Benefits of the plan

On the policy’s anniversary, the survival benefits with 20% of the sum assured can be paid to the insurer when the child reaches 18 years of age.
On maturity of the policy, 40% of the sum assured along with bonuses is paid.
If the death of the life assured happens before commencing of the risk, the paid premiums are returned.
If the death happens after commencing of the risk cover, the sum assured on death, including bonuses will be paid when 105% of premiums are paid until death.
The sum assured on death is higher or it will be equal to 10 times the annual premium.
Benefit of income tax is availed as per the premium paid under the section 80c and on claims received under section 10 according to the Income Tax Act.

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LIC’s new Money Back for Children is made to meet the safety of a child’s future, even if the parents are dead or alive.  In this money back plan, the children’s life is secured as life insurance coverage can be used for education and marriage.

Characteristics

  • It comes with a limited premium payment.
  • Survival benefits can be postponed after they get accumulated and then it can be received before the term.
  • The coverage will start one day before completing two years or by the child’s 8th year if the child gets insured when the age is less than 8 years.
  • The policy will be completed and the entire amount will be transferred to the child after he/she completes 18 years.
  • It is a participating plan.

Plan framework

  • Age- minimum is 0 and maximum is 12 years.
  • Maturity -25 years
  • Premium payment term in years- 7 or 10
  • Payment frequency for premium- Minimum is 24000. No maximum limit.
  • Sum Assured-Minimum is 100000. No maximum limit.
  • The annual premium payable will be according to the sum assured. There will be different rates for different sum assured. You can get the details from your insurance representative.
  • If the payment of premiums is made monthly, there is a grace period of 15 days and for other modes, the grace period is 30 days. If the amount is not paid within the grace period, the policy gets lapsed.
  • The policy can be surrendered after completing 3 years with all the premiums paid until that year.
  • Free lock period option is available with this policy.
  • Loan facility
  • Premium waiver benefit and rebates available under this coverage.

To join this policy, the policyholder must fill out an application form provided by the agent. Along with the application, an individual must submit the medical records and address proof for KYC. Sometimes, LIC directly initiates a medical check-up for rare cases. That will be based on the amount assured and also the age of the person. This policy is strictly for children up to 12 years of age. The policyholder will be the sole holder of this coverage. The name of the nominee can be provided if any unnatural incidences occur with the policyholder. This is the best child money back plan.

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