LIC Money Back Plan: You can get 23 lakh rupees daily by paying 162 rupees, know what is this complete plan
Insurance plan helps any person in bad and good times financially. Many people save but are unable to invest that money at the right place. Often such people do not get the benefits that are found in a better insurance policy. There are many types of insurance plans and different companies sell their own policies. One such company is Life Corporation of India ie LIC.
LIC is the most trusted insurance company in the country. Investing in LIC is considered safer than other companies as it is a government-run company. Today we will tell you about the money back plan of LIC (25 years old). This policy can be taken by anyone between 13 and 45 years of age for a fixed term of 25 years. In this, the death benefit is given to the policy holder.
LIC Money Back Plan Benefits:
15,000 pensions per month with an investment of Rs. 133 daily, can also start at the age of 40. LIC Life Benefit: 15,000 pensions per month from an investment of Rs. 133 per day can also start at the age of 40. Death benefit to the nominee on death under the policy term Death Benefit as well as Simple Reversionary and Final Edison Bonus are paid. The amount received under death benefit can be up to 125% of the basic sum assured. Apart from this, the policyholder also gets the money back guarantee on the 5th, 10th, 15th and 20th year in this policy.
This policy also provides tax benefits under the rules of Section 80C of Income Tax. Not only this, after getting surrender value, you get the facility of loan. In this policy, you can get Rs 23 lakh by paying 62 rupees daily. Let’s know how: –
Death Sum Assured: 1250000
Basic Sum Assured: 1000000
First Year Premium with 4.5% Tax –
Annual: 60742 (58126 + 2616)
Half Yearly: 30691 (29369 + 1322)
Quarterly: 15506 (14838 + 668)
Monthly: 5169 (4946 + 223)
YLY Mode Average Premium / Daily: 166
After deducting the first year premium with reduced tax –
Annual: 59434 (58126 + 1308)
Half Yearly: 30030 (29369 + 661)
Quarterly: 15172 (14838 + 334)
Monthly: 5057 (4946 + 111)
YLY Mode Average Premium / Daily: 162Total estimated premium payable: Rs 11,89,988
Money Back in LIC Money Back Plan:
5th year: 150000
10th year: 150000
15th year: 150000
20th year: 150000
25th Year i.e. Estimated Return on Maturity (40% SA + Bonus + FAB): 17,25,000
Total Estimated Return: Rs 23,25,000
According to the above example, if a person chooses 1000000 Sum Assured option with a term plan of 25 years at the age of 29, then he has to pay Rs 162 daily for 20 years (Rs 164 per day for the first year). In this way, he will have to pay a total of Rs 1175933. This amount will be Rs 23,25,000 on maturity. Along with this, 5th, 10th, 15th and 20th years will be sold as 150000 rupees money back.