All About LIC Money Back Policy For Children

The best gift you can give to your children is financial assurance and a stable and secure future. To do this, money back plans are one of the best ways. The LIC Money Back Policy for Children is specially catered towards providing for children. With this plan, you can efficiently save up your earnings for your child’s prosperous future.

Parents and even grandparents can purchase this plan for their children and grandchildren. It provides several benefits and is a robust financial and savings instrument. The biggest advantage of this plan is that it pays out in regular intervals and thus, will provide for the growing financial needs of children.

Eligibility Criteria for the LIC Money Back Policy for Children

The following are some of the key eligibility parameters which will qualify you to purchase the LIC Money Back Policy for Children as well as help you decide whether it is the right plan for you and your children.

 Benefits Available Under LIC Money Back Policy for Children

The LIC Money Back Policy for Children provides several benefits. Take a brief look at them below:

• Survival Benefits

Survival benefits are paid out in regular instalments to the policyholder. They are paid out when the life assured reaches their 17th, 20th or 22nd and is equal to 20% of the Sum Assured under the plan. The age of the life assured must coincide with the policy term and is taken into account when it is completed.

• Death Benefit

The death benefit is received by the nominees or beneficiaries of the policyholder, in case of their sudden demise, in the middle of the policy term. This benefit includes the entire Sum Assured under the LIC Money Back Policy for Children and all bonuses that have been accrued during the policy term.

• Maturity Benefits

Once the policy term comes to an end, the LIC Money Back Policy for Children provides a maturity benefit to the policyholder. If the policyholder is alive till the end of the policy term, this benefit is paid out as 40% of the Basic Sum Assured under the plan along with all bonuses applicable and accumulated.

• Bonus Benefits

Under the LIC Money Back Policy for Children, Non-Guaranteed Bonuses are paid out. The bonuses are accrued throughout the entire policy term as long as the plan is active. These non-guaranteed bonuses or simple reversionary bonuses are a result of the plan’s participation in the company profits.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.