New Children’s Money Back Plan Calculator

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.

Why Should You Use New Children’s Money Back Plan Calculator?

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:

  • For a better understanding of the premium payments and the time of policy maturity.
  • For knowing the maturity benefits and sum assured for a particular premium amount.
  • To choose the best plan among the other child insurancesthat comes under the policyholder's budget and meets the customer's expectations.
  • For comparing various policies and know the difference in the premium amount and other maturity benefits.
  • Calculating the Premium before getting into a policy is an essential step to be done.

The Process to use New Children’s Money Back Plan Calculator

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:

Enter the Required Information

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.

Add the Sum Assured Amount

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.

Know the Premium, Then Decide

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.

Advantages of New Children’s Money Back Plan Calculator

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:

A Vision of Future in the Present

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.

Saves Money and Time

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.

Differences and Benefits

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.

Check Affordability

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.

Information required while using New Children’s Money Back Plan Calculator.

Some basic information is required while using the New Children’s Money Back Plan Calculator. The information needed is given below:

  • Personal Information or KYC Details like – Full Name, Date of Birth, Age, Mobile Number, Gender, Salary per annum, Loan amount required, Marital status, etc.
  • Information related to the health of the individual like – Any Critical or Terminal Illness, like cancer, heart diseases, etc. or, smoking habits, etc., of the child's parents.
  • The sum assured amount for the child is needed. This is an estimated amount of the policy that is required for making the future dreams of the child a reality.
  • Term of premium payments that suits the customer’s budget that is allotted for premium payments. They can choose from the number of available premium payment terms, like,

Core Benefits of Buying New Children’s Money Back Plan

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:

Maturity Benefit

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.

Death Benefit

"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 Benefit

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.

Corporation Profit

Policyholders can be a partner in the profits earned by LIC through their policy and can earn bonus amounts too.

Surrender Value

The policyholder can surrender the policy after three years of time to know the assured surrender value of their policies.

Savings

With these plans, policyholders can save some money as LIC provides its customers with savings on high premium amounts.

Emergency Loans

In case of emergencies, the policyholders can avail of a loan for getting through the emergency without any maximum damage.

Tax Benefits

The tax benefits provided by the new children’s money back plan calculator are subjected to be under the tax laws.

Grace Period

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.

New Children’s Money Back Plan Premium Rates

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:

High Sum Assured, Low Premium Paid

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.

Convenience Guaranteed

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.

Easy Revival

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.

FAQs

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.

Written By: PolicyBazaar - Updated: 28 May 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 14 Reviews)
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New Children’s Money Back Plan Calculator Reviews & Ratings

4.8 / 5 (Based on 14 Reviews)
(Showing Newest 14 reviews)
Ram
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Anubha
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Amisha
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Sahil
Adoni, April 07, 2021
Offer protection
I had recently bought a Lic India child insurance plan online and it has been a best plan for my child’s safety and security. I really like the plan and it has given me the tremendous offer so that it can be utilize for my child. Nice plan.
Bhuwan
Anklav, March 22, 2021
Save under tax
I have saved a lot money under the name of tax. I really like this lic India child insurance and have got a good backbone for my child. It has become an easy tax. A kind of investment as well as security for my child’s future.
Aman
B.khajuripada, March 17, 2021
Secure your child
I have recently secured my child’s future by buying a child insurance policy. It was the plan of lic India and its plans are really good. It was under my budget and I really like the plan as I want my child to fulfil all his dreams.
Shailesh
Ladnun, March 16, 2021
Best child plan
I am happy to get the best child insurance plan from LIC of India. It is one of the best plan which will take us to the next security and future planning level. I found it quite helpful.
Nivedita
Laharpur, March 02, 2021
Beneficial plan
I have got beneficial plan of the lic India child insurance. It is good for my child’s future and was under my budget too. As we know expenses has increased a lot and that’s why I want to get amazing plan for my child.
Mehak
Dehradun, March 02, 2021
Tax benefits
I got the tax benefits when I bought the lic India child plan. The premium which I have paid will come under tax rebate under Section 10(10).
Kriti
Angul, February 22, 2021
Great benefits
I have attain a beneficial plan of lic India child insurance. It is a worthy plan for me and my child. I just want to give him best education and treatment in his adult age.
Shyam
Ahmedabad, January 12, 2021
Happy plan
Me and my wife wanted to buy a child insurance plan for our 8-year old kid. Therefore, we bought a LIC child insurance plan. He can now meet all the milestones he has set in his lives without any financial constraint. It is a good and secured investment, me and my wife both are happy.
Prabhjot
Lucknow, July 20, 2016
Coverage Is Good
My child's future secure with lic child plan. The policy covers all the expenditures comes in the future of her. Education, medical emergency, health issues etc. The policy premium is less but in return the plan gives maximum benefits only.
Tarun
Gwalior, July 20, 2016
Child Plan
The LIC child plan is the best plan. This is the company which has trust of the customers because it comes from ages. The premium of the plan is less and the returns are high. Policy coverage and claims are high and claiming is very simple due to good service provided by the executives of the company.
Manav
Delhi, May 13, 2016
Good Plan
I bought lic child plan. The policy is very good. The policy coverage and claims are high. The service facilitate by the executives and staff members is fast with clam behaviour. Good future investment, I like the policy.
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