Everyone worries about their children’s future and needs to do better planning for this. LIC, the country’s most trusted company, secures the future of the elderly as well as children. LIC’s New Chins Money Back Plan (LIC New Children’s Money Back Plan) is designed with special children in mind. Let us tell you about the specialty of this plan-
- Devesh Tiwari
- Essentials of LIC Policy
*• The minimum age to take this insurance is 0 years
• Maximum age to take insurance is 12 years
• • Minimum insurance amount is Rs 1,00,00
• No limit on maximum insurance amount
• Premium Waver Benefit Rider – Option Available
- 20% amount will be found at 18 years
Under this policy of LIC, the country’s largest life insurance company, the policyholder gets 20 per cent of the money assured as money back. Money Back (Money Back) amounted to the policy holder upon completion of the age of 18, 20, 22 years. If you make maturity benefits, then the policy holder gets the remaining 40% of the amount of money with the bonus. This rule is applicable when the policyholder does not die during the policy period.
- What is the rule of death benefit?
If the policyholder dies during the term of the policy, under the Death Benefit in LIC Money back plan, then in such case there is a provision for simple reversible bonus and final additional bonus in addition to the insurance amount. Another special point is in the policy that the death benefit cannot be less than 105% of the total premium payment.
- What is a calculation?
First Year Premium with 4.5% Tax-
• Annually – 55239 (52860+2379)
• • Half-27917 (26715+1202)
• Quarter- 14108 (13500+608)
• • Monthly: 4703 (4500+203) YLY • Mode Average Premium 151Rs / day