LIC Scheme for Children: Do you have 150 rupees in your pocket? If the answer is yes then this news is for you. Now you can make your child a millionaire for just 150 rupees. Gee yes આ this sounds weird but LIC has come up with a gift for you that will make your child a millionaire for just Rs. So let us tell you why this LIC scheme is special.
LIC for childrenNo special plan
In fact, LIC has developed a New Children’s Money Back Plan. This plan is especially for children. The biggest thing is that the minimum age limit for LIC to take this scheme is zero years. While the maximum age limit for taking insurance is 12 years. Also the minimum sum insured is 10 thousand rupees. But there is no limit to the maximum sum insured.
Time limit of plan maturity
The term of LIC’s New Children’s Money Back Plan is 25 years. Under this plan LIC also makes some payments when the child turns 18, 20 and 22 years old. This payment is 20-20 per cent of the basic sum insured. And pays the balance upon completion of the term of the plan.
LICNo features of this plan
- Minimum age to take out insurance is 00 years.
- Maximum age limit 12 years
- The minimum sum insured is 10 thousand rupees
- No limit for maximum sum insured.
Premium Weaver Benefit Rider – Option Available
Under this plan, in case of death of the plan holder, there is a provision to pay sum assured and bonus. Also, non-payment of premium within the grace period will result in lapse. Another special feature is that the death benefit in this policy cannot be less than 105% of the total premium payment.