It is a participating annuity plan that offers bonus by the company. The minimum age to buy the policy is 20 years, and the maximum age up to which the policy can be availed is 60 years.
This is a government initiative scheme for senior citizens to provide them with a regular source of income. This is a 10-year saving scheme applicable for senior citizens.
LIC New Children’s Money Back Plan is a traditional money back LIC policy for children. As per this policy, the beneficiary, aka the child, will get risk coverage throughout the policy tenure and will get survival benefit on maturity.