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  • LIC Policy with Money Back

    LIC Life Insurance

    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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