Everything You Need To About LIC Child Life Insurance Policies

The Life Corporation of India (LIC) has created a children's money-back plan. The New Children's Money Back Plan from LIC is a participation plan meant to cover a growing child's educational, marriage, and other financial needs with guaranteed payouts known as survival benefits over the policy period. This plan includes life insurance for the child for the duration of the policy as well as survival benefits to fulfil the financial demands of a growing child at different stages of his or her life. Parents and grandparents can enrol their children aged 30 days to 12 years in this programme.

Features of New LIC Children's Money Back Plan

The following are the main features of the LIC's New Children's Money Back programme:

• Life insurance is provided to the child.
• At the ages of eighteen, twenty, and twenty-two, survival prizes are offered.
• Surviving benefits are paid out at a rate of 20% of the guaranteed amount.
• Benefits from experience.
• Allows wealth to be created.

Must Read: Is It Safe To Buy Child Life Insurance Plans Online?

Advantages of LIC's New Children's Money Back Plan

Some of the benefits of purchasing LIC's New Children Money Back plan include:

• Life Coverage

Life insurance for the child is included in the LIC's New Children Money Back plan. The insurance company will pay the following death benefit if the life guaranteed dies prematurely within the policy period.

• Death Before The Risk's Start Date

The death benefit will be the total amount of premiums paid up to the date of death, minus taxes and rider premiums (if any)

• Survival Benefit

When the life guaranteed reaches the ages of 18, 20, and 22, the LIC's New Children Money Back plan provides survival benefits. Survivor payments will be paid out as soon as the above-mentioned ages are reached, and will be computed at 20% of the sum insured.

• Profit Sharing

The LIC's New Children Money Back initiative is a profit-sharing arrangement. On the basis of the insurance provider's performance, simple reversionary bonuses will be declared on the policy. At the policy's maturity or in the case of a claim settlement, final additional bonuses may be awarded.

• Maturity Reward

The LIC's New Children Money Back plan provides a maturity benefit if the life insured lives to the end of the policy term. The money promised, a basic reversionary bonus and a final bonus should all be included in maturity benefits (if any). The sum promised at maturity will be equivalent to 40% of the total value insured.

• Profits Of The Corporation

Policyholders can participate in the profits of the LIC and get incentives as a consequence.

• Surrender Value

Individuals can surrender their insurance for an assured surrender value after three years. LIC gives a premium refund on large premium amounts, which can help you save money.

• Loan

This program allows people to get a loan to assist them to deal with a financial emergency.

Conclusion

It is essential to plan for your child's financial future so that he or she has the means to pursue his or her goals. As a result, you should put money aside for your child's future. However, if you pass away too soon, you may not be able to leave your child with enough money. This is where children's insurance plans may help. Regardless of whether the parent is alive or not, these agreements ensure that a financial corpus is produced. The LIC's New Children's Money Back Plan is one such kid insurance plan that helps to safeguard your child's financial future.

Also Read: Child Life Insurance: Benefits, Features, And Other Details

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.