LIC Money Back Policy 20 Years

  • 43 Comments
  •  
  • 72,752  Views


Policy Discontinued

LIC Money Back Policy - 20 years Plan

 

LIC Money Back Policy - 20 years is a simple Money Back Plan or an anticipated endowment policy. This is a non unit-linked insurance traditional plan where the money is paid as pre-decided intervals. In this policy, if the Life Insured survives then he would receive 20% of the Sum Assured at the end of 5, 10 and 15 years and the remaining 40% of the Sum Assured plus accrued Bonus is payable on maturity at the end of 20 years. However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured irrespective of how much has already been paid out before and Bonus being calculated on the full Sum Assured and the policy terminates.

 

 

Key Features of LIC Money Back Policy - 20 years

 

  • This is a simple money back plan with both Death and Survival Benefits.
  • Simple Reversionary Bonus is payable on Policy Maturity or on earlier death.
  • Survival Benefit 20% of the Sum Assured is payable at the end of 5, 10 and 15 years and the remaining 40% of the Sum Assured is payable on maturity at the end of 20 years
  • Optional higher cover through Riders

 

 

Benefits you get from LIC Money Back Policy - 20 years

 

Death Benefit – In case of death of the Life Insured, the nominee receives the full Sum Assured irrespective of what payment has already been provided + accrued Bonus

 

Survival Benefit – The Life Insured would receive The following Survival Benefit

 

Policy Term Total 20 years

Survival Benefit

End of 5 years

20% of Sum Assured

End of 10 years

20% of Sum Assured

End of 15 years

20% of Sum Assured

 

 

Maturity Benefit – At the maturity of the policy, the insured will get the remaining 40% of the Sum Assured along with accrued Bonus

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 

Eligibility conditions and other restrictions in LIC Money Back Policy - 20 years

 

 

Minimum

Maximum

Sum Assured (in Rs.)

50,000

No Limit

Policy Term (in years)

20

Premium Payment Term (in years)

20

Entry Age of Life Insured (in years)

13

50

Age at Maturity (in years)

-

70

Premium (in Rs.)

Nothing Specified

Payment modes

Yearly, Half-yearly, Quarterly, Monthly and SSS

 

 

Sample illustration of premium of LIC Money Back Policy - 20 years

 

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 30 years, 35 years and 40 years, Sum Assured = Rs 1,00,000

Policy Term = 20 years.

LIC Money Back Policy 20 years Sample Premiums

 

Additional Features and Benefits of LIC Money Back Policy - 20 years

 

Riders- There are 3 additional riders in this plan

·         Accidental Death Benefit Rider of Re 1 per Rs 1000 Sum Assured.

·         Term Rider

·         Critical Illness Rider

 

 

What happens if?

 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.

 

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is not available under this policy

 

 

Some Money Back Insurance Plans from other insurance companies

 

1.     BSLI Bachat (Money Back) Plan

2.     SBI Life - Money Back

3.     Bajaj Allianz Cash Gain - Economy

 

 

Other Money Back Insurance Plans from LIC

 

1.     LIC Jeevan Surabhi-15 years  

2.     LIC Money Back Policy-25 Years

3.     LIC Jeevan Surabhi-20 Years

4.     LIC Jeevan Surabhi-25 Years

5.     LIC Bima Bachat

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Money Back Policy 20 Years brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Money Back Policy 20 Years Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

Maine money back policy October 2010 me half yearly li kist mar... September hoti hai lekin march ki kist jama nahi ki dubara kab jama kar sakata hu ........pl...suggest me

By Dharmendra Maurya on Aug 18, 2014 Reply

Kindly call up on LIC helpline or visit the nearest LIC branch

http://www.licindia.in/phone_helpline.htm
 

Replied By Manoj Aswani (MIC Staff) on Aug 19, 2014 Reply

I have one 5 Lack policy ( Money back 20 years )
I know After 5,10 & 15 years – 1,00000 Rs each will get .

20th Year 2,00000 + Bonus ( I want know how much my bonus ?)

