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  • LIC New Children Money Back Plan

     4.5 / 5.0   by 175 users
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    Plan Benefits

    Payment Options

    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).

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    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 9 1 2 3 4 5
    • 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
      "Child policy with LIC"
      0.5 5.0/5 "Blown Away!"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a child policy were the premium is 13000 which i have to make the payment on quarterly basis. The total maturity period is for 16 years. after the maturity period i will get the sum assured plus the bonus.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 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
      "LIC child policy"
      0.5 4.0/5 "Great!"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a child policy. The premium is 6000 which i have to pay on quarterly basis. The maturity period of 13 years. After the maturity period we could able to get the sum assured + the bonus.
      Was this review helpful? 0
      , bhopal
      Reviewed on May 14, 2018
    • LIC Life Insurance
      "Better child plan "
      0.5 4.0/5 "Great!"
      The customer support service is good with the LIC and I hold a child plan life insurance policy, which is good to use and I have it for more than 5 years. I pay the premium amount of Rs,15000 every year once. I pay the premium though online mode which is easy to do.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 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
    • LIC Life Insurance
      "Very good for child"
      0.5 4.0/5 "Great!"
      Got a policy for my child and I have bought this policy around 10 years ago from LIC. This policy has the tenure of 20years. The customer support is better with the LIC. I pay the premium amount of Rs,11,000 every year , the plan benefits and the coverage is good with this policy .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Traditonal and Turst worthy"
      0.5 5.0/5 "Blown Away!"
      LIC was started when I was a student, my parents gifted me this life insurance. At the time premium amount was Rs.150, finally I got 1.50 lakh with bonus interest around 75,000. It was a great surprise for me. Then I took LIC policies from end, each has different tenure. Plan name called Bheema gold, endowment policy and child plan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Average service"
      0.5 4.0/5 "Great!"
      The child plan policy is good to use. I have the child plan policy for past 3 years. This policy has the tenure of 15years. I pay the premium of Rs,1580 in every 3 months once to this policy. This policy gets matured after my daughter turning to 15.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 25, 2018
    • LIC Life Insurance
      "Good child plan"
      0.5 5.0/5 "Blown Away!"
      Having a life insurance policy from LIC, I have got the child plan policy to my daughter around 2 months. This policy has the tenure of 18years. The customer support service is good with the LIC . I have to pay the premium amount of Rs,1461 every month. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 24, 2018
    • LIC Life Insurance
      "Better child plan"
      0.5 4.0/5 "Great!"
      Holding a child plan life insurance policy with LIC. I got this policy around 6 years, basically I got this policy for my daughter. This policy turn to mature once my daughter get 20years. I pay the premium of Rs,11,00 to this policy as premium every month. The plan benefits and the coverage is god with this policy.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 10, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Life insurance corporation of India service was great ,I have taken three policy for myself ,my child and for my wife for the term period of 25 years also they use to update me regarding new schemes and offers it was a good experience with Life insurance corporation of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 20, 2017
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