LIC Money Back Policy 15 Years – (Full Details)

Know about LIC Money Back Policy 15 Years, features, benefits, bonus, interest rate, premium amount, maturity calculator, online status, withdrawal details

LIC Money Back Policy 15 Years
LIC Money Back Policy 15 Years

Today we will discuss about a very important life insurance policy named LIC Money Back 15 Years Policy. I promise you will know about this plan in very simple words with example.

So Let’s start–

What is LIC Money Back Policy 15 Years?

LIC Money Back 15 years is a life insurance policy offered by the Life Insurance Corporation of India (LIC). It is a traditional participating non-linked plan that provides both protection and periodic payouts to the policyholder.

Key Features of LIC Money Back Policy 15 Years

Here are some key features of LIC Money Back Policy 15 Years:

  • The policy has a fixed term of 15 years. It means that the policyholder is covered for the entire duration of 15 years.
  • Under this policy, the policyholder receives periodic survival benefits at specific intervals during the policy term.
  • The policy provides for the payment of 20% of the sum assured at the end of 5th, 10th, and 15th policy years.
  • In case of the unfortunate demise of the policyholder during the policy term, the full sum assured is paid to the nominee as a death benefit. The sum assured is the amount guaranteed to be paid by the policy.
  • If the policyholder survives the entire duration of the policy term, i.e., 15 years, he or she will receive the remaining 40% of the sum assured as a maturity benefit along with any accrued bonuses.
  • The policy is eligible for the participation in profits of the corporation. Therefore, depending on the performance of the insurance company, the policy may earn bonuses which are added to the sum assured and payable at the time of maturity or death.
  • The policy acquires a surrender value after the payment of premiums for at least three full years.
  • If the policyholder chooses to surrender the policy before the maturity period, he or she can receive a surrender value.

It’s important to note that the specific terms, conditions, and benefits of LIC Money Back Policy 15 Years may vary based on the individual’s age, sum assured, and other factors. It is always recommended to carefully read the policy documents and consult with LIC representatives to understand the policy details and make an informed decision.

LIC 15 Years Money Back Policy Details

Here is a important table of LIC 15 Years Money Back Policy:

Policy DetailsValues
Entry AgeMinimum: 13 years
Maximum: 50 years
Maturity AgeMinimum: 28 years
Maximum: 65 years
Premium AmountVaries based on sum assured, age, and other factors
Policy Term15 years
Premium Paying Term15 years
Maturity Amount40% of sum assured + accrued bonuses
Surrender ValueDepends on the number of premiums paid and policy duration
Sum AssuredVaries based on the chosen policy variant and premium amount

Required documents for LIC 15 Years Money Back Policy

To apply for LIC Money Back Policy 15 Years, you will typically need to provide the following documents:

  1. Proposal Form: You need to fill out the proposal form provided by LIC. This form includes your personal details, contact information, medical history, and other relevant information.
  2. Identity Proof: You will be required to submit a valid identity proof document, such as a copy of your Aadhaar card, passport, voter ID card, PAN card, or driving license.
  3. Address Proof: You need to submit an address proof document to verify your residential address. Acceptable documents include a copy of your Aadhaar card, passport, utility bills (electricity, telephone, gas), bank statement, or rent agreement.
  4. Age Proof: You need to provide a document that establishes your age, such as a birth certificate, school leaving certificate, passport, or PAN card.
  5. Passport-size Photographs: You will need to provide recent passport-size photographs for the application process.
  6. Income Proof: Depending on the sum assured and the plan variant, you may be required to provide income proof documents such as salary slips, income tax returns, or bank statements to establish your income eligibility.
  7. Medical Reports: LIC may require you to undergo a medical examination depending on your age and the sum assured. The medical examination helps determine your insurability and may involve tests like blood tests, urine tests, and general health check-ups.

Please note that the exact documentation requirements may vary based on your location, age, and the specific policies and regulations of LIC. It’s advisable to contact your nearest LIC branch or speak to a LIC representative to get precise information on the required documents for applying for the LIC Money Back Policy 15 Years.

🔥 Whatsapp Group👉 अभी जुड़ें
🔥 Telegram Group👉 अभी जुड़ें

How to apply for LIC Money Back 15 Years Plan?

To apply for the LIC Money Back Policy 15 Years, follow these steps:

STEP 1: Research and Information Gathering

  • Gather information about the LIC Money Back Policy 15 Years, including its features, benefits, premium payment options, and eligibility criteria.
  • You can visit the official website of LIC or contact a LIC representative for detailed information.

STEP 2: Consultation with LIC Representative

  • Contact a LIC representative either by visiting a LIC branch office, calling their customer service helpline, or reaching out to an authorized agent.
  • Discuss your insurance needs and requirements with them and seek guidance on the LIC Money Back Policy 15 Years.