I mean 20th year 2,00000 + ?.

By Vahid Basha on Aug 10, 2014 Reply

The exact bonus calculation will be known on the maturity date itself. Bonus calculation depends on several factors.

Replied By Manoj Aswani (MIC Staff) on Aug 14, 2014 Reply

Dear sir/madam,
Im 29 yrs old, I am a Money Back Policy Holder(20 years)
please clarify my doubt i pay the premium for every quarter is 2620/- and in year the total premium is 10,480/- And the total sum of amount after 20 yrs is 209600/-
Here my doubt is i found Assured amount in my bond is 1,60,000/- what about my remaining 49,600/-
Thank you

By Praveen Chandra on Sep 07, 2013 Reply

Hi Praveen, in such plans the total premium paid by you maybe more than the cover amount that is provided to you. Based on the details you have provided, the guaranteed amount that will be paid out to you is the Sum Assured of Rs. 1.6 lakhs. On maturity you will get the bonuses which have accrued in your plans. Effectively you will tend to get a little more than what you have paid as premiums.This is how this plan works

Replied By Admin (MIC Staff) on Sep 07, 2013 Reply

Thanks for the reply, On Maturity how much bonus i will get. pls

Replied By Praveen Chandra on Sep 07, 2013 Reply

Hi Praveen, the exact amount is impossible to predict as it would depend on the bonus rates declared by LIC every year.

For the last few years the bonus for this plan is Rs. 39 for every 1,000 Sum Assured. In your case it means Rs. 30 x 160 = Rs. 6,240. So if you get this bonus every year, in 20 years it would become Rs. 1,24,800. You may get a one time final addition which could 3 to 4 thousand rupees, again depending on the rate delared on your year of maturity.

This is in addition to the Sum Assured which is being paid back to you.

Hope this is useful?

Replied By Deepak Yohannan (MIC Staff) on Sep 07, 2013

my lic policy is for 20 years, but i have paid for three consecutive years @5342/- PER YEAR ONLINE. but now i cannot pay and wanted the amount which i paid before. how much will i get . please answer me. i will surrender my policy if needed.
Gabriel.
gab_grace@yahoo.co.in

By Gabriel on Sep 06, 2013 Reply

Hi Gabriel, you will get back Rs. 3,200 odd only if you surrender now.

If you think you will find it difficult to pay the premiums in furture also, it may be a good idea to surrender and get out the plan.

Replied By Deepak Yohannan (MIC Staff) on Sep 07, 2013 Reply

There was one courier from LIC of India on my husband's name & they told that this is the cheque as your policy matured. But he was not at home & it was return. Now how we can get the maturity cheque from LIC of India as we don't know the policy number . The policyholder (my father in law ) is also not alive , 3 years before he died & my husband is nominee. Now please tell me how we can get the details & maturity payment ?

By Vijaya Sawant on Aug 21, 2013 Reply

Dear Vijaya, it should not be too much of an issue. You will have to walk into an LIC branch for this purpose though. I am sure the policy details etc can be found out with the name of the policyholder and of the nominee.

The LIC office will dig out the policy number and you can then receive the maturity payment.

Replied By Admin (MIC Staff) on Aug 21, 2013 Reply

Thank u very much

Replied By Vijaya Sawant on Aug 22, 2013 Reply

I have the Twenty Year Money Back Policy .The Policy number is 952820909.I want to know how I can get the refunds / how I can continue the policy.Kindly suggest.

By Maya on Feb 20, 2013 Reply

You will receive 20% of Sum Assured every 5 years.
At maturity, you will receive, 40% of Sum assured + Bonuses

Replied By Sarabjit Kuckreja on Jul 23, 2013 Reply

pls give me chance in the work lic companey which is agent

By Prince Arora on Feb 15, 2013 Reply

I have one 2 Lack policy ( Money back 20 years )
I know After 5,10 & 15 years – 40,000 Rs each will get .

20th Year 80,000 + Bonus ( I want know how much my bonus ?)

I mean 20th year 80,000 + ?.

