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. This policy is an excellent option for those who want to secure their child’s future financially.
- What is the eligibility of the LIC New Children’s Money Back Plan?
The age limit of entry into the LIC New Children’s Money Back Plan is 0 years, and the maximum age limit is 12 years. The minimum sum assured that you would get R.s 1 lakh.
- What is the maturity age under the policy?
The maturity age under this LIC Child Plan is 25 years, after which the insured will get the survival benefits.
- What is the premium payment term of the policy?
The maximum premium payment term is ten years from the policy initiation or term minus five years from the commencement. The minimum premium amount is Rs. 24,000, and it can be paid monthly, annually, quarterly, or half-yearly.
- What are various benefits paid under the LIC New Children’s Money Back Plan?
Under the LIC New Children’s Money Back Plan, there are three benefits:
- Survival benefits: the survival benefit is paid thrice, at the age of 18 years, 20 years, and 22 years. Survival benefit equals 20 percent of the total sum assured.
- Maturity benefits: the maturity benefit equals 40 percent of the total sum assured plus additional bonuses and reversionary bonus.
- Death benefits: On the proposer’s demise after the risk commencement, the sum assured and other bonuses are paid to the beneficiary. However, on death of the proposer before risk commencement, the paid premium without interest is paid to the beneficiary.