LIC Money Back plans can linked with child education.
Money Back Policy as different from simple endowment insurance policies in which the survival benefits are payable only at the end of the endowment term plan, this scheme of money back policy offers periodic payments of partial survival benefits as follows during the tenure of the policy as long as the policy holder is alive.
One of the significant features of this type of money back policies is that in the case of death at any time within the tenure of the policy, the death claim will include full sum assured without deducting any of the survival benefit amounts, which have already been paid. In addition, the bonus is also calculated on the full sum assured. In case of 20-year Money back plan, twenty percent of the sum is assured to be payable each after five, ten and fifteen years and the remaining balance is payable after 20 year.
Money back is an insurance policy that entitles one to receive periodical payouts and ultimate survival benefits, during the tenure of the policy. This survival benefit is payable only if the policyholder survives the policy term, in case of death, the Sum Assured is paid to the beneficiary.
This type of policy enables you to prepare for responsibilities like children’s education, marriage, buying an asset or leading an independent retired life.
A Money Back plan provides regular tax-free payouts for periodic expenses.
A Money Back plan offers double benefits – insurance cover, and regular payouts, at the end of the policy period or at regular intervals. Such a policy offers a cover for a specified period, during which the insured gets a specific sum of money at regular intervals.
The insured receives the balance of the agreed money at the end of the policy period. If the insured loses his life in between the policy terms, the nominee or the dependent receives the benefits on his behalf.
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