LIC money back plan could be a popular insurance policy in India. in contrast to Endowment plan in money back set up you’ll get advantages as periodic payments during the policy period till the policy holder survives. LIC money back policy is available for a maximum policy term of 20 to 25 years, whereas some other money back plans could have less than this policy term.
LIC offers different types of money Back Plans Like LIC money back policy twenty years, LIC Jeevan Shagun policy etc..You can choose any one of them according to your requirements. An important feature of LIC money back plan is that within the event of unfortunate death of the policy holder at any time throughout the policy period company can pay full sum assured while not deducting any survival benefit amounts.
Similarly, the bonus is additionally calculated on the full sum assured. If you’ve got taken LIC money back plan once you are earning, you’ll get your edges periodically during the policy period which can help you in critical situations that doesn’t effects 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 plan additionally takes care of liquidity want through its loan facility. you’ll additionally get extra rider benefits on LIC money back Plans.
LIC Money Back Plan Benefits
Different Benefits availble 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 List
For example if you’ve got chosen for twenty year money back policy, 200th of the sum assured are payable periodically each once 5,10 and 15 years and the remaining balance plus extra bonus are paid at the 20th year in LIC money back plans.
If you’ve got taken LIC money back Policy for a Term of 25 years, 15 august 1945 of the sum assured are payable each once five, 10, 15 and 20 years, and the remaining balance and the extra bonus are payable at the 25th year.
LIC Money Back Policy 20 years
LIC money back policy 20 years may be a non-linked life insurance policy. It offers protection against death, guaranteed returns and bonus. LIC money back policy 20 years additionally takes care of liquidity wants through its loan facility and there’s High Bonus and High liquidity and saving point.
LIC Money Back Policy 25 years
LIC money back plan 25 years could be 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 edges means some percentage of sum assured will be paid to the policyholder periodically during the policy term.
LIC Jeevan Shagun
LIC Jeevan Shagun money back plan could be 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 choose 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 will know the maturity amount that we get when the term of the policy.
LIC New Bima Bachat Policy
LIC New Bima Bachat Policy may be a non-linked participating protection and savings plan. It provides financial protection against death of the policy holder throughout the policy term. LIC Bima Bachat plan is a single premium LIC money back set up is a traditional insurance plan, where a certain amount of money is paid on periodic intervals.
LIC New Children Money Back Policy
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.