Life Insurance Corporation (LIC) of India, the country’s largest life insurance company, always brings special plans for its customers. There are big advantages of investing in this company. Now LIC has also come up with a special plan for the future of young children. The name of this special plan is New Children Money Back Plan.
LIC Children Money Back Policy
LIC New Children Money Back Policy will help in securing the future of your children by providing survival benefits. In this, you can invest for education, marriage and other expenses.
In addition, Children Money Back Plan provides for risk cover on the life of the child during the term and multiple survival benefits on survival till the end of the specified period. After government schemes, investing in Life Insurance Corporation of India is considered to be the safest option.
Features of LIC Children Money Back Policy
- Parents of any child can take advantage of this insurance plan (Children Money Back Plan). The minimum age to invest in this plan is 0 years!
- Also, the maximum age for taking insurance is 12 years!
- The minimum sum assured by you in this LIC Children Money Back Policy is Rs 10,000!
- There is no limit on the sum insured!
- Premium Weaver Benefit Rider-Option Also Available!
- The total maturity period in this policy of Life Insurance Corporation of India is 25 years.
Money back installment of LIC Children Money Back Policy
Under this policy (Children Money Back Policy), Life Insurance Corporation of India gives 20-20 percent of the basic sum insured. When the child is 18 years, 20 years and 22 years old!
The remaining 40 percent is paid to the policyholder on completion of 25 years. Not only this, all outstanding bonuses are paid in this! To cover your child’s future in LIC Children Money Back Plan, invest today!
Option to receive death and maturity benefits in installments
Life Insurance Corporation of India allows you to receive maturity or death benefit payments in installments exceeding 5, 10 or 15 years. As you chose! Whereas the Life Assured is a minor or the Life Assured when he attains the age of 18 years or more.
Installments in LIC Children Money Back Policy will be paid in advance at annual, half-yearly, quarterly or monthly intervals. As chosen by you or the insured. The minimum installment amount for different modes of payment in this plan (Children Money Back Plan) is as follows!
- Monthly: Rs 5,000
- Quarterly: Rs 15,000
- Half yearly: Rs 25,000
- Annual: Rs 50,000
If the net claim amount is less than the minimum installment amount. So the claim amount will be paid in lump sum only. The interest rates on these installments are decided by LIC and may change from time to time.
LIC Children Money Back Policy Maturity Benefits
On maturity of LIC Children Money Back Plan, the policyholder will get Sum Assured along with 40 percent bonus! Meanwhile, in case of death of the policyholder during the term of the Children Money Back Policy, a bonus is paid in addition to the Principal Sum Assured and Final Additional Bonus.
The death benefit cannot be less than 105 percent of the total premium paid. In this loan can be taken under Life Insurance Corporation of India, provided the policy has acquired a surrender value and is subject to the terms and conditions.
Ms Kalinga