LIC New Children Money Back Plan

 Children are the future of our world, and as parents, most of us strive to provide sufficient platforms for our children to excel in life. The New Children’s Money Back Plan from LIC is a unique plan designed to cater to multiple needs of growing children, including their education, wedding, etc. This participating, non-linked money back scheme offers survival benefits in addition to the risk cover for children.

Eligibility Criteria for LIC’s New Children’s Money Back Plan

Individuals who are keen on participating in this policy need to keep the following basic criteria in mind.

Minimum entry age 0 years (at birth)
Maximum entry age 12 years
Age at maturity 25 years

Key Features of LIC’s New Children’s Money Back Plan

Some of the salient features of this scheme are mentioned below.

Plan type

Participating non-linked money back scheme

Plan basis

Individual

Policy term

25 years minus entry age

Example, if entry age is 5 years, then policy term is (25-7) = 18 years

Maturity benefits

A maturity benefit equivalent to the sum assured and applicable bonuses will be paid

Premium payment frequency

Monthly, quarterly, half-yearly or annually

Loan

Policyholders can avail a loan through the policy

Grace period

  • 15 days for monthly payment option
  • 30 days for other payment modes

Free look/cooling off period

Individuals can choose to return the policy within 15 days of purchasing it

Revival

Lapsed policies can be revived within 2 years of first unpaid due by paying the entire pending amount

Sum assured

Minimum - Rs 1 lakh

Maximum – No upper limit

Policy coverage

Death benefit, maturity benefit and survival benefit

Benefits of LIC’s New Children’s Money Back Plan

A few of the benefits offered by LIC’s New Children’s Money Back Plan are mentioned below.

  • Maturity Benefit – A maturity benefit equivalent to the sum assured and all bonuses accrued during this period will be paid.
  • Survival Benefit – A survival benefit, equivalent to 20% of the basic sum assured will be paid when the life assured reaches certain age milestones.
  • Death Benefit – In the unfortunate event of the life assured passing away after risk commencement while the policy is in force, the sum assured on death and any accrued bonuses will be paid.
  • Corporation Profits – Policyholders are eligible to participate in profits earned by LIC, earning bonuses through the same.
  • Surrender Value – Individuals can surrender the policy (after completion of 3 years) to get an assured surrender value.
  • Rebates – LIC provides a rebate on high premium amounts, helping one save money.
  • Loan – One can avail a loan under this policy, helping them cater to emergencies.

Working of LIC’s New Children’s Money Back Plan

Let us consider the example of Mr and Mrs Gupta, parents of 1 year old Akash, to understand how this plan works. The couple work as managers and are well off, but they opt for the plan to ensure that the financial needs of Akash are met in the future. They opt for a basic sum assured equivalent to Rs 15 lakh, paying a premium of Rs 25,000 per year for the same (approximately). He pays this amount regularly, ensuring that the policy doesn’t lapse. As part of the benefits, he receives 20% or 3 lakhs when Akash reaches the age of 18 years. He gets additional survival benefits of Rs 3 lakhs each when Akash turns 20 and 22 years. When Akash reaches the age of 25 years, he will get a sum equivalent to the pending 40% of the sum assured, i.e., Rs 6 lakhs plus any additional benefits which have been accrued.

In the case of untimely demise of Akash during the policy period, a death benefit will be paid to the parents, if the death occurs after the risk period has commenced. In the case of demise before commencement of risk period, the premiums paid will be returned.

Premium Payment for LIC’s New Children’s Money Back Plan

Members who have opted for this policy are expected to pay the premium for the full policy term, with an option to pay it either monthly, quarterly, half-yearly or yearly. There is no cap on the amount they pay as premium, with this decided by the sum assured opted by an individual.

Riders

Individuals can opt for the Premium Waiver Benefit Rider, which essentially waives off all future premiums in the event of death of subscriber (the person who pays the premium).

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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LIC New Children Money Back Plan Reviews

