LIC’s new children money back plan is for 25 years. In this, the maturity amount is available in installments. The first money back is available when the child turns 18.
If you want to secure the future of your newborn child now, then LIC’s ‘New Children’s Money Back Plan’ policy can prove to be a better option. In a few years your child will become a millionaire, that too before getting a job. One can invest in this with just Rs 10,000. Let’s know about this plan…
3 times money back
LIC’s new children money back plan is for 25 years. In this, the maturity amount is available in installments. The first money back is available when the child turns 18.
Whereas, the second and third money back is available when the child turns 20 and 22 years respectively. Under this policy of the country’s largest life insurance company LIC, the policyholder gets 20 percent of the sum assured as money back.
Apart from this, if we talk about the maturity benefit, then the policy gets maturity when the child turns 25 years old. Then the remaining 40 percent of the sum assured and bonus is available.
In this, the premium for the year comes to about 55000 rupees. That is, in 25 years, you pay about Rs 14 lakh as premium, adding bonus to it, you can get up to Rs 19 lakh in 25 years by saving only Rs 150 a day.
This rule is applicable when the policyholder does not die during the policy term. If you do not want to take money back, then the entire amount along with interest is also available on the maturity of the policy.
Policy highlights
The minimum age to take this insurance is 0 years
Maximum age to take insurance is 12 years
Minimum Sum Assured Rs 1,00,00
Maximum Sum Assured No Limit
Premium Waiver Benefit Rider- Option Available
maturity benefit
At the time of policy maturity (in case the insured does not die during the policy term), the policyholder will get the remaining 40 per cent of the sum assured along with bonus.
death benefit
In case of death of the policyholder during the policy term, Sum Assured plus vested Simple Reversionary Bonus and Final Additional Bonus is paid. Another special thing in this policy is that the death benefit cannot be less than 105 percent of the total premium payment.
Documents required to take a policy
To take the policy, the parents should have their and the child’s Aadhar card. Apart from this, photocopies of PAN and address proof should be there. It also requires the medical documents of the insured. For application, take the form related to the scheme from the LIC branch and submit it after completing the paperwork.
