LIC Money Back Policy 20 Years

  • 75,984 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

 

Leave a Comment

Company Information

Connect with Us

Important: Insurance is the subject matter of solicitation

© 2009-14 MyInsuranceClub.com