OUR STORY
Insurance :- Power of Coverage
Insurance: Use our insurance website to explore the power of coverage. Our website is your go-to resource for understanding different types of insurance, comparing plans, and finding the right rate for your needs.
I am certify insurance adviser to provide every one best knowledge to choose insurance plan.
I explain insurance below mentioned points:-
Why Insurance necessary for everyone?
Below mentioned points "I" & "me" use for "Insurance".
Whenever you propose to take me, you compare me to a stranger, whereas I am made for love. By buying me you may get my letter but believe me, I am the only product which fits for everyone.
I can become your child who can reduce the burden of your responsibilities whether you are there or not.
I can guarantee that the insurance will help in your children's education and marriage.
I can support your old age through insurance, in the form of pension.
I can bear the cost of your treatment and save your hard-earned capital.
I Insurance can support you at a time when no one is standing with you.
I cannot make up for your lack of insurance, but I can make your family feel your love.
I Insure that in your absence, your family may be prevented from reaching out to others.
I can give your family time to stand on their feet.
Insurance is the best option for you or your family.
Can show a ray of hope in difficult times.
I can do all this for you without any selfishness, if you adopt me and raise me like your own child.
When Insurance is with you, then don't worry about anything.
OUR STORY
Best Selling LIC Plans in India
1.
LIC New Jeevan Anand:
This is a mixture of endowment and whole lifestyles suggestions. It offers financial protection toward dying during the life of the policyholder with the supply of lump sum price at the quit of the chosen policy period in case of survival. This policy plan no 915. This policy famous as a title
Zindagi Ke Saath Bhi
Zindgi Ke Baad Bhi
This plan firsly launched 1st February 2020 which name is LIC New Jeevan Anand.
This plan provide a Double Death benefit plan, if the life insured survives till the end of the policy term.
Maturity Benefit
On completion of the policy term, the policy holder gets the following amount.
Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus
Simple Reversionary Bonus or Annual Bonus is announced every year but you get it only at the end of the policy term. Till then it continues to be added to your policy.
Suppose you have a sum assured of Rs 5 lakh, and LIC announces a bonus of Rs 44 (per Rs 1,000 insured) for your policy. In such a situation, you will get a bonus of Rs 22,000 (44*5 lakh/1,000 = 22,000).
As written above, you will not get this amount now. Will be available when the policy matures. It will simply be added to your policy. One more thing, you will not get any return on this bonus.
Final Additional Bonus is given to you only in the year in which the policy matures (or in the year in which the holder dies).
Please note that there are no guarantees on bonuses. The amount of bonus (declared bonus) received may change every year. Now if you have LIC, you can be sure that you will definitely get the bonus. How much will you get? It depends on the performance of LIC.
Death Benefit
In case of death of the policy holder during the policy term (Death before Policy Maturity), the nominee gets the following amount:
125% of Sum Assured + Vested Simple Reversionary Bonus + Final Additional Bonus
Sum Assured is given to the nominee on death after policy maturity.
This means that you have some insurance for your entire life. You pay the premium for a few years, and you get coverage for life.
Tax benefits on investment in LIC New Jeevan Anand
Tax benefit is available for premium payment under Section 80C of the Income Tax Act.
No tax has to be paid on the amount received at the time of death or maturity.
2.
LIC New Endowment Plan:
It is a non-linked, with-income, endowment guarantee plan. It gives an aggregate of safety and financial savings. It affords monetary assist for the family of the deceased policyholder any time in advance than maturity and a lump sum quantity on the time of adulthood for the surviving policyholder.
The following benefits are payable under an in-force policy:
A. Death Benefit: Death benefit payable in case of death of the policyholder before the stipulated Date of Maturity provided the policy is in-force shall be “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
Where, “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of Annualized Premium. This death benefit shall not be less than 105% of total premiums paid(excluding any extra premium, any rider premium and taxes) upto the date of death. The Death Benefit shall be paid in lumpsum as specified above and/or in instalments, as specified in Condition 8 of Part D of this Policy Document, as per the option exercised by the Policyholder/Life Assured.
B. Maturity Benefit: On Life Assured surviving the stipulated Date of Maturity provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Maturity” is equal to Basic Sum Assured. The Policyholder/Life Assured shall have an option to receive the Maturity benefit in lumpsum as specified above and/or in instalments (Settlement Option), as specified in Condition 9 of Part D of this Policy Document.
3.
