My wife bought the LIC New Children’s Money Back policy when our daughter was born. Now after 25 years and we received the maturity benefit. The amount we received from the plan helped us contribute to our daughter’s business idea without taking any additional loans.Manoj TyagiRead more
LIC's New Children's Money Back policy is a participating non-linked plan designed to secure a child's financial future by providing a combination of insurance coverage and periodic money-back benefits. Here are some key features of the policy:
Financial Protection: The policy offers life insurance coverage to the child, ensuring financial security in case of unfortunate events like the policyholder's demise during the policy term. The death benefit is paid out to the nominee or beneficiary.
Money Back Benefits: The policy provides periodic money-back benefits during the term of the policy. A certain percentage of the sum assured is paid back to the policyholder at specific intervals. These money-back payouts can help meet various financial needs and expenses of the child as they grow.
Premium Waiver Benefit: In case of the unfortunate demise of the policyholder (parent or legal guardian), the policy continues without the need for further premium payments. The future premiums are waived, ensuring that the policy remains in force and the intended benefits are provided to the child.
Participation in Profits: The policy participates in the profits of LIC through the company's participating insurance plans. This means that the policyholder is eligible to receive bonuses declared by LIC, which can enhance the overall maturity amount.
|Entry Age||0 years||12 years|
|Maturity Age||25 years|
|Policy Term||[25 – Age at entry] years|
|Sum Assured (in Rs.)||1 lakh||No limit|
If the policyholder dies, the Death Benefit is paid to the nominee. The benefit paid is equal to the
“Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus.
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.
The policy offers a maturity benefit at the end of the policy term. The maturity amount includes the sum assured on maturity and any accrued bonuses. This lump sum amount can be useful for funding the child's education, marriage, or other financial goals.
One can also avail of tax benefits on the premiums paid under the LIC Money Back Policy.
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The LIC New Children’s Money Back plan offered by the LIC of India is one of the best life insurance policies if you want a plan with life protection and savings. With its several benefits, the plan was designed to look after the financial needs of the children and helps them to fulfil all their future goals.
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*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
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