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LIC Money Back Policy 20 Years

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.

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Death and Survival Benefits
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Reversionary Bonus
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Optional higher cover
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Key Features

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Death and Survival Benefits

This is a simple money back plan with both Death and Survival Benefits.

Reversionary Bonus

Simple Reversionary Bonus is payable on Policy Maturity or on earlier death.

Survival Benefit

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

Optional higher cover through Riders

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

Benefits

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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

Check the Bonus rate of LIC Money Back Policy - 20 Years

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

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  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

FAQs

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angle down iconWhat 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.

angle down iconWhat happens if 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

 

angle down iconWhat happens if You want a loan against your policy?

Loan facility is not available under this policy