New Delhi: In today’s time, at the center of any parent’s financial planning, they have children somewhere. People from all income groups are concerned about children’s education, marriage and other expenses. Life Insurance Corporation of India (LIC) is offering an insurance-cum-investment policy for children keeping these needs in mind. According to the LIC website, the company’s new ‘New Children’s Money Back Plan’ has been designed keeping in mind the expenses related to children’s education, expenses related to marriage. Apart from this, life insurance cover for children is also available under this policy.
This plan can be purchased for children up to what age
According to the browser available on the LIC website, this plan can be purchased for children from 0 to 12 years. According to the information available on the website, any of the children’s parents or grand parents can take this policy for children. Under this plan, a policy can be taken for a minimum sum assured of Rs 1 lakh. On the other hand, no maximum limit has been set for even insured.
Duration of maturity
The total term of LIC’s New Children’s Money Back Plan is 25 years. Under this plan, LIC pays 20-20% of the basic sum insured when the child is 18 years, 20 years and 22 years old. The remaining 40 percent will be paid on completion of 25 years of the policy holder. In addition, all outstanding bonuses will be paid. LIC: Rs 20,000 pension for life, know the name of the policy
What will happen if the premium is not paid
If you do not pay the premium within the grace period, the policy will lapse. Any lapse policy can be revived within two years from the date of non-payment of premium, but it must be done before maturity.
