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LIC’s New Children’s Money Back Plan is a traditional money back plan that safeguards the expenses of child’s education and marriage besides other needs. It is a participating non-linked policy that protects the life of the child through a life insurance cover.

LIC’s New Children’s Money Back Plan – Key Features

  • Survival Benefit: 20% of Sum Assured is received when the policy holder turns 18, 22 and 24.
  • Maturity Benefit: The policy matures once the child turns 25.  The maturity benefit includes 40% of the Sum Assured + vested Simple Reversionary Bonuses + Final Additional Bonus accrued during the policy term.
  • Death Benefit: In case the life assured dies during the policy term, a ‘Sum Assured on Death’ along with vested Simple Reversionary Bonuses and Final Additional Bonus is paid.

The Sum Assured on Death is calculated as under:

Higher of

  • 10 times of annualized premium paid till date of death.
  • