• LIC New Children Money Back Plan

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     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 9 1 2 3 4 5
    • 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
    • LIC Life Insurance
      "Good policy for the children "
      0.5 5.0/5 "Blown Away!"
      The Life insurance corporation of India has offered me a child plan life insurance policy it has the tenure of 15years. I got this policy around 4years ago. I pay the premium of Rs,2950 every month to this policy. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 14, 2017
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance service from lic for my child and I have one jeevan anand policy the payments will be deducted through ecs the customer service was good ,I am disappointed I never get any update from them once I have applied for the insurance it was a average service from lic life insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • LIC Life Insurance
      "Good child plan "
      0.5 4.0/5 "Great!"
      Having the Child plan policy with LIC. I got this policy around 6years ago. This policy get matured in 15 years of time. The premium amount around Rs,10,000 I pay towards this policy. I pay the premium amount through net banking and through credit card. I am satisfied having the Child plan with LIC.
      Was this review helpful? 0
      , goa
      Reviewed on Nov 09, 2017
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the child care policy on 2010 from LIC. This policy has the tenure of 7years. I pay the premium of Rs,26,000 every year. The customer support is good with LIC. The plan benefits and the coverage is good with this policy and I am satisfied holding the child card policy with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 06, 2017
    • LIC Life Insurance
      "Policy features are good"
      0.5 5.0/5 "Blown Away!"
      I have taken a child policy from LIC. The tenure is for 20 years and I pay a premium on a annual basis. I get a reminder through phone about my payments. The premium is of 6800. The agent comes over and collects my payments and gives me the receipt too. The benefit is I would get extra of 1.25 Lakh after the maturity term.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 24, 2017
    • LIC Life Insurance
      "Secure"
      0.5 5.0/5 "Blown Away!"
      I have taken a child policy from LIC. They are one of the excellent insurance companies. What ever is promised a customer would get and there is no delay in getting the maturity benefits. The tenure for the policy is for 20 years and the payments are convenient.
      Was this review helpful? 0
      , hospet
      Reviewed on Sep 21, 2017
    • LIC Life Insurance
      "Its excellent"
      0.5 4.0/5 "Great!"
      Of course, LIC is very authenticate and it is significant too. I am holding this LIC Policy since 2008. No drawback nor any challenges as such. I normally make the payment through the ad visor he is my child hood friend and though him I had taken this insurance and to him I make the payment.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 18, 2017
    • LIC Life Insurance
      "Excellent policy for child"
      0.5 5.0/5 "Blown Away!"
      Since from 2010 I got the Komal Jeevan policy from LIC. This policy has the tenure of 18years. The customer service is better with LIC. I pay the premium of Rs.5450 in every 6 months once. It is a children policy, which helps the children for the education purpose,. When the child turns 18 then the LIC provider take carers of the educational expenses.
      Was this review helpful? 0
      , chittorgarh
      Reviewed on Aug 14, 2017
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.5/5 "Pretty good"
      I had taken Money back policy for my child during January 2017, I paid the premium around Rs.3000 and it was on a quarterly payment option, I am sure I would be getting some benefits after the policy gets matured. This policy has the tenure around 17 years, I am much aware about the benefits also it has tax coverage and it is really good.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on May 12, 2017
    • LIC Life Insurance
      "Money back policy"
      0.5 3.0/5 "Satisfactory"
      Money back policy has very good plan benefits and I am getting Rs.5000 has money back in every 5 years and I bought this policy for my child, which is very helpful when it turn to maturity. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 25, 2017
    • LIC Life Insurance
      "Best policy for Children"
      0.5 4.5/5 "Excellent!"
      I have taken one more policy on my children name, I used to make the premium Rs.1800 on monthly basis with the tenure 20 year, After my child turns 25 years he will be received Rs.14 lakhs. After 16 years, LIC Provides loan for his studies, I am complete satisfied with this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 03, 2017
    • LIC Life Insurance
      "Its Good for Children Future"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken two Jeevan anand polices from LIC for my two children, Now age of second child is 3 years so I used to make the premium Rs.410 for a tenure of 14 years. After 21 years my child would be getting Rs. 6 Lakhs. It a trustable policy and it is really good for children.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 08, 2017
    • LIC Life Insurance
      "Its Good for Children Future"
      0.5 5.0/5 "Blown Away!"
      I had taken Jeevan anand for my elder child. Now my child age is 5 after age of 21 years. My child will get the policy coverage of Rs. 6 Lakhs. I used to make the premium of Rs.430 per months for a tenure of 14 years. I used to make EMI payment to the LIC policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 08, 2017
    • LIC Life Insurance
      "Good for future with children policy"
      0.5 5.0/5 "Blown Away!"
      I have taken LIC policy for my child but it covers both, I used to pay the premium of Rs.13000 per annum with the tenure of 25 Years with the policy coverage of Rs. 3 lakhs. Now my child age is 1 year old, When the age 18 years LIC provides the amount of Rs. 6 lakhs for the education purpose. Then the age of 21 years they will be providing the amount of Rs. 2.8 lakhs Remaining 4 lakhs will get after the age of 25. Totally my child will be getting the premium around 13 lakhs it is really good fro my child future. LIC payment option is very convenient through online.
      Was this review helpful? 0
      , kurnool
      Reviewed on Feb 15, 2017
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