Know About LIC New Children’s Money Back Plan, Premium and its benefits
Well, there is something for everyone from the Life Insurance Corporation of India. But for children too, many such policies have been launched by the company, by investing in which their future is completely secured. The expenses from their education to marriage can also be covered comfortably in this policy. If you are planning for your children’s future from now on, then LIC’s New Children Money Back plan is very good for you.
The most important thing about the New Children’s Money Back plan is that this policy can be taken as soon as the child is born. When your child turns 20, then you will not worry about his future. If he wants to study, he can study, if he wants to start any business, then he can try his hand in that too. Due to paucity of money, he will not be worried about anything. Let us also tell you about this policy.
What are the special features of the policy: To take this policy, the minimum age of the child should not be more than 0 years and maximum age should not be more than 12 years.
In this policy, you have to insure a minimum of Rs 10000 while there is no maximum limit.
Premium Waiver Benefit Rider option is also available in this policy.
The total maturity term of this policy is 25 years i.e. after 25 years, the child gets the amount.
After all, how to get the benefit of money back: In this policy, the child gets the benefit of money back first at the age of 18 years. After that, the benefit is given on completion of 22 years of the policy. During this period, LIC pays 20-20% to the child. The remaining amount i.e. 40 percent is paid after the completion of 25 years. Apart from this, bonus is also given.
There are many other types of benefits: There are many other benefits in this policy. If we talk about maturity, then the policyholder gets the remaining rupee of the sum assured as bonus. Whereas on the death of the policyholder, the sum assured plus vested Simple Reversionary Bonuses and Final Additional Bonus are given together. The death benefit is not less than 105% of the total premium paid.
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