LIC Jeevan Labh:
It is a confined pinnacle elegance paying, non-connected, with-income endowment plan. It gives economic assist for the family of the deceased policyholder before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan known table no 936.
it is a basic endowment plan where you need to pay premiums a limited time and at the end of the policy term, you will get the maturity benefits.
lic jeevan benefits
LIC Jeevan Labh (Plan No. 936, UIN No. 512N304V02) is a standard, non-linked, with-profits insurance and investment plan. This policy not only provides financial support to the insured's family in case of an emergency, but it also covers the future financial needs of the family, even if the insured is not present. This is a limited premium payment plan, which means you do not have to pay the premium for the entire policy term.
Apart from this, LIC Jeevan Labh plan also offers death and maturity benefits as well as profit participation bonus. This plan has been ranked as one of the best selling endowment plans of LIC. Through its loan facility, the scheme also meets the liquidity needs. This plan offers many benefits to the policyholder. Let us know in detail about LIC Jeevan Labh Policy!
Features of LIC Jeevan Labh Policy
Some of the key features of LIC Jeevan Labh policy are as follows:
Tax Benefits: As per the relevant sections of the Income Tax Act 1864, tax benefits are available under LIC Jeevan Labh Policy. Under Section 80C of the Income Tax Act, 1961, the premium paid for LIC's Jeevan Labh policy is tax-free. Additionally, under Section 10(10D) of the Income Tax Act 1961, the maturity amount is tax-free. The amount of tax paid will not be taken into account while calculating the benefits of the scheme.
Loan Facility: After paying premium for two years, you can avail a loan against this coverage. At periodic intervals, the interest rate to be charged for the policy loan and applicable for the entire tenure of the loan will be determined.
Free Look-up Period: If the policyholder is dissatisfied with the plan, he has 15 days from the date of issue to terminate it. Premium paid, less any applicable expenses, will be reimbursed on cancellation.
Grace period: If you pay your premium annually, half-yearly or quarterly you have a grace period of 30 days from the premium due date. If you pay your premium on a monthly basis the grace period is 15 days.
Payment of Premium: During the premium paying term of the policy, premium can be paid on annual, half-yearly, quarterly or monthly basis.
Surrender Value: The policy can be surrendered at any time if full two years' premiums have been paid. On surrender of the policy the Corporation will be required to pay a surrender value equal to the “Guaranteed Surrender Value” or the “Special Surrender Value”, whichever is higher.
LIC Jeevan Labh Policy Eligibility Criteria
parameter value
Policy term 16, 21, and 25 years
Minimum entry age 8 years (completed)
maximum entry age
Policy Term for 16 Years: 59 Years
Policy Term for 21 Years: 54 Years
Policy term for 25 years: 50 years
Minimum Basic Sum Assured Rs. 2,00,000
Maximum Basic Sum Assured No Limit
Maximum maturity age 75 years
What are the benefits available under LIC Jeevan Labh Policy?
Following are the three major benefits offered by LIC Jeevan Labh Policy:
Death Benefit: The sum total of 'Sum Assured on Death', 'Simple Reversionary Bonus' and 'Final Additional Bonus' is paid to the policyholder as death benefit (if any). The higher of 10 times the annual premium paid or the Basic Sum Assured is the 'Sum Assured on Death'. The death benefit will not be less than 105% of the premium paid as on the date of death.
Maturity Benefit: The policyholder will receive a lump sum sum assured on maturity of the policy, which is equal to the 'Basic Sum Assured' plus any vested 'Simple Reversionary Bonus' and 'Final Additional Bonus'.
Profit Participation: If the insurance is fully operational, the policyholder is eligible for the company's 'Simple Reversionary Bonus'. When a claim is filed on maturity or death, 'Final Additional Bonus' may also be given.
Working of LIC Jeevan Labh Policy
Let us understand with an example how LIC Jeevan Labh policy works!
We have Mr. Mukesh, who is 35 years old and wants to buy LIC Jeevan Labh policy. He decided to buy the plan with a sum assured of Rs. 2,00,000, policy term 25 years and premium paying term 16 years.
His annual premium is Rs. 9,290 + Tax = Rs. 9,708. We used a 4.5 percent tax rate as a starting point.
If Mr. Mukesh dies within the policy term, say after 2 policy years
If Mr. Mukesh dies after 2 policy years, the nominee will get the Sum Assured + Simple Reversionary Bonus + Final Additional Bonus.
