LIC's New Children’s Money Back Plan is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits.
Key Features of LIC Children Moneyback Plan
- LIC Children Moneyback Plan is a premium paying, non-linked moneyback plan.
- 20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
- At the age of 25 years maturity amount of 40% Basic Sum assured along with Bonus and Final Additional Bonus (if any) will be paid.
- For children below the age of 8 years, risk cover commences from 2 years after the policy was issued or on the child's 8th birthday.
- Premium waiver benefit available to proposer between the ages of 18 to 55 years.
- Policy holder can take a loan against the policy after paying a premium for three years.
New Children MoneyBack Plan is designed to help parents meet the expenses of a growing child. In addition, the child’s life is also insured by this policy. Survival benefit :
Premiums paid towards Children MoneyBack Plan is eligible for Tax rebate under Section 80C each year upto Rs.1,50,000. The Survival/ Maturity/ Death claim paid under New Children Moneyback Plan is 100% Tax-free under Section 10(10d). Contact Us to buy a new LIC Policy in Bangalore.
Eligibility Conditions And Restrictions
- Minimum Age : 0 Years
- Maximum Age : 12 years
- Maturity Age : 25 years
- Policy Term : [25 - Age at entry] years
- Premium Payment Term : Policy term
- Minimum Sum Assured : Rs,1,00,000
- Maximum Sum Assured : No limit
- Premium Payment : Yearly/Half yearly/Quarterly/Monthly/(Through Bank)
- Loan : Eligible After 3 years