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Children grow fast but their needs grow faster. The impact of the financial crisis has a high impact on parenting financial planning and can become one of the major determinants of child-rearing success. Planning is equally important. How do you plan enough for their future? Since the birth of the child we, as parents, make sincere efforts to ensure that the child can dream big without having second thoughts and hence work towards accomplishing his/her dreams. We are here to help you empower your child’s dreams through LIC NEW CHILDREN’s MONEY BACK PLAN Best Children’s Plan Investment in LIC and live the rest of your life as the proud parents you deserve to be.
Education is the best inheritance given to a child, it is the joint efforts of the parents and the young ones. It is the best legacy and more profitable achievement someone can have. Education lessens the challenges we face in our life. Being geared up for future needs is your responsibility. Being a parent is very challenging as we need to cater to several unplanned needs of the growing child. In such a scenario financial stability can harbour potential problems that when neglected –may become detrimental.
As you want to provide the best education for your child. But given the steeply rising cost of education in the country, you will need a substantial amount of savings to cover your child’s higher education expenses. That said, apart from creating a financial corpus for your child’s education LIC’s New Children’s Money Back Plan online, you also need to ensure they are financially secure in case of your absence.
LIC’s NEW CHILDREN’s MONEY BACK PLAN LIC Child Education Plan is one of the best plans for children’s education which will help them to focus on their careers without worrying about finances even in your absence. It is a must to start saving as early as possible; to be financially prepared to support your child’s dream. Hence, regular investments in LIC’s New Children’s Money Back Plan, the best children’s plan, can help you build a large sum over time and choose to get returns at important stages of your child’s life.
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| Minimum age | 0 years |
| Maximum age | 12 years |
| Policy Term | 25 years minus Age at entry |
| Minimum Sum Assured | Rs. 1,00,000 |
| Maximum Sum Assured | No limit |
| Premium payment | Yearly / Half yearly / Quarterly / Monthly (Through Bank) |
| Money back is paid | 18th year of child - 20% of Sum assured 20th year of child - 20% of Sum assured 22ndyearof child - 20% of Sum assured |
| Loan | Available after 2 years |
| Surrender | Available after 2 years |
| On maturity | 40% of the Sum assured + Bonus + Final bonus |
| Premium waiver benefit | Parent age must be between 18 to 55 years |
| Income Tax Benefits | (i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount / Death claim is non-taxable u/s 10(10d) |
This is linked to the date of commencement of risk..
i. In case of death of the child happens before commencement of risk (Risk cover would start from the second policy anniversary), all premiums paid will be returned to the nominee, excluding taxes and rider premiums
ii. In case of death of the child happens after commencement of risk the nominee will receive the Sum Assured on Death along with Simple Reversionary Bonus & any Final Addition Bonus declared throughout the policy term.
Sum Assured on Death will be the higher amounts of the following:
The survival benefits in this plan wherein if the policyholder survives the policy tenure and if all premiums have been accordingly paid, then a fixed percentage of the overall sum assured amount will be awarded to the policyholder as he reaches certain age milestones as below:
Maturity benefit is payable on survival of the life assured through the entire Policy Term, then the balance of 40% of the sum assured along with accrued simple reversionary bonuses and final additional bonus will be paid as the maturity benefit and the policy terminates.
LIC’s New Children’s Money Back Plan also comes with a Surrender Value feature under which a particular percentage of the Premium Amount is given back to the insured in case the policy holder decides to surrender the policy after completion of 3 policy years.
A policyholder is eligible for a loan if 3 years the full premium amount is paid, followed by the policy acquiring a surrender value.
As a policyholder the participant, you are entitled to the profits of the insurance company by way of eligible for Simple Reversionary Bonus and Final Additional Bonus as declared by LIC and will be paid at the time of Maturity of the policy or as the death benefit.
