• LIC Policy with Money Back

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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 45 1 2 3 4 5
    • LIC Life Insurance
      "Good investment"
      0.5 5.0/5 "Blown Away!"
      I have taken a Money back policy in LIC, in which every 5 years I will be getting Cashback and also at the end of stint I will be getting a lumpsome amount. I have been paying Rs.25000 as an annual premium for this Insurance. They provide Loan on the basis of this Insurance. I have making my repayment for this Insurance using cheque mode.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 10 years and it is a money back policy. The tenure of this policy is 15 years and i get a money back after every 5 years. I pay my premium on annual basis through net banking and i am convenient with the payment options. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 14, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I hold a life insurance policy with LIC from last 7 years and it is a money back policy. The tenure of this policy is 25 years and i get a money back after every 5 years. I pay my premium once in 3 months by cheque and i am convenient with the payment options. I have a coverage of Rs 2.5 lakhs which is less when compared to other insurance.
      Was this review helpful? 0
      , surat
      Reviewed on Feb 12, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 16 years and it is a money back policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 6 months by cash and sometimes by cheque. I am convenient with the payment options in this policy. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 12, 2018
    • LIC Life Insurance
      "Better money back plan"
      0.5 4.0/5 "Great!"
      I have the Money back life insurance policy with the LIC from past 8 years. This money back policy has the tenure of 16years. Every 4 years once I will be getting the money back amount from the LIC money back policy. The customer support is good with the LIC.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      The Money back policy is good to use with the LIC and I have the money policy for past 12 years. This policy has tenure of 20years. The premium amount of Rs,3200 I pay to this money back policy . This policy will get matured in the coming year. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 6 years and it is a money back policy. The tenure of this life insurance policy is 15 years and i get a money back after 10 years. I pay a premium of Rs 1500 once in 3 months and i am convenient the payment options. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 02, 2018
    • LIC Life Insurance
      "Better money back plan"
      0.5 3.0/5 "Satisfactory"
      Bought a money back policy from LIC around 5 years. Here this policy has the tenure of 19yeas. The customer support is good with the LIC. I pay the premium amount of Rs,2000 to this policy and I would say it is a good policy to use , because it gives money back on every 4 years once.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 01, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with LIC.The policy is for 10 years i am holding the policy for the last ten years of time.I pay a premium amount of 13k pr annum,net banking is very comfortable to make payments.They give good response to the customers.The plan name id money back policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 01, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 15-16 years and it is a money back policy. The tenure of this life insurance policy is 20 years and i get a money back after every 5 years. I pay my premium on annual basis through net banking and the payment options are convenient for me. The coverage and benefits are also good in this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 30, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Got the money back life insurance policy for past 15 years. The customer support is good with the LIC . This policy has the tenure of 20years. I pay the premium of Rs,1200 every month to this LIC money back policy. The plan benefits and the coverage is excellent with this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 29, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have the Money back policy from LIC for past 3 years. I pay the premium of Rs,1500 in every 3 months once. The customer support service is good with the LIC. The plan benefits and the policy coverage is good with this policy .I would say it is an average policy to use
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 25, 2018
    • LIC Life Insurance
      "Looking for better benefits"
      0.5 3.0/5 "Satisfactory"
      I would say LIC is more beneficial compared to other insurance company. Every year I pay the premium around Rs.47,000, I have money back policy. I have activated this policy in 2014, I will be getting bonus interest around Rs.1.5 lakh after five years and I get maturity benefits around Rs. 6 lakhs after completing the tenure of 15 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 24, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 5-6 years and it is a money back policy. The tenure of this life insurance policy is 20 years and i get a money back every 5 years. I pay my premium on annual basis by cheque and I am also convenient with the payment options which they are giving. The coverage and benefits are very good in this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 23, 2018
    • LIC Life Insurance
      "Its Excellent"
      0.5 5.0/5 "Blown Away!"
      Basically my uncle working as a LIC agent, I believe its trust worthy I used to paid Rs 40,000 in a year as a premium. I have money back policy every year they are providing bonus interest its credits is account and other policies provides return after the maturity . Even the payment gateway is very easy to pay.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 23, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 8 years and it is a money back policy The tenure of this loan is 15 years and i get a money back after every 5 years. I pay my premium once in 6 months by cheque and the name of the insurance is Jeevan umang. The coverage and benefits are very good in this policy.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 22, 2018
    • LIC Life Insurance
      "Best policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a LIC policy from last 10-12 years and it is a money back policy. The tenure of this life insurance policy is 20 years. I pay my premium on variable basis and i am convenient with the payment options which they are giving. I get a money back after every 4 years. The coverage and benefits are good in this policy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 22, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 1 year and it is a money back policy. The tenure of this life insurance policy is 20 years. I pay a premium of Rs 7000 once in 3 months through online and i get a money back of Rs 60000 every 4 years up to 15 years. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • LIC Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the money back policy around 10 years ago from LIC. This policy has the term of 15years. I get the cash back in every 4 years once. The customer support is good with LIC. The premium amount of Rs,990 and 1230 I pay to this policy in every 3 months once.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with LIC.The monthly premium is 22,000 i have registered for an auto debit made from my salaried account,i get a total policy coverage is up to four lakhs.The website is easy and quick in processing.I have taken two policies one is money back policy so after 5 years they had given a cheque of 10k.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 12, 2018
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