LIC's New Children's Money Back Plan

HappyFish529

LIC new children's money back plan is a new plan introduced by LIC. It is a very good plan for the children. This plan provides financial protection to the children in case of any eventuality. This plan also helps in the education of the children. The plan is for a term of 20 years and the sum assured is Rs.1,00,000. The premium for this plan is Rs.500 per month. The policyholder can avail of the loan facility under this plan. The maturity benefits under this plan are as follows: On survival of the policyholder till the end of the policy term, the sum assured plus bonuses are payable. On death of the policyholder during the policy term, the sum assured plus bonuses are payable to the nominee. The policyholder can surrender the policy at any time during the policy term and get the surrender value. The surrender value is the sum of the guaranteed surrender value and the accrued bonuses. The guaranteed surrender value is 30% of the premiums paid. The policyholder can avail of the loan facility under this plan. The loan can be availed after the payment of 3 years' premiums. The loan amount cannot exceed 80% of the surrender value. The policyholder has to pay the loan with interest. The policyholder can pay the loan in lump sum or in installments. The policyholder can pay the loan in lump sum at any time during the policy term. The policyholder can pay the loan in installments at the end of the policy term. The policyholder has to pay the interest on the loan from the date of availing the loan. The policyholder has to pay the premiums regularly to keep the policy in force. The policyholder has to pay the premiums for 5 years to get the death benefit. The policyholder has to pay the premiums for 10 years to get the maturity benefit. The policyholder has to pay the premiums regularly to keep the policy in force.

Vidya436

The LIC New Children's Money Back Plan is a participating non-linked money back plan for children. The plan offers a combination of protection and savings, and is suitable for meeting the educational and other needs of children.

The salient features of this plan include:

A lump sum amount is paid at the maturity of the policy, which helps meet the the child's financial needs.
This plan also provides life insurance cover for the child, ensuring that their future is secure even in the event of an untimely death of the parent.
This plan also provides periodic payments at intervals during the policy tenure, offering financial security to meet the regular needs of the child in his/her growing years.
This plan also offers attractive bonuses, additional Rebates, Loyalty Additions along with the Sum Assured at the time of risk commencement.
The Money Back Plan provides a provision of five-yearly Survival Benefits, which is an important attraction of the plan.
The flexibility of plan enables the policyholder to choose the Sum Assured and payment term to match the requirements and financial capabilities of the family.
It also offers a loan facility, allowing the policyholder to borrow from the policy after the completion of three policy years.
The plan also provides flexible premium payment options of yearly, half year, quarterly or monthly payment modes.

In conclusion, the LIC New Children's Money Back Plan provides a great combination of life protection and savings. To know more about the plan, kindly visit https://www.licindia.in/Products/ Individuals/Money-Back-Plan/NEW-CHILDRENS-MONEY-BACK-PLAN-815