STEP 3: Application Form

  • Obtain the application form for the LIC Money Back Policy 15 Years.
  • You can usually get the form from the LIC branch office, download it from the official website, or request it from the LIC representative.
  • Fill out the application form accurately, providing all the necessary details.

STEP 4: Documentation

  • Gather the required documents mentioned earlier, including identity proof, address proof, age proof, passport-size photographs, income proof (if required), and any other documents as specified by LIC.

STEP 5: Medical Examination (if required)

  • Depending on your age and sum assured, LIC may require you to undergo a medical examination. Follow the instructions provided by LIC to schedule and complete the medical tests.

STEP 6: Submission of Application

  • Submit the filled-out application form along with the required documents to the LIC branch office or to the LIC representative.
  • Make sure to double-check that all the information provided is accurate and complete.

STEP 7: Premium Payment

  • Pay the premium for the LIC Money Back Policy 15 Years as per the payment frequency selected (monthly, quarterly, half-yearly, or annually).
  • LIC will provide you with the premium payment details and options.

STEP 8: Underwriting and Approval

  • Once your application is submitted, LIC will review the application, assess the provided documents, and conduct any necessary underwriting processes.
  • This includes verifying the information, evaluating the medical reports (if applicable), and determining the insurability.
  • LIC will communicate the approval or rejection of your application.

STEP 9: Policy Issuance

  • If your application is approved, LIC will issue the LIC Money Back Policy 15 Years.
  • You will receive the policy document, which outlines the terms and conditions, coverage details, premium payment schedule, and other relevant information. Read the policy document carefully and keep it in a safe place.

It’s important to note that the application process and requirements may vary slightly based on your location and the specific policies and regulations of LIC. It’s advisable to contact LIC directly or consult with a LIC representative for precise information and guidance throughout the application process.

Benefits of LIC Money Back 15 Years Policy

LIC Money Back 15 Years Policy offers several benefits to the policyholder. Here are some of the key benefits:

  1. Survival Benefits: The policy provides periodic payouts called survival benefits. At the end of the 5th, 10th, and 15th policy years, the policyholder receives 20% of the sum assured as a survival benefit. These payouts provide financial support at specific intervals during the policy term.
  2. Maturity Benefit: If the policyholder survives the entire duration of the policy term, i.e., 15 years, they receive the remaining 40% of the sum assured as a maturity benefit. This amount, along with any accrued bonuses, is paid at the end of the policy term. It serves as a lump sum payout that can be utilized for various purposes, such as education, retirement, or other financial needs.
  3. Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the full sum assured is paid to the nominee as a death benefit. This provides financial security to the family in the event of the policyholder’s untimely death.
  4. Participating Policy: The LIC Money Back 15 Years Policy is a participating policy, which means it is eligible to receive bonuses. Depending on the performance of LIC, the policy may earn bonuses that are added to the sum assured and paid out at maturity or death, enhancing the overall payout.
  5. Loan Facility: The policy allows the policyholder to avail a loan against the policy’s surrender value after the completion of three policy years. This feature can be useful in times of financial need or emergencies.
  6. Tax Benefits: The premiums paid towards the LIC Money Back 15 Years Policy are eligible for tax benefits under Section 80C of the Income Tax Act. Additionally, the maturity and death benefits received are usually tax-exempt under Section 10(10D) of the Act, subject to applicable conditions.

It’s important to note that the specific benefits and terms of the LIC Money Back 15 Years Policy may vary based on the policy variant, sum assured, and individual circumstances. It’s advisable to carefully read the policy documents and consult with LIC representatives for detailed information on the benefits and features of the policy.

How does LIC Money Back 15 Years Policy works?

Let’s consider a simple example to understand how LIC Money Back 15 Years Policy works:

POLICY DETAILS:

Entry Age30 years
Sum AssuredRs. 10,00,000
Premium AmountRs. 50,000 per year
Policy Term15 years
Premium Paying Term15 years

In this example, let’s assume the policyholder pays premiums for 15 years until the completion of the policy term. Here’s how the policy works:

Survival Benefits:

  • At the end of the 5th, 10th, and 15th policy years, the policyholder receives 20% of the sum assured as survival benefits.
  • In this case, the policyholder will receive Rs. 2,00,000 (20% of Rs. 10,00,000) at the end of the 5th, 10th, and 15th policy years, respectively.

Maturity Benefit:

  • Since the policyholder survives the entire policy term of 15 years, they are entitled to the maturity benefit.
  • The maturity benefit is the remaining 40% of the sum assured plus any accrued bonuses.
  • In this example, the maturity benefit will be Rs. 4,00,000 (40% of Rs. 10,00,000).

