Let’s know the special features of this policy …
>> The minimum age for availing this insurance is 0 years.
>> Maximum age of taking insurance is 12 years. >> Its minimum sum assured is Rs 10,000.
>> There is no limit on the maximum sum insured.
>> Premium Waver Benefit rider-option also available.
Period of maturity The total term of LIC’s New Children’s Money Back Plan is 25 years.
LIC’s New Children’s Money Back Plan: A Non-Linked, Participating, Individual, Life Assurance, Savings plan.
Money Back Installment- Under this plan, LIC pays 20-20 percent of the basic sum insured when the child is 18 years, 20 years and 22 years old. The remaining 40 percent will be paid on completion of 25 years of the policy holder. In addition, all outstanding bonuses will be paid.
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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 percent of the sum assured with a bonus.
Death Benefit In the event of the death of the policyholder during the policy term, the underlying simple reversionary bonus and the last additional bonus in addition to the sum assured are given. Death benefit shall not be less than 105 percent of the total premium payment.