Life Insurance Corporation of India (LIC) - the country's largest life insurer - offers a money back plan. Called Money Back Plan-20 Years, this product by LIC is a participating non-linked plan which offers a combination of protection against death along with the periodic payment on survival at specified durations during the term, according to the insurance major's website. LIC offers a range of term insurance plans, endowment insurance policies and pension plans, among other insurance products. (Also read: LIC Jeevan Lakshya Plan - premium, benefits, other details)
Here are important details such as eligibility, premiums and sum assured being applicable to LIC's money back plan (Money Back Plan-20 Years):
Any individual between the age of 13 and 50 years can purchase the LIC Money Back Plan-20 Years for a minimum sum assured of Rs. 1 lakh. There is no maximum limit on the sum assured for purchasing the LIC Money Back Plan-20 Years, according to the LIC website.
The maximum maturity age for the life assured under the LIC Money Back Plan-20 years is 70 years.
The policy term for LIC Money Back Plan-20 Years is 20 years while the premium-paying term is 15 years, according to LIC.
Under the LIC Money Back Plan-20 Years, periodic payments of 20 per cent of the basic sum assured are paid on the end of every fifth, tenth and fifteenth policy year.
On maturity of the LIC Money Back Plan, that is at the end of 20th year, the subscriber will get 40 per cent of the basic sum assured along with vested simple reversionary bonuses and final additional bonus, if any, according to LIC.
In case an individual dies during the policy term, provided the policy is in force, a benefit - defined as sum of "Sum Assured on Death" and vested simple reversionary bonuses and final additional bonus - if any, is payable, LIC said.
Here are some sample premium rates (per Rs. 1,000 of basic sum assured payable) as shared by LIC for its money back plan (Money Back Plan-20 Years):
| Age (in years) | Premium (Rs.) |
|---|---|
| 20 | 78.00
|
| 30 | 79.10
|
| 40 | 82.95 |
| 50 | 92.05 |
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Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals.