LIC’s New Children’s Money Back Planis a insurance cum investment plan which can be used for securing the financial needs of a child as they turn 25 years old. It is a participating plan and hence is eligible for bonus depending on the performance of LIC.
Please note that in this plan provides a risk cover on the life of the child and not of the parent or grandparent. So, it really does not secure the child’s future in case of death of the parent or the grandparent. This is more of an investment plan keeping in mind the needs to the child when they become 25 years old.
|Launch Date||Table Number||Product Type||Bonus||UIN|
|2nd March, 2015||832||Money Back||Yes||512N296V01|
Key Benefits of LIC New Children’s Money Back Plan
- Participating non-linked money back plan eligible for bonus
- Designed to cater to educational, marriage and other needs of growing children
- Offers cover on the life of child during the policy term
- Can be bought by parent or grandparent for a child aged 0 to 12 years