Death Benefit:

  • In the unfortunate event of the policyholder’s demise during the policy term, the full sum assured of Rs. 10,00,000 will be paid to the nominee as a death benefit.

Participating Policy and Bonuses:

  • The LIC Money Back 15 Years Policy is a participating policy, which means it may earn bonuses depending on the performance of LIC.
  • The bonuses are added to the sum assured and paid out at maturity or death, further enhancing the overall payout.

Premium Payment:

The policyholder pays an annual premium of Rs. 50,000 for 15 years. The premium payment is made throughout the premium paying term of 15 years.

Surrender Value:

  • If the policyholder chooses to surrender the policy before the completion of the policy term, they can receive a surrender value.
  • The surrender value depends on the number of premiums paid and the policy duration.
  • It’s advisable to contact LIC for precise surrender value calculations.

It’s important to note that the values provided in this example are for illustrative purposes only and may not reflect the actual values or bonus rates of the LIC Money Back 15 Years Policy.

The actual benefits and payouts will depend on factors such as the chosen policy variant, sum assured, age, and LIC’s performance.

How to check LIC Money Back Policy Status?

To check the status of your LIC Money Back Policy, you can use the LIC’s official website or follow these steps:

  • Visit the official website of LIC (www.licindia.in).
  • Look for the “Online Services” or “Customer Services” section on the website.
  • Click on the option that allows you to check the policy status. It might be labeled as “Policy Status,” “Online Policy Enquiry,” or something similar.
  • You will be directed to a login page.
  • If you have already registered on the LIC website, enter your login credentials (username and password) to access your account.
  • If you haven’t registered yet, you may need to create an account by providing your policy details and personal information.
  • After logging in, you should be able to see your policy details and the current status of your LIC Money Back Policy.
  • This may include information such as the next premium due date, premium payment history, maturity date, accumulated bonuses, and any pending claims, if applicable.
  • If you encounter any issues or have further questions regarding your policy status, you can contact LIC’s customer service helpline or visit the nearest LIC branch office for assistance.
  • Provide them with your policy details, and they will be able to assist you with any queries or concerns you may have.

Alternatively, you can also check your LIC Money Back Policy status by contacting LIC’s customer service helpline or visiting the nearest LIC branch office in person. Remember to carry your policy documents and identification for verification purposes.

Please note that the exact process and options for checking the policy status may vary based on the specific services and features provided by LIC. It’s advisable to refer to the LIC website or contact LIC directly for accurate and up-to-date information on how to check the status of your LIC Money Back Policy.

How To Calculate LIC Money Back Policy Maturity Amount?

To calculate the maturity amount of an LIC Money Back Policy, you need to consider the following factors:

  1. Sum Assured: The sum assured is the guaranteed amount that will be paid out at maturity. It is typically a percentage of the total sum assured, depending on the policy variant and policy term.
  2. Survival Benefits: LIC Money Back Policies provide periodic survival benefits throughout the policy term. These benefits are usually a percentage of the sum assured and are paid at specific intervals, such as the 5th, 10th, and 15th policy years. You need to calculate and add up these survival benefits to the maturity amount.
  3. Accrued Bonuses: LIC Money Back Policies are participating policies, which means they are eligible to receive bonuses. The accrued bonuses are added to the sum assured and paid out at maturity. The bonus rates depend on LIC’s performance and are declared by LIC from time to time. To calculate the maturity amount, you need to consider the accrued bonuses, if any.

Here’s a simple example to understand the calculation:

Policy NameLIC Money Back Plan
Sum AssuredRs. 10,00,000
Policy Term15 years
Premium Paying Term15 years
Survival Benefits20% of the sum assured at the end of the 5th, 10th, and 15th policy years
Accrued BonusesAssume no additional accrued bonuses for this example

Calculation of LIC Money Back Policy

1. Calculate the survival benefits

  • Survival Benefit at the end of the 5th policy year = 20% of Rs. 10,00,000 = Rs. 2,00,000
  • Survival Benefit at the end of the 10th policy year = 20% of Rs. 10,00,000 = Rs. 2,00,000
  • Survival Benefit at the end of the 15th policy year = 20% of Rs. 10,00,000 = Rs. 2,00,000

2. Calculate the maturity amount

  • Maturity Amount = Sum Assured + Survival Benefits + Accrued Bonuses
  • Maturity Amount = Rs. 10,00,000 + Rs. 2,00,000 + Rs. 2,00,000 + Accrued Bonuses

Please note that the calculation of accrued bonuses may vary based on LIC’s bonus rates and performance. It’s advisable to contact LIC or refer to the policy documentation for precise information regarding the calculation of maturity amount for your specific LIC Money Back Policy.

