New Delhi Life Insurance Corporation of India Limited (LIC) operates a number of life insurance policies. LIC also operates policies that give money option to people. One such policy is that by investing Rs 160 a day, you will get a return of more than Rs 23 lakh at the time of maturity. The name of this policy is LIC New Money Back Policy.
Money back will get 20 percent amount in five years
According to Manikarna Singhal, Chief Financial Planner, those investing in this policy get back 15 to 20 percent of the amount every five years. However, this amount is received only when 10% of the total amount of premium has been deposited. Along with this, investors will also get a bonus on maturity.
Buy money back policy from LIC
There are two types of maturity period in LIC money back policy. Any person can choose one in 20 years and 25 years. This policy is completely tax free according to income tax. Along with this, the amount received on interest, premium payment and maturity is completely tax free. Any policy holder will get Rs 23 lakh for investing Rs 160 a day for 25 years.
How much can you invest?
Minimum Basic Sum Assured – One lakh rupees
Maximum Basic Sum Assured – No Limit
Minimum age limit – 13 years
Maximum age limit – 50 years
Term Plan – 20 years
You will have to pay so much premium in the first year
The premium amount will also include a 4.5 percent GST fee.
Annual premium: Rs 60,025 (Rs 57,440 + Rs 2585)
Half Yearly Premium: Rs 30,329 (Rs 29,023 + Rs 1,306)
Quarterly premium: Rs 15,323 (Rs 14,663 + Rs 660)
Monthly Premium: Rs 5,108 (Rs 4,888 + Rs 220)
Daily Due Premium: Rs 164
Second year premium
Annual premium: Rs 58,732 (Rs 57,440 + Rs 1,229)
Half Yearly Premium: Rs 29,676 (Rs 29,023 + Rs 653)
Quarterly premium: Rs 14,993 (Rs 14,663 + Rs 330)
Monthly Premium: Rs 4,998 (Rs 4,888 + Rs 110)
Premium amount payable daily: Rs 160
Let us tell you that every five years the policy holder will also get a money back of Rs 1.50 lakh. In addition, the investor will get Rs 11 lakh as bonus and Rs 2,25,000 as additional bonus.
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