Benefits of the plan
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.
- 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.
- 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.