Insurance For Children: LIC Introduces New Children Money Back Plan To Secure The Future of Your Kids

25 Nov, 2023 Author: Ayushee Joshi

LIC Children Schemes: The Life Insurance Corporation of India (LIC) has introduced a new scheme for children, the LIC New Children Money Back Plan, which is a non-linked money-back scheme designed specifically for growing children. The scheme includes death benefits, maturity benefits, and survival benefits with the coverage plan of one child at a time. This insurance is available for children aged 0 to 12 years.

Benefits and Other Details

This insurance will mature in the child’s 25th year, after deducting the child’s age at the time of purchase. The LIC New Children Money Back insurance policy can be refunded within 15 days of purchase. This insurance premium can be paid on an annual, half-yearly, quarterly, or monthly basis, depending on your needs. Aside from that, the insured can obtain a loan through this scheme.

When the insured reaches a certain age, a survival benefit equal to 20% of the basic sum assured is paid. Second, maturity benefits equal to the sum assured will be paid, as will all bonuses earned during the period. If the policyholder dies in an unfortunate circumstances, the amount payable will be the total sum assured, including the death bonus.