LIC Money Back Plan

LIC Money Back Plan

The new money back is a plan for 20 years. This is a new plan that includes payments and bonus facilities with a tenure period of 20 years that includes maturity benefits. In this money back plan the insured amount will be given in small regular intervals. The nominee will get the entire sum assured and benefits even in the case of the death of the insured person.

Documents Required For LIC Money Back Plan:

The following are the documents that need to be submitted for a LIC money back plan

  1. An income proof certificate as salary slips, bank statements, income tax returns
  2. Address proof as driving license, Aadhar card, voter id, passport
  3. Aadhar card or pan card as the proof of ID needs to be submitted
  4. An age proof needs to be submitted as Aadhar card or voter id

Features Of LIC Money Back Plan:

The features of the LIC money back plan is as given below

  • This is a traditional LIC plan that continues for 20 years, the premium needs to be paid for 15 years
  • In the 5th year, 10th year, 15th year, if the life insured, is alive an amount of 20% is paid as the survival benefits and can continue the plan.
  • A death benefit to the nominee with the insured amount including bonus will be assured if the life insured dies within the policy tenure
  • There are low-risk options that provide insurance coverage

Salient Features Of LIC Money Back Plan:

The money-back plan means the money will be returned as a survival benefit

  1. Income can be taken during the lifetime of money back plan:

If you need the money, in any case, you can take the money back for your usage.

  1. Income after the maturity of money back plan:

In case of the death of the policyholder, this money back policy will help you as it covers life insurance and provides definite results.

  1. Income after the death of the insured person:

In case of the death of the policyholder, the nominee will get the bonus and sum assured. This policy will act as the standard life insurance plan even in your absence.

The following table represents the LIC money back plan

Entry Age Maturity Age Policy Term Premium paying term Premium paying modes Sum assured
The minimum entry age for money back plan is 13 years and the maximum age is 50 years 70 years 20 years 15 years Monthly, quarterly, half-yearly, yearly Minimum of 1 lakh and there is no limit over the maximum amount

Benefits Of LIC Money Back Policy:

The following are the benefits that are awarded by the LIC money bank policy. The list of benefits is as given below

  • The policy provides financial aids and bonuses
  • A survival benefit of 20% is paid to the policyholder and the policy continues
  1. The amount that needs to be paid on 5th year of the policy
  2. The amount that needs to be paid on 10th year of the policy
  3. The amount that needs to be paid on 15th year of the policy
  • A maturity benefit will be assured at the end of the policy, 40% of the basic sum assured with bonuses will be paid to the policyholder after the tenure period
  • A death benefit will be insured with the policy tenure will include the sum assured on death, bonuses payable to the nominee as survival benefit. The sum insured on the death is given as
  1. A basic amount of sum assured .125% as chosen in the policy
  2. An annual premium of 10 times will be paid
  3. The minimum amount of 105% is paid on the date of death
  4. An additional rider can be added on accidental death and disability benefit rider
  5. There are two payment methods available as half-yearly premium and yearly premium
  6. An income tax benefit on the premium according to the section 80C
  7. In case of accidental death, a benefit to the sum assured will be paid to the nominee.
  8. In case of permanent disability of the nominee due to an accident, an amount that equates to the accident benefit will be provided within 10 days will be issued.
  9. A simple reversionary bonus is paid on per thousand sums assured at the end of the policy year. A simple reversionary bonus is insured as a death benefit or at the end of the policy term
  10. If the money-back plan is run for a minimum period the nominee will be insured with additional bonus

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