LIC Money Back Policy Key Features
This is a Participating Traditional Plan.
Simple money-back plans with a bonus option.
Premium needs to be paid for 15 years only while the policy continues for 20 years.
If the Life Insured is alive at the end of the 5th, 10th, and 15th years, 20% of the Basic Sum Assured is paid as Survival Benefit, and the policy continues.
The rest of the 40% of the Basic Sum Assured is paid on survival at the end of the policy tenure, along with the accrued bonuses.
If the life insured dies within the policy tenure, the entire Sum Assured + accrued bonuses would be paid to the nominee as Death Benefit.
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