New Children’s Money Back plan
- LIC’s New Children’s Money Back plan has been specially designed to cater to the educational and other needs of the child.
- This plan guarantees 20% of the Sum Assured to be paid to the child upon reaching the ages of 18, 20, and 22 years.
- The customer also has the flexibility to defer these pay-outs if desired.
- Upon maturity, the child will receive the guaranteed 40% of the Sum Assured along with Yearly Bonus and Final bonus.
- In the unfortunate event of the parent’s death, this plan provides the premium waiver benefit for the child if they are a minor.
- Additionally, policyholders have the option to receive the Maturity proceeds in installments, with choices of 5, 10, or 15 years. Similarly, the policyholder can choose to receive the death benefit in installments.
- LIC also offers premium discounts for policyholders who choose the Yearly mode of payment. Policyholders can also avail a loan against the policy after completing 1 year of the policy term.
| Eligibility Criteria | ||
| Minimum | Maximum | |
| Age | 0 Years (Completed) | 12 Years (Near Birthday) |
| Policy Term | 25 – Age at Entry | |
| Premium Payment Term | 25 – Age at Entry | |
| Basic Sum Assured | Rs. 1 Lac | No Limit |
| Maximum Maturity Age |
25 Years
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