LIC Children Money Back Policy: 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. LIC is well known for its various types of insurance plans. Recently LIC has also launched a new insurance plan for the future of young children. The name of this special plan is New Children Money Back Plan.
What is 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 in 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 the 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), the 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 the bonuses are paid in this. So, to secure your child's future 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 a 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. This loan can be taken under the Life Insurance Corporation of India, provided the policy has acquired a surrender value and is subject to the terms and conditions.
How to get a Loan from LIC Children Money Back Plan
You can get a loan from LIC Children Money Back Plan after the successful completion of 2 premiums. It also depends on the terms and conditions of the insurance company. The maximum loan amount you can avail of is 90% when the policy is under force and, 80% for a paid-up policy.
Tax Benefit in LIC Children Money Back Plan
Under section 80C, you can get a tax benefit under this policy. Under section 10D, you may get a tax benefit on the amount received as death benefits. Under this section, you can also get a tax benefit of the total maturity amount.
Benefits of LIC Children Money Back Policy
- Survival Benefit
- Maturity Benefit
- Death Benefit
- Bonus
Important Links for LIC Children Money Back Policy
| Policy Document | Click Here |
| Sales Brochure | Click Here |
| Online Apply | Click Here |
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