How to Buy LIC New Children Money Back Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC New Children Money Back Plan
There are various benefits to buying the LIC New Children Money Back Plan. Let's understand each of them in detail:
- Death Benefit: If the policyholder dies untimely, the sum payable will be the total of the sum assured at death and all accrued bonuses.
- Maturity Benefit: The total sum assured after maturity will be paid with all accrued bonuses.
- Survival Benefit: After reaching a certain age, the policyholder can receive 20% of the basic sum assured from the policy.
- Corporation Profits: The policyholder can participate in LIC's profit-earning opportunities and receive bonuses.
Loan Facility
This plan includes a special feature that allows the policyholder to avail loans.
Policy Revival
The policy can be revived within 2 years by clearing all unpaid premiums.
High Sum Assured Rebates
The availability of high sum assured rebates depends on the mode of premium payment. In the yearly mode, it will be 2% of the tabular premium.
Tax Benefits
LIC New Children Money Back Plan offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.
How to Buy LIC New Children Money Back Plan on LIC's Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over the 'Child Plans'.
- Click on the 'LIC New Children Money Back Plan'.
- Click on 'Buy Online' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC New Children Money Back Plan
Here is the list of documents required to buy the LIC New Children Money Back Plan:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Utility bill, passport, voter ID, ration card.
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if you are salaried).
Plan at a Glance
| What's Good Here |
What's Missing |
| Death Benefits |
Premium Offset |
| Survival Benefits |
High sum assured rebate |
| Maturity Benefits |
Auto cover continuance |
| Loan Facility |
Top-up premium |
In a Nutshell
If you are looking for a plan to secure your child's financial future, the LIC New Children Money Back Plan is an excellent choice. This plan offers security along with a lump sum amount to help fulfill important life goals.
For more information about this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts will understand your unique needs and suggest the best possible solution.
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