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  • LIC Policy with Money Back

     4.5 / 5.0   by 987 users
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    Plan Benefits

    Payment Options

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    What is LIC money back policy?

    LIC or Life Insurance Corporation India is one of the biggest providers of life insurance policies in India. The bank is known for its innovative life insurance policies and high claim settlement ratio. LIC money back policy is one among the many kinds of life insurance policies offered by the bank.

    LIC money back policy is a life insurance policy that offers life cover during term of the policy and the maturity benefit is paid in installments through survival benefits every 5 years. There are different schemes with different terms under this plan. Most of the schemes under this plan offer optional riders along with tax benefits.

    LIC Money Back Policy Comparison Chart

     

    Survival benefit

    Maturity benefit

    Surrender benefit

    Participation in profit

    Optional riders

    Tax benefits

    LIC’s New Money Back plan- 20 years

    Yes

    Yes

    Yes

    Available

    Accidental death and disability benefit

    Yes

    LIC’s New Money Back plan- 25 years

    Yes

    Yes

    Yes

    Available

    Accidental death and disability benefit

    Yes

    LIC’s New Bima Bachat

    Yes

    Yes

    Yes

    Available

    Offers loyalty benefit

    Yes

    LIC’s New Children Money Back Plan

    Yes

    Yes

    Yes

    Available

    LIC’s premium waiver benefit rider and option to defer survival benefit

    Yes

    LIC’s Jeevan Tarun

    Yes

    Yes

    Yes

    Available

    Accidental death and disability benefit

    Yes

    LIC Money Back Plans

    Listed below are the money back plans offered by LIC

    1. LIC’s New Money Back plan- 20 years: This insurance plan is a participating non-linked plan that offers protection against death along with periodic payment on survival at specified durations during the term. The plan also takes care of liquidity needs through its loan facility. The policy is for 20 years. The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
    2. LIC’s New Money Back plan- 25 years: It is a non linked participating money back plan which offers financial protection before maturity and lump sum amount of money at the time of maturity. The policy participates in profits of the corporation and is entitled to avail bonuses as per the policy. The policy comes for a term of 25 years and also offers the optional Accidental death benefit. The policy offers tax benefits under section 80D of the Income Tax Act, 1961.
    3. LIC’s New Bima Bachat: LIC’s New Bima Bachat is a participating insurance policy that offers financial protection with a wide range of benefits. Death benefit is paid as sum assured on death, vested simple reversionary bonuses and final bonus if any. The policy also offers bonuses by participating in profits. The plan offers loyalty addition which is payable on death after completion of five years of the policy and on the survival of policyholder at maturity of the plan.
    4. LIC’s New Children Money Back Plan: It is a money back insurance plan designed to offer financial protection along with financial benefits for your children. The policy offers survival, death and maturity benefit. The policy also offers the option to defer survival benefit rider and LIC’s premium waiver benefit.
    5. LIC’s Jeevan Tarun: It is a limited premium insurance plan which offers financial protection along with a savings plan for the children. The plan is designed to meet the educational needs and other financial needs of children through annual survival benefit payments. The policyholder can choose from 4 different options offered by the plan. The plan also offers optional riders.

    LIC Money Back Plans Features

    Listed below are the features of LIC Money Back Plan.

    • It is a participating non-linked life insurance plan
    • Offers financial protection along with additional bonus with the participation in profit feature
    • The plans offers high tenures
    • Can be purchased online
    • Offers Death benefit
    • Offers Survival benefit
    • Offers Maturity benefit
    • Offers additional bonuses in the form of Participation of profits
    • Offers optional rider in the form of accidental death cover benefit and disability benefit
    • Some of the plans offer loyalty benefit

