LIC's Children Money Back Plan: Life Insurance Corp provides a term of 25 years under this policy

Life Insurance Corporation (LIC) of India, the country's largest life insurance company, is offering an insurance-cum-investment policy for children. The New Children's Money Back Plan is designed to meet the educational, marriage and other needs of growing children through survival benefits, according to LIC's website - licindia.in. In addition, it provides for the risk cover on the life of child during the policy term and a slew of survival benefits on surviving to the end of the specified duration, according to the LIC website. LIC offers a range of term insurance, pension plan, endowment, unit-linked, health insurance and money back products. (Also Read: LIC Money Back Plan-20 Years: Premium, Money Back, Other Details Here)

Here are details of the premium and the sum assured applicable to the New Children's Money Back Plan as well as the benefits covered under this LIC policy:

LIC's New Children's Money Back Plan can be purchased by the parent or grandparent for a child aged up to 12 years for a minimum sum assured of Rs 1 lakh, and in multiples of Rs 10,000 thereof, according to the LIC website. (Also Read: LIC Jeevan Lakshya Plan: Premium, Maturity Benefits, Other Details Here)

LIC's New Children's Money Back Plan does not has any limit for the maximum sum assured for the policy.

The policy term for LIC's New Children's Money Back Plan is 25 years and in case the age at entry of the life assured is less than eight years, the risk under this plan will commence either one day before the completion of two years (from the date commencement of policy) or one day before the policy anniversary coinciding with or immediately following the completion of eight years of age, whichever is earlier, according to LIC. (Also Read: LIC Jeevan Shanti Plan: Premiums, Pensions, Other Benefits Here)

Here are some of the money back benefits offered by LIC under its New Children's Money Back Plan:

Under this plan, LIC pays out 20 per cent of the basic sum assured to the policy holder once the child completes ages of 18 years, 20 years and 22 years each. The remaining 40 per cent amount will be payable to the policy holder on the end of 25 years along with vested simple reversionary bonuses and final additional bonus. (Also Read: LIC Jeevan Labh Policy: Premium, Eligibility, Sum Assured, Other Benefits Here)

LIC has shared the following sample premium rates (per Rs 1,000) applicable to the New Children's Money Back Plan:

Age (in years) Premium ( R s. ) 0 44.15 5 57.00 10 80.60 12 93.90 Source: licindia.in

Non-payment of the premium within the grace period leads to policy lapse. A lapsed policy can be revived within a period of two consecutive years from the date of first unpaid premium but before the date of maturity, according to LIC.