New Children's Money Back Plan, introduced by Life Insurance Corporation, has various benefits and covers. The policy provides complete protection to the policyholder's child, and the policyholder can rest assured about their child's future.
The premium amount of this policy can be calculated by using New Children’s Money Back Plan Calculator online. This online tool is easily available on the website and customers can use it without hassles to get an idea about the premium amounts for LIC’s Children Money Back Plan.
Most of the policyholders either vaguely know about their policies or have no idea about their policies at all. Knowing the difference between the premiums paid on a policy compared to others helps the customer to have a clear idea about their policies. Calculating premiums help the customer to choose the best plan among all the other available plans.
Using New Children's Money Back Plan Calculator, the customer can get the best plan that suits their budget and provides significant benefits for their children's future. The reasons for using New Children’s Money Back Plan calculator are discussed below:
The process for using New Children’s Money Back Plan Calculator is straightforward. The process of calculation can be done online for free. By getting through just a few simple steps, the customer can know the details of their premium and policy terms in the nick of time.
On the official website of Life Insurance Corporation’s New Children’s Money Back Plan page, the calculator is available. After opening it, the processes to be followed are given below:
The first and foremost step to be followed is to enter all the required information that is asked under the primary information tab. The information will be basic like – Full Name, Age, Gender, Annual Salary Amount, Loan amount required, health information such as smoking habits, Date of Birth, Mobile number and E-mail ID, etc.
The customer needs to enter an estimated sum assured amount that sounds best for their children's future needs. Before going through this process, the customer needs to choose wisely because this amount helps their children's future. So, the customer has to keep the future of their children in their mind and choose the best amount. After deciding the amount, the customer has to enter it on the calculator.
After entering the assured amount, the customer has to choose a term period for paying their premiums regularly. It can be either monthly, twice in a year, thrice in a year, or only once in a year. After getting all this information, the customer can decide on taking up the policy.
If the customer found the premium amount as non-repayable or brutal to pay, then they can check some other insurance policy under the same calculation process.
New Children’s Money Back Plan Calculator has various advantages and serves the policyholders in many ways. Some of the policy’s highlighted advantages are discussed below:
By calculating the Premium and getting to know the sum assured amount, the individual can know the amount that comes to their children. They can easily plan for their child's future based on the sum assured amount, and they can be prepared for it.
The New Children’s Money Back Plan Calculator can be used online free of cost. After entering a few details, the individual gets all the required information within a few minutes. Thus, this process saves them time and money.
Another advantage of using the calculator is that, knowing the differences among various premium rates and maturity benefits offered by different child insurance policies. By having a piece of in-depth knowledge on basic differences, the customer can choose wisely for their children.
Every policyholder wants their premium payment to be affordable. By knowing the terms on which the policy is paid and the payment amount, the individual can choose a policy that comes under their budget.
The New Children's Money Back Plan has various Premium payment term options, among which the customer can choose the best.
Some basic information is required while using the New Children’s Money Back Plan Calculator. The information needed is given below:
There are various benefits provided by the New Children's Money Back Plan. The plan itself is designed in a manner for providing a secure future for the children. A few benefits are listed below:
The New Children's money back plan offers an attractive maturity benefit. The sum assured on the maturity of a policy will have an added bonus of another 40% of the basic sum assured amount. The policyholder can have the assured amount as a single payment or as installments.
"Sum Assured on Death" is the basic term definition for the death benefit. In case of any unfortunate event, then the sum assured amount paid to the nominee will not be less than 105% of the total premiums paid up to the date of death.
The sum assured can be received as a single payment or through installments as per the wish of the customer.
Survival benefits refer to the survival through each of their policies or anniversaries. They coincide with or immediately follow the completion of 18, 20, and 22 years of age. At this time, 20% of the basic sum assured is paid on each age milestone.
Policyholders can be a partner in the profits earned by LIC through their policy and can earn bonus amounts too.
The policyholder can surrender the policy after three years of time to know the assured surrender value of their policies.
With these plans, policyholders can save some money as LIC provides its customers with savings on high premium amounts.
In case of emergencies, the policyholders can avail of a loan for getting through the emergency without any maximum damage.
The tax benefits provided by the new children’s money back plan calculator are subjected to be under the tax laws.
A 15 days’ grace period is provided for monthly Premium and 30 days for all the other premium terms. If the Premium is not paid within this period, then the policy is more likely to have lapsed.
The New Children's Money Back Plan has premium rates that are affordable for customers of any financial status. They even provide various terms of premium payment to ease the customer's burden. The customer can pay their premium amounts once in a year, twice in a year, thrice in a year, or pay monthly. Here are the premium features for this plan:
The premium rates of the new children’s money back plan are very attractive. It allows the policyholder to get the high sum assured amount with only a minimal premium amount paid. This provides profit for the customer and adds their savings.
Premium rates paid are considerate, and the rate of Premium helps the customer pass over the trouble of struggling to get a claim. The customer can claim Insurance online from the comfort of their homes and within a few minutes.
If the delay in Premium pays or if the customer failed to pay Premium even after the grace period is over, and then the insurer provides them with a revival period of two years for the first two unpaid premium amounts.
Premium amounts and rates for different plan durations can be easily calculated by using the LIC plan calculator.
A1. Yes. A newborn child with a name is eligible for “New Children’s Money Back Plan” Insurance.
A2. The minimum age for getting new children's Insurance is 0 years (newborn), and the maximum age for getting this insurance is 12 years. The child's policy will be likely to be matured at 25 years of age of the child.
A3. The New Children's Money Back Plan Insurance is a "Participating non-linked money-back scheme" type of policy.
A4. Yes. There is a difference in the grace period depending on the frequency of premium payments. Fifteen days of grace period is provided for the monthly term payments and 30 days of grace period for all the other term payments.
A5. The "Free-Look" period is the period for the customer to cancel the policy if they find it difficult to pay their premium amounts or if they wish to terminate the policy. In such situations, the customer gets a full refund of all the Premiums paid by them, and no more premiums will be collected from them.
A6. The revival period is the time offered by the Insurance for the customer who can't pay the premium even after the grace period. They have a period of 2 years for reviving their policy on the first two missed premium payments.
A7. The calculator is available on the official website of the LIC’s New Children’s Money Back Plan page.
A8. The minimum sum assured by this Insurance is 1 lakh rupees. This is a higher minimum amount while comparing other plans.
A9. The maximum sum assured by the policy has no limit at all. Thus providing a space for the children’s dreams to be unlimited and fit in their parent’s financial status. The child can keep on building the dream of their future along with their parents.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply.
*Tax benefits are subject to change as per tax laws.