LIC Money Back Plan (Plan No. 921)


LIC Money Back Plan No. 921 offers a definite return and bonus along with savings. The money-back policy requires the policyholders to pay a premium for 20 years, however, the benefit is reaped only after 25 years. The policyholder who falls under the age group from 13 to 45 years is eligible for reaping benefits after an interlocking period of 25 years.  The policyholder receives a sum assured of 15% after the end of each 5 years while the remaining 40 % can be realised after the maturity period. At the end of 25 years, the sum is collated with a vested reversionary bonus and final additional bonus.

Key Features

  • The Money Pay Back plan has an interlocking period of 25 years.
  • The policyholder reaps 15 % of the assured sum at every 5th, 10th, 15th, and 20th
  • This insurance plan has been exempted from tax payments.
  • Huge Sum Assured can be availed through this policy.
  • There are options to avail accidental and disability benefit rider along with critical illness & term rider.
  • Policyholders have settlement options for maturity and death benefits.
  • Section 80 C of Income Tax exempts paid premium.
  • The maturity amount is also exempted as tax-free under section 10 (10D).

Plan and Eligibility Criteria

Minimum Age of Policy Holder 13 years
Maximum Age 45 years
Maximum Age for Receiving maturity 70 years
Paying Modes for premium Yearly, Monthly and Quarterly
Policy Term 25 years
Paid Premiums 20 Years
Sum Assured (Basic) In multiples of 5000, 1,00,000
Loan Applicable only after 2 years


Rebates of LIC New Money Back Plan 921

Rebates are generally associated with discounts availed on premium. The policyholder is entitled to receive two rebates namely Mode Rebate and Sum Assured Rebate. Mode Rebate is provided on the payment mode of premiums while Sum Assure Rebates is received on policy value.

Basic Sum Assured (BSA) Rebates
Starting from 100000 to 1,95,000 NIL
200,000 to 495000 Rs. 2 (on per Rs.1000)
5,00,000 Rs. 3 of every 1000


Benefits Under LIC New Money Back Plan 921

Maturity Benefits- On the maturity of the plan, the policyholder receives 40% of Assured Sum which is added with Vested Simple Reversionary Bonuses and Final Additional Bonus.

Survival Benefits– Life Insured receives 15 % of Assured Sum every 5 years within 20 years.

Death Benefits– Policy Insured receives 125% of the Sum Assured in case of death. The Sum Assured is collated with bonuses and the payment is made to the nominee of the policy.  Sum Assured that is 125% is 7 times higher than the Annual Premium. Also, benefits on death should not beless than 105% of the entire premium paid till death.

In cases, the policyholder meets accidental death, the nominee will be eligible for additional amounts that are equivalent to Sum Assured plus bonuses and Accidental life cover.

Surrender Value, Loans, and Paid-Up Values

Surrender Period – The Policy Holder has the choice of surrender after completion of 2 years provided the premium is paid.

Loans– After the end of 2 years with full payment of premium, loans on policy can be sanctioned. In some cases, loans are only available if the policy acquires surrender value after three years of taking up the policy.

Paid-Up Value- The policy-holder receives paid-up value if he/ she chooses to stop paying premiums after the completion of 2 years. Also, the paid-up sum reduces proportionately after acclaiming policy paid-up after payment of 3 year’s premium.

If there are unpaid premiums, they must be revived before the completion of 5 years. The LIC Jeevan Labh Plan, loan facility can be availed only after 2 years of premium is paid.


If the policyholder commits suicide within 12 months after enrolling in the policy then, the nominee will receive 80 % of the premium paid. In case, policyholder commits suicide after completing one year, the nominee will receive Sum Assured plus Bonuses.

Grace Period

The policyholder receives a grace period of 30 days during which all unpaid premiums need to be cleared off. In case, the policyholder is unable to clear premiums, the policy shall lapse.  The policy lapses after the grace period are over. During the first initial days, the policyholders can view features and other beneficiaries of the policy. The policyholder also has the choice of returning the policy within 15 days after taking it. This is called the free-look period.

Frequently Asked Questions

  1. What is meant by Money Back Plan?

As per the Money Back Plan, the policyholder is entitled to receive payments every 5 years.

  1. What is the maximum and minimum age of entry for the policy?

The minimum age of entry is completed 13 years of the child while the maximum age is 45 years.

  1. What is the grace duration for non-payment of the policy?

A grace period of 30 days is given to the policyholder for clearing the due premiums?

  1. What is the free look period duration?

The policyholder is provided with a free look period of 15 days during whichthe policy can be returned.

  1. Will I get my premium refunded after canceling the policy after 15 days?

Yes, the policyholder will receive a premium paid after the deduction of minimum charges.

  1. How can I apply for duplicate copies of the policy?

The policyholder can submit a request for duplicate copies in the nearest branch of LIC.

  1. Am I able to check the claim status of LIC New Money Back Plan 921?

Yes, the policyholder can check the claim status through the online portal of LIC. The Toll- free number given on the policy document can also be used for checking the status.

  1. What are the benefits of the LIC Money Back Plan?

In case of sudden death, a 125% assured sum is provided to the nominee. The loan can be availed on the policy after two years of premium payment.  At every 5th, 10th, 15th, and 20th year, the policyholder receives 20%, after maturity 40% of Sum Assured is received. The Sum Assured is collated with the bonus amount.

  1. What are the potential exclusions of the Plan?

If the Policyholder passes away during the policy term, claims more than 80% cannot be claimed.

  1. What are some of the documents required for filing the application form?

The insured must provide identity proof, bank account details, address proof, photographs, and KYC


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