---|
| 5 | 35 years | ₹1,51,900 | ₹1,00,000 |
| 10 | 40 years | ₹3,03,800 | ₹1,00,000 |
| 15 | 45 years | ₹4,55,700 | ₹1,00,000 |
| 20 | 50 years | ₹4,55,700 | ₹6,00,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC New Money Back 20 Years Plan 920?
LIC’s New Money Back Plan – 20 Years (Plan 920) is a non-linked, with-profit, limited premium money back policy. It was launched on 1 February 2020, together with its 25-year sibling Plan 921. Instead of paying everything at the end, it returns part of the sum assured every five years, and life cover stays at the full level throughout.
Plan 920 has been withdrawn and relaunched as LIC New Money Back Plan 720. If you hold a 920 policy, nothing changes for you. This page and calculator are meant for existing policyholders and for anyone comparing the old and new versions.
Plan 920 at a glance
| Feature | Details |
|---|---|
| Plan number | 920 |
| Launched | 1 February 2020 |
| Plan type | With-profit, limited premium money back |
| Policy term | 20 years |
| Premium paying term | 15 years |
| Entry age | 13 to 50 years (maturity by 70) |
| Minimum sum assured | ₹1,00,000, no upper limit |
| Survival benefits | 20% of sum assured at years 5, 10, 15 |
| Maturity | 40% of sum assured + bonuses |
| Status | Withdrawn, replaced by Plan 720 |
Survival benefit (money back) schedule
| End of policy year | What LIC pays | On ₹5 lakh sum assured |
|---|---|---|
| 5 | 20% of basic sum assured | ₹1,00,000 |
| 10 | 20% of basic sum assured | ₹1,00,000 |
| 15 | 20% of basic sum assured | ₹1,00,000 |
| 20 (maturity) | 40% of basic sum assured + bonuses | ₹2,00,000 + bonus |
The calculator shows the same schedule for your own age and sum assured, with the premium paid up to each payout.
How the premium is calculated
The rate per ₹1,000 sum assured rises gently with age. From it the calculator subtracts a ₹3 per ₹1,000 rebate for covers of ₹5 lakh and above, then a 2% rebate for yearly payment (1% for half-yearly).
Worked example: a 30-year-old takes ₹5 lakh. The yearly premium is ₹30,380, paid for 15 years, a total of ₹4,55,700. At a bonus of ₹40 per ₹1,000 a year, the policy pays three ₹1 lakh money backs and a maturity of ₹6,00,000, so about ₹9,00,000 in total.
A 35-year-old with ₹10 lakh paying monthly pays ₹5,612 a month. Over 15 years that is ₹10,10,160, against about ₹18,00,000 received at the same bonus rate.
Tip: the money backs are guaranteed, but the bonus is not. Enter the average rate from your yearly bonus statements to get a realistic maturity figure.
Death benefit
If the life assured dies during the term, the nominee receives the sum assured on death, the higher of 125% of the basic sum assured or 7 times the annual premium, plus accrued bonuses. Survival benefits already paid are not deducted. The total is never less than 105% of premiums paid.
Loan, surrender and tax
A loan is available after two full years of premium, against the surrender value. Surrender is also allowed after two years; check what you would receive with our surrender value calculator. Premiums qualify for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) under the old tax regime, and money backs and maturity are generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)) within the premium limits.
Plan 920 vs Plan 720 vs Plan 921
| Point | Plan 920 | Plan 720 (replacement) | Plan 921 |
|---|---|---|---|
| Term / premium years | 20 / 15 | 20 / 15 | 25 / 20 |
| Money backs | 20% at 5, 10, 15 | 20% at 5, 10, 15 | 15% at 5, 10, 15, 20 |
| Minimum sum assured | ₹1 lakh | ₹2 lakh | ₹1 lakh |
| Premium, age 30, ₹5 lakh | about ₹30,380 | about ₹38,705 | about ₹29,336 |
| On sale | No | Yes | No |
Plan 720 costs more for the same benefits, which is why existing 920 holders are usually better off keeping their policy. For a general money back estimate, try the money back policy calculator.
Frequently asked questions
Is LIC Money Back Plan 920 still available?
No. Plan 920 has been withdrawn and replaced by LIC New Money Back Plan 720, which keeps the same 20-year term, 15-year premium payment and 20-20-20-40 payout pattern. Existing 920 policies continue unchanged until maturity.
What is the money back schedule of Plan 920?
LIC pays 20% of the basic sum assured at the end of the 5th, 10th and 15th policy years. At the end of the 20th year it pays the remaining 40% plus all simple reversionary bonuses and any final additional bonus.
What is the premium for LIC 920 at age 30?
For ₹5 lakh sum assured, a 30-year-old pays about ₹30,380 a year after the high sum assured and yearly mode rebates. For ₹10 lakh the yearly premium is about ₹60,760. Premiums are paid for 15 years only.
What is the maturity value of Money Back 920?
Maturity is 40% of the sum assured plus bonuses. For ₹5 lakh at ₹40 per ₹1,000 a year, that is ₹2 lakh plus ₹4 lakh of bonus, so about ₹6 lakh. Adding the three ₹1 lakh money backs, total receipts are about ₹9 lakh.
What is the death benefit in LIC 920?
The nominee gets the higher of 125% of the basic sum assured or 7 times the annual premium, plus accrued bonuses. Money backs already paid are not deducted. For ₹5 lakh cover that is at least ₹6,25,000 plus bonus.
How is 920 different from 720?
Plan 720 replaced 920 with the same structure but new rates: ₹5 lakh at age 30 costs about ₹38,705 a year in 720 against about ₹30,380 in 920, and 720's minimum sum assured is ₹2 lakh instead of ₹1 lakh.
Is GST charged on Plan 920 premiums?
Not any more. From 22 September 2025 individual life insurance premiums are GST-exempt. Earlier, 920 premiums carried 4.5% GST in the first year and 2.25% after that.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.