Why Should You Invest in LIC’s New Children’s Money Back Plan?

LIC New Children’s Money Back policy is an ideal insurance plan if you wish to secure the future of your child. If you are a parent or a grandparent of a child, you can easily purchase this policy and provide many benefits for their future needs. It will be very useful when you have to arrange money for their educational requirements.

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

LIC New Children’s Money Back Plan allows the policyholder to easily arrange money for their child’s education, marriage and other important stages in their life. Let us explore more about this amazing plan offered by the LIC of India and look at its amazing features and benefits.

The coverage under the plan begins if your child is over 8 years old when buying the policy, the risk cover will begin immediately. However, if the child is less than 8 years, you must wait nearly 2 years from the commencement of the policy to get the risk coverage. The risk cover will begin a year after the commencement of the policy if the child has completed 8 years by that time.

Basic Overview of New Children’s Money Back Policy

  • The basic sum assured has a minimum cap of Rs. 1,00,000/- (One Lakh Rupees)

  • There is no upper limit on this sum assured and you can increase the value in multiples of Rs 10,000/-

  • The minimum age for entry is 0 (zero) years. Thus, you can buy the child policy even for your newborn child.

  • The maximum age for entry is 12 years.

  • The maximum tenure of the policy is 25 years and your policy tenure depends on the age of your child when you buy the policy.

  • It offers different payment modes and you can choose monthly, quarterly, half-yearly, or annual premium payment options, according to your convenience.

  • The coverage of the policy includes survival benefits, benefits on the policy's maturity, and even death benefits.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

LIC New Children's Money back plan Details

  1. Flexible Options to Pay Premium and Sample Rates

    You can choose any mode of payment at your convenience. There are options to pay the premium monthly, quarterly, half-yearly, and even annually. If you own a business, you can choose to pay the premium annually so that you will not have a monthly commitment. On the other hand, if you are a salaried person, you can choose a monthly premium as this can become part of your savings plan. You can choose to pay the premium through Electronic Clearing Service or Salary Savings Scheme mode, according to your convenience.

    The rates for the premium depend on the age of the child for whom the insurance policy is taken and it increases as the entry age increases.

    • If you begin the policy within one year after the child is born, you will be paying the least premium at the rate of Rs. 44 (approximately) per Rs. 1,000 sum assured.

    • For children under the age of 5, the premium rate is Rs. 57 per Rs. 1,000 sum assured.

    • The premium increases when you take the policy at a later stage and you need to pay Rs. 80 premiums for Rs. 1,000 sum assured when your child is below the age of 10 at the entry stage.

    • For children aged under 12 years, the rate is nearly Rs. 93 per Rs. 1,000 sum assured.

    When you take a look at the above rates, you can clearly note that the rates increase a lot when you enter the policy at a later stage. For this reason, you should make it a point to begin saving at an early stage and get the best premium rates from the company. Keep in mind that the premium rates mentioned are approximate and they do not include service tax.

People also read: Child Education Plan

Rebates Available Under This Plan

You will be glad to know that you can even get some rebates when you choose some mode of payment and these are also applicable for high-value sum assured policies.

  • The rebates for an annual premium payment mode are at 2% of the premium amount.

  • When you choose the half-yearly mode, you will get a discount of 1% on the premium amount.

  • There are no rebates for quarterly and monthly payment modes.

  • In the same way, for policies with less than 2 lakh sum assured plans, there are no rebates.

  • For plans of less than 5 lakhs and more than 2 lakhs, you can get Rs. 2 for every Rs. 1,000 of the sum assured.

  • For policies of sum assured more than 5 lakhs, the rebate is calculated at Rs. 3 per Rs. 1,000 of the sum assured.

  1. Grace Period and Revival Options

    It is not possible to pay the premium on time on a regular basis. In some cases, there may be a slight delay due to unforeseen circumstances. There is no need to worry about this aspect as the company provides a grace period to pay the premium amount. In the same manner, it is also possible to revive the policy if it has lapsed due to the non-payment of the premium amount.

    • The grace period for the monthly premium payment mode is 15 days.

    • The grace period for annual, half-yearly, and quarterly premium plans is 30 days.

    • If the policy has not reached maturity, you can revive it even if it has lapsed.

    • You can revive the plan within 2 years from the date of payment of the last premium.

    • However, you need to pay the pending premiums along with the interest set by the company to revive the policy.

  2. Paid-up and Surrender Value

    There is no risk of the policy becoming void if you have paid the premium for the entirety of two years. It acquires the status of a paid-up policy, and the value will be determined depending on the sum assured and the number of premiums paid along with the pending premiums. For some reason, if you cannot continue with the policy, you can even surrender it and get your savings back. However, the policy needs to have completed three full years with regular premium payments to avail of this option. There will be some service tax deductions and a few other deductions before the savings are paid back to you.

  3. Loan Facility

    A loan can be availed only after 2 successful years of complete premium payment. It also depends on the corporation's terms and conditions that change from time to time.

    The Maximum loan that can be availed are as follows:

    • 90% for policy in force

    • 80% for paid-up policy

  4. Tax Benefits

    • Under section 80C, you can get tax benefits on the premium amount paid for the policy.

    • Under section 10(10D), it is possible to get tax benefits on the amount received as death benefits.

    • Under section 10(10D), you can get tax benefits on the total maturity amount and survival benefits.

  5. Cooling Off Period

    If you are not completely satisfied with the terms and conditions mentioned in the policy, you even have the option of returning the policy within 15 days after the commencement of the policy. After you clearly mention the reason for rejecting the policy, the company will deduct some amount and pay back the premium amount to you.

Benefits of LIC Children’s Money Back Policy

There are different benefits of availing of this policy for your children. Let us look into each one of them in detail.

  1. Survival Benefits for the policyholder

    If the child has survived throughout the policy's tenure, you can get 20% of the sum assured after the child completes the age of 18. In the same way, 20% of the basic sum assured will be given on the occasion of completion of 20 years and 22 years as long as the policy is active.

  2. Maturity Benefits

    At the time of the policy’s maturity, the remaining 40% of the basic sum assured along with bonuses will be paid to the insured.

  3. Death Benefit

    • If the policyholder dies before the commencement of risk cover, the entire premium paid along with other benefits will be paid back to the beneficiary.

    • If the policyholder dies after the commencement of risk cover, the whole sum assured with other bonuses will be paid to the beneficiary.

  4. Bonus

    The company also gives a bonus on the sum assured amount as long as the policy is active. It is given at the policy's maturity or when the person dies after the commencement of risk cover.

    *The insurer provides all savings as per the IRDAI-approved insurance plan. Standard T&C Apply

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Important Note About the Policy

You must understand that you can take this policy as a parent or grandparent for your child. In this case, the benefits will be paid only on the death of the child and this does not protect the future of the children if the proposer dies before the completion of the policy. In order to secure this aspect, you can choose the Premium Waiver Benefit Rider option and this gives complete protection even for the children. In this scenario, if the proposer dies during the tenure of the policy, there is no need to pay further premiums and the child will get all the benefits upon maturity of the policy.

This is the complete overview of the Children’s Money Back Policy from the LIC of India. You may also need to undergo medical tests as per the guidelines of the company.

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
^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:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

LIC of India
LIC Plans
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans
Download the Policybazaar app
to manage all your insurance needs.