LIC'S New Children Money Back Plan
Table of Contents
LIC'S New Children Money Back Plan is insurance as well as an investment plan that aims at providing a financially stable future for growing children. It is a traditional money back plan that pays out survival benefits at regular intervals. There are a number of reliable benefits provided under this plan that ensures your child does not have to face any financial crises.
As children grow, their financial needs grow as well. To avoid any financial strain, the parents or even the grandparents of the children can start saving up for their future. The advantage of the LIC'S New Children Money Back Plan is that it pays out at regular intervals which helps cover the growing costs and important events of your child.
Benefits of LIC'S New Children Money Back Plan
Take a look at various benefits that are provided under the LIC'S New Children Money Back Plan.
1. Survival Benefits
The regular payouts are known as the survival benefits. These are equal to 20% of the sum assured. It is provided when the life assured is 17, 20 and 22 years of age. This age is calculated at its completion and must coincide with the policy anniversary.
2. Maturity Benefit
Not only does the LIC'S New Children Money Back Plan provide support at regular intervals, but also once the plan reaches the end of the policy term. The Maturity Benefit is paid at the end of the policy term, given that the life assured is alive and is equal to 40% of the basic sum assured. All bonuses accrued throughout the policy term are also paid at this time.
3. Death Benefit
If the policyholder dies before the end of the policy term, a death benefit is payable. The death benefit is essentially the complete sum assured as well as any bonuses that might have accumulated.
4. Non-Guaranteed Bonuses
LIC'S New Children Money Back Plan provides non-guaranteed bonuses or simple reversionary bonuses. This is because the plan participates in the profits of the company. It is provided as long as the plan has not been claimed or has matured.
LIC'S New Children Money Back Plan Eligibility Conditions
Take a look at these essential facts that you must know about the LIC'S New Children Money Back Plan.
|
Parameters |
Specifications |
|
Entry Age |
Minimum- 0 years Maximum- 12 years |
|
Maturity Age |
25 years |
|
Premium Amount |
Minimum- 24,000 INR |
|
Premium Instalments Available |
Monthly, quarterly, semi-annually, annually |
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