Get Rs 23 lakh by investing Rs 160 daily through LIC's Money Back Plan, here's how

Life Insurance Corporation (LIC), the country's largest life insurance company, which offers term insurance plans, pension plans and endowment insurance policies also offer money back policies. The money-back policy by LIC is of two types in terms of maturity — 20 years maturity plan and 25-year maturity. 

According to tax and investment experts, the LIC Money-back Policy falls under the EEE (exempt-exempt-exempt) category means an investor has the luxury of getting income tax benefits on his or her LIC Policy premium payments, interest earned on it and the maturity amount - provided the net premium paid under the LIC policy is 10% of the net sum assured. According to them, the LIC Money-back Policy is not an exception to it.

Under this policy, by investing Rs 160 a day, you will get a return of more than Rs 23 lakh at the time of maturity.

According to Chief Financial Planner Manikaran Singhal, those investing in this policy get back 15 to 20% 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.

There are two types of maturity periods in the 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 policyholder 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

Premium payable in the first year

The premium amount will also include a 4.5% 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

In every five years, the policyholder will also get a money back of Rs 1.50 lakh. In addition, the investor will get Rs 11 lakh as a bonus and Rs 2,25,000 as an additional bonus.