Money Back Plan

What is LIC Money Back Plan?

  • A life insurance plan that provides periodic returns during the policy term
  • Offers both survival benefits at regular intervals and life cover during the entire term
  • Ideal for individuals seeking liquidity along with insurance protection

āœ… Key Features

  • Survival Benefits: A fixed percentage of the sum assured is paid at regular intervals during the policy term
  • Death Benefit: Full sum assured is paid to the nominee in case of the policyholder’s death ā€” regardless of survival benefits already paid
  • Maturity Benefit: Remaining sum assured (if any) and bonuses are paid on policy maturity
  • Bonus Facility: Eligible for reversionary bonuses and final additional bonus
  • Tax Benefits: Premiums qualify for deduction under Section 80C and maturity proceeds are tax-free under Section 10(10D)

šŸ’” Benefits

  • Liquidity: Regular payouts help meet short-term financial needs
  • Dual Benefit: Combines insurance and savings with periodic returns
  • Financial Security: Ensures protection for the family throughout the policy term
  • Loan Facility: Policy loan available after a specific period

šŸ“„ Eligibility Criteria

  • Minimum Age at Entry: 13 years
  • Maximum Age at Entry: Varies by plan (usually up to 50 years)
  • Policy Term: Common options are 20 or 25 years
  • Minimum Sum Assured: 2,00,000
  • Premium Payment Term: Slightly shorter than the policy term