LIC Money Back Plan 2023 Benefits features Details Reviews

LIC Money Back Plan – One of the largest life insurance companies in the Indian insurance market is the Life Insurance Corporation of India, or LICI. It has the most customers and has a variety of insurance plans for them. Customers find each insurance plan useful because it addresses a specific financial need. Another type of insurance plan that the company offers is money-back insurance. Here is a look at LIC’s money back plans and their various variations.

LIC money back plans are a great way for consumers to get the best possible deal on insurance products. Not only do these plans offer great savings, but they also allow you to shop around and compare products before you buy. Plus, if you ever have any questions or problems with your insurance, LIC will work hard to get you the best possible solution. So whether you’re looking for property or casualty insurance, or even life insurance, LIC has got you covered!

LIC Money Back Plan 2023

The 20-year New Money Back Plan from LIC is a non-linked participating policy that pays out on a regular basis based on survival during specific times during the term. At the end of 5, 10, and 15 years, the policy includes a survival benefit of 20% of the sum assured. A straightforward reversionary bonus is also due upon maturity. Additionally, the new money back policy from LIC includes riders for disability and accidental death benefits. The policy also provides a loan facility for policyholders. After three years of premium payment, the LIC new money back policy cannot be surrendered until it has accrued cash value. The policy will cease to exist if policyholders stop paying the premium. However, a paid-up value is accrued for a lower sum assured if premiums have been paid for three years. However, the policyholder cannot use future additions.

Licensing is a big part of the software industry, and it’s no different for business software. Licensing can be expensive, so it’s important to make sure you’re getting the most out of your investment. That’s where the LIC money back plan comes in – you can get your money back if you’re not satisfied with the product. This plan is available from many business software providers, and it’s a great way to make sure you’re getting value for your money. So what are you waiting for? Click here to learn more about the LIC money back plan and how it can benefit you!

LIC Money Back Plan

LIC Money Back Plan Details

Name Of Article LIC Money Back Plan
LIC Money Back Plan Click Here
Category Insurance
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What is money back policy?

A money back insurance plan is a type of traditional endowment assurance plan in which the amount insured is paid out periodically over the plan’s term. Money back plans guarantee periodic payments, which are expressed as a percentage of the amount guaranteed. As a result, money back plans provide liquidity throughout the policy’s duration. In order to help the policyholder meet his financial obligations, they disburse funds to him at predetermined intervals.

Payment of premiums:

Age (in years) Premium (Rs.)
20 78.00
30 79.10
40 82.95
50 92.05

Salient features of money back plans

Money back insurance plans have the following features –

  • Bonus declarations that increase the benefit payable are common in money back plans.
  • Throughout the duration of the policy, the assured sum is distributed in parts at predetermined intervals.
  • On development, the leftover total guaranteed is paid with reward.
  • Survival benefits, also known as money back benefits, are only paid if the insured person is still alive when the benefit is due.
  • Even if money back benefits have been paid, in the event of the insured’s death, the entire sum assured is paid.
  • To enhance the coverage benefit, you can select riders.
  • Under many plans the cash back benefit is paid in regularly scheduled payments too which makes an ordinary month to month pay.

LIC Jeevan Tarun Child Plan Eligibility Conditions

Minimum Entry Age 90 Days (completed)
Maximum Entry Age 12 years (last birthday)
Minimum Maturity Age
Maximum Maturity Age 25 years
Minimum Sum Assured Rs 75,000/-
Maximum Sum Assured No Limit

For Sum Assured Rs 75,000/- to 1,00,000

For Sum Assured Rs 1,00,000 and above

Premium Paying Term 20 years (Entry Age)
Policy Term 25 years (Entry Age)
Premium Payment Mode Monthly (SSS or ECS), Quarterly, Half Yearly, Yearly.

Money back plans offered by LIC

If you’re looking for a way to save money on your car insurance, you should definitely check out LIC. LIC offers a variety of money back plans, which are perfect for drivers who want to save on their coverage without having to compromise on quality or coverage. With LIC, you can choose the plan that best suits your needs and budget, and you won’t have to worry about hidden fees or surprises. So what are you waiting for? Sign up today and start saving!

The following is a discussion of the seven money back plans that LIC provides:

LIC’s Bima Shree

The features of the plan are as follows –

  • The chosen policy tenure determines the maturity and money back benefits.
  • During the premium payment term, guaranteed additions are added to the policy benefits.
  • This LIC money back plan comes with five additional riders.
  • You can choose to take advantage of a higher benefit by delaying the survival benefit.
  • Through the settlement option, maturity proceeds and death benefit can be taken in installments over 5, 10, or 15 years.

LIC’s Jeevan Shiromani

The features of the plan are as follows –

  • A critical illness rider is built into this LIC money back plan. It covers 15 critical illnesses and pays a lump sum when one is diagnosed.
  • In addition to the benefit that comes with the built-in rider, you can defer premium payments and get a free second opinion from a doctor.
  • In LIC’s Money back plan, guaranteed additions are added during the premium payment term.
  • After the initial five years of the plan, loyalty additions are added.
  • In addition, better coverage is provided by four optional riders.
  • Premiums are only due for a specific amount of time.

LIC’s New Bima Bachat

Bima Bachat is a money-back plan with a single premium that lets you buy a policy for one price. The following are some additional features of the plan:

  • When the plan matures, the single premium and loyalty additions are paid.
  • Premium rebates are permitted if you choose a high sum assured level.
  • If death occurs after the completion of the first five years of the plan, loyalty additions are added to the death benefit.
  • Every three years, 15% of the sum assured is paid as money back benefits.

LIC’s New Money Back Plan – 20 years

The plan’s features include:

  • survival benefit of 20% of the sum assured;
  • bonuses earned by the plan are based on the company’s profit history;
  • a single optional rider;
  • premiums are only due for 15 years.

LIC’s New Money Back Plan – 25 years

The coverage period for this plan is 25 years, making it a variant of the previous plan. The features of the plan are as follows: Simple reversionary bonuses are paid each year the company makes a profit, and 15% of the sum assured is paid as a money back benefit after every five policy years. A final bonus may also be paid in the event of maturity or death. Premium discounts are available based on the frequency of premium payments and the level of sum assured that you select. Under the plan, you can also get a loan.

LIC’s New Children’s Money Back Plan

Parents of children ranging in age from 0 to 12 can take advantage of this child-focused money-back plan. The plan gives parents the money they need to pay for their children’s education, marriage, or other needs. The plan has the following advantages:

LIC’s Jeevan Tarun Plan

This money-back guarantee is also a plan with a focus on children, promising to pay benefits for survival at crucial junctures in a child’s life. The following are some of the benefits of the plan: You can take advantage of the survival benefit in a variety of ways; survival benefits are paid out annually after a child is between the ages of 20 and 24. After that, the maturity benefit is paid when the child reaches the age of 25. An optional premium waiver rider is included in the plan. Throughout the policy’s term, the plan earns bonuses.

Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

There are a number of other key features that are commonly included in property insurance policies. In this article, we look at some of the more important ones, and explain what they mean for you as a policyholder. We also provide tips on how to make the most of these features, so that you can be sure that you’re getting the best possible deal.

Policy Loan There is no provision to apply for a loan against this policy.
Surrender Value It is possible to surrender a policy if it has been in use for at least three years in a row. After giving up the arrangement, the guarantor will pay the surefire give up esteem or the extraordinary acquiescence esteem, if it is equivalent or higher than the dependable acquiescence esteem.
Bonuses Participation in the insurer’s declared profits is open to this policy.

Exclusions:

LIC will not accept any claims other than 80% of the premiums paid without taxes, extra premium, or rider premiums if the Life Assured dies within a year of the risk’s beginning. The surrender value or 80% of the premiums paid up to the date of death (excluding taxes, extra premium, and rider premiums) will be due in the event that the Life Assured passes away from the revival date.

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