LIC New Children’s Money Back Plan is a traditional money back plan essentially designed to meet the needs and requirements of the growing children via survival benefits. These requirements could vary from one child to the other such as educational needs, studying abroad, marriage, and so forth. The LIC New Children’s Money Back Plan also offers the risk cover upon the life of the child within the policy period and also for the number of survival benefits upon surviving till the end of a certain duration.
LIC New Children’s Money Back Plan
The LIC New Children’s Money Back Plan can be bought either by the grandparents or the parents of the child aged between 0 to 12 years of age. In the simplest words, it is an insurance cum investment plan that will be helpful to secure the bright future of the child. On the premise of the performance of the plan, this participating plan is likewise eligible for the bonus as well.
Key features of LIC New Children’s Money Back Plan
- Since the plan participates in the company’s profits, it earns simple reversionary bonuses throughout the policy tenure
- A final additional bonus might also be added to the plan’s benefits on maturity or death
- The child’s life is insured under the policy and a child’s parent or grandparent can buy the plan and become the policyholder
- There is an optional rider under the plan which can be added to the coverage by paying an additional premium
- You can choose to postpone receiving the survival benefit in which case the benefit payable would be increased
- Money-back benefits are paid at ages when the child needs financial assistance the most
LIC New Children’s Money Back Plan’s Benefits
Listed below are the three key benefits offered within LIC New Children’s Money Back Plan:
- Survival Benefit : When the life assured survives every policy anniversary that is either coinciding or is followed with the completion of 17, 20 and 22 years of age then 20 per cent of the sum assured on either of the occasion will be payable if the LIC New Children’s Money Back Plan is in force.
- Maturity Benefit : If the life assured survives the policy period when the plan is still in force, then the sum assured on maturity along with final additional bonus and vested simple revisionary bonuses will be payable wherein the sum assured on maturity is equivalent to the 40 per cent of the basic sum assured.
- Death Benefit : If under any unfortunate circumstances, the policyholder is no more the sum payable will be the complete sum assured at demise including the bonuses to the sum.
- Participation in Profits : When the policy is in force, it will participate in the profits of the corporation and entitled to obtain simple reversionary bonuses as per the corporation’s experience. Within paid-up policies, the final additional bonus will not be payable. Likewise, the final additional bonus will be declared within the policy during the year where the policy has not been claimed either by demise or maturity.
Important Link :
To buy the policy, you would have to submit the below-mentioned documents –
- Identity proof of the child and the parent/grandparent proposing insurance
- Age proof of the child and the proposer
- Address proof of the parent
- Photographs of the child and the proposer
- Income proof of the parent
- Proposal form, filled and signed by the proposer
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How to Apply LIC New Children’s Money Back Plan?
You can buy a policy from an agent of LIC by fixing up a meeting with him/her. You can also visit the nearest LIC branch and apply for LIC’s New Children’s Money Back Plan from the office of the company.
Alternatively, you can buy any other child insurance plan online without any hassle through Turtlemint.. You can visit https://www.turtlemint.com/life-insurance and choose ‘Savings for Child’ as your insurance need to view the available child insurance plans. You would then have to provide your coverage details like –
- Annual income
- Smoking history
- Age of the child
- Investment horizon
- Investment amount
You can also provide your name and contact details for allowing Turtlemint’s executives to get in touch with you to ease your purchase. After the details are entered, Turtlemint shows you a list of child insurance plans offered by different companies. You can compare the plans and buy one online by paying the premiums through Turtlemint’s website.