LIC introduce various kind of money back plans for every age and for every needs with lots of Investment options like one time single payment and regular premium. Customer gets money back survival benefits in several manners intervals during the policy term.
LIC’s Money Back Life Insurance Plans: In this kind of Money Back Insurance Policy, Policy holder can get lumsum benefits at a regular intervals like after every 3,4,5 years till maturity whatever options available in the schemes. LIC’s Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.
Find here Our Most Popular Money Back Schemes Policies Features/ Benefits:
Most of us want to invest in a traditional life insurance policy for a long tenure to create a guaranteed corpus. However, we face a problem when we need funds before the tenure is over. A financial crisis might strike anytime and we need funds to tackle it. But a traditional life insurance policy comes to no help if the plan tenure is not over. We can avail a loan but it might be limited in amount. What to do? Is there a plan which pays lump sum benefits during the plan tenure?
Yes, there is. A money-back plan solves the problem of liquidity during the plan tenure by paying a percentage of the Sum Assured regularly through the plan tenure. Let’s understand the plan in detail.
What is a Money Back Policy?
As the name suggests, a money-back policy is a policy which gives money-back at regular intervals. This money-back is paid during the plan tenure and is a percentage of the Sum Assured. Money-back pay-outs are called Survival Benefits. These benefits are paid during the plan tenure and on maturity, the remaining Sum Assured is paid along with vested bonuses. However, if the insured dies during the plan tenure, the full Sum Assured is paid irrespective of the Survival Benefits already paid. This is what makes the plan unique. Some of the salient features of Money Back Policy are:
- The Survival Benefits are calculated as a percentage of the sum assured.
- Survival Benefits are paid at regular intervals during the plan tenure. There is a fixed interval when the benefits would be paid. Every plan has a different payout structure. Similarly, the percentage of Sum Assured paid as Survival Benefits is also not fixed and varies between different plans.
- If the plan matures, the remaining portion of the Sum Assured (actual Sum Assured less the Survival Benefits already paid) is paid as maturity benefit. However, in case of death, the entire Sum Assured is paid irrespective of the money-back benefits already paid.
- Money-back plans usually come as participating plans where bonuses are added. The accrued bonus is then paid on maturity or on death.
- Riders are also available under many money-back plans. Rider benefits are paid as a lump sum only when the contingency covered by the rider occurs during the plan tenure.
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