My husband bought the LIC Money Back policy many years ago. Recently, the policy matured and we received the maturity benefit. The amount we received from the plan helped us to plan for our children’s higher education without taking any additional loans. By Devika SharmaRead more
LIC Money Back policy is a unit-linked Endowment plan that is designed to offer investment cum life protection benefits throughout the term of the policy. The plan is no longer available for sale as it was withdrawn by the Life Insurance Corporation of India. However, those policyholders who had bought the plan before its withdrawal will be able to enjoy the benefits available under the plan.
LIC Money Back policy allows the policyholder to choose the level of cover within the limits. These limits will depend on whether the policy is a Single premium or a Regular premium. Let us explore more about LIC Money Back Plan and understand more about it.
Money-back plans increase the benefits payable through additional bonuses and loyalty additions.
Over the period of the policy, the sum assured is paid in installments at predetermined intervals.
Even if the money-back benefits have already been paid, the sum assured is also paid in the event of the insured's death.
To enhance the coverage provided, the policyholder can select riders by paying additional premiums. The riders available are Critical Illness Benefit Rider and Accident Benefit Option.
|Entry Age||0 years||65 years|
|Maturity Age||18 years||75 years|
|Policy Term||5 years||20 years|
|Sum Assured||For Regular premium: Higher of 5 times the annualized premium or half of the policy term times the annualized premium. For Single Premium: 1.25 times the single premium.||For Regular premium: 20 times the annualized premium if age at entry is up to 55 yrs. 10 times the annualized premium if age at entry is 56 yrs and above. For Single Premium: 5 times the Single premium if age at maturity is up to 65 years.|
Death Benefit is paid to the nominee in case the policyholder dies during the policy term. The benefit paid is equal to the
Higher of Sum Assured or the Fund Value of the units held in the Policyholder’s Fund Value*
**For the Life Assured of age less than 12 years before the commencement of risk, the Fund Value of units held in the Policyholder’s Fund Value shall be paid in case of death.
Maturity Benefit is paid to the policyholder if he/she survives the maturity date of the policy. An amount equal to the Fund value of the units held by the Policyholder’s Fund Value is paid.
The plan allows the policyholder to invest in the type of funds as per their needs and risk appetite. The plan offers 4 fund options such as: Bond Fund, Secured Fund, Balanced Fund and Growth Fund .
The policyholder has the option to partially withdraw the unit funds to meet your financial needs. The partial withdrawals are available after the third policy anniversary.
One can also avail tax benefits on the premiums paid under the LIC Money Back Policy.
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The LIC Money Back plan offered by the LIC of India is one of the best life insurance policies if you are looking for a plan with life protection and savings. With its several benefits the plan was designed to look after the financial needs of the policyholder. However, this plan cannot be bought now as the plan is no longer available for sales.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