The premiums paid towards buying LIC New Children’s Money Back Plan is considered as a tax-free deduction under Section 80C of the Income Tax Act. One can claim a maximum deduction of INR 1.5 lakhs on this amount. The section 10 (10D) of the Income Tax Act allows us to put all the benefits received including death and maturity benefits
Life cover during the policy term: If the death of policyholder occurs during the policy term, the nominee will receive the Sum Assured on Death plus simple reversionary bonuses and final additional bonus declared
LIC’s Premium Waiver Benefit Rider
The LIC’s New Children’s Money Back Plan comes with a very useful premium waiver rider which is available for the life of proposer aged between 18 to 55 years. The rider can be attached to the base plan for an additional premium. If the proposer dies within the active policy term, then the future premiums under the basic plan will be waived off.
i. Simple Reversionary Bonus: An amount per thousand Sum Assured is declared by LIC at the end of each year and this forms part of the guaranteed benefits. This is provided as a Simple Reversionary Bonus that accrues during the premium paying term and is paid to the policyholder or nominee at the end of the term or death in addition to the final additional bonus.
ii. Final Addition Bonus: Paid if the policy has run for a minimum period. Final Additional Bonus may be declared when a claim is made either as a result of death or maturity, provided the policy has been in effect for a minimum term.
| Buying LIC Policy Online with LICNewPolicyOnline.com | Buying A Policy Offline visiting LIC branch or through an agent | ||
|---|---|---|---|
| Address Proof | Aadhar Zip File | Address Proof | Aadhar |
| ID Proof | ID Proof | Pan Card or Aadhar | |
| Age Proof | Age Proof | Aadhar / Driving License | |
| Income Proof | IT Returns of last 2 years | ||
| Photo | Passport Photo | ||
| Buying Online Policy with LICNewPolicyOnline.com | |
|---|---|
| Address Proof | Aadhar |
| ID Proof | |
| Age Proof | |
| Buying A Policy Offline visiting LIC branch or through an agent | |
|---|---|
| Address Proof | Aadhar |
| ID Proof | Pan Card or Aadhar |
| Age Proof | Aadhar / Driving License |
| Income Proof | IT Returns of last 2 years |
| Photo | Passport Photo |
1. How LIC money back policy maturity amount is calculated?
Money back is paid at the stipulated fixed intervals as mentioned in the policy conditions
2. How is vested bonus calculated in LIC money back policy?
Vested bonus How does LIC calculate bonus? will be declared by LIC from time to time
3. premium waiver benefit in LIC New Children’s Money Back plan?
Yes Premium Waiver benefit can be availed under New Children's money back plan
4. What is 834 plan in LIC?
Plan no, 834 is a discontinued plan from LIC.
5. Maturity Benefit of LIC’s New Children’s Money Back Plan?
Maturity benefit LIC Children's Money Back Plan Benefits under Children's money back plan is paid at child age 25 years
6. Survival Benefit of LIC’s New Children’s Money Back Plan?
Survival benefit is paid at child age 18 yrs, 20 yrs & 22nd year
7. Can I get loan on LIC’s New Children’s Money Back Plan?
Yes, Loan can be availed after 2 years from date of commencement of policy
8. Which is the best lic policy for new born baby?
Some popular options offered by Life Insurance Corporation of India (LIC) for a newborn baby include:
LIC New Children's Money Back Plan: A participating non-linked money back plan that provides periodic payment of survival benefits and a lump sum payment on maturity. LIC Jeevan Tarun Plan: A participating, non-linked, with-profits endowment plan that provides for risk coverage and savings. LIC Jeevan Tarun is the best child plan for new born baby.
9. Difference between LIC new children's money back plan vs LIC Jeevan Tarun?
LIC New Children's Money Back Plan and LIC Jeevan Tarun are both life insurance plans offered by Life Insurance Corporation of India (LIC) that cater to the needs of parents for securing the future of their children.
LIC New Children's Money Back Plan is a participating non-linked money back plan which provides for periodic payment of survival benefits during the policy term and a lump sum payment on maturity.
LIC Jeevan Tarun Plan is a participating, non-linked, with-profits endowment plan which provides for risk coverage and savings. The policy offers financial protection to the child, in case of the unfortunate event of death of the parent.
Ultimately, the choice between the two plans will depend on your specific financial goals and risk tolerance.
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."
