My wife bought the LIC New Children’s Money Back policy when our daughter was born. Now after 25 years and we received the maturity benefit. The amount we received from the plan helped us contribute to our daughter’s business idea without taking any additional loans.Manoj Tyagi
LIC's New Children's Money Back policy is a participating non-linked plan designed to secure a child's financial future by providing a combination of insurance coverage and periodic money-back benefits. Here are some key features of the policy:
Financial Protection: The policy offers life insurance coverage to the child, ensuring financial security in case of unfortunate events like the policyholder's demise during the policy term. The death benefit is paid out to the nominee or beneficiary.
Money Back Benefits: The policy provides periodic money-back benefits during the term of the policy. A certain percentage of the sum assured is paid back to the policyholder at specific intervals. These money-back payouts can help meet various financial needs and expenses of the child as they grow.
Premium Waiver Benefit: In case of the unfortunate demise of the policyholder (parent or legal guardian), the policy continues without the need for further premium payments. The future premiums are waived, ensuring that the policy remains in force and the intended benefits are provided to the child.
Participation in Profits: The policy participates in the profits of LIC through the company's participating insurance plans. This means that the policyholder is eligible to receive bonuses declared by LIC, which can enhance the overall maturity amount.
What is the Eligibility Criteria for the LIC New Children’s Money Back Plan?
Parameters
Minimum
Maximum
Entry Age
0 years
12 years
Maturity Age
25 years
Policy Term
[25 – Age at entry] years
Sum Assured (in Rs.)
1 lakh
No limit
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The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
What are the Benefits of LIC's New Children’s Money Back Plan?
Death Benefit
If the policyholder dies, the Death Benefit is paid to the nominee. The benefit paid is equal to the
“Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus.
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
The policy offers a maturity benefit at the end of the policy term. The maturity amount includes the sum assured on maturity and any accrued bonuses. This lump sum amount can be useful for funding the child's education, marriage, or other financial goals.
Tax Benefits
One can also avail of tax benefits on the premiums paid under the LIC Money Back Policy.
The LIC New Children’s Money Back plan offered by the LIC of India is one of the best life insurance policies if you want a plan with life protection and savings. With its several benefits, the plan was designed to look after the financial needs of the children and helps them to fulfil all their future goals.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in