Sum Assured: Rs. 2,00,000
Simple Reversionary Bonus: We have assumed Rs. Bonus of. ₹40 per ₹1,000 sum assured is declared every year.
Therefore, the Simple Reversionary Bonus will be 40 X 200 X 2, which is equal to Rs. 16,000.
Final Additional Bonus: Final Additional Bonus is usually declared after a fairly long period of premium payment. So, the value here will be zero.
Net Worth: So, the nominee will get Rs. 2,00,000 + Rs.,16,000, i.e. Rs. 2,16,000.
If Mr. Mukesh survives the policy term is 25 years
If Mr. Mukesh survives the policy term of 25 years, he will get Sum Assured + Simple Reversionary Bonus + Final Additional Bonus.
Sum Assured: Rs. 2,00,000
Simple Reversionary Bonus: We have assumed Rs. Bonus of. ₹40 per ₹1,000 sum assured is declared every year. Hence, the price will be Rs. 40 per 1000 sum assured for 25 years, i.e. 40 x 200 x 25 = Rs. 2,00,000.
Final Additional Bonus: We have assumed a lump sum final additional bonus of Rs. In this example Rs 20 per Rs 1,000 sum assured. Hence, the price will be Rs. 20 per 1000 Sum Assured, i.e. 20 X 200 = Rs. 4,000.
Net Worth: Rs. to Mr. Mukesh Will meet. 2,00,000 + Rs. 2,00,000 + Rs. 4,000 = Rs. 4,04,000.
Optional Benefits of LIC Jeevan Benefit
LIC Jeevan Labh policy also offers other options as discussed below:
Rider Benefits: By paying additional charges, you can add the following riders to your plan:
Accidental Death and Disability Benefit Rider
accident benefit rider
New Term Assurance Rider
New Critical Illness Benefit Rider
Premium Waiver Benefit Rider
Settlement option for maturity benefit: Under an in-force and paid-up policy, the settlement option allows you to receive your maturity benefit in installments over a predetermined period of 5, 10 or 15 years instead of a lump sum payment.
Option to receive the death benefit in instalments: Under an ongoing and paid-up policy, this is an option to receive the death benefit in installments over a 5-, 10- or 15-year period instead of a lump sum payment.
How to buy LIC Jeevan Labh Insurance?
Visit your nearest LIC branch to buy “LIC New Jeevan Labh” policy in person. Make sure you have all the necessary paperwork so that you can buy the policy without delay. For more information you can contact the company at +91-022 6827 6827.
If you continue to have problems, you can contact Probus Insurance for assistance.
Frequently Asked Questions
1. What is the maximum loan sanctioned under LIC Jeevan Labh Policy?
2. What is the discount value under LIC Jeevan Labh Policy?
3. Can my LIC Jeevan Labh policy become a paid-up policy?
4. What are the exclusions under LIC Jeevan Labh Policy?
5. Is there any condition for exercising the settlement option against maturity benefit under the scheme?
lic plans
lic foundation stone
LIC Aadhaar Pillar
LIC Arogya Rakshak
lic savings plus
LIC Bhagya Lakshmi
LIC Bima Jyoti
4.
LIC New Money Back Plan :-
– 25 Years (Plan No. 920, UIN No. 512N280V02) is a non-linked, participating, limited premium, individual, life insurance savings plan that offers the dual benefits of insurance cover and guaranteed returns. The policy provides protection to policyholders against death during the entire term of the plan, as well as periodic payments on survival for a specified period during the term.
A brief description of this scheme is given below. Let's take a look at this.
Features and benefits of LIC's new money back plan - 25 years
Following are the key features and benefits of LIC New Money Back Plan which promises to work for the well-being of its customers.
1. Long Term Coverage:
This plan comes with a special feature under which the policyholder has to pay the premium for a period of 20 years and can avail the benefits of the plan for 25 years.
2. Death Benefit:
This policy provides a death benefit which is payable in the event of the death of the insured person. The amount of death benefit is equal to the Sum Assured which shall not be less than 105% of the total premiums paid till the date of death. Policyholders also have the flexibility to choose the manner in which they can receive the death benefit. They can avail the amount either in installments or in lump sum. Installments will be paid in advance annually or half-yearly or at quarterly or monthly intervals, subject to the minimum installment amount for different modes of payment.
3. Survival Advantage:
The plan also offers survival benefits to customers under which 15% of the sum assured is paid as benefit amount at the end of every 5th, 10th, 15th and 20th policy year.
