Life Insurance Corporation of India (LIC) is the most trusted insurance company in the country. Many benefits are given to customers on investment in this government-run company policy. In this era of rising inflation, it is important for all of us to save some amount of hard earned money and invest in a policy. Everyone dreams that their children have a good future. LIC also has one such scheme, which is designed keeping in mind the needs of children. We are talking about LIC’s New Children Money Back Plan.
Let’s know the special features of this policy
Special features of this policy
(1) The minimum age for availing this insurance is 0 years.
(2) Maximum age of taking insurance is 12 years
(3) Minimum Sum Assured Rs 1,00,00
(4) No limit on maximum sum insured
(5) Premium Waver Benefit Rider – Option Available
Money back installment – The policy holder will get 20 percent of the sum assured at the age of 18, 20 and 22 years.
Maturity Benefit: At the time of policy maturity (if the insured does not die during the policy term) the policyholder will get the remaining 40% of the sum assured with a bonus.
Death Benefit: In the event of the death of the policyholder during the policy term, in addition to the sum assured, the simple reversionary bonus and the last additional bonus are given. Death benefit shall not be less than 105 percent of the total premium payment.