Life Insurance Corporation of India (LIC) has launched many policies according to the needs of many people. One of them is ‘New Children’s Money Back Plan’ (LIC New Children’s Money Back Plan). This policy has been designed keeping in mind the children.
New Delhi. Life Insurance Corporation of India (LIC), the country’s largest life insurance company, offers many policies keeping in mind the convenience of the customers. Many benefits are given to the customers on investment in the policy of this company. In today’s time, somewhere in the center of the financial planning of parents, their children are also involved. Many also invest somewhere for children’s education, marriage and other expenses. Life Insurance Corporation of India also has a similar scheme, which has been designed keeping in mind the needs of the children. We are talking about LIC’s ‘New Children’s Money Back Plan’.
Let us know the special things of this policy…
>> The minimum age to take this insurance is 0 years.
>> The maximum age for taking insurance is 12 years.
>> Its minimum sum insured is Rs.10,000.
>> There is no limit on the maximum sum insured.
>> Premium Waiver Benefit Rider Option also available.
Maturity Period: The total term of LIC’s New Children’s Money Back plan is 25 years.
Money Back Installment: Under this plan, LIC pays 20% of the Basic Sum Assured on the child’s age of 18 years, 20 years and 22 years.
Remaining 40 percent amount will be paid on completion of 25 years of the policyholder. Along with this, all outstanding bonuses will be paid.
Maturity Benefit: At the time of policy maturity (in case the insured does not die during the policy term), the policyholder will get the remaining 40 per cent of the sum assured along with bonus.
Death Benefit: In case of death of the policyholder during the policy term, Sum Assured in addition to vested Simple Reversionary Bonus and Final Additional Bonus is paid. The death benefit shall not be less than 105 per cent of the total premium paid.