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LIC Children's Money Back Plan & Single Premium Plan
Life Corporation of India (LIC) launched two insurance products - children’s money back plan and single premium plan - to combat the decline of the state-owned life insurance market share. Children’s Money Back plan is designed to meet the educational and marriage expenses. It is a participating, non-linked money back plan according to a statement issued from LIC. The plan offers a risk cover for the child throughout the policy term with regular premium payments.
Benefits of LIC Plans —
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing Child's future
Sovereign guarantee as per Sec 37 of LIC Act
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- LIC Children's Money Back Plan & Single Premium Plan
Parents can also choose a premium waiver or add a health rider to enhance the cover. In case of the death of the proposer, the premium will be waived off in the remaining period of the policy.
Jeevan Sangam is a participating, single premium plan that offers savings and insurance protection for the child. The proposer will be able to choose a maturity sum assured by investing a pre-defined single premium. The principal investment shall depend on the vestment age of the insured.
Both these plans are open for sale for a maximum of 90 days from the date of launch.
V. K. Sharma - MD, LIC said in his interview, “By launching these products we can offer insurance security to all the policyholders until the age of 60 years. This is the first time we are launching a single premium product. Moreover, we are happy to say it is a complete tax compliant plan. A ULIP plan will be launched in the next fiscal year, which is currently under planning process.”
People also read: Best Child Plan
Being the country’s largest insurer LIC has seen a sharp decline in the shares up to 70% where its new business premium shrunk by over 21% from April to December in 2014.
A decrease of 21 % from the first three-quarters of 2014 against the same period of the previous year (2013) which is Rs 56,667 crore from Rs 65,7774.47 crore.
Therefore, to improve its market share LIC has launched these affordable and highly lucrative child plans. The government-backed insurance conglomerate believes that people will be willing to invest in such plans as they receive guaranteed benefits.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
