• LIC Money Back Plan 20 Years - Policy Details

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    LIC's New Money Back Plan 20 years is a non-linked participating policy which provides protection against death in addition to periodic payment on survival at specific periods during the term. As part of the policy, 20% of Sum Assured is paid as survival benefit at the end of 5, 10 and 15 years. Also, a simple reversionary bonus is payable on maturity. What’s more, LIC new money back policy provides accidental death and disability benefit riders. Policyholders can also avail of loan facility under the policy.

    The LIC new money back policy can be surrendered only after it accrues cash value after payment of 3 years of premiums. If policyholders stop paying the premium, the policy ceases to exist. Nevertheless, if premiums have been paid for three years, a paid up value is accrued for a reduced sum assured. However, the policyholder cannot avail of additions in the future.

    The LIC new money back policy can be revived under two years from the day of the unpaid premium. The revival of the policy will be effective after it is duly approved by LIC, which informs the policyholder. What’s more, policyholders can also take loan against the policy provided it has acquired a surrender value.

    Key Features and Highlights of LIC Moneyback 20 years Policy

    • Death benefit: If the policyholder dies during the policy term, the nominee will get 10 times of annualized premium or 125% of the Basic Sum Assured, vested simple reversionary bonuses and final additional bonus. Also, the periodical survival benefits which have been paid will not be deducted.
    • Survival Benefits: If the policyholder survives the policy term, the nominee will receive 20% of the Basic Sum Assured at the end of each of 5th, 10th & 15th policy year and 40% of Sum Assured in addition to accrued bonuses.
    • Maturity Benefit: If the Life Assured survives till maturity, 40% of the Basic Sum Assured in addition to simple reversionary bonuses and final additional bonus will be paid.

    Benefits of LIC Moneyback Plan for 20years

    • LIC’s Accidental Death and Disability Benefit Rider: Rider can be opted after payment of additional premium provided the policy is in force on the day of the accident. In case of accidental death, the Accident Benefit Sum Assured and the death benefit will be paid. In case of accidental permanent disability, a sum equal to the Accident Benefit Sum Assured will be paid over a period of 10 years. Consequently, future premiums for Accident Benefit Sum Assured will be waived.
    • Simple Reversionary Bonus: It is declared per thousand Sum Assured at the end of each a year, following which, they form part of the guaranteed benefits. Simple Reversionary Bonus, therefore, accrues during the premium paying term but is paid at the end of the term or death in addition to the final additional bonus. Simple Reversionary Bonuses is declared as per the performance of the Life Insurance Corporation.
    • Final Addition Bonus: Paid if the policy has run for a minimum period. Final Additional Bonus may be declared when a claim is made either as a result of death or maturity, provided the policy has been in effect for a minimum term.

    Eligibility Conditions

    • Minimum Basic Sum Assured: Rs. 100,000
    • Maximum Basic Sum Assured: No Set Limit
    • Minimum Age: 13 years
    • Maximum Age: 50 years
    • Maximum Maturity Age for Life Assured: 70 years
    • Term: 20 years
    • Premium paying term: 15 years
    Accidental Death and Disability Benefit Rider
    • Minimum Accident Benefit Sum Assured: Rs. 100,000
    • Maximum Accident Benefit Sum Assured: Amount equal to the Sum Assured under the Basic Plan (maximum of Rs.50 lakh) Accident Benefit Sum Assured.
    • Minimum Age: 18 years
    • Maximum Age: Can be opted at any time.
    • Maximum cover: 70 years

    Payment of premiums

    Premiums under the policy can be paid at a yearly, half-yearly, quarterly or monthly basis or via salary deductions. A grace period of one month will be given (for yearly, half-yearly, quarterly modes) and 15 days for monthly mode.

    The table below shows the premiums per Rs. 1000 of basic sum assured

    Age (in years)Premium (Rs.)
    2078.00
    3079.10
    4082.95
    5092.05

    Exclusions

    If the Life Assured ends life irrespective of whether sane or insane, in a year, from the date of risk commencement, LIC will not accept any claim except 80% of the premiums paid sans taxes, extra premium and rider premiums. If the Life Assured ends life from date of revival, 80% of the premiums paid till the date of death (excluding taxes, extra premium and rider premiums) or the surrender value, will be payable.

    An Example

    Subhash Chaturvedi, a 30-year-old IT professional opts for LIC Money back plan – 20 years for a sum assured of Rs. 2,00,000. Subhash pays an annual premium of around Rs. 15,000 for 15 years. If Subhash dies from an accident, his nominee will receive 125% of Sum assured besides additional accidental Sum assured and Accrued bonuses. Also, any survival benefit which has been already paid will not be deducted. If he survives, he gets 20% of the Sum Assured, i.e, Rs. 40,000 at the end of 5, 10 and 15 years. At the end of 20 years, Subhash will get Rs. 80,000 in addition to accrued bonuses.

    Under the LIC money back policy, the survival benefits are paid periodically, which is one of the several reasons why Subhash opted for the policy. The payments can be done on a yearly, half yearly, quarterly or monthly basis. Policyholders can also avail of double tax benefit under section 80 C and 10 D of the IT Act. The large Sum Assured available under the LIC money back plan in addition to additional benefits such as accidental death and disability benefit rider ensures that Subhash’s family is not in doldrums in the event of his accidental death or disability. Also, while the minimum Sum Assured under the plan is Rs. 1,00,000, there is no limit for the maximum which is one of the highlights of the plan.

