LIC’s New Children’s Money Back Plan-25 years has been designed keeping in mind the expenses related to children’s education, expenses related to marriage.
LIC’s New Money Back Plan-25 years We all want to improve the future of our children. Whether it is a job or financial planning, all these are made keeping them in mind somewhere. Life Insurance Corporation of India (LIC) is offering insurance-cum-investment policy for children keeping these needs in mind. According to LIC’s website, the company’s New Children’s Money Back Plan-25 years has been designed keeping in mind the expenses related to children’s education, expenses related to marriage. Apart from this, there is also a life insurance cover for them in this policy.
Highlights of New Children’s Money Back Plan
– The minimum age for taking this insurance is 10 years.
Maximum age of taking insurance is 12 years.
– Its minimum insurance premium is Rs 10,000.
– There is no limit to maximum insurance coverage.
Premium premium rider-option is also available.
This is the maturity period
According to the information available on the website, any of the children’s parents or grand parents can take this policy. The total term of LIC’s New Children’s Money Back Plan is 25 years. Under this plan, LIC pays 20-20% of the basic sum insured when the child is 18 years, 20 years and 22 years old. The remaining 40 percent amount will be paid on completion of 25 years of the policy holder. In addition, all outstanding bonuses will be paid.
Maturity benefit
At the time of policy maturity (if the policy holder does not die during the policy period) the policy holder will get the remaining 40% of the sum assured with a bonus.
If not paid premium on time
If you do not deposit the premium within the grace period, the policy will lapse. Any lapse policy can be revived within two years from the date of non-payment of premium, but it must be done before maturity.
