LIC Money Back Plans
LIC MONEY BACK POLICY is an proved plan with good return on reinvestment of survival benefits, best suited to achieve particular goals for salaried, businessmen and professionals. Money is available at regular intervals in future to meet the specific expenses such as children’s education or marriage. At the same time, the policy provides insurance protection for the family as well as old age provision.
- This plan can be availed of for terms 20 or 25 years
- Premiums cease at death or on expiry of term whichever is earlier.
- Premiums are to be paid regularly to get survival benefits
- Bonus is payable under this scheme
- In case of death of the policy holder within the term, the total sum insured is paid to the nominee, irrespective of earlier survival benefits
- Under this policy lump sum amounts are paid to the life assured at periodic intervals on survival
Benefits On Survival
Survival benefits every 5 year completion and
Full sum assured is payable in the event of the death of the life assured within the term, without any deduction of earlier survival benefit
Minimum amount of Sum Insured – Rs. 50,000
Minimum age at entry-13 years
Maximum age at entry :
20 year policy – 50 years
25 year policy – 45 years
Bonus additions to the policy are calculated for full sum assured.
They are payable only along with final maturity benefit on date of maturity or on death, whichever is earlier.
LOANS : Loans will be granted under these policies.
Death benefits: payment of full S.A. + bonus on full S.A. + FAB. If any is paid to the nominee The survival benefit already paid, if any is not deducted.
Maturity benefit: balance survival benefit + bonus on full S.A. + FAB, if any