Invest Rs 160/Day In This LIC Plan, And Get Rs 23 Lakh Tax Free On Maturity: LIC’s Money Back Plan

Invest Rs 160/Day In This LIC Plan, And Get Rs 23 Lakh Tax Free On Maturity: Find Out More About LIC's Money Back Plan
Invest Rs 160/Day In This LIC Plan, And Get Rs 23 Lakh Tax Free On Maturity: Find Out More About LIC’s Money Back Plan

India’s largest life-insurance company LIC has now come up with a new money-back policy, branching into two types, with different maturity periods.

Tax and investment experts report that this money-back policy from LIC provides the investor with income tax benefits on the premium payments and maturity amount but with a simple catch.

In brevity, this policy mainly states that by investing only Rs 160 every day, you will get a return amount of over Rs 23 lakh at the time of maturity.

Let’s learn in detail about this.

LIC Money-Back Policy

LIC will be providing money back policies for 2 types of maturity periods:

  • 20 years maturity plan, or
  • 25 years maturity plan.

According to Chief Financial Planner Manikaran Singhal, those investing in this policy get back 15 to 20% of the amount every five years.

However, the catch here is that the amount will be received only when 10% of the total amount of premium has been deposited.

The investors will also get a money back of Rs 1.50 lakh in every 5 years. Additionally, they will also get Rs 11 lakh as a bonus and Rs 2,25,000 as an additional bonus.

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 policyholder will get Rs 23 lakh for investing Rs 160 a day for 25 years.

Here’s All You Need to Know About the Policy

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

Premium payable in the first year

The premium amount will include a GST fee of 4.5%.

  • 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

Source: Dna

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