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Investment Plans 9895 views March 24, 2020
The LIC Money Back plan 5 years is a very good option for anyone who is looking for a short-term life insurance policy with added benefits. Money-back is a very handy type of life insurance. Here, fixed sums of money are paid out to the policyholder at regular intervals. This apart, the policy also offers a maturity benefit if the policyholder outlives the policy period. If he dies within the tenure of the plan, his nominees receive the death benefit. A money back plan from LIC is extremely useful as LIC is the oldest and most reputed life insurance provider in India. Take a look at this article to know the benefits you get when you buy the LIC Money Back plan 5 years.
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Benefits of buying LIC Money Back plan 5 years
As mentioned above, the Life Insurance Corporation of India (LIC) as it is better known, is the largest life insurance provider in India. When you buy your money back plan for a tenure of 5 years from LIC, you get the following benefits:
Extensive Life Cover
The LIC Money Back plan 5 years offers a comprehensive life cover. You can get a good life cover and keep your loved ones financially secure. The plan also offers added benefits such as the option to add riders. With all these features, you are able to protect your loved ones even if something unexpected happens to you.
Maturity Benefit
A big advantage of this life cover is that you do not stand to lose your money if you outlive the policy period. All the money you paid in premiums over the duration of the policy is returned to you along with the bonuses earned when the policy matures. You therefore get to combine the elements of insurance and investment with the LIC Money Back plan.
Regular Payouts
You get regular payouts at fixed intervals of time. This helps you to plan out the financial milestones of your life and make proper provisions for them. Getting some financial assistance at the key stages of life proves to be very helpful and with the help of this plan, you can do so.
Tax Benefits
All forms of life insurance, including money back life insurance, offers tax benefits. You get tax rebates up to Rs 1.5 lacs a year for the money you pay as your life insurance premium for the LIC money back plan.
High Claim Record
LIC has a claim settlement ratio of over 99%. This is an excellent feature and tells you that your loved ones will be assured of getting a claim after your demise, provided you pay the premium on time. This is a big advantage of buying the money back life insurance policy from the Life Insurance Corporation of India.
With so many benefits, the LIC Money Back plan 5 years is indeed a very good life cover. Get this plan if you are looking for comprehensive life cover at an affordable rate.