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Money Back Plans Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Benefits should be improved"
      0.5 5.0/5 "Blown Away!"
      Every people trust on LIC, I have money back policy with them. Per month I am paying Rs. 4500 for total tenure of 25 years. As compared to other policy they are not providing proper benefits but still we trust the insurance company because of the reputation. Still need to work on the benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken my money back policy 1 year back. My friend who is working as a LIC agent has referred this policy. I have chosen the payment of Rs. 4460 which is a quarterly payment. They have offered me a sum assured amount of Rs. 3 lakhs and i have to pay the premium for 12 years. I used to make the payment through cash.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 12, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.5/5 "Excellent!"
      I have taken the MONEY BACK policy with the LIFE INSURANCE CORPORATION OF INDIA, the premium i pay on monthly basis for this policy where i have pay my premium for ling term. The maturity period is for 20 years for this life insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a person whom i contact, he is employee of LIC. If i have any doubts, i will clarify with him. I purchased the money back policy in 2000. I pay the premium amount of Rs. 21000 annually. I have chosen the annual payment mode. Total tenure period of the policy 20 years and 5 years is a lockin period. This is tax benefitable policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 01, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have chosen the tenure period of 18 years .
      Was this review helpful? 0
      , pune
      Reviewed on Nov 01, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the MONEY BACK policy with the LIFE INSURANCE CORPORATION OF INDIA. I am using it from many years where they have give the money back for 4 years once. It is a good policy to use added on that it gives the self coverage from this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 27, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the MONEY BACK POLICY with the LIFE INSURANCE CORPORATION OF INDIA from last 14 years. The maturity period is for 20 years it gives the coverage for self. The service is good and also i am getting money back for 5 years once.
      Was this review helpful? 0
      , dindigul
      Reviewed on Oct 18, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the policy of life insurance with LIFE INSURANCE CORPORATION OF INDIA before 3 years because of the brand value. I am holding the money back policy where the premium i am paying for monthly one as 15k. This gives the coverage for me and my spouse.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 15 years and it is a money back policy. I get money back after every 5 years. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. The tenure period for this policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 13 years and it is a money back policy. The maturity period for this policy is 16 years. I pay my premium once in 3 months through online payments and i am convenient with the payment options. I get money back after every 3 years.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have chosen good tenure period .
      Was this review helpful? 0
      , thane
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I took this Life insurance Money back policy from Lic insurance company mainly , Its been always safer side as this insurance company belongs to govt . I make the payment through online banking where the amounts get auto debited . I have taken this policy 1992 and i have to pay till 2020 .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 06, 2018
    • LIC Life Insurance
      "Experience is good"
      0.5 4.0/5 "Great!"
      I also have a money back policy with LIC. In this policy I would get a bonus every few years and I would also get my benefit after the maturity term. The premium is paid on a half yearly basis. The payment options are very convenient and I can pay it online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2018
    • LIC Life Insurance
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I also have a life insurance with LIC. The tenure is for twelve years. I have taken a money back policy and every three years I would get my bonus which is a feature in this policy. The premium is normal too. Though there are things which can be done online. I still need to visit the office.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 20, 2018
    • LIC Life Insurance
      "Beneficial policy"
      0.5 4.5/5 "Excellent!"
      My father has taken a life insurance from LIC for me. It is a money back policy and the benefits are good and the sum assured is good. I got the benefits by default without having to go behind LIC.
      Was this review helpful? 1
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 10 years and it is a money back policy. I am happy with the returns and benefits of this policy. I pay my premium once in a year through auto pay. The tenure period for this policy is 20 years.
      Was this review helpful? 1
      , faridabad
      Reviewed on Sep 06, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my life insured with LIC from last 4 years and it is a money back policy. I get money back after every 3 years in this policy. I pay my premium once in 6 months through net banking and i am convenient with payment options. The name of this policy is Jeevan anand and i get good returns and benefits. The tenure period for this policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 05, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a life insurance policy with LIC from last 8 months and it is a money back policy. I get money back after every 4 years for Rs 20000. I pay a premium of Rs 2500 every month through auto deduction. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , tirupati
      Reviewed on Aug 27, 2018
    • LIC Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I have taken I have taken Money back policy from Life insurance corporation of India . I have already paid for 5-6 years and had to pay for next 15 years . I make the payments every 3 months . I came to know about this policy through my friend. This policy covers good benefits.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 25, 2018
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