4. Maturity Benefit:
On maturity of this plan, the policyholder is provided a maturity benefit amount which is equal to 40% of the Basic Sum Assured and includes the accrued bonus amount, if any. Customers also have the facility to receive their maturity amount in the form of installments or lump sum.
5. Additional Riders:
Another special feature of this plan is that it comes with a variety of add-on riders that allow customers to increase their coverage. Currently, there are four optional riders available with this plan. These riders are-
Accidental Death and Disability Benefit Rider
New Term Assurance Rider
accident benefit rider
New Critical Illness Benefit Rider
Please note that the customer can opt for either LIC's Accidental Death and Disability Rider or LIC's Accident Benefit Rider. This means that only a maximum of three riders can be availed under this policy.
6. Loan Facility:
This scheme also provides a special benefit to the customers under which they can avail loan facility with this policy. Policyholders are required to pay premiums for at least two full years to avail this benefit. The maximum loan allowed under the policy as a percentage of the surrender value is given below:
For current policies – up to 90%
For paid-up policies – up to 80%
7. Tax Saving:
The best part of this insurance plan is that it allows customers to avail tax benefits on the premium amount as per Section 10D and 80C of the Income Tax Act.
Eligibility Criteria for 25 Year Money Back Policy
Customers are required to fulfill the eligibility requirements given below to purchase this plan. Let's take a look at this.
Eligibility Criteria Minimum Maximum
Sum Assured Rs. 100,000 no limit
Entry age 13 years to 45 years
Maturity Age – 70 years
Policy term 25 years
Premium payment term 20 years
Premium Payment Methods Annual, Half Yearly, Quarterly or Monthly
Premium illustration of LIC's new money back plan - 25 years
Before purchasing any insurance plan, it is important to get information about the premium rates of that plan. This helps customers plan their future finances in advance. To help you in this, we have created here a sample premium illustrative table which will provide a clear idea about the premium rates of LIC's New Money Back Plan - 25 Years.
Here we have provided the annual premium rates for a basic sum assured of Rs 1 lakh.
Name of Policyholder Age of Policyholder Premium Amount
Sunny 20 years Rs. 5,880
Priyanka 30 years Rs. 6,022
Dharmesh 40 years Rs. 6,463
Initiation 45 years Rs. 6,875
*Please note that the premium amount mentioned above does not include taxes.
How does New Money Back Plan-25 Years work?
As discussed above, LIC New Money Back Plan offers 25 years maturity benefit which includes Sum Assured along with Reversionary Bonus and Final Additional Bonus amount. This means that the policyholder will have to pay the premium amount for 20 years and the company will provide him the final maturity amount after completion of 25 years. To provide convenience to customers, LIC now allows policyholders to receive their maturity amount in installments over a chosen period of 5 or 10 or 15 years instead of a lump sum amount.
Below is a sample example that explains how the maturity benefit amount of this plan is provided. Take a look and you will understand the process better.
5.
LIC Jeevan Umang:
It is a non-connected, with-profits, complete existence guarantee plan. It offers for annual survival benefits from the give up of the top rate paying time period till adulthood and lump sum price at the time of maturity or on loss of life of the policyholder.
Is it worth considering LIC Jeevan Umang Plan as a part of your investment portfolio?
LIC Jeevan Umang is a savings and insurance plan that offers a combination of life protection and guaranteed income protection.
But how guaranteed is the income from a LIC Jeevan Umang policy when it comes to securing your financial future?
Will this guaranteed income help you achieve your financial goals?
Let's do a detailed analysis to know better. To know the answers to these questions, advantages and disadvantages of LIC Jeevan Umang.
If you are looking to choose this plan then knowing the disadvantages of LIC Jeevan Umang will make you aware of the challenges in using this plan to its full potential.
The Research Methodology section under Jeevan Umang Review will help you gain awareness about the LIC Jeevan Umang Rate of Return. The rate of return will be the deciding factor to know whether LIC Jeevan Umang is a good policy or not.
First of all, let's understand the basics that we need to know about LIC Jeevan Umang.
Table of Contents:
1.) What is LIC Jeevan Umang?
2.)Features of LIC Jeevan Umang
3.)Benefits of LIC Jeevan Umang
4.)LIC Jeevan Umang Eligibility
5.)Benefits of LIC Jeevan Umang
6.) Disadvantages of LIC Jeevan Umang
7.) LIC Jeevan Umang – Research Methodology
8.) Factors: LIC Jeevan Umang Vs Other Investments
9.)Final Verdict on LIC Jeevan Umang – Should You Buy It?
