This LIC policy can make a child a millionaire, can invest with just Rs 10,000

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LIC’s New Children Money Back Policy comes in handy for the child’s higher education. In this, the amount is received at an interval of a fixed period. There is also the benefit of bonus in this.

lic policy for children

If you want to make your child’s future better then LIC’s ‘New Children’s Money Back Plan’ policy can prove to be a better option. One can invest in this with just Rs.10 thousand. Under this scheme, a return of lakhs will be given till the child turns 18. Due to which there will be no problem in fulfilling his studies or other needs.

LIC’s new children money back plan is for 25 years. In this, the maturity amount is found in pieces. Under the plan, LIC pays 20-20 percent of the Basic Sum Insured on the child’s age of 18 years, 20 years and 22 years. The remaining 40 percent is paid on the child’s completion of 25 years. Not only this, the outstanding bonus is also paid along with the maturity amount.

Policy highlights

1. The minimum age to take LIC’s ‘New Children’s Money Back Plan’ is 0 years and the maximum age is 12 years.
2. The policy can also be taken with a minimum sum assured of Rs.10,000, while there is no limit on the maximum sum insured.
3. There is also a premium waiver benefit rider-option available.
4. If the policyholder dies during the policy term, the nominee will get the Reversionary Bonus and Final Additional Bonus in addition to the Sum Assured. The death benefit will be up to 105% of the total premium payment.

Documents required to take a policy

To take the policy, the parents should have their and the child’s Aadhar card. Apart from this, photocopy of PAN card and address proof should be there. It also requires the medical documents of the insured. For application, take the form related to the scheme from LIC branch and submit it after completing the paperwork.

Also read: Now the benefit of loan moratorium will not be available, Supreme Court said ‘Government has more work’

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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