• 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).

    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

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    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
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      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
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      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
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      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
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      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
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      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
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      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
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      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
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      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
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      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
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      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
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      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
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      , coimbatore
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is fine one for me and the response is also good, also its not necessary. Plan benefits are less with them.
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      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I took this life insurance jeevan policy from Lic insurance company mainly because of the good returns. The tenure period is 20 where the policy covers till 60 years . Am doing my payment yearly through on-line banking this policy covers accidental benefits and critical illnesses .
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      , hyderabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 20 years of tenure period , the payment am doing through on-line monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
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      , ahmedabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance Money back policy from Life insurance Corporation of India. Am satisfied with the premium amount of Rs 7000 which has the tenure period of 20 years . There customer service and response is good. Overall am satisfied with the policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the LIC. It offers Accidental and Life coverage in one policy . I pay a premium of Premium 4900 per year. I make payments via Cheque and online LIC website. I never faced any issue with the policy so far. Overall ti has been a good experience with their services.
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      , chennai
      Reviewed on Jun 18, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've an insurance policy with the LIC. I make payments via the LIC website . I also got loans out of the policy for 60000 and the whole process of loan application was quick and got the loan amount with in 3 working days. Overall it has been a smooth experience with the LIC policy.
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      , chennai
      Reviewed on Jun 18, 2018
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