LIC Jeevan Umang Review:
What is LIC Jeevan Umang?
LIC Jeevan Umang claims to be a '100-year plan' that offers both life protection and guaranteed income.
It offers survival benefit which is equal to 8% of the basic sum assured from the completion of your premium paying term till you turn 99 years of age. The plan also offers a lump sum maturity benefit when the policyholder reaches 100 years of age.
Features of LIC Jeevan Umang:
This is a money saving plan.
Survival benefit from the end of the premium paying period till the policyholder reaches the age of 99 years.
The maturity benefit will be paid in a lump sum when the policyholder reaches the age of 100 years.
Option to choose the premium payment term.
Since it is a participating policy, it entitles policyholders to additional bonuses based on the profits earned by LIC in a year.
Additional riders benefit.
Benefits of LIC Jeevan Umang:
1.) Death Benefit:
If the policyholder unfortunately dies before he starts receiving benefits,
The premium will be returned without any interest.
If the policyholder dies after starting to receive benefits,
On death the Sum Assured along with Reversionary Bonus and Final Additional Bonus will be paid to the nominee of the policyholder.
2.) Survival Advantage:
8% of the Basic Sum Assured will be paid as survival benefit every year after completion of the last premium paying term.
3.) Maturity Benefit:
The Sum Assured on Maturity, along with Reversionary Bonus and Final Additional Bonus, will be paid to the policyholder during maturity.
4.) Participation in Profit:
i.) During the premium payment period:
Policies which are still in force during the premium-paying period are eligible to earn Simple Reversionary Bonuses which are determined based on the experience of the Corporation.
The final additional bonus under that policy may also be reported in the year in which a death claim is made on an active policy.
ii.) After the premium payment period:
Depending on the experience of the Corporation under the LIC Jeevan Umang Plan at present, the profit sharing rules after the premium payment period may take a different shape and may be calculated on a different scale.
Future earnings will not be shared by a paid-up policy with a maturity payout sum assured of less than Rs. 2 lakh.
LIC Jeevan Umang Eligibility:
A) Minimum Basic Sum Assured Rs. 2,00,000
b) Maximum Basic Sum Assured No limit (Basic Sum Assured to be in multiples of Rs 25,000/-)
c) Premium payment term 15, 20, 25 and 30 years
d) Policy Term (100 – Age at Entry) Years
e) Minimum age at entry 90 days (completed)
f) Maximum age at entry is 55 years (closer to birthday)
g) Minimum age at the end of the premium paying period is 30 years (near birthday)
h) Maximum age at the end of the premium paying term is 70 years (at the close of birthday)
i) Age at maturity 100 years (near birthday)
j) Frequency of premium payment Annual, Half Yearly, Quarterly or Monthly
What are the advantages and disadvantages of LIC Jeevan Umang?
Benefits of LIC Jeevan Umang:
You get lifetime coverage because it is whole life insurance.
A limited number of flexible premium payment terms are available.
Loan option available.
Possibility of receiving death benefit in installments.
Riders are available at additional charge.
Now before you draw any conclusions about the plan, let us check the disadvantages of LIC Jeevan Umang policy.
Disadvantages of LIC Jeevan Umang:
Lock-in period is two years (for surrender, payment or loan)
The survival benefit is definite. Inflation has not been taken into account.
The frequency of obtaining survival benefit is fixed. Only annual option is available.
These are the disadvantages of LIC Jeevan Umang that you need to know as an investor.
LIC Jeevan Umang Research Methodology:
Is Jeevan Umang a good policy?
Is LIC Jeevan Umang Policy a good investment?
6.
LIC Child Plans (e.g., LIC New Children’s Money Back Plan):
These plans are designed to constant the economic destiny of youngsters through manner of imparting charge variety at important stages of their lifestyles. These plans provide for periodic payments to the kid inside the path of the insurance time period and lump sum price on the surrender of the time.
LIC New Children Money Back Plan
LIC New Children's Money Back Plan (Plan No. 932, UIN No. 512N296V02) was designed keeping in mind the growth and development needs of children. The plan also includes risk coverage for the life of the child during the policy term, along with multiple survival benefits if the child survives to the conclusion of the policy term.
This plan can be purchased by grandparents or parents of a child aged 0 to 12 years. In basic terms, it is a culmination of insurance and investment plans that will help you secure a bright future for your child.
