Exploring The significance Of LIC New Children's Money Back Plan
Published On Dec 17, 2021 10:00 AM By InsuranceDekho
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The LIC's New Children Money Back Plan is both an insurance and an investment plan designed to provide a financially secure future for growing children. It is a standard savings plan that pays out survival benefits on a monthly basis. This plan includes a variety of dependable perks that assure your child does not suffer any financial difficulties.
Children's financial demands increase as they grow. To reduce financial stress, the children's parents or even grandparents might begin saving for their future. The LIC's New Children Money Back Plan has the advantage of paying out at regular intervals, which helps cover your child's rising expenditures and major events.
Features of the New LIC Children's Money Back Plan
The primary characteristics of the LIC's New Children's Money Back program are as follows:
- The child receives life insurance.
- Survival awards are awarded at the ages of eighteen, twenty, and twenty-two.
- Surviving benefits are calculated at a rate of 20% of the stipulated amount.
- Experience is advantageous.
- Allows for the creation of riches.
Advantages of LIC's New Children Money Back Plan
Take a look at the numerous benefits offered by the LIC's New Children Money Back Plan.
1. Survival Advantages
The recurring payments are referred to as survival benefits. These are equivalent to 20% of the total assured. It is available when the life guaranteed is 17, 20, or 22 years old. This age is determined at the end of the project and must correspond with the policy anniversary.
2. Maturity Advantage
The LIC's New Children Money Back Plan not only provides assistance at regular intervals, but also at the end of the insurance term. The Maturity Benefit, which is equivalent to 40% of the base sum promised, is paid at the conclusion of the policy term if the life assured is still living. All accumulated bonuses during the insurance period are also paid at this time.
3. Death Benefit
A death benefit is payable if the policyholder dies before the conclusion of the policy term. The death benefit is effectively the whole cash promised plus any incentives that may have accrued.
4. Bonuses That Are Not Guaranteed
Non-guaranteed incentives or basic reversionary bonuses are available under LIC's New Children Money Back Plan. This is because the plan shares in the company's profits. It is available as long as the plan has not been claimed or has not matured.
It is critical to plan for your child's financial future so that he or she can pursue his or her dreams. As a result, you should save for your child's future. However, if you die too soon, you may not be able to leave enough money for your kid. This is where children's insurance coverage might come in handy. These agreements ensure that a financial corpus is created regardless of whether the parent is alive or not. One such child insurance plan is the LIC's New Children's Money Back Plan, which helps to secure your child's financial future. Children's insurance coverage may be advantageous in this instance. These agreements ensure that a financial corpus is created regardless of whether the parent is alive or not. One such Child insurance plan is the LIC Child Plan, which might help secure your child's financial future.
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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.