Is LIC money back plan good?

Is LIC money back plan good?

According to tax and investment experts, the LIC Money Back Policy falls under the EEE (exempt-exempt-exempt) category, which means an investor has the luxury of getting income tax benefits on his or her LIC Policy premium payments, interest earned on it and the maturity amount – provided the net premium paid under the …

What is child money back plan?

Summary of LIC New Children’s Money Back Policy LIC’s New Children’s Money Back Plan is a insurance cum investment plan which can be used for securing the financial needs of a child as they turn 25 years old. It is a participating plan and hence is eligible for bonus depending on the performance of LIC.

How can I claim my LIC money back?

02. Maturity Claims:

  1. It is our endeavour to settle your maturity claim on or before the due date.
  2. Please submit your Discharged Receipt in Form No.3825 with original policy document atleast one month before the due date so that the payment is received before the due date of maturity claim.

What is LIC Money Back Policy 75?

LIC Plan 75 is a simple money-back plan that provides a repayment periodically after every fifth year. This plan offers risk coverage and bonus at the time of maturity. The plan is quite helpful in securing the children’s future as it provides a high sum assured amount.

Which is the best LIC plan for child?

Eligibility Details

Minimum Maximum
Policy Term 25 years – the entry age of the child
Sum Assured Rs.1 lakh No limit
Annual Premium Amount Rs.24, 000 No limit
Premium Payment Term 10 years, 5 years or (term – 5) years

Which is the best policy for girl child in LIC?

The parent can pick the one that best suits their needs and requirements and the one they believe would be best for their child. A few LIC policies for the girl child in India are mentioned as follows: LIC Jeevan Tarun. LIC Jeevan Labh….Eligibility:

PARAMETER MINIMUM MAXIMUM
Premium Paying Term 10 years 16 years

Can we get insurance money back?

Money back plan simply means that money comes back to the life insured after a specific interval of time as survival benefit. The money back is guaranteed on the survival of the policyholder. However, in case of death of the policyholder, the nominee gets the sum assured and accrued bonuses, if any.

What is LIC’s New children’s money back plan?

LIC’s New Children’s Money Back Plan is a insurance cum investment plan which can be used for securing the financial needs of a child as they turn 25 years old. It is a participating plan and hence is eligible for bonus depending on the performance of LIC.

What is the tenure of LIC money back policy 20 years?

LIC Money Back Policy- 20 years. LIC’s New Money Back Plan-20 years is a simple participating anticipated endowment plan. Thus, it is a traditional money back plan with scheduled payments and bonus facility. This plan being a 20 years tenure has 20 year schedule of survival and maturity benefits to be paid.

What is the product specification of LIC money back policy?

LIC Money Back Policy- Product Specification Minimum Maximum Entry Age (Last Birthday) 13 years 50 years Maturity Age (Last Birthday) – 70 years Policy Term (PT) in years 20 years 20 years Premium Paying Term (PPT) in years 15 years 15 years

What is the status of LIC’s plan for child care insurance?

This Plan of LIC has been discontinued long back. However, for your information, this was a Children’s Money Back Assurance Plan (113), with payment of premium ceasing on policy anniversary immediately after the child attains 18 years of age.

author

Back to Top