    LIC Money Back Plan FAQ’s

    1. Q. What is the core meaning of a money back plan?

      A.Money back plan essentially means that the policyholder will receive payments at regular intervals from the insurance company. The period of time within which the policyholder receives the amount of money is usually 4-5 years. The concept of a money back plan is very similar to that of an endowment plan. It provides 20% of the total sum assured after the initial four years have passed. Further, a 20% return is again offered after eight consecutive years. The 20% that remains out of the total is provided to the policyholder once the plan matures with an additional bonus amount.

    2. Q.What are some of the vital benefits of LIC Money Back Plan?

      A.This plan offers several benefits to the policyholder: Death Benefit: In case of sudden demise of the policyholder, 125% of the total sum assured is given out to the beneficiary. This percentage is also provided along with the additional bonus amount and reversionary bonuses. Survival Benefits: In case the policyholder makes it through the entire policy term, the beneficiary receives 20% of the basic sum assured at the termination of the 5th, 10th, and 15th year of the policy. Additionally, accrued bonuses coupled with 40% of the total sum assured are also provided to the nominee. Maturity Benefit: If the policyholder survives till the period of maturity of the policy, he/she will receive 40% of the basic sum assured coupled with reversionary bonuses and the additional bonus amount.

    3. Q.What are the Conditions for Eligibility in this Plan?

      A.Basic sum assured amount (minimum) : Rs.1 lakh Basic sum assured amount (maximum) : No limit set Age of the policyholder (minimum) : 13 years Age of the policyholder (maximum) : 50 years Maturity age for the life assured (maximum) : 70 years Policy term: 20 years Term for paying premiums: 15 years

    4. Q.What are Some of the Exclusions in a Money Back Policy?

      A.If the policyholder passes away in the middle of the policy, LIC will thereafter not accept any further claims barring 80% of the total premiums paid excluding taxes, rider premiums, and so on from the exact day that the risk was commenced. If the life assured passes away from the revival date, 80% of the total premiums that have been paid till date (date of death), also known as the surrender value, will be given out.

    5. 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.


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

    LIC Money Back Plan 20 Years Reviews

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    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a LIC policy from last 4 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in a year through direct payment and the payment options are convenient for me. I am happy with coverage and returns of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 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 long term policy. I am satisfied with the coverage and benefits of this policy. I pay my premium once in 3 months by cheque and i am convenient with the payment options. The maturity period for this policy is 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Scope for improvement"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is not good one and the coverage value is not good too. There are no advantages with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      I have got the life insurance policy with the Life Insurance Corporation of India. I have not used their web portal as such. Coverage value is good one with the Life Insurance Corporation of India, also the premium value is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • LIC Life Insurance
      "Good money back plan "
      0.5 5.0/5 "Blown Away!"
      I am having the Money back life insurance policy for the past 10 years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,5000 to this policy every year once. This policy has the tenure of 20years. I got the money back in 4 years once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good child plan "
      0.5 5.0/5 "Blown Away!"
      I got the Jeevan Tharan life insurance policy around 3 years ago. The customer support service and the response is good with the LIC and this policy will get matured once my child turns to 18years. I pay the premium amount of Rs,15,000 to this policy in every once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Life insurance policy has been taken by me around 4 years ago. This policy has the tenure of 15years. The customer support service and the response is good with the LIC. I pay the premium amount of Rs,28,000 in every year once. i am satisfied having this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through online and the payment options are convenient for me. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have been using LIC since my childhood and it is a long term policy, the tenure for this life insurance policy is 15 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      MONEY BACK i have been using from the LIC. I have been using since 2009. It is a long term policy of 27 years. I pay for 6 months once for my insurance and through the cash and sometimes through the net banking. I have not taken any of the loans in my insurance.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India and I have not interacted with them as much. Coverage value is fine one with the Life Insurance Corporation of India and I have not claimed as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better Jeevan saaral policy"
      0.5 5.0/5 "Blown Away!"
      I pay the premium amount of Rs,12000 every year once to the Jeevan saaral policy . I hold this policy for the past 18years. The customer support service and the response is good with the LIC and this policy ha the tenure of 20 years. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 5.0/5 "Blown Away!"
      I got the LIC life insurance policy around 6years ago. The customer support service and the response is good with the LIC and this policy has good plan benefits and better policy coverage with this policy. I pay Rs,762 every 3 months once as premium amount. This policy has the tenure of 20years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Good Life insurance policy"
      0.5 5.0/5 "Blown Away!"
      If i missed my due date, the ECS is deducted from the bank where it is got deducted. In the branch the services is good. I never claimed the policy so far. I can claim this policy after 16 years. I used to make the payment through cash. Once i completed my policy, my amount will include some bonus and interest.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • LIC Life Insurance
      "Better policy"
      0.5 3.0/5 "Satisfactory"
      Their is a agent in LIC. In their customer care services, i wont get proper response. Whenever i have a issue, i will check withe a agent. Total tenure of the policy is more than 15 to 20 years, i cannot predict the money value in future. I'm not that much confidence on LIC. I used to pay through ECS. Death coverage, Disabled coverage is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good one with the Life Insurance Corporation of India. Plan benefits are really fine one for me with the Life Insurance Corporation of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India from the last five years of time. Customer service is good one and the response is good too. Coverage value is fine one with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy with the LIC and I have paid Rs,450 to this policy every month on month. The customer support service and the response is average with the LIC life insurance policy. The plan benefits and the policy coverage is very good with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good one and the response is better one. Coverage value is around 2.5 lakh Rupees with the Life Insurance Corporation of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2018
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