LIC New Children’s Money Back Plan

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LIC's New Children’s Money Back Plan is a insurance cum investment plan which can be used for securing the financial needs of a child as they turn 25 years old. It is a participating plan and hence is eligible for bonus depending on the performance of LIC.

Key Benefits of LIC New Children's Money Back Plan

·         Participating non-linked money back plan eligible for bonus
·         Designed to cater to educational, marriage and other needs of growing children
·         Offers cover on the life of child during the policy term
·         Can be bought by parent or grandparent for a child aged 0 to 12 years

 Benefits in LIC New Children's Money Back Plan


The following benefits are available in LIC Children’s Money Back Plan.

1. Death Benefit in LIC New Children’s Money Back Plan


In case of death of the child before the commencement of risk : All premiums paid are returned to the nominee, excluding taxes and rider premiums.
In case of death of the child after the commencement of risk : The nominee will receive the “Sum Assured on Death” + Simple Reversionary Bonus + Final Addition Bonus which would be have declared throughout the policy term.

Sum Assured on Death = Higher of  the following:
10 times the Annualised Premium
Basic Sum Assured mentioned in the policy


2. Survival Benefit  in LIC New Children’s Money Back Plan


On Policy Anniversary immediately after the child is 18 years old - 20% of Basic Sum Assured
On Policy Anniversary immediately after the child is 20 years old - 20% of Basic Sum Assured
On Policy Anniversary immediately after the child is 22 years old - 20% of Basic Sum Assured


3. Maturity Benefit  in LIC New Children’s Money Back Plan


40% of Basic Sum Assured + Simple Reversionary Bonuses + Final Addition Bonus
 Every year LIC declares bonuses for various plans. It would depend on the company’s performance. There is no way to know these bonus rates in advance.





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