Life Insurance Corporation is providing an investment plan for the children named as LIC New Children’s Money Back Plan. It is a participating plan, so it also provides the bonus as per the rules. The चिल्ड्रन्स मनी बैक योजना is specially designed to secure the future of the children. The plan has various benefits, we have provided the details of the same in this article. You can check the Specification, Benefit, Features, and all the other details below.
LIC New Children’s Money Back Plan
Eligibility Criteria For LIC New Children’s Money Back Plan
- Minimum Entry Age-0 Years
- Maximum Entry Age-12 years
- Maturity Age-25 years
Features Of LIC New Children’s Money Back Plan
- Participating non-linked money-back scheme is a participating plan and has premium payment choice.
- The minimum and the maximum age to invest in the policy is 0 and 18 years, respectively.
- The policy will be automatically getting to the name of the assured person after the completion of 18 years.
- One can also get the loan against the LIC policy.
- There will be a grace period of 15 days and 30 days for the monthly and other payment modes, respectively.
- You can invest from a minimum 01 lakh rupees, and there is no upper limit.
- The death benefit, maturity benefit, and survival benefits are covered under this plan.
Benefits of LIC New Children’s Money Back Plan
- The policy also covers the maturity benefits to the sum assured. In addition, policyholders will also all the additional benefit and all bonuses accrued during a certain period.
- Every year LIC will pay 20% of the Sum Assured a survival benefit when the policyholder gets the age of 18, 20, and 22 years.
- The insured person can also get the assured surrender value only after the completion of 03 years of the policy.
- In the case of any uncertainty and the assured person dies during the policy is in force, then in such case, the death sum assures plus other bonuses will be paid.
- The Income-tax benefit on the perineum can also be provided under this scheme under Section 80C.
- The plan also offers survival benefits, as per the guidelines, the plan provides the benefit of 20% of the basic sum assured.
- Rebates will also be paid on the high premium amount, which helps the assured person to save his/her money.
- The loan facility is also available against the policy.
Some Important Points
- The Life Insurance Policy will give the grace period to the policyholder for the payment. That is 15 days grace period will be provided for the 15 days payment option, whereas 30 days grace period will be provided for the other payment modes.
- The policyholder has the option of getting the surrender value of the policy by surrender the policy only after paying the premium of 03 years.
- The policyholder can surrender his/her policy as per his/her choice and receive the Surrender Value after paying the premiums of three years.
- GSV = (GSV % of Premiums paid – Survival Benefits already paid) + GSV % of vested Bonuses
- One of the finest features of the LIC New Children’s Money Back Plan is you don’t agree or are satisfied with the plan, then, in that case, you can cancel the same within 15 days you have applied for the plan.
Specification of LIC New Children’s Money Back Plan
|Entry Age (Last Birthday)||0 years||12 years|
|Maturity Age (Last Birthday)||–||25 years|
|Policy Term (PT) in years||25 – entry age|
|Premium Paying Term (PPT) in years||7 pay, 10 pay or (term-5)|
|Premium Paying Frequency||Annual, half-yearly, quarterly, monthly|
|Sum Assured||100,000||No limit|
चिल्ड्रन्स मनी बैक योजना -Premium (Annual premium in Rupees)
|Age / Sum Assured||100,000||200,000||500,000|
Note: It may be noted that in any case, a secured person commits suicide within a 01 year of purchasing policy than in such case LIC will give the 80% of premiums to the agreed nominee. It must be noted in said case policyholder must have the age of 08 years.
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.