This scheme was started to give better returns to the child’s future. In which account can be opened for children ranging from newborn to 12 years of age.
Life Insurance Corporation of India brings many types of insurance plans for citizens of all age groups of the country. If you are looking for an insurance plan for your children that will provide them financial security in the future. So LIC New Children Money Back Plan can prove to be a best option for you.
What is New Children Money Back Plan (LIC New Children Money Back Plan)?
This scheme has been started especially for growing children. Which is known as a non-linked money back scheme. In this, along with death benefit, maturity benefit, it also gives survival benefit.
Who can take advantage of the New Children’s Money Back Plan?
This scheme was started to give better returns to the child’s future. In which account can be opened for children ranging from newborn to 12 years of age. Parents, grandparents or guardians of children can invest in this policy in the name of children.
Rules for paying premium
In New Children’s Money Back Plan, premium can be paid as per your convenience. Which can be monthly, quarterly, half yearly or annually.
Loan facility will also be available
The special thing about this scheme is that the insured can also take a loan if needed.
What will be the maturity period?
This policy, started in the name of children, will mature after the child turns 25 years old. The policy can be returned within 15 days from the date of purchase. Suppose the age of a child is 5 years. Then a policy is taken for that. So the policy will mature after 20 years.
Benefits of New Children Money Back Plan
If the insured dies due to any reason, then in this case the entire amount including bonus is given to the legal heir.
Maturity benefit equal to the sum assured will be given. In which the interest earned is paid.
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