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Investment Plans 4235 views February 29, 2020
You would always want a stable source of income for your family through which you will be able to meet the necessary expenses at different stages of life. And what if you get this benefit with a life insurance coverage which will give you a steady return by way of investment as well. Money-Back Policies are designed keeping in mind these aspects thereby giving complete protection with a regular income. Money-Back plans provide a definite return on investment with periodic payments and insurance cover, making it a perfect plan for you when you are looking for both financial protection and an income. LIC, as we all know, is the largest and most popular player in the insurance industry in India. LIC Money Back Policy is extremely popular amongst people, being the most cost-efficient and inexpensive money-back insurance plans. Also, you can get an exemption from tax under section 80(C) and 10(10D) is applicable with further consultation from tax advisor under LIC Money Back Policy.
LIC Money Back Policy can be classified into the following plans namely:
Let us have a detailed view on the above plans one by one.
Table of Contents
LIC Money Back Policy – 20 years is a participating traditional non-linked plan that offers a perfect balance of guard against the death of the policyholder during the term of the policy together with a staggered payment upon survival at a definite period during the policy term. This exclusive blend gives a great deal of monetary support to the family in your absence any time before the maturity and a lump sum amount during the maturity in case where the policyholders survive.
Entry Age | Minimum- 13 years Maximum- 50 years |
Maturity Age | 70 years |
Policy period | Minimum -10 years Maximum- 40 years |
Sum Insured | Minimum -INR 1 Lakh Maximum - Zero Limit |
Term of the Policy | 20 years |
Premium Paying Term of PPT | 15 years |
Maximum Sum Insured for Accidental Death and Disability rider | INR 1 Crore |
LIC’s Money Back Policy – 25 Years is a simple non-linked participating endowment plan. It protects against the death of the life insured for the entire policy term with a periodical payment upon survival, at a certain interval during the policy term.
Entry Age | Minimum- 13 years Maximum- 45 years |
Maturity Age | 70 years |
Sum Insured | Minimum -INR 1 Lakh Maximum - Zero Limit |
Term of the Policy | 25 years |
Premium Paying Term of PPT | 20 years |
Mode of Premium | Monthly, half-yearly, quarterly and yearly |
This is a traditional plan which is specially designed to safeguard the child’s future requirements in absence of the earning parent, in terms of securing the finance as well as the life of the child, be it education, marriage and many more.
Death Benefit under this situation will be the amount equivalent to the entire premiums paid
Entry Age of the Life Insured | Minimum- 0 years Maximum- 12 years |
Maturity Age | 25 years |
Sum Insured | Minimum -INR 1 Lakh Maximum - Zero Limit |
Term of the Policy | 25 years |
Mode of Premium | Monthly, half-yearlyy, quarterly and yearly |
With LIC Money Back Policy you can provide a strong financial corpus for the family and they can have a peaceful life, even in your absence.