By Biju on Feb 13, 2013 Reply

Bonus rates change and accrue every year and the Final Additional Bonus will only be known in the year the policy is going to mature.
For the sake of illustration, in case your policy is going to mature this year,
your bonus will be 1,56,000(at 39 per 1000 SA every year for 20 yrs) and
Final Additional Bonus will be Rs 4,000
Interim bonus will be 7,800
Total Bonus =1,67,800

Replied By Sarabjit Kuckreja on Jul 23, 2013 Reply

As I am interested to purchase of 20 years money back policy. Can anyone
(agents welcome) provide me the details through mail.

On monthly, Quarterly, Half Yearly, Yearly basis

How much can I receive after maturity (20 years) My age is now 43 years.
and my wife age is 39 years and relatives 27,51,46 years age.
Kindly provide me details by mail : mukundalepl@gmail.com
regards
mukunda

By Mukunda on Dec 20, 2012 Reply

Hi Sir,

I haven taken money back policy of 50000 from one of the agent,,And completed 5 yrs off payment..according to which I will hve to get back 10000 in the month of Sep..My gent asked me to fill NEFT form so that cash will be credited directly to my account..But today is 03/Oct/12..Yet I haven't received any amount..Plz help me in escalating this issue..

By Prabhkar on Oct 03, 2012 Reply

sir my police no.589496906.mere puri details chaiye

By Tarun Dhal on Aug 08, 2012 Reply

im shailesh jadhav i want LIC Money Back Policy for 20 Years
sir plz p.no.253 273042010075 plz balance chake

By Duyshant Kumar on Aug 06, 2012 Reply

please send me complete detail about LIC Money Back Policy 20 Years

By Ravi Kumar on Jul 14, 2012 Reply

i want to buy 20 years lic money back policy..can anyone give details of this plan..how much premiem and ruturn of money..

By Vijaykumar on Jul 13, 2012 Reply

plz money back policy 20years rs.12700/ 1year pay mob-9093096660

By Raju Singh on Jul 05, 2012 Reply

I have taken LIC policy with premiuim of 50000/- and paying it from past 2 years. This is for 20 years. But I am planning to go for higher education and for 2 years I will be unable to pay and I am in need of money. So can anyone please suggest me any alternative to handle the policy
and oblige

By Arpitha on Jul 03, 2012 Reply

cheque the statement of all time

By Devender Kumar Singh on Jun 15, 2012 Reply

sir if any two year money back policy in lic ,if there means can u tell the details

By Priya on May 27, 2012 Reply

Message to policy no.517929331

By Ravikumar on May 21, 2012 Reply

I AM HAVING A MONEY BACK POLICYNO130624284. SUM ASSURED50000/- PLEASE SEND DETAIL REGARDING HOWTO RECEIVE THE MONEY AFTER MAURITY.

By Veenna Jindal on May 16, 2012 Reply

Sir i have 20 years mony back policy. So i know about my policy details . Mobile no- 9274872177

By Mori Sursinh Bhai Meraman Bhai on May 07, 2012 Reply

dear sir
pl. provide us the status of my policy no 212799595 it is jeevan surabhi policy. how may installments should i pay along with my loan status of this policy.
thanking you

By Hirdesh Kumar Srivastava on Apr 15, 2012 Reply

Dear Sir, Plz Provide thr form of money back Or advise the need full

By Raja Saha on Apr 09, 2012 Reply

hello sir,i am having money back policy,how do i check my policy status through online?

By Ansar Hydrose on Mar 29, 2012 Reply

I AM HAVING MONEY BACK POLICY, WILL YOU PLEASE SEND US DETAIL REGARDING HOW TO CHECK MY POLICY TATUS

By Rakesh on Mar 20, 2012 Reply

i have a LIC policy for 20 years,after 5 years money back plan,instaiiment giving twice a year and stil 5 years gone and i have paid all installment,...........so pls.tel me how can i know everything about my policy.& how can pay my installment online.because i am staying
out of country

By Paramjit Singh on Mar 13, 2012 Reply

I have already taken 1 money back policy. Can I see the Policy details on Internet. Kindly inform.

