LIC Money Back Policy the most sold policy. These policies are more popular in rural areas than in urban due to payout at a regular interval during the policy term. Since the inception of the LIC of India, these policies are available for sale with different features. There are many money back policy still serviced by LIC of India. Although we do not have any exact plan wise data, they can be 20-30% of LIC total policies (All money back policy included). LIC of India settled 11660912 money-back cases of amount Rs. 25542 Crores money-back payment during the financial year 2019-2020 (see the data here).
Let us see more details about various money back policy of LIC of India. Besides that, know more about what is the procedure of Money-back claim settlement by LIC. Similarly, know what you should do if you have LIC money back policy.
Table of Contents
A LIC Money Back Policy is a policy that gives a fixed amount return between the policy term at a regular interval. Amount paid in money-back policies is basically a certain percentage of the Sum Assured. The Interval of money back is different in different policies. It can range from every 3 years to 5 years to every year in the last policy term in some money-back policies. For example, LIC’s Bima Diamond policies give money back return after every four years during the policy term. Similarly, LIC’s Bima Bachat, which is a single premium policy, gives money back a regular interval of 3 years.
Money-Back policies are also sold as child career plans because they give money back after a regular interval. Return at a regular interval helps in the education of the child, which requires continuous payments. Currently available LIC money back policy for children is LIC’s Children Money Back Policy and LIC’s Jeevan Tarun.
Though there are many money back policies being serviced by LIC of India, only a few are currently available for sale. Money Back Policies which are available for sale are:
If you have a money-back policy, then read the policy document and you will find an interesting fact. You will not find the word “Money Back” anywhere in the benefits. What you will see is “Survival Benefit”. Survival Benefit means, if the policyholder survives to the particular term, he will receive a certain percentage of Sum Assured. So, survival benefit and money back is basically the same thing. Although, payments in whole life plans with endowment elements are also called survival benefit, for example, LIC’s Jeevan Anand maturity proceeds.
Every single month Life Insurance Corporation of India settles crores of Rupees of Survival Benefits/Money Back payments. Payment Process actually starts 3 months before the actual money back payment date. Lets see what is the the process of payment of money back in LIC Money back policy
If you are reading this article, it is sure that you have a LIC money back policy or you are planning to buy one. So, here are some tips for you so that you can get your claim well on time:
If you have any other questions related to LIC servicing then just mail us at info@sh112.global.temp.domains. You can also comment below. Share if you liked this information useful because Sharing is caring!
Life Insurance Corporation of India regularly adds more services to its online portal, which are…
Life Insurance Corporation of India has decided to launch a new children's plan, Amritbaal (Plan…
LIC of India has launched a new ULIP plan named Index Plus, Plan No. 873.…
LIC has announced to launch of a new pension product with the name of LIC's…
आधार का उपयोग करके बैंकिंग सुविधा को नियोजित करने के लिए आधार सक्षम भुगतान प्रणाली…
Life Insurance Corporation of India has decided to launch a new insurance plan named Jeevan…
This website uses cookies.
View Comments
Hi,
Nice article. Lot of info in a single article.
Thanks for sharing valuable information.
Thanks