LIC Policy with Money Back

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

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

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LIC Money Back Plans Reviews

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  • LIC Life Insurance
    "LIC is a part of Indian Government"
    0.5 4.0/5 "Great!"
    My LIC policy is running from last 20 years. I have chosen the money back policy. For that policy, the amount will be auto deducted from my account. I got the money back in after mentioned intervals and I'm satisfied with the growth as well. My parents has suggested me about the LIC policy. Till date lots of paper works are there and they can be convert into electronic like others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 19, 2019
  • LIC
    LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through LIC agent .This policy is a Money back policy and it is for the tenure of 15years .This premium is paid on quarterly basis ,I have got all the relevant details about the policy .I am completely satisfied with the service .I have got the policy documents on time .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have Life Insurance policy which was taken through LIC agent .This is a money back policy it is for the tenure of 15years paying the premium on yearly basis ,I am paying the premium through online ,The premium is nominal and got all the required details about the policy through the agent .
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 17, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent directly .This is a Money back policy and the tenure is for 15 years.There was no drawbacks faced so far.I have got all the details through the agent .This policy is very useful and it is still active only .I have got my policy documents on time .
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jun 14, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the money back policy with the LIFE INSURANCE CORPORATION OF INDIA and i am using it since for the last 4 years and I got no money back bonus so far with this policy. The premium is payed through online for yearly once. The coverage is for family. The maturity is for long term also it has the life coverage after the maturity.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 13, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am holding a MONEY BACK policy with LIFE INSURANCE CORPORATION OF INDIA where the policy has the maturity period of 16 years and using it for the last 7 years. I am getting the money back, I got 10K so far. It gives the self coverage in this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 13, 2019
  • LIC Life Insurance
    "Money back policy is good which we can get in intervals"
    0.5 4.0/5 "Great!"
    I have taken my money back policy from Life Insurance Corporation of India. I already completely one policy which is a one time payment and the received amount was a convenient one and received some extra amount also. I have got the money back to my account when i taken the policy, i have to give my RTGS account details hence the money will be automatically credited my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 12, 2019
  • LIC Life Insurance
    "If you want money in every 5 years, its a useful policy"
    0.5 5.0/5 "Blown Away!"
    Since i have purchased the money back policy from LIC, every 5 years the money will back and the amount will be credited to my account automatically. 4 years back, i have bought the policy. It has some benefits like i received a bulk amount in every 5 years. I am paying the premium amount of Rs. 90000 per annum. I make the premium through online.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy through LIC agent ad the name of the policy is Money back policy and the tenure is for 20years and i am paying the premium on monthly basis and the premium amount is Rs. 5000.The service is very good to me and i am very much convenient with the service ,this policy is still active and got the policy documents on time .
    Was this review helpful? 0
    , thane
    Reviewed on Jun 10, 2019
  • LIC Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    Got my money back policy and i have completed all the premium and I'm waiting for the time to withdraw the policy maturity amount. I have chosen the term for 8 years. I have purchased the policy in 2008 and last year i have stopping to make the premium. The maturity amount will be automatically credited to my account.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 09, 2019
  • LIC Life Insurance
    "Good for tax saving"
    0.5 3.5/5 "Pretty good"
    I have money back policy from LIC, it was started by my father at 12 years back. On yearly basis I pay Rs. 6000 it has total term of 20 years,the sum assured is good. I got the money back every four bonus I get Rs. 10,000. Considering saving plan but they can increase the benefits for long time. But they have very nice tax saving and accidental cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Very good"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with Life Insurance Corporation of India. Its a money back policy and have been receiving bonus every 4 years once. The customer service is average. The benefits are good. I am doing quarterly premium of 3K through cash.
    Was this review helpful? 0
    , srinagar
    Reviewed on Jun 07, 2019
  • LIC Life Insurance
    "Need to improve"
    0.5 2.0/5 "Expected more"
    I have taken my life insurance policy through life insurance corporation of India from long time, the agent had clearly explain me about the policy coverage and plan benefits, i have taken money back policy, the premium amount i use to pay on quarterly basis directly pay in office but i found while payment their server always be down.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 07, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy through LIC agent.This is a Money back policy for the tenure of 16years and this policy maturity till the tenure 16years and i am paying Rs.3500thorough auto debit through account, This policy is still active,I have got all details through the agent,got policy document on time .
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy through LIC agent.This is a Money back policy for the tenure of 16years and this policy maturity till the tenure 25years and i am paying Rs.4000 thorough auto debit through account, This policy is still active,I have got all details through the agent.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is an Money back policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for half yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the required details through the agent and got my policy documents on time .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken directly by myself.Since i am working with LIC company i have taken this policy it is an Money back Policy for the tenure of 25 years and i am paying the premium on monthly basis through auto debit from my account .The policy features ,policy coverage ,plan and benefits are really good to me .This Insurance company is a government company so no need to worry out money will be safe .,
    Was this review helpful? 1
    , chandigarh
    Reviewed on Jun 02, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a money back policy with LIC and it was taken for income tax benefits. I am happy with the service and benefits. LIC building is near by house and whenever I have any concern reach them easily and get proper response. I am paying through cheque.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 02, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent .This is a Money back policy for the tenure of 20years ,The premium is paid on half yearly basis but converted to Yearly basis by myself since it is comfortable,The agent gave all the details about the policy,Premium is paid through cheque and the amount of Rs.19000 is paid as well ,policy documents got on time .
    Was this review helpful? 0
    , mumbai
    Reviewed on May 31, 2019
  • LIC Life Insurance
    "Good for family and we can save money for future"
    0.5 5.0/5 "Blown Away!"
    I have taken my money back policy from LIC and i make the premium through online. Total tenure period of the policy is 16 years since its a money back plan, i pay the premium amount for every quarter and every 4 years i will get 30000 and for the final year, i get 3 lakhs. I am paying the premium amount of Rs. 2512. One of my colleague has recommended me about this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 30, 2019
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