LIC Money Back Plan

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Φ LIC Money Back Plan – 20 Years Φ

LIC has introduced a new Insurance based Policy that is LIC Money Back Plan – 20 years. LIC Money Back Plan is a participating non-linked insurance plan which offers an attractive combination of protection against death throughout the term of the plan along with the periodic payment on survival at specified durations during the term. Under this new plan, policyholder needs to pay premiums for 15 years for policy tenure of 20 years.

Money Back Plan

The unique thing about this policy is that you can get financial support before maturity of your plan and lump sum amount at the time of maturity for the surviving policyholders.

You can also get loan facility through this Money Back Plan along with this the insurer gets a survival benefit of 20% of the basic sum assured at the end of 5, 10, 15, and 20 years of the policy.

Features of Money back Policy

  • It has option of Bonuses and Final Additional Bonus.
  • It is a participating Insurance Plan.
  • Premiums can be paid regularly at yearly, half-yearly, quarterly or in monthly mode.
  • Under this new plan, policyholder needs to pay premiums for 15 years for policy tenure of 20 years.
  • In case of Life Assured surviving to the end of the specified durations 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year is paid back.
  • The entire sum assured + accrued bonuses would be paid to the nominee as Death Benefit.

lic money back plan

Benefits Of LIC Money Back Policy

  • LIC’s Disability And Accidental Death Benefit Rider: Rider can be opted for the payment of additional premium and the cover will be available throughout the Policy is in force for the full Sum Assured as on date of accident. In case of accidental death the Sum Assured will be payable as lump sum. In case of accidental permanent disability the amount of Sum Assured will be paid in equal monthly instalments spread over 10 years. Consequently, future premiums for Accident Benefit Sum Assured will be waived.
  • Participation In Profits: Profits of the Corporation shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
  • Simple Reversionary Bonus: It is declared per thousand Sum Assured at the end of each year it is a guaranteed benefit. Simple Reversionary Bonus will be paid at the end of the term or death in addition to the final additional bonus. Simple Reversionary Bonuses is declared as per the performance of the Life Insurance Corporation.
  • Death Due To AccidentIf a policyholder who has opted for the accident benefit rider option happens to die during the tenure of the policy due to accident then his/her beneficiary will be paid the accident benefit sum assured amount as well as sum assured on death amount.

You Can Also Have A View Of:

Money Back Life Insurance Policy

Retirement Plan

Best Term Plan With Maturity Benefits

Whole Life Insurance

Eligibility For LIC Money Back Plan:

  • Minimum Age: 13 Years
  • Maximum Age: 50 Years
  • Maximum Maturity Age For Life Assured: 70 Years
  • Minimum Basic Sum Assured: Rs. 1,00,000/-
  • Maximum Basic Sum Assured: No Limit
  • Term: 20 years
  • Premium Paying Term (PPT): 15 Years

lic money back plan calculator

LIC’s Accidental Death And Disability Benefit Rider:

  • Minimum Age: 18 Years
  • Maximum Age: Can be opted at anytime , there is no any hard and fast rule.
  • Maximum cover Age: 70 Years
  • Minimum Accident Benefit Sum Assured: Rs. 1,00,000/-
  • Maximum Accident Benefit Sum Assured: An amount equal to the Basic Sum assured under the Basic Plan, The maximum Accident Benefit Sum Assured shall be Rs. 50,000/-

Premium Rates:

  • Premiums can be paid regularly at yearly, half-yearly, quarterly or in monthly mode.
  • A grace period of one month will be given (for yearly, half-yearly and quarterly modes) and 15 days for monthly mode.
  • Premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:
Age (In Years) Premium
20 78.00
30 79.10
40 82.95
50 92.05

Exclusion:

This includes cases for which the Corporation refuses to pay the claimed amount and such cases includes:

  • Suicide by policyholder within one year of subscribing policy. No benefits are payable
  • The corporation may decide to pay back a certain percentage of premium or surrender value as per rules and regulations.
  • Likewise, there are several exclusions applicable for Rider policies as well.

Hope the above details of the LIC Money Back Plan With 20 Years Term will help you in forming a view whether it will be beneficial for you and your loved ones and managing your financial balances.

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