Work Hours
Monday to Saturday: 8AM - 8PM
Weekend: 10AM - 6PM
Best LIC Agent in Kolkata, Somenath Naskar.
Schedule your FREE consultation today and let me help you find the best Insurance plan for you!
Call me on the below given number.
As a parent, securing your child’s future is one of your top priorities. The LIC New Children’s Money Back Plan offers a unique opportunity to do just that. As the best LIC agent in Kolkata, I’m excited to share the ins and outs of this fantastic policy with you.
Table of Contents
Key Takeaways
- The LIC New Children’s Money Back Plan offers a combination of savings and protection for your child’s future.
- Survival benefits at key ages help cover educational and other expenses.
- The plan provides flexibility with options to defer benefits and add riders.
- Starting early maximizes the benefits for your child.
- As an LIC agent in Kolkata, I’m here to guide you through every step of the process.
What is the LIC New Children’s Money Back Plan?
The LIC New Children’s Money Back Plan is a non-linked, participating, individual life assurance savings plan designed specifically for children. It’s a smart way to save for your child’s education, marriage, or other future needs while providing life coverage.
Key Features:
- Age Range: 0-12 years (last birthday)
- Policy Term: 25 years minus the age at entry
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No limit (in multiples of ₹10,000)
- Premium Payment Options: Yearly, Half-yearly, Quarterly, or Monthly
Benefits of the LIC New Children’s Money Back Plan
1. Survival Benefits
One of the standout features of this plan is the survival benefits. Your child will receive 20% of the Basic Sum Assured at three key milestones:
- On the policy anniversary after turning 18
- On the policy anniversary after turning 20
- On the policy anniversary after turning 22
These payouts can be incredibly helpful for covering educational expenses or other needs as your child grows.
2. Maturity Benefit
Upon policy maturity, your child will receive:
- 40% of the Basic Sum Assured
- Vested Simple Reversionary Bonuses
- Final Additional Bonus (if any)
This lump sum can be a significant boost for your child’s future, whether it’s for higher education, starting a business, or any other life goal.
3. Death Benefit
While we hope it’s never needed, the plan provides comprehensive coverage in case of the unfortunate event of the child’s death:
- Before risk commencement: Total premiums paid (excluding taxes and extra premiums) will be returned
- After risk commencement: The higher of:
- Basic Sum Assured
- 7 times the annualized premium
Plus, vested Simple Reversionary Bonuses and Final Additional Bonus (if any) will be paid out.
4. Tax Benefits
Premiums paid and benefits received under this plan may be eligible for tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961. However, I always recommend consulting with a tax advisor for the most up-to-date information.
Customization Options
The LIC New Children’s Money Back Plan offers several ways to tailor the policy to your needs:
- Option to Defer Survival Benefits: You can choose to defer the survival benefit payments, earning an increased amount when you eventually claim them.
- LIC’s Premium Waiver Benefit Rider: This optional rider ensures premium payments continue even if something happens to the proposer (parent/guardian).
- Settlement Options: You can choose to receive the maturity benefit in installments over 5, 10, or 15 years instead of a lump sum.
Why Choose the LIC New Children’s Money Back Plan?
- Financial Security: It provides a safety net for your child’s future, ensuring their dreams aren’t compromised.
- Flexibility: With options to defer benefits and add riders, you can customize the plan to your family’s needs.
- Guaranteed Returns: The plan offers both guaranteed and non-guaranteed benefits, providing a balanced approach to savings.
- Bonuses: As a participating plan, it’s eligible for bonuses, potentially increasing the overall benefits.
- Trusted Provider: LIC is India’s largest and most trusted life insurance provider, giving you peace of mind about your investment.
How to Get Started
As an LIC agent in Kolkata, I’m here to help you navigate the process of securing your child’s future with the LIC New Children’s Money Back Plan. Here’s how we can get started:
- Assess Your Needs: Let’s discuss your child’s age, your financial goals, and your budget to determine the right sum assured and premium.
- Customize the Plan: We’ll explore options like riders and benefit deferment to tailor the plan to your needs.
- Complete the Application: I’ll guide you through the paperwork, ensuring everything is filled out correctly.
- Regular Reviews: Once your policy is active, I’ll be available for regular check-ins to ensure it continues to meet your needs as your child grows.
Remember, the sooner you start, the more your child stands to benefit. Why not take the first step today?
Securing your child’s future is one of the most important things you can do as a parent. The LIC New Children’s Money Back Plan offers a comprehensive solution to help you achieve this goal. As your dedicated LIC agent in Kolkata, I’m here to help you navigate this journey. Why wait? Let’s start planning for your child’s bright future today. Give me a call at 7980031260, and let’s discuss how we can tailor this plan to your family’s needs.
Remember, in the world of parenting, love knows no bounds – and neither should your child’s opportunities. Let’s work together to turn those dreams into reality!
FAQs
Can I take a loan against this policy?
Yes, you can avail a loan against the policy after paying premiums for at least two full years. The maximum loan amount is a percentage of the surrender value, typically up to 90% for in-force policies.
What happens if I miss a premium payment?
There’s a grace period of 30 days for yearly, half-yearly, and quarterly modes, and 15 days for the monthly mode. If premiums are not paid within this period, the policy will lapse. However, you can revive the policy within 5 years from the date of the first unpaid premium.
Can I surrender the policy if needed?
Yes, you can surrender the policy after paying premiums for at least two full years. The surrender value will be the higher of the Guaranteed Surrender Value or the Special Surrender Value.
Is there a free look period?
Yes, you have a 15-day free look period from the date of receipt of the policy document. If you’re not satisfied, you can return the policy during this period and receive a refund of premiums paid, subject to deductions for expenses incurred by LIC.
How are bonuses calculated and paid?
Simple Reversionary Bonuses are declared annually and added to the policy. A Final Additional Bonus may also be paid at maturity or on earlier death. The bonus rates depend on the Corporation’s experience and are not guaranteed.
Explore Various LIC Plans and Policies
