LIC New Children’s Money Back Plan

The LIC New Children’s Money Back Plan is a traditional money back plan essentially designed to meet the needs and requirements of the growing children via survival benefits. These requirements could vary from one child to the other such as educational needs, studying abroad, marriage, and so forth. The LIC New Children’s Money Back Plan also offers the risk cover upon the life of the child within the policy period and also for the number of survival benefits upon surviving till the end of a certain duration.

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The LIC New Children’s Money Back Plan can be bought either by the grandparents or the parents of the child aged between 0 to 12 years of age. In the simplest words, it is an insurance cum investment plan that will be helpful to secure the bright future of the child. On the premise of the performance of the plan, this participating plan is likewise eligible for the bonus as well.

The prime reason that the LIC New Children’s Money Back Plan remains a preferred and opulent choice for the parents or the grandparents is that it provides financial security to the child up to 25 years of age to accomplish their milestones by offering them a lump sum amount along with maturity. Children are considered to be the future of any nation. Therefore, it is of utmost importance to have well-planned financial security so that finance is not a barrier between the child and the dreams.

Let us get into the details of the LIC New Children Money Back Plan.

LIC’s New Children’s Money Back Plan's Key Features

Listed below are the important features of LIC New Children’s Money Back Plan:

  • This plan is subjected to one individual essentially at one time and is non-linked money back plan for the children growing up.
  • The LIC New Children’s’ Money Back plan offers survival benefit, maturity benefit and death benefit.
  • The policy period is on the premise of the maturity age that is 25 years of age minus the age of entry. For instance, when the age of entry is 9 years then the period will be 25-9= 16 years.
  • The maturity benefit will likewise be the complete sum of the base sum assured when the plan is bought along with the bonuses as applicable.
  • The sum assured would range ideally from Rs 1, 00,000 up to highest of no specified upper limit.
  • From the date of purchase, the LIC New Children’s Money Back Plan can be returned within 15 days.
  • An individual can pay the LIC premium on a yearly, half-yearly, quarterly or monthly basis as per the convenience. Moreover, the insured could also look for loans from this plan.
  • The grace period or payments delayed could differ from the premium payment frequency. In case, an individual is paying monthly so the grace period will be approximately 15 days. In case of any other frequencies, it might go up to 30 days.
  • An individual could also choose the premium waiver benefit rider option, which implies that in case the insured passes away, the remaining premiums will be waived.
  • The plan could be surrendered once the payment of premiums for three years is completed. Under such a situation, the value of surrender will be the complete percentage value of all the premiums that have been paid till date that will be excluded from ant of the premiums that have been paid extra and if any premium rider values the survival benefit, which is due and even then payable to the insured.
  • The probability of obtaining a high sum assured rebate is on the premise of the rebate mode. In case the mode is half-yearly then it will be 1 per cent of the tabular premium. In case the mode is yearly, then it will be 2 per cent of the tabular premium. The rebates are not payable for monthly and quarterly mode.
  • In case, less than 2 years premiums have been duly paid and any of the subsequent premiums are not paid, then benefits will cease within the plan after the grace period expires from the date of initial unpaid premium that means nothing will be payable. In the case where the subsequent payments are not duly paid and the premiums are completely cleared for two years, then the LIC New Children’s Money Back Plan offers paid-up value until the end of the policy period. Within this, it will not be treated as a void and mostly be reduced to below specific plans:
  • The sum assured upon demise within the policy will be reduced and referred to as ’death paid-up sum assured’ and be equivalent to the sum assured upon demise that will be multiplied by the total period ratio for that the premium that has been paid to the highest period and the premiums are payable originally.
  • The sum assured upon maturity within the paid-up policy will be reduced and referred to as maturity paid-up sum assured and will be equivalent to the sum assured upon the maturity adding the complete sum of survival benefits payable within the plan and then multiplied by the total period ratio for that the premium that has been paid to the highest period and the premiums are payable originally and then reduced by the complete sum of survival benefits that are already paid within the plan inclusive the deferred survival benefit.

LIC’s New Children’s Money Back Plan's Benefits

Listed below are the three key benefits offered within LIC New Children’s Money Back Plan:

  • Survival Benefit: When the life assured survives every policy anniversary that is either coinciding or is followed with the completion of 17, 20 and 22 years of age then 20 per cent of the sum assured on either of the occasion will be payable if the LIC New Children’s Money Back Plan is in force.
  • Maturity Benefit: If the life assured survives the policy period when the plan is still in force, then the sum assured on maturity along with final additional bonus and vested simple revisionary bonuses will be payable wherein the sum assured on maturity is equivalent to the 40 per cent of the basic sum assured.
  • Death Benefit: If under any unfortunate circumstances, the policyholder is no more the sum payable will be the complete sum assured at demise including the bonuses to the sum.
  • Participation in Profits: When the policy is in force, it will participate in the profits of the corporation and entitled to obtain simple reversionary bonuses as per the corporation’s experience. Within paid-up policies, the final additional bonus will not be payable. Likewise, the final additional bonus will be declared within the policy during the year where the policy has not been claimed either by demise or maturity.

Product Specification:




Entry Age (Last Birthday)

0 years

12 years

Maturity Age (Last Birthday)


25 years

Policy Term (PT) in years

25 – entry age

Premium Paying Term (PPT) in years

7 pay, 10 pay or (term-5)

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly



No limit

Sum Assured


No limit

Details About Premium

Annual premium in Rupees

Age / Sum Assured




0 year




5 years




10 years




12 years




Policy Details of LIC’s New Children’s Money Back Plan

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value after 3 completed years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value.

GSV = (GSV % of Premiums paid – Survival Benefits already paid) + GSV % of vested Bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.


Loan is available under the plan.

Additional Features or Riders

  • LIC’s Premium Waiver Benefit Rider is available under the plan where the premium is waived off in case of death of the proposer.
  • Rebates in premiums for choosing yearly and half-yearly mode of premium payment @ 2% and 1% respectively.
  • High Sum Assured rebate for Sum Assured levels of 2 lakhs and above.


  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee if the Life Assured was aged more than 8 years.
  • In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid if the Life Assured was aged more than 8 years and the policy had acquired a paid-up value.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. LIC company may be required Medical examination in some cases, based on the sum assured and the age of the person.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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