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LIC New Children Money Back Plan

 4.5 / 5.0   by 157 users
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Plan Benefits

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Policy Coverage

Customer Service

 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

LIC New Children Money Back Plan Reviews

Page 1 of 8 1 2 3 4 5
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy for my children and it is a child plan. I have this policy from last 6-7 years and i pay my premium once in 3 months by cash and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 03, 2019
  • LIC Life Insurance
    "Good future for children"
    0.5 4.0/5 "Great!"
    I took one more policy it called the child plan for my son, I make the premium around Rs. 7000 on quarterly basis. It has the term of 10 years. In the age of 18 years, he can withdraw the money, this policy also has tax benefits, I am fine with that plan.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 20, 2018
  • LIC Life Insurance
    "Good Children Plan"
    0.5 5.0/5 "Blown Away!"
    I don't find they are not active in queries but its a good insurance company, I feel safe, I make the premium around Rs. 4000 for the tenure of 15 years, I get the benefit when children enter certain age they will provide. Its a child plan its good for everything.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 09, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy for my children and it is a child plan. I have this policy from last 12 years and i pay a premium of Rs 1475 every month through ECS and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 03, 2018
  • LIC Life Insurance
    "Average service"
    0.5 2.0/5 "Expected more"
    I have been using my life insurance with Life insurance corporation of india,i have taken policy policy for my child, and the premium amount they have charged me is nominal they have given me up to 11,000 , i have taken this policy a year ago, i use to give cash to agent directly
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 29, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance from the LIFE INSURANCE CORPORATION OF INDIA the name of the policy is CHILD PLAN and it is the long term policy where the maturity period is for 20 years. The premium i pay for 6 months once through online. The service is good with this policy.
    Was this review helpful? 0
    , durgapur
    Reviewed on Nov 26, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 4.0/5 "Great!"
    I have taken the child plan with the LIFE INSURANCE CORPORATION OF INDIA and i am using from last 5 years. The maturity period is for 20yrs and it gives the policy coverage for my children and also for self added on that the premium i pay for monthly once through ECS.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 19, 2018
  • LIC Life Insurance
    "Its Good for Children"
    0.5 5.0/5 "Blown Away!"
    I have Child plan took for my kid, I need to pay the premium around Rs. 10,000 on monthly basis., he will get 26 lakhs after 20 years of old. This policy has locking period I need to pay for 16 years after 20 years my son can avail the benefits its good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • LIC Life Insurance
    "Trust worthy"
    0.5 5.0/5 "Blown Away!"
    I am paying the premium from child hood, I trust LIC because my father, grand father everyone used it. I am not sure about the matured benefits but tax benefits is good . Payment option is convenient, I can check the statement through LIC website.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 12, 2018
  • LIC Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance with LIC. It is a kind of a savings plan. The benefits and the sum assured is good and my child will be the nominee for the same. The tenure is for 20 years and the premium is paid twice in a year. The payment can be done online and it is convenient.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Aug 10, 2018
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I've started a Child Plan with the LIC and I am paying 10000 per year for this policy. So far ti has been a good experience with the policy and their services. Being a Govt company the guarantee for the investment is certainly there with the LIC.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 26, 2018
  • LIC Life Insurance
    "Good child plan"
    0.5 5.0/5 "Blown Away!"
    Holding a child plan life insurance policy from LIC, I have this policy for more than 1 year. This policies has the tenure of 15years. I pay the premium amount of Rs,3600 in every 6months once. The payments options and the plan benefits are good and I am satisfied with it.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 22, 2018
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    Holding the Child plan life insurance policy from LIC and I have got this policy around 5 year ago , this policy has the tenure of 18years. The plan benefits and the coverage is god with this policy, it has better options and I pay the premium amount of Rs,3000 to this policy.
    Was this review helpful? 0
    , tiruchirapalli
    Reviewed on May 18, 2018
  • LIC Life Insurance
    "Better child plan policy"
    0.5 4.0/5 "Great!"
    Having a lic life insurance policy for my child , and it has the tenure of 17years. I have got this Child plan policy around 2 years ago . The customer support service is good with this policy and this policy gets matured when my child turns to 17 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 10, 2018
  • LIC Life Insurance
    "Good policy to use "
    0.5 4.0/5 "Great!"
    I have got the child plan from the LIC, the customer support service has been upgraded from the LIC and this policy has the tenure of 16years. This policy has been matured and I no need to pay the premium for it , the maturity amount will be given partially.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 05, 2018
  • LIC Life Insurance
    "Good CHILD PLAN policy"
    0.5 5.0/5 "Blown Away!"
    Got the child plan from LIC around 21years ago. The customer support service is good from the LIC. This policy gets matured when my daughter turns 22. This plan benefits and the policy coverage is good with this policy and i am satisfied with it.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 02, 2018
  • LIC Life Insurance
    "Better policy to use"
    0.5 4.0/5 "Great!"
    Having a child plan life insurance policy from LIC , I have got this policy around 3 years ago. The customer support service is good with LIC and the plan benefits and the coverage is good with the CHILD PLAN policy , I am paying Rs, 7,500 to this policy as premium.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 26, 2018
  • LIC Life Insurance
    "Good for child "
    0.5 5.0/5 "Blown Away!"
    The CHILD PLAN policy is good from the LIC . The customer support service is good from the LIC policy . This policy is good from the children and it really has better benefits in it. The policy coverage is also decent here and I am satisfied with it.
    Was this review helpful? 0
    , noida
    Reviewed on Mar 19, 2018
  • LIC Life Insurance
    "Average policy to use"
    0.5 4.0/5 "Great!"
    Got the Child plan life insurance policy on 2006, This policy is higher in the premium . This policy has the tenure 10years. I pay the premium amount of Rs,6500 in every 3 months once. The customer support service is average with the LIC company.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 15, 2018
  • LIC Life Insurance
    "Excellent policy to use"
    0.5 5.0/5 "Blown Away!"
    I have got the Life insurance policy for my child and it was started from the month April. This policy has the tenure of 21years. I pay the premium amount of Rs,2700per month. The plan benefits and the policy coverage is better with this policy .
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 20, 2018
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