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About Money Back Plans

    Money back plans are ideal for those who are looking for a product that provides both insurance cover and savings. 

   How they work In a money-back plan, you keep getting a percentage of the sum assured during lifetime of the policy. In case of the insurer outliving the term, he/she gets the remaining corpus with accrued options like bonus. In the event of his/her death before the full term of the policy, his/her nominee or legal heirs get the sum assured irrespective of the number of installments received, with accrued benefits.

    In money-back plans, 20 percent of sum assured is paid at five-year internals. Assured is returned to you at periodic intervals through the policy tenure. For example, if the sum assured is Rs.10Lakhs, then Rs.2Lakhs is paid back in four installments of 20 percent each, at five-year intervals (in years 5, 10, 15 and 20). The balance sum assured, along with guaranteed additions or bonus (as the case might be), is returned at the end of the tenure. However, this early return, compared to conventional endowment plans, doesn’t reduce the sum assured of money-back plans.

    In case of death.In case of death claim, the full sum assured will be paid, without deducting any survival benefits that may have already been paid as moneyback components. In our illustration, for example, if the policyholder dies in the sixth year of the term, his nominees will get the full sum assured (Rs 10 Lakhs) with no deduction for the Rs 2 Lakhs money-back installment paid to the policy-holder in the fifth year, plus bonuses accrued till the fifth year. Similarly, the bonus is calculated through the term on the full sum assured (Rs 10 Lakh, in our example), not the balance.

Premium paid in that financial year towards all life insurance come  with Tax rebate under Sec 80C and in case of Health insurance under sec 80D.


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For more infomation contact LIC Bangalore on 9945689986.