LIC Child Plan Fixed Deposit

The Life Insurance Corporation of India is an insurance company that has been serving the people of India since 1956. It offers numerous life insurance schemes like term plans, ULIPs, and pension plans. The LIC insurance plan for children is one of the services the company offers to ensure a secured financial future for children.

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LIC New Children Money Back Plan is one of the most preferred schemes created to cater to multiple needs of growing children, including marriage and education. Therefore, it is imperative to know the LIC New Children Money Back Plan essentials before making an investment decision.

What is the LIC New Children Money Back Plan? 

LIC New Children Money Back Plan policy refers to a traditional, participating, non-linked policy designed for children to meet their financial needs for growth. It also offers survival benefits at maturity and risk cover within the policy duration. 

The purpose of buying a LIC insurance plan for children is to make sure the children receive a lump sum amount at the end of the term to pursue their dreams and life goals. LIC New Children Money Back Plan policy is a unique policy that fits the bill perfectly with additional risk coverage in case of the policyholder's unfortunate death. 

LIC New Children Money Back Plan details are listed below:

Particulars of LIC New Children Money Back Plan

Applicable Values

Type of plan 

Participating, non-linked money back 

Minimum sum Assured for the plan 

Rs 1 lakh 

Minimum sum Assured for the plan 

No upper limit imposed (The basic sum assured must be in multiples of 10,000/- after Rs 1 lakh)

Minimum age limit

0 years (last birthday)

Maximum age limit

12 years (last birthday)

Minimum/ Maximum maturity age for the insured

25 years (last birthday)

Duration of the policy or premium paying term 

25 - Age at entry.

Ex: Suppose the entry age of the child is 6 years, then policy term is (25-6) = 19 years 

Benefits provided at maturity 

Sum assured and an applicable bonus is paid 


Survival, maturity and death benefits 

Cooling off/ free look duration 

Policy can be cancelled or returned within 15 days from the purchase date 

Revival in case of lapse 

Policies that are lapsed can be revived within two years from the first unpaid month by paying the pending premiums  

Grace period 

For monthly premium payment: 15 days 

For other intervals: 30 days 

The premium instalments must be paid as an advance for all chosen intervals. The minimum instalment amount for different payment modes is listed below:

Mode of premium payment 

Minimum instalment 


Rs 5000


Rs 15000


Rs 25000


Rs 50000

Features of the LIC New Children Money Back Plan

The salient features of LIC New Children Money Back Plan include:

  • A LIC's Premium Waiver Rider Plan is added to this policy which enables waiver of future premiums in case of proposer's untimely death. 
  • As LIC New Children Money Back Plan is a participating type, the policyholder is eligible to avail bonuses, and premium is paid for the limited period of the plan. 
  • LIC New Children Money Back Plan will vest in the child's name as the life assured and later becomes a policyholder after completing 18 years. 
  • A loan can be borrowed against LIC New Children Money Back Plan.
  • For children below 8 years, a deferment period is applicable for LIC New Children Money Back Plan. The risk coverage will commence one day before the completion of 2 years from the policy purchase date or one day before the policy anniversary, which aligns with or follows the completion of 8 years.
  • Under LIC New Children Money Back Plan, a rebate is offered on premium rates if the policyholder opts for half-yearly or annual payments at 2% and 1%, respectively.
  • Tax exemptions are applicable on LIC New Children Money Back Plan on the premium payments and the claim benefits received. The premiums are tax exempted under section 80C and claim benefits under section 10(10D) of the Income Tax Act. 
  • For availing of rebates, the proposer has to choose a high sum assured of Rs 2 lakhs and above under LIC New Children Money Back Plan.
  • LIC New Children Money Back Plan policy can be surrendered at any time once the policyholder completes two years of premium payments. In this case, LIC will pay a surrender value equal to a higher guaranteed surrender value or unique surrender value. The surrender value is reviewed from time to time and revised accordingly, subject to the approval of IRDAI.
  • If LIC New Children Money Back Plan premiums have been duly paid for less than two years, and the subsequent premium payments are not made within the grace period, the LIC will not be liable to pay any amount. 
  • There is a free look period where the LIC New Children Money Back Plan policy can be cancelled within 15 days of receiving policy confirmation documents. This can be done if you are not satisfied with the coverage, benefits, and conditions applied for the procedure. 
  • In case of suicide committed within one year of policy inception, only 80% of the premium paid is returned to the nominee if the insured has crossed 8 years of age. For a suicide committed within one year of policy revival, a higher of 80% of the premium paid or acquired surrender value will be paid to the insured who has crossed eight years of age, and the policy has achieved paid-up value. 

