LIC Money Back Plans are savings‑cum‑protection policies that provide life cover along with periodic “money back” survival payouts during the policy term, plus a lump sum at maturity and death benefit protection throughout. They suit investors who want liquidity at regular intervals for milestones like education, marriage or business needs without compromising on insurance cover.
What are LIC Money Back Plans?
In a money‑back plan, the life assured receives a percentage of the Basic Sum Assured at pre‑defined intervals if alive, and still gets a maturity amount at the end of the term, usually consisting of the remaining Sum Assured plus bonuses (or guaranteed additions, depending on the plan). If the life assured dies during the term, the full Sum Assured on Death is paid to the nominee irrespective of earlier survival benefits, as per product rules.
List of LIC Money Back Plans
According to LIC’s official Money Back Plans page, the current products are:
| S. N. | Product Name | Plan No. | UIN No. | Broad positioning |
|---|---|---|---|---|
| 1 | LIC’s Bima Shree | 748 | 512N316V03 | High‑value money‑back/savings plan |
| 2 | LIC’s New Money Back Plan – 20 Years | 720 | 512N280V03 | 20‑year traditional money‑back for general needs |
| 3 | LIC’s New Money Back Plan – 25 Years | 721 | 512N278V03 | 25‑year long‑term money‑back plan |
| 4 | LIC’s New Children’s Money Back Plan | 732 | 512N296V03 | Child‑focused money‑back with milestone payouts |
| 5 | LIC’s Jeevan Tarun | 734 | 512N299V03 | Child/young‑adult plan with flexible survival payout focus |
| 6 | LIC’s Bima Ratna | 764 | 512N345V02 | Non‑linked savings plan with money‑back‑type benefits |
Brief overview of each LIC Money Back Plan
- LIC’s Bima Shree (Plan 748) – A high‑sum‑assured, money‑back‑cum‑savings plan aimed at customers with larger ticket sizes, offering periodic survival benefits, life cover and maturity value with guaranteed additions and bonuses as per product design.
- LIC’s New Money Back Plan – 20 Years (Plan 720) – A conventional 20‑year money‑back plan where a portion of Sum Assured is paid at specific intervals and the balance plus bonuses is paid at maturity, with death cover for the full term.
- LIC’s New Money Back Plan – 25 Years (Plan 721) – Similar structure to the 20‑year version but with a 25‑year term, suitable for longer‑duration goals and those who want survival payouts over a longer horizon.
- LIC’s New Children’s Money Back Plan (Plan 732) – Child‑centric money‑back plan that provides survival benefits at key ages of the child, along with risk cover and maturity benefit, helping parents plan education and other milestones.
- LIC’s Jeevan Tarun (Plan 734) – A plan designed primarily for children/young adults, offering options to choose the pattern of survival benefits during later years of the term, while also giving maturity benefit and life cover.
- LIC’s Bima Ratna (Plan 764) – Non‑linked, savings‑oriented plan that functions like a modern money‑back policy, with guaranteed additions and structured survival benefits plus maturity and death cover.
When to use LIC Money Back Plans
- For families needing periodic liquidity for school fees, college fees, or other recurring milestones.
- For conservative savers who want regular payouts but also prefer a guaranteed or bonus‑backed maturity amount and life cover.
- For child planning, where New Children’s Money Back Plan and Jeevan Tarun can be aligned to specific ages and education stages.