LIC Children’s New Money Back Plan

 

LIC's NEW CHILDREN'S MONEY BACK PLAN

LIC New Children's Money Back Policy


LIC's New Children’s Money Back Plan is a insurance cum investment plan which can be used for securing the financial needs of a child as they turn 25 years old. It is a participating plan and hence is eligible for bonus depending on the performance of LIC.

Please note that in this plan provides a risk cover on the life of the child and not of the parent or grandparent. So, it really does not secure the child’s future in case of death of the parent or the grandparent. This is more of an investment plan keeping in mind the needs to the child when they become 25 years old.
 

Key Benefits of LIC New Children's Money Back Plan

  • Participating non-linked money back plan eligible for bonus
  • Designed to cater to educational, marriage and other needs of growing children 
  • Offers cover on the life of child during the policy term
  • Can be bought by parent or grandparent for a child aged 0 to 12 years

  • Eligibility conditions to buy LIC New Children's Money Back Plan

     
     MinimumMaximum
    Sum AssuredRs. 1,00,000No Limit
    Entry Age of Child0 years12 years
    Policy TermTill the age of the child is 25 years
    Payment ModesAnnual, Half-yearly, Quarterly, Monthly



    Benefits in LIC New Children's Money Back Plan


    The following benefits are available in LIC Children’s Money Back Plan.
     
    1. Death Benefit in LIC New Children’s Money Back Plan
     
    Please note that the death benefit is linked to the Commencement of Risk date.
     
    • In case of death of the child before the commencement of risk : All premiums paid are returned to the nominee, excluding taxes and rider premiums.
    • In case of death of the child after the commencement of risk : The nominee will receive the “Sum Assured on Death” + Simple Reversionary Bonus + Final Addition Bonus which would be have declared throughout the policy term.
     
    Sum Assured on Death = Higher of  the following:
    • 10 times the Annualised Premium
    • Basic Sum Assured mentioned in the policy

     
    2. Survival Benefit  in LIC New Children’s Money Back Plan
     
    On Policy Anniversary immediately after the child is 18 years old - 20% of Basic Sum Assured
    On Policy Anniversary immediately after the child is 20 years old - 20% of Basic Sum Assured
    On Policy Anniversary immediately after the child is 22 years old - 20% of Basic Sum Assured
     
     
    3. Maturity Benefit  in LIC New Children’s Money Back Plan
     
    40% of Basic Sum Assured + Simple Reversionary Bonuses + Final Addition Bonus
     
    Every year LIC declares bonuses for various plans. It would depend on the company’s performance. There is no way to know these bonus rates in advance.

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