Benefits of the LIC New Children Money Back Plan

The main benefits of availing LIC New Children Money Back Plan are:

  1. Death benefits

    In the case of the untimely death of the insured during the policy term, the following benefits will be applicable subject to no dues on the premium payments: 

    • Death before the risk commencement date: An amount equal to the premium amounts paid excluding taxes, extra, and rider premium, if any is paid. 
    • Death after the risk commencement date: Death benefit stated as "Sum Assured on Death" plus the additional bonuses, including the simple reversionary bonus and final additional bonus will be paid. The "Sum Assured on Death" declared will be higher than the basic sum assured or 7 times multiplied by yearly premium payments. The death benefit paid must not be less than 105% of the total premium paid up to the insured's death. 

     The premiums mentioned above don't include taxes, extra premium, and rider premium.

  2. Survival Benefits 

    Suppose the insured survives until each policy anniversary aligning or immediately after completing 18, 20, and 22 years. In that case, 20% of the basic sum assured on each occasion will be paid subject to no dues on the premium payments.   

  3. Maturity Benefits

    If the insured survives the LIC New Children Money Back Plan term, then "Sum Assured on Maturity" plus vested simple reversionary bonuses and final additional bonus will be paid subject to no dues on the premium payments.

  4. Participation in Profits

    LIC New Children Money Back Plan policy is a participation type and will participate in the corporation's profits. Accordingly, the policyholders will receive simple reversionary bonuses declared based on the corporation's experience. A final additional bonus may also be awarded in the year when the policy reaches maturity or the insured has passed away. 

Eligibility for LIC New Children Money Back Plan

The following eligibility criteria have to be met to avail LIC New Children Money Back Plan:

  • The minimum entry age limit for the child is 0 years (at birth) and the maximum entry age limit of availing of this plan is 12 years.
  • The maximum age of the child at maturity must be 25 years. 
  • The policy term considered is 25 years – the entry age of the child. 
  • The minimum sum assured is Rs 1 lakh. There is no limit for the maximum sum assured. After Rs 1 lakhs, the sum assured is added in the multiples of Rs 10,000.

Documents Required

 The different documents required to avail LIC New Children Money Back Plan are: 

  • A duly filled LIC New Children Money Back Plan application or proposal form. 
  • Residential proof and other KYC documents of the proposer. 
  • A medical examination may be conducted in some cases based on the sum assured and the applicant's age. 

How to Purchase LIC New Children Money Back Plan? 

LIC New Children Money Back Plan policy can be purchased by following the below steps: 

  • Visit the official website of the LIC company and click on "Insurance Plan" listed under Products.  
  • Choose LIC's New Children Money Back Plan under the Money Back Plans list.
  • Enter your name, contact number, email address, and date of birth.
  • Under the select plans in the drop-down menu, choose "children" as the option. 
  • Provide approximate annual income. 
  • Choose the number of dependents. 
  • Choose the country of residence, state, city, and pin code.  
  • Click on "I agree" and submit after reading the terms. 

After submission, a LIC representative will contact and assist you with documentation and other procedures. If everything goes well, LIC New Children Money Back Plan will be approved.

Wrapping it Up

The LIC insurance plan for children is a significant investment that can secure your children's future as these plans provide a substantial corpus. The LIC New Children Money Back Plan policy is a unique child plan with multiple features like maturity, survival, death, and participation benefits. 

Any child between 0 to 12 years can be insured under this scheme by either parents or grandparents. Additional perks include LIC's Premium Waiver Rider Plan, tax exemptions, rebates, simple reversionary bonuses, and final bonus attached to the final sum assured, making it a lucrative and worthy money back plan.


*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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