Money back policies(20 and 25 years) by LIC

There are two types under the Money Back policy- one with a term of 20 years and the other with a term of 25 years. As the name suggests, this plan is a unique insurance product wherein, you receive periodic payments as survival benefits. To put it in easy terms, you pay a lump sum amount to the corporation in one go and LIC undertakes the responsibility of paying this money back to you on a continuous basis till the policy holder is alive.

In case of the 20- year Money Back Policy, 20% of the sum assured becomes payable each after 5, 10, 15 years and a balance of 40%  along with the accrued bonus is paid at the end of the 20^th year. For the 25- years money back policy, 15% of the sum assured becomes payable after 5, 10, 15 and 20 years and the remaining 40% along with the accrued bonus shall be payable at the end of the 25^th year.

The bonus under this plan is calculated on the full sum assured. Another highlight of this plan is that in case of death of the life assured within the policy term, the death claim will comprise of the full sum assured after deducting the survival benefits amounts which have already been paid.

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