LIC Scheme for Children: LIC New Children’s Money Back Plan can be a good option for the bright future of your children, know the complete details.
Business Desk, LIC Scheme for Children. Life Insurance Corporation of India (LIC), the country’s largest insurance company, offers insurance to every citizen of India, irrespective of class or age.
What are the features of this insurance?
This insurance plan is essentially coverable for one person at a time and is a non-linked money back plan for growing up children.
This insurance comes with survival benefit, maturity benefit and death benefit.
What is maturity period?
This insurance will mature in the 25th year of the growing up child. Suppose a child is 9 years old and he takes insurance at the age of 9, then his insurance will mature after 25-9 i.e. 16 years. This insurance can be refunded within 15 days from the date of purchase.
How will the premium be paid?
You can pay the premium of this insurance on annual, half yearly, quarterly or monthly basis as per your convenience. Apart from this, the insured can also take a loan from this scheme.
What are the benefits of this insurance?
Survival Benefit: When the insured person reaches a certain age limit, a survival benefit equal to 20 percent of the basic sum assured will be paid.
Maturity Benefit: Maturity benefit equal to the Sum Assured and all bonuses earned during the period will be paid.
Death Benefit: If in some unfortunate circumstances, the policyholder dies, the amount payable will be the entire sum assured including death bonus.