Everyone is worried about the future of their children and for this better planning is also needed.
LIC, the country’s most trusted company, secures the future of the elderly as well as the children. LIC’s New Children’s Money Back Plan is designed keeping special children in mind. Let us tell you about the specialty of this plan-
LIC New Children’s Money Back Plan: Everyone is worried about the future of their children and for this better planning is also needed. LIC, the country’s most trusted company, secures the future of the elderly as well as the children. LIC’s New Children’s Money Back Plan is designed keeping special children in mind. Let us tell you about the specialty of this plan-
Important things of LIC policy
- The minimum age to take this insurance is 0 years
- Maximum age for taking insurance is 12 years
- Minimum Sum Assured Rs.1,00,00
- No limit on maximum sum assured
- Premium Waiver Benefit Rider- Option Available
20 percent amount will be available on 18 years
Under this policy of the country’s largest life insurance company LIC, the policyholder gets 20 percent of the sum assured as money back. The amount of money back is received by the policyholder on completion of 18, 20, 22 years of age. If we talk about the maturity benefit, then the policy holder gets the remaining 40 percent of the sum assured amount along with bonus. This rule is applicable when the policyholder does not die during the policy term.
What is the rule of death benefit?
Under the Death Benefit (Death Benefits in LIC Money back plan), if the policyholder dies during the term of the policy, then in addition to the sum assured, there is a provision to pay vested Simple Reversionary Bonuses and Final Additional Bonus. Another special thing in this policy is that the death benefit cannot be less than 105 percent of the total premium payment.
What is calculation?
- First year premium with 4.5% tax
- Annual- 55239 (52860+2379)
- Half yearly – 27917 (26715+1202)
- Quarterly – 14108 (13500+608)
- Monthly: 4703 (4500+203) YLY Mode Average Premium Rs.151/day
