What Is LIC New Children’S Money Back Plan?

What is LIC new money back policy?

LIC’s New Money Back Plan 20 years is a non-linked participating policy which in addition to periodic payment on survival at specific periods during the term.

As part of the policy, 20% of Sum Assured is paid as survival benefit at the end of 5, 10 and 15 years.

Also, a simple reversionary bonus is payable on maturity..

Is LIC money back plan good?

Ans: The key benefits of LIC Money Back Plan include: Death Benefit: In case of the unfortunate death of the policyholder, when the policy is in force, the sum assured along with the Final Additional Bonus and Simple Reversionary Bonuses (if any) will be paid to the nominee.

Which plan is good in LIC?

Best LIC PlansLIC PoliciesPlan TypeMaximum Maturity AgeLIC Jeevan UmangWhole Life Insurance100 yearsLIC Jeevan AmarTerm Assurance Plan80 yearsLIC Money Back 25 yearsMoney Back Policy70 yearsLIC New Jeevan AnandEndowment Plan75 years1 more row•Sep 23, 2020

What is LIC Child career plan?

LIC Child Career Plan is a Money Back Endowment Plan for the benefit of a child such that Sum Assured plus Bonus is paid immediately to the nominee on death of the Life Insured after commencement of risk. However, if the child outlives the entire tenure, then he actually received 105% of the Sum Assured.

What is maturity amount in LIC?

Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared. Now whenever the death of the policyholder happens (even after the policy term), the nominee will additionally get the Sum Assured amount as the Death Benefit.

Which LIC plan is best for child?

LIC Jeevan Traun plan provides the benefit of tax exemption to the policyholder….LIC Jeevan Tarun.MinimumMaximumEntry Age0 years12 yearsMaturity Age-25 yearsPolicy Term25 years – the entry age of the childSum AssuredRs.1 lakhNo limit3 more rows

Which is the best LIC money back policy?

LIC offers a wide range of life insurance policies designed to provide higher returns. The following plans by LIC provide you with the maximum benefits – Jeevan Akshay VI, New Children’s Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years.

Is money back from LIC taxable?

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

How does money back policy work?

A money back policy is a type of life insurance plan that helps the insured person to get a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.