All About LIC’s Money Back Plans
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Life Insurance Corporation of India (also known as LIC) is a Government insurance provider. Life Insurance Corporation commenced its operations in September 1956. LIC is the oldest and one of the largest life insurance providers. LIC provides a wide range of insurance products such as Term Insurance, Whole Life, Endowment, Money Back, Pension and Health Insurance plans.
LIC offers 7 money-back plans. Money-back plans are a unique type of plan under this type of plans a life assured gets a lump sum amount at regular intervals. Money back plans also offer maturity benefit and death benefit. Below discussed are 7 different money-back plans offered by LIC.
LIC Money Back Plans
Below discussed are money-back plans offered by LIC:
1. LIC New Money Back Plan - 20 Years
This plan is a participating money back plan. This plan offers survival benefit during the policy term i.e. the life assured will receive periodical lump sum payout during the policy term. This plan offers a lump sum amount in case of life assured unforeseen demise.
Also Read:- Difference Between Money Back and Term Insurance Plans
Features and Benefits
- Offers Death Benefit
- Availability of Maturity Benefit
- Annual Additional Bonus Declared Upon the Insurance Policy
- Availability of Accidental Death and Disability Benefit Rider
2. LIC New Money Back Plan - 25 Years
This plan is also a participating money back plan. Under the life assured will receive periodical lump sum payout during the policy term, these periodical payouts are known as survival benefits. This plan offers a lump sum amount in case of life assured unforeseen demise.
Features and Benefits
- Offers Death Benefit
- Availability of Maturity Benefit
- Annual Additional Bonus Declared Upon the Insurance Policy
- Availability of Accidental Death and Disability Benefit Rider
- Availability of Loan Against the Policy
3. LIC Jeevan Umang
LIC’s Jeevan Umang plan offers dual benefits of income and protection to your family. This plan offers annual survival benefits from the end of the premium paying term till maturity. A lump sum amount is paid at the time of maturity or on death of the life assured during the policy term.
Features and Benefits
- Availability of Death and Maturity Benefit
- Guaranteed Additional Bonus at the end of premium payment term.
- Availability of 4 optional benefits
4. LIC New Children’s Money Back Plan
LIC New Children’s Money Back plan is specifically designed to meet the future financial needs of a growing child such as higher education expenses or marriage expenses through Survival Benefits. This plan also provides risk cover for the child during the policy term. The plan can be purchased by anyone who is a parent or grandparent for a child between 1-12 years of age.
Features and Benefits
- Offers Death Benefit
- Availability of Maturity Benefit
- Annual Additional Bonus Declared Upon the Insurance Policy
- Availability of Premium Waiver Benefit Rider
5. LIC Jeevan Tarun
LIC Jeevan Tarun plan is a blend of life insurance and savings feature specifically designed to meet the educational expenses of a growing child from the age of 20-24 years and provides a maturity benefit at 25 years of age. This is a flexible plan wherein at time of policy issuance the proposer can choose the proportion of Survival Benefits to be availed during the policy term.
Features and Benefits
- Offers Death Benefit
- Availability of Maturity Benefit
- Annual Additional Bonus Declared Upon the Insurance Policy
- Availability of Premium Waiver Benefit Rider
6. LIC Jeevan Shiromani
This plan is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 1 crore. Under this plan the guaranteed additions will be declared at the rate of Rs. 50 per thousand basic sum assured for the first 5 years and Rs. 55/- per thousand basic sum assured from 6th policy year till the end of premium paying term.
Features and Benefits
- Offers Death Benefit
- Availability of Maturity Benefit
- In-built Critical Illness Benefit Rider
7. LIC Bima Shree
LIC’s Bima Shree plan is a limited premium payment money back life insurance plan with minimum Basic Sum Assured of Rs. 10 lakhs. Under this plan the life assured can avail the benefit of loan against the insurance policy.
Features and Benefits
- Offers Death Benefit
- Availability of Maturity Benefit
- Annual Additional Bonus Declared Upon the Insurance Policy
- Availability of Loan Against the Policy
You May Also Like to Read:- Is Money Back Policy Good Investment Option?
