LIC New Children’s Money Back Plan: Under the plan, the policy can be taken for children between 0 to 12 years. This policy has been introduced to make higher education of children easier
LIC New Children’s Money Back Plan
new Delhi. To improve the future of children, LIC has launched the New Children’s Money Back Plan. This will help the child from higher education to other needs. With this plan of LIC, policy takers also get the benefit of a money back. You can get a hefty amount of Rs 19 lakh by investing Rs 150 daily in it. So what is this scheme and how to do it, know the whole process of investment.
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What is the policy?
The expenditure on higher education of children can be reduced through investment in LIC’s New Children’s Money Back Scheme. The purpose of this is that the children of any income group in the country will not have the money to fulfill their dreams. His future will be secure. Not only this, under this plan of LIC, the policy taker will also get the benefit of a money back.
The minimum age for application in the scheme is 0 years, while the maximum age limit is 12 years. The minimum sum assured can be invested from Rs 1,00,00. While there is no maximum amount limit. You can also take the Premium Waiver Benefit rider option in this policy.
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Benefits of the scheme
In LIC New Children’s Money Back Scheme, the policyholder will get 20% of the sum assured at the age of 18, 20 and 22 years. At the time of policy maturity (if the insured does not die during the policy term) the policyholder will get the remaining 40% of the sum assured with a bonus.
At the same time, in the event of the death of the policyholder during the policy term, in addition to the sum insured, the simple reversionary bonus and the last additional bonus will be given. The death benefit shall not be less than 105% of the total premium paid.
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How to buy LIC New Children’s Money Back Policy?
To apply for the New Children’s Money Back Scheme, you must have a photocopy of the Ration Card or electricity bill for the Aadhar Card / PAN Card and Address Proof. Apart from this, medical documents of the insured should be there. A form attached to the plan has to be filled in with all the paper. If the child is under age or the amount of the policy is more, then the lease can also take a medical test.
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