By N.Ramakrishnan on Mar 05, 2012 Reply

i insured for Rs 200000 in jeevan sanchaya plan for 15 years started from 10.01.1999.This pilicy maturity in 10.01.2014.So i want to know how much bonus money getting that time.

By Prakash Kumar on Feb 24, 2012 Reply

Sir, i had open an Money Back policy (50000) for 20years of Rs.3376.00 annually . So, sir i want to know what amount i will get after maturity. Please reply sir. Thank you

By Murlidhar Solao on Feb 22, 2012 Reply

Sir, i had open an Money Back policy for 20years of Rs.3278.00 annually . So, sir i want to know what amount i will get after maturity. Please reply sir. Thank you.

By Pankaj Deb on Feb 18, 2012 Reply

brieng me for acount

By Abbas Khan on Feb 17, 2012 Reply

I am having Money Back policy for 20 years since Sept.1993 for 35000/- sum assured value.
could you please tell me the maturity benefit of the policy. the premuim is 2250/- per annum.

By M.Venkata Ramaiah on Feb 16, 2012 Reply

I am having money back policy (20 years), Sum assured in Rs. 50,000. Payment modes Half-yearly. will you please send detail regarding how to check my policy status. And also send me complete detail about LIC money back policy of 20 years.

By Nirmal Sarang on Feb 13, 2012 Reply

I AM HAVING MONEY BACK POLICY, WILL YOU PLEASE SEND US DETAIL REGARDING HOW TO CHECK MY POLICY TATUS

By K.M.Ummarkutty on Feb 11, 2012 Reply

Rs 1097 is deducted from my salary every month for LIC money back(with profit) policy. I am 30 yrs old at entry level. My sum assured is 2 lakhs for 20 yrs. I wanted to know if the monthly premium payable amount is right or wrong. As my calculation for 20 yrs with this monthly amount is exceeding 2lakhs. I also wanted to know how this sum assured is calculated.

By Lotika on Jan 31, 2012 Reply

I have alredy this 20 year money back policy but I am paid every 3 months but I'm in the annual Primim Bru
And I thought I should have details.


Thanks.
Ganesh Sharma.
+91- 8447030944

By Ganesh Sharma on Jan 31, 2012 Reply

I want withdrwal money plus, pls confirm the maturity amt.
At
the admit the policy by your agent, that guys does not guide proper.

By Raj Kumar on Jan 30, 2012 Reply

i want to know about any short term policy in life insurance you have. which is good policy for my wife she is 30 years old. please give me information

ashkar ahmad
abu dhabi
uae

By Ashkar Ahmad on Jan 26, 2012 Reply

i have 6 money back policies but i could not understand that how much bonus is given

By Amarjit Singh on Jan 18, 2012 Reply

I have alredy this 20 year money back policy but due to some reason i didnt paid the second
year premium, so i want to know the late fee & if i want to discontinue this policy what is the procedure. i have only one year premium of 30000 is paid earlier.
Thanks

By Tahseen on Jan 16, 2012 Reply

I AM HAVING MONEY BACK POLICY, WILL YOU PLEASE SEND US DETAIL REGARDING HOW TO CHECK MY POLICY TATUS

By Khaja Mohammed Haqqani on Jan 08, 2012 Reply

HELLO SIR
I DON'T KNOW ABOUT LIC POLICY. PLEASE GIVE ME DETAILS OF PREMIUM POLICY
AND WHAT AMOUNT WILL BE PAID BY MONTH OR YEARLY AND WHAT RETURNS I WILL GET.
THANK YOU

By Vijayant Kumar Pandey on Dec 24, 2011 Reply

hou much money return backto me
655425781

By P.Sugurappa on Nov 22, 2011 Reply

Know more about this policy

Date of Birth

  

  I agree to the Terms & Conditions
  and Privacy Policy.

Save Tax and Protect your Family
MyInsuranceClub.com is Approved Web Aggregator

Stay Connected!