LIC Money Back Plans Introduction
LIC Money back plan is a popular insurance policy in India. Unlike Endowment plan in Money back plan you will get benefits as periodic payments during the policy period until the policy holder survives. LIC Money Back Policy is available for a maximum policy term of 20 to 25 years, while some other money back plans may have less than this policy term. LIC offers different types of Money Back Plans Like LIC Money back policy 20 years, LIC Jeevan Shagun policy etc..You can select any one of them according to your requirements.
An important feature of LIC Money Back Plan is that in the event of unfortunate death of the policyholder at any time during the policy period company will pay a full sum assured without deducting any survival benefit amounts. Similarly, the bonus is also calculated on the full sum assured. If you have taken LIC Money Back Plan when you are earning, you can get your benefits periodically during the policy period which will help you in critical situations which do not effect your routine life.
A percentage of Maturity Sum Assured shall be payable on surviving to the end of the specified duration on maturity. LIC Money Back plans also takes care of liquidity need through its loan facility. You can also get Additional rider benefits on LIC Money Back Plans.
LIC Money Back Plan Benefits
Different Benefits available in LIC Money Back Plan are
- Death Benefit.
- Maturity Benefit.
Death Benefit: On the death of Insured of insured person during the policy period the company will pay the sum assured plus additional benefits to the nominee.
Maturity Benefit: If you have paid all the due premiums until the completion of your policy period, A lump-sum amount will be paid as Maturity benefit.
LIC Money Back Plans example
For example, if you have chosen for 20 year Money back policy, 20% of the sum assured will be payable periodically each after 5,10 and 15 years and the remaining balance plus additional bonus will be paid at the 20th year in LIC Money Back plans.
If you have taken LIC Money Back Policy for a Term of 25 years, 15% of the sum assured will be payable each after 5, 10, 15 and 20 years, and the remaining balance plus the additional bonus will be payable at the 25th year.
LIC Money Back Plans
LIC Money Back policy 20 years is a non-linked life insurance policy. It offers protection against death, guaranteed returns and bonus. LIC Money Back policy 20 years also takes care of liquidity needs through its loan facility and there is High Bonus and High liquidity and saving point.
LIC Money back plan 25 years is a non-linked life insurance plan which offers guaranteed bonus and returns. LIC Money back insurance policy 25 years provides protection for both savings and insurance. In money back 25 years insurance plan partial survival benefits means some percentage of sum assured will be paid to the policyholder periodically during the policy term.
LIC Jeevan Shagun Money Back plan is a Single Premium Money Back Policy. LIC Jeevan Shagun policy Provides High Level of Death Cover like Jeevan Saral during the Policy term. In LIC Jeevan Shagun Policy, Policy Holder has an option to Select Maturity Sum Assured based on it Fixed Single Premium. Special Feature of this policy is that, at the time of taking the policy itself, we can know the maturity amount that we get after the term of the policy.
LIC New Bima Bachat Policy is a non-linked participating protection and savings plan. It provides financial protection against the death of the policyholder during the policy term. LIC Bima Bachat Plan is a single premium LIC Money Back Plan is a traditional insurance plan, where a certain amount of money is paid at periodic intervals.
LIC New Children Money Back Policy is a non-linked plan, This plan is specially designed to meet various financial needs of children through Survival Benefits. LIC New children money back policy is a regular premium payment money back plan. LIC New children money back policy provides risk cover on the life of child during the policy term and additional survival benefits on surviving of the children until the end of the policy period.
LIC Bima Diamond Plan is a non-linked, with-profit, limited premium payment money back life insurance policy. The New Bima Diamond plan of LIC comes with the triple benefits such as enhanced protection, money back, and auto cover features. The unique feature of this LIC Beema Diamond Plan 841 is extended risk cover after policy term. That means the corporation provides financial support for the family of the insured not only during the policy term but also behind the policy term in the extended cover period.