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LIC New Children Money Back Plan: A comprehensive insurance plan for children's future needs.
Updated : Jan 27, 2023, 02:55 PM IST | Edited by : Raunak Jain
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LIC New Children's Money Back Plan: The LIC New Children's Money Back Plan is a life insurance policy designed to provide financial security to children. This plan offers multiple benefits such as life insurance coverage, regular income, and money back at specific intervals to ensure that the child's needs are met in case of an unfortunate event.
Benefits of the LIC New Children's Money Back Plan:
The plan includes life insurance for the child to secure the family's financial needs in case of unexpected events.
The plan provides regular income at predetermined intervals to meet the child's needs during their formative years.
The plan offers cash back at specific intervals to support the child's education and infrastructure needs.
The plan offers tax benefits under sections 80C and 10(10D) of the Income Tax Act for both premiums paid and maturity amount received.
The plan offers flexibility in terms of insurance duration and premium payment options.
Who can apply for the LIC New Children's Money Back Plan?
The policy can be taken by any parent or legal guardian on behalf of a child who is between 0 to 12 years of age.
How to apply for the LIC New Children's Money Back Plan?
1. The policy can be purchased through a LIC agent or online through the LIC website.
2. The policyholder will have to provide proof of the child's age and identity, as well as their own identity.
3. The policyholder will also have to provide details of the premium payment and the policy term.
Example of the LIC New Children's Money Back Plan:
Mr. Sharma wants to secure his son's future, so he decides to purchase the LIC New Children's Money Back Plan. He chooses a policy term of 20 years and opts for a yearly premium payment option. He pays a premium of Rs. 30,000 per year. After 20 years, the maturity amount is Rs. 10,00,000. His son received money back at intervals of Rs. 2,00,000 at age 18,20 and 22. In case of an unfortunate event, the nominee will receive the sum assured of Rs.10,00,000.
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