We all worry about our future. Because with increasing age, the economic burden on us also increases. Everyone advises to have a policy so that the money saved in old age can be used. Although there are many policies for investment, but most people trust the Life Insurance Corporation of India- LIC. People from LIC Insurance Company also like the policy. Because by investing a little bit in it, you get a lot of returns. Now this insurance company has brought a new excellent plan of LIC Money Back Plan.
What is this plan
—LIC’s Money Back Plan is a non-linked life insurance policy. Which gives guaranteed returns and bonuses.
To get this plan, you will get 2 options of 20 years and 25 years. This policy is a completely tax free policy.
Also, there will be no tax on the amount received on its interest, premium payment and maturity.
In this plan, if you invest 160 rupees every day for 25 years, after 25 years you will get up to 23 lakh rupees.
The specialty of this plan is that the insurer gets money back, better return in maturity, as well as tax insurance benefit every 5 years.
Who can take this plan
According to LIC, anyone from 13 years to 50 years can take this plan. In this plan, every fifth year i.e. 5th year, 10th year, 15th year, 20th year, you will get 15-20% money back. But this will happen only when at least 10% of the premium is deposited. With this, investors will be given a bonus on maturity. Accidental death will also be available in this plan for a total of Rs 10 lakh. On maturity, investors will also be given a bonus.
This is the whole process and you will get bumper benefits
Death Sum Assured: 1250000
Basic Sum Assured: 1000000
First Year Premium with 4.5% Tax –
Annual: 60025 (57440 + 2585)
Half Yearly: 30329 (29023 + 1306)
Quarterly: 15323 (14663 + 660)
Monthly: 5108 (4888 + 220)
YLY Mode Average Premium / Daily: 164
After deducting the first year premium with reduced tax –
Annual: 58732 (57440 + 1292)
Half Yearly: 29676 (29023 + 653)
Quarterly: 14993 (14663 + 330)
Monthly: 4998 (4888 + 110)
YLY Mode Average Premium / Daily: 160
Total Estimated Premium Payable: Rs 1175933
5th year: 150000
10th year: 150000
15th year: 150000
20th year: 150000
25th Year i.e. Estimated Return on Maturity (40% SA + Bonus + F.A.B.): 1725000
Total Estimated Return: Rs 23,25,000