LIC New Children's Money Back Plan: LIC policy in just Rs 150, benefit of 19 lakhs, complete information in detail

 

When children grow up, parents are always worried about the bright future of their child. Most of the time they keep thinking about how to secure the future of the children. In such a situation, Life Insurance Corporation (LIC) has started New Children's Money Back Plan some time back.

Life Insurance Corporation of India (LIC) has launched many policies according to the needs of many people. One of them is LIC:- New Children's Money Back Plan. This policy has been designed keeping in mind the children.

Life Insurance Corporation of India (LIC), the country's largest life insurance company, offers many policies keeping in mind the convenience of the customers. Many benefits are given to the customers on investment in the policy of this company.

 In today's time, somewhere in the center of the financial planning of parents, their children are also involved. Many also invest somewhere for children's education, marriage and other expenses.

LIC Tech term Plan

 Life Insurance Corporation of India also has a similar scheme, which has been designed keeping in mind the needs of the children. We are talking about LIC's New Children's Money Back Plan.

Let us know the special features of this policy:

The minimum age to take this insurance has been kept at 0 years.

 Maximum age for taking insurance is 12 years

has been determined.

 Its minimum sum insured is Rs 10,000.

 There is no limit on the maximum sum insured.

 Premium waiver benefit rider options are also available.

Maturity Period:-

 The total term of LIC's New Children's Money Back Plan is 25 years.

Money Back Installment:-

 Under this plan, LIC pays 20% of the Basic Sum Assured on the child's age of 18 years, 20 years and 22 years.

Payment of remaining 40 percent amount:-

 40 percent of the amount will be paid on the completion of 25 years of the policyholder. Along with this, all outstanding bonuses will be paid.

Maturity Benefit:-

 At the time of policy maturity (in case the insured does not die during the policy term), the policyholder will get the remaining 40 per cent of the sum assured along with bonus.

Death Benefit:-

 In case of death of the policyholder during the policy term, Sum Assured plus vested Simple Reversionary Bonus and Final Additional Bonus is paid. The death benefit shall not be less than 105 per cent of the total premium paid.

You must know the special things related to the policy:-

1. The minimum age to take LIC's 'New Children's Money Back Plan' is 0 years and the maximum age is 12 years.

2. The policy can also be taken with a minimum sum assured of Rs.10,000, while there is no limit on the maximum sum assured.

3.You also get the Premium Waiver Benefit Rider-Option in it.

4. If the policyholder dies during the policy term, the nominee will get the Reversionary Bonus and Final Additional Bonus in addition to the Sum Assured. The death benefit will be up to 105% of the total premium payment.

 

On maturity, you will get 19 lakhs:

 Suppose if you are 30 years old and your child is one year old. Then you opt for this policy and take Sum Assured Rs.10 Lakh and also opt for Premium Waiver Rider then you will have to pay Rs.3885 per month including GST.

 If calculated on a daily basis, it will be an investment of about 130 rupees. The first year's premium will attract 4.5 per cent tax. At the same time, 2.25 percent tax will be charged from the second year and if money back is taken, then the policyholder will get about Rs 19 lakh in this policy on maturity.

What are the documents required to take the policy:-

To take the policy, the parents should have their and the child's Aadhar card.

 Apart from this, photocopies of PAN card and address proof should be there.

 It also requires the medical documents of the insured.

 For application, take the form related to the scheme from LIC branch and submit it after completing the paperwork.

How to take this policy of LIC?

 To take the New Children Money Back Policy, you have to visit the official website of LIC https://licindia.in/.

 From there you will get a form, which will have to be downloaded and filled.

 However, to submit the form, you will either have to visit the bank or give it to an LIC agent to submit the form.

 When you apply, the Aadhar card of the child and the guardian will be required.

  The minimum sum insured in this is Rs 1 lakh, while there is no maximum investment limit.