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
    "Good and believable company to take the policy"
    0.5 4.5/5 "Excellent!"
    LIC is a good and very old company so that we believe on the policy holders and all my family members are using LIC so i have taken the life insurance policy with them. Terms and conditions are good in money back policy so i purchased it. I have been paying the premium amount of Rs. 13000 per year. I make my premium by cheque through the agent.
    Was this review helpful? 0
    , asansol
    Reviewed on Oct 20, 2019
  • LIC
    LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken through LIC agent.This was a Money Back policy and it was taken on the year of 2005 ,I am paying the premium on quarterly basis,I am paying the premium through branch ,I have got all the required details about the policy very clearly and there was no difficulties faced so far ,I have got the policy documents on time .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have availed Life Insurance policy through LIC agent only.This was a Jeevan Saral Policy and the tenure is for 15 years.This was a Money Back policy and the premium is paid on ome time only and it was less .I have got my policy documents on time and got all the relevant details about the policy very clearly through the agent .
    Was this review helpful? 0
    , jalandhar
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurace policy trough LIC agent direclty .Ths was a Money Back policy for the tenure of 20 years .I am paying the premium through online .Premium is very nominal and got all the relevant details about the policy very clearly through the agent I am paying the premium on yearly basis.
    Was this review helpful? 0
    , mainpuri
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent.This is a Money back policy and this tenure is for 25 years,I am paying the premium on monthly basis.I am paying Rs.2168 and paying the premium through online only .I have got the policy documents on time .I am really satisfied with the service so far.
    Was this review helpful? 0
    , tirupur
    Reviewed on Oct 14, 2019
  • LIC Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    There is no reason for choosing the life insurance policy from LIC. I hold a money back policy because every 5 years, i get the full money back to my account. I have been paying the premium amount of Rs. 1500 every month. I have no idea about the sum assured amount and the policy has a term of 15 years.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 14, 2019
  • LIC Life Insurance
    "Better Policy"
    0.5 4.0/5 "Great!"
    My life was insured in Life Insurance Corporation of India. My family members was having a policy with LIC so i'm continuing with the same company. This is a 16 years term policy. This is a money back policy. I have paying the premium amount of Rs. 3600 for every half yearly. I make the premium through online.
    Was this review helpful? 0
    , erode
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I pay the premium amount of Rs. 36000 on a yearly basis for my life insurance policy. Chosen my life cover policy from LIC because its like a savings plan. I took the money back policy. Total term period of the policy is 5 years and It has a coverage of Rs. 5 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 3.0/5 "Satisfactory"
    I have availed for Life Insurance policy directly through Online .This was a Money Back policy and the premium is paid through the agent ,The premium amount is Rs.2000 and i have got all the update about the policy through the agent . There was no drawbacks faced so far .I have got my policy documents on time .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent directly .This was a policy which is for the tenure of 25 years and this was a Money Back policy .I am making the premium payment through the agent directly.I have got all the details about the policy through the agent very clearly.
    Was this review helpful? 0
    , burdwan
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I am holding the money back policy from Life Insurance Corporation of India. For the best company, hence i have chosen the same. Its a Government based company and they will send so much reminder hence the policy won't get lapsed. I have been paying the premium amount of Rs. 3200 on a quarterly basis.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 4.5/5 "Excellent!"
    I have taken life insurance policies for future savings. Its a money back policy, every 5years once am receiving the benefits from LIC. The total tenure is 25 years and got the insurance paper on time. The payment mode is online and the premium was around 8K per quarterly.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 30, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken 2 to 3 policies with LIC, its very good. They are giving good response time to time. I have endowment policy, money back policy and don't remember the one more policy. I am paying premium of monthly 1000 rupees through ECS since it was started very long 20 years ago. The benefits are very good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 24, 2019
  • LIC Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    Purchased the money back policy from LIC. I bought the policy in the year of 2011 because that time it was a best policy. My agent has compelled me to taken the policy. I have been paying the premium amount of Rs. 610 every month. Total term period of the policy 20 years since its a moneyback policy, i get the money of Rs. 20000 every 5 years,
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 22, 2019
  • LIC Life Insurance
    "They were trustful"
    0.5 5.0/5 "Blown Away!"
    I have 2insurances with LIC and am satisfied with the benefits what they are offering. The services are very transparent. I have taken a money back policy and other one is long term called Jeevan Anand of 15 years. I don't have any difficulty with the payment option. Am getting bonus every 4years once from money back plan.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Sep 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Claims are better in LIC. Earlier i had a money back policy and its money savings and tax benefits policy. I have chosen the monthly payment mode. When my policy got over but from ECS my money is automatically deducted to LIC account, they themselvves resolves this issue even though i have not given any request to stop the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 07, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 16 years and it is a money back policy. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to pay by my credit card. It covers my whole family.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Aug 30, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have bought the policies and did all the transaction through agent who is available for us always. My father purchased the policy in my childhood. The agent convinced in taking the policy from LIC. We have a annuity, endowment and term, money back policy. I have no idea about the premium amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Aug 26, 2019
  • LIC Life Insurance
    "We can rely on LIC"
    0.5 5.0/5 "Blown Away!"
    Its because of the Government company and my father is working as a LIC agent hence i bought the policy from LIC. I have chosen the money back policy and i got the money back to my account 1 times. All my policies are around 3 to 4 years except one policy. I make the premium through online and ECS.
    Was this review helpful? 0
    , lucknow
    Reviewed on Aug 19, 2019
  • LIC Life Insurance
    "Need to decrease charges"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 4 years before. The policy is for 25 years and it is money back policy. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online or cheque to agent.
    Was this review helpful? 0
    , pune
    Reviewed on Aug 16, 2019
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