Let's take a more in-depth look at LIC's New Children Money Back Plan.
What are the key features of LIC New Children Money Back Plan?
Some of the key features of LIC New Children's Money Back Plan are:
Type of Plan: It is an individual, non-linked, participating, life insurance money back plan.
Payment of Premium: Premium can be paid on annual, half-yearly, quarterly or monthly basis (only through NACH or Salary Deduction (SSS)) during the premium-paying period of the policy.
Grace period: A grace period of 30 days for annual, half-yearly or quarterly premium and 15 days for monthly premium will be allowed, from the date of first unpaid premium.
Loan Facility: Loan can be obtained under the policy if at least two full years' premiums have been paid and the terms and conditions specified by the Corporation from time to time are fulfilled.
Free Look Up Period: If the policyholder is dissatisfied with the “Terms and Conditions” of the policy, he can return the policy to the Corporation within 15 days of receiving the policy bond by stating the reasons.
Surrender Benefit: The policy can be surrendered at any time if premiums for two full years have been paid.
Eligibility Criteria for LIC New Children's Money Back Plan
parameter value
Minimum entry age 0 years
Maximum entry age is twelve years
Minimum Basic Sum Assured Rs. 1,00,000
Maximum Basic Sum Assured No Limit
Policy Term/Premium Payment Term (25 – Age at Entry) Years
Minimum/Maximum maturity age 25 years
Benefits offered by LIC New Children's Money Back Plan
The key benefits offered by LIC's New Children's Money Back Plan are listed below:
death benefit
If the Life Assured dies after the risk has commenced while the policy is in force, the Sum Assured on Death, plus any accrued bonuses, will be paid. The higher of the Basic Sum Assured or 7 times the annual premium is the “Sum Assured on Death”. This death benefit must be at least 105% of all premiums paid till the date of death.
survival advantage
If the Life Assured survives on each policy anniversary occurring on or immediately after he completes the age of 18, 20, or 22 years, 20% of the Basic Sum Assured is payable on each occasion, provided the policy is in existence.
maturity benefit
If the Life Assured survives the policy term while the plan is in force, the Sum Assured on maturity will be paid along with Final Additional Bonus and vested Simple Revision Bonuses, with the total Sum Assured on maturity being equal to 40% of the Basic Sum Assured . Gave Assurance.
profit sharing
When the policy becomes effective, she will share in the company's profits and will be eligible for simple reversionary incentives based on the company's performance. Final additional incentive will not be paid under paid-up policies. Similarly, if not claimed on expiry or maturity of the policy, the final additional bonus will be declared within the policy during the year.
Working of LIC New Children Money Back Scheme
To better understand how this plan works, consider Mr. and Mrs. Agarwal, parents of 1-year-old Nitish. The couple are affluent and work as managers, but they choose to plan to ensure that Nitish's financial needs can be met in the future. His father chose a basic sum assured of Rs. 15 lakh for which he pays an annual premium of around Rs 25,000.
How will the plan work if the child does not die?
When Nitesh turns 18, he will get 20% of the profit or Rs. will receive. 3 lakh. When he turns 20 and 22, he gets an additional survival benefit of Rs. 3 lakh each. When he reaches the age of 25 years, he will get a payout equal to the remaining 40% of the total sum assured, i.e. Rs 6 lakh, plus any additional benefits.
How will the plan work if the child dies?
If Nitish dies unexpectedly within the policy term, the parents will receive the death benefit if the death occurs after the risk period begins. The premium paid will be refunded in the event of death before the commencement of the risk period.
What are the option benefits available under LIC New Children's Money Back Plan?
Under LIC's New Children's Money Back Plan, the following options are available to the policyholder:
Options for deferring survival benefits
The policyholder will have the option to take the survival benefit at any time while the policy is in force, whether on or after the due date. The policyholder must inform the policy servicing branch of this option in writing six months before the due date of the survival benefit.
It's crucial to cautiously observe thru the insurance files, understand the phrases and situations, and visit an LIC agent or economic representative to choose out the high-quality insurance based totally on your monetary goals, risk urge for food, and one-of-a-kind relevant factors. Additionally, policies and their abilties also can were up to date or changed considering that my very last update, so it's encouraged to check with LIC for the maximum present day statistics.
Disclaimer:- If you want to purchase policy than read all term and consider and contract to LIC adviser for more details.
