New Delhi. In today’s time, their children are also involved in the financial planning of parents. In view of this, the 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, their children are also involved in the financial planning of parents. Many also invest somewhere for children’s education, marriage and other expenses. 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’s know the special things of this policy…
>> The minimum age to take this insurance is 0 years.>> The maximum age to take insurance is 12 years.
>> Its minimum sum insured is Rs.10,000.
>> There is no limit on the maximum sum assured.
>> Premium Waiver Benefit Rider-Option also available.
Also read: Get Rs 5,000 per month by investing just Rs 7, know what is this scheme of the government
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 20-20 percent of Basic Sum Insured on the child’s age of 18 years, 20 years and 22 years.
The remaining 40 percent 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% of the total premium paid.