Also you can check with LIC Money Back Policy Maturity Calculator

How Can I Withdraw My LIC Policy Money Back?

If you wish to withdraw or surrender your LIC Money Back Policy before its maturity, you can follow the process mentioned below:

  1. Surrender Request Form: Obtain the surrender request form from the LIC branch office or download it from the official LIC website.
  2. Fill out the Form: Fill out the surrender request form with the necessary details, including policyholder information, policy number, reason for surrender, bank account details for the refund, and your signature.
  3. Required Documents: Gather the required documents, which typically include the original policy document, identity proof (such as Aadhaar card, PAN card, or passport), address proof, and bank account proof (such as a canceled cheque or bank statement).
  4. Submit the Documents: Visit the nearest LIC branch office and submit the filled-out surrender request form along with the required documents. Ensure that you carry both the original documents and copies for verification.
  5. Verification and Processing: LIC will verify the documents and process your surrender request. They may require a waiting period to complete the necessary formalities.
  6. Calculation of Surrender Value: LIC will calculate the surrender value of your policy based on factors such as the number of premiums paid, policy duration, and surrender charges. The surrender value is the amount you will receive upon surrendering the policy.
  7. Refund Process: After the surrender request is processed, LIC will refund the surrender value to your registered bank account through electronic transfer.

It’s important to note that surrendering a policy before its maturity may result in a lower payout as compared to the maturity amount.

Surrendering a policy also means forfeiting any future benefits and coverage provided by the policy.

Before making a decision to surrender, it’s advisable to carefully assess your financial situation, consult with a LIC representative, and understand the implications of surrendering the policy.

Please keep in mind that the process and requirements for surrendering a LIC Money Back Policy may vary based on the specific policy terms, your location, and LIC’s guidelines.

It’s recommended to contact LIC directly or consult with a LIC representative for precise information and guidance regarding the surrender process for your particular policy.

Also Read,

FAQ’s About LIC 15 Years Money Back Plan

Can I get my money back from LIC before maturity?

Yes, you can get your money back from LIC before maturity by surrendering your policy. However, surrendering a policy before its maturity may result in a lower payout compared to the maturity amount.

Is there any bonus on LIC Money Back 15 Years policy?

Yes, LIC Money Back 15 Years policy is a participating policy, which means it is eligible to receive bonuses. Bonuses are declared by LIC based on the performance of the participating policy portfolio. The accrued bonuses are added to the sum assured and paid out at maturity or in the event of a claim. The bonus rates depend on LIC’s performance and are subject to change.

How can I check my LIC bonus?

To check the bonus on your LIC policy, you can visit the LIC’s official website or contact LIC’s customer service helpline. They will assist you in providing information about the bonus accrued on your specific policy. You may need to provide your policy details, such as policy number and personal information, for verification purposes.

What is the LIC Money Back 15 Years plan interest rate?

LIC Money Back 15 Years plan does not offer a fixed interest rate. The returns from the policy primarily come from the sum assured, survival benefits, and accrued bonuses, rather than an interest rate. The bonus rates declared by LIC are based on the performance of the participating policy portfolio and are subject to change.

Conclusion – ‘LIC Money Back Policy 15 Years’

Today, In this post you learnt–

  • LIC Money Back 15 Years policy is a popular insurance plan offered by LIC (Life Insurance Corporation of India).
  • It provides both insurance coverage and periodic payouts, making it suitable for individuals looking for a combination of protection and periodic cash flows.
  • The policy offers survival benefits at specific intervals during the policy term, ensuring liquidity and meeting financial needs at crucial milestones.
  • Additionally, the policy provides a maturity benefit at the end of the policy term, which includes the remaining sum assured and any accrued bonuses.
  • While the policy offers flexibility and liquidity, surrendering the policy before maturity may result in a lower payout.
  • It’s important to carefully consider personal financial goals and consult with LIC representatives to make an informed decision.
  • The LIC Money Back 15 Years policy is designed to provide financial security and liquidity while offering life insurance coverage, making it a valuable option for individuals seeking long-term financial planning and protection.

NoteOur website is not an official source and does not endorse specific insurance policies. We provide information on insurance types and updates. The decision to purchase insurance is yours. Conduct thorough research and consult authorized sources before making any insurance decisions.

I hope you find this post very useful for you, if you have any questions regarding LIC money back 15 years policy then you can ask your questions in the comment box below.

Also Read,

5/5 - (5 votes)

मेरा नाम दीपक सेन है और मैं इस वेबसाइट का Founder हूं। यहां पर मैं अपने पाठकों के लिए नियमित रूप से शेयर मार्केट, निवेश और फाइनेंस से संबंधित उपयोगी जानकारी शेयर करता हूं। ❤️