Page 1 of 9 1 2 3 4 5
  • LIC Life Insurance
    "Good Insurer"
    0.5 4.0/5 "Great!"
    I have had taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The policy is for 10 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It is a child policy and it provides coverage for my son as well.
    Was this review helpful? 0
    , bhiwadi
    Reviewed on Oct 10, 2019
  • LIC
    LIC Life Insurance
    "Good service"
    0.5 3.0/5 "Satisfactory"
    I have availed for Life Insurance policy directly through Online .This was a Child plan and policy and the premium is paid through the agent ,The premium amount is Rs.2000 and i have got all the update about the policy through the agent . There was no issues faced so far .I have got my policy documents on exact time .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have bought a child benefit policy 1 year back. Since i have chosen the annual payment mode, i have paid only one premium amount so far. Again i need to check the plan through agent i got this policy. He showed me a proposal. For every year i have to pay the premium of Rs. 60000 after 25 years i get a good sum assured value. I have to pay the premium upto 20 years and there will be a lockin period for 5 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    LIC is best for life insurance policy when I compared with other insurance company benefits. I have taken a Child plan for my daughter and son. The sum assured is nearly about 10L. I need to pay the premium of 18K yearly through online. The customer service is good.
    Was this review helpful? 1
    , visakhapatnam
    Reviewed on Sep 17, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent and this policy is for the tenure of 12 years .This is a policy of child plan and got all the details about the policy through the agent .I have got my policy documents on time and there was no difficulties faced so far . This policy is still active and there was no drawbacks faced so far when availed this policy .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC directly .This policy is name is Jeevan Saral and it is a maturity policy and it is a child plan policy ,I am paying a premium of Rs.20,000 it is a yearly mode .I have got all the relevant details about the policy through the agent .The policy is still active .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    I hold around 6 policies with LIC, its a long term policies and the tenure is 21 years. I took all Jeevan Labh policy because of my child education. The maturity will be around 16 years of my child. I have not contacted the customer service but have been using the online website and its good. The payment mode is online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 28, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken life insurance policy through LIC agent ,The agent gave all the details about the policy ,it is a 15years policy this is a policy completely based on children policy it is a child plan ,premium ism paid on yearly basis ,policy documents received on time .Still the policy is active so far.The service is average according to me.
    Was this review helpful? 0
    , chandigarh
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Best plan"
    0.5 5.0/5 "Blown Away!"
    I have purchased children plan 2 years before in LIC, am paying monthly premium of 2000 rupee. Their service is good and have no issues. I will be getting double of sum assured and need to pay till 21 years of child. After 18 years, I can withdraw money for college and marriage purpose of child.
    Was this review helpful? 0
    , chennai
    Reviewed on May 02, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last 17 years. The policy has the maturity period of long term as the premium paying for monthly once through the ecs from the salary. The service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good for childern future"
    0.5 5.0/5 "Blown Away!"
    I took child plan for my kid, yearly I pay Rs. 35,000. When my son turn to 18 years old. He can withdraw the sum assured its good for the educational purpose. They also give loan based on the policy. I have taken sum assured for Rs. 12 lakhs its good for tax saving.
    Was this review helpful? 0
    , virudhunagar
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Good Plan for Children"
    0.5 4.0/5 "Great!"
    I have two children plan, for one policy I used to pay the premium of Rs. 540 on quarterly basis. On time I get the policy reminder calls and message from LIC. I can also avail other benefits from their end for children education , after 20 years my child can take the sum assured.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • LIC Life Insurance
    "Its Good for Children Future"
    0.5 4.0/5 "Great!"
    For the Children plan, I used to pay Rs. 750 on quarterly basis. When my child turn to 20 years old, they can avail the benefits and I can also take the loan based the premium amount. I have activated this policy before 10 years, its a good policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • LIC Life Insurance
    "Nice policy to protect child future"
    0.5 5.0/5 "Blown Away!"
    To protect my children future, I took child plan from LIC. As a father I am paying the premium around Rs.6000 on yearly basis. Now my daughter age is 7, when she reach at 17, she can avail the benefits for her future needs. I am happy to invest for them.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 11, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am holding the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am holding it from last 2 years the maturity period of this policy id for 22 years and the premium paying for 3 months once with this insurance policy.
    Was this review helpful? 0
    , ratlam
    Reviewed on Apr 08, 2019
  • LIC Life Insurance
    "SHOULD IMPROVE CUSTOMER SERVCIE AND SHOULD BE MORE RESPONSIV"
    0.5 3.0/5 "Satisfactory"
    I have taken the life insurance of CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA and i am using it since from last 4 years with this policy. The maturity is for 10 years, it has the sum assured of 7Lakhs rupees with this insurance policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 13, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    I have 3 policies with LIC. I took 2 Jeevan Anand and other one is child policy. I am satisfied with the benefits. LIC is good and they are doing good support. They have explained me about the policy details and my friend is agent. Totally am paying the premium of 22K per annum through cash.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 09, 2019
  • LIC Life Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    I have a life plan called money back and child education scheme in LIC. I would say LIC is very good and more than others. The customer service is good. They are returning some amount based on the sum assured after 4 years. I pay the premium through online.
    Was this review helpful? 0
    , faridabad
    Reviewed on Feb 21, 2019
  • LIC Life Insurance
    "Good investment for longterm"
    0.5 5.0/5 "Blown Away!"
    I have purchased my life insurance policy for my child. The premium amount has been going monthly and the amount has been deducted from my salary. For the tax benefit purpose, i have purchased this policy. Total tenure period of the policy is 5 years. This is a child benefit policy. The advisor was my relative hence i have taken from him and the first premium will be pay by them.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 16, 2019
  • LIC Life Insurance
    "Process is good"
    0.5 5.0/5 "Blown Away!"
    I also have a child policy with LIC. The tenure is for 15 years. There would be benefits from the 18th, 21st and 24th year. The policy coverage is good. The premium cost is economical. The customer services are good. The options to make the payment is also convenient.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2019
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