Under the new money back plan, the insurer gets money back, better return in maturity, as well as tax insurance benefit every five years.
The country’s largest insurance company Life Insurance Corporation of India (LIC) offers a variety of attractive insurance plans for the people. Customers can deposit good amount for their future by investing money in this scheme. LIC provides plan customers both short term and long term. One of these is LIC New Money Back Policy. This scheme is a non-linked life insurance policy. It offers guaranteed returns and bonuses. Let’s know all the things related to money back plan.
What is Non-Linked Policy-
Under the new money back plan, the insurer gets money back, better return in maturity, as well as tax insurance benefit every five years. To get this plan, you have two options of 20 and 25 years. Its special thing is that the entire policy is tax free. Also, there will be no tax on the amount received on its interest, premium payment and maturity.
Get many discounts
In a money back plan, the insured gets money back, better returns in maturity, as well as tax insurance benefits every five years. To get this plan, you have two options of 20 and 25 years. Its special thing is that the entire policy is tax free. Also, there will be no tax on the amount received on its interest, premium payment and maturity. If you invest only 160 rupees every day in money back plan then after 25 years you will get up to 23 lakh rupees.
LIC’s new money back plan can be purchased for 20 years with a minimum sum assured of Rs 1 lakh and there is no limit on the maximum sum insured. Premiums up to 15 years have to be paid for a policy term of 20 years. Premium can be paid in yearly, half-yearly, quarterly or monthly manner. Along with this, you will also get loan facility on this policy.
On completion of five years of the policy term, 20 percent of the sum assured will be first received as money back. At the same time, on completion of 10 years and 15 years, 20 percent of the sum assured will be returned as money back. Also, in this plan, the customer can claim for income tax exemption while paying premium under under section 80C.
LIC’s New Policy, Get Money Life Time by Paying one-time Premium…….
Who can take policy
According to LIC, anyone from 13 years to 50 years can take this plan. In this plan, you will get 15 to 20 percent money back on the fifth year, 10th, 15th and 20th year. But you will get it only when at least 10 percent of the premium amount will be paid. Also, investors will also get benus on maturity. In this plan of total 10 lakh rupees, you will also get the benefit of accidental death. On maturity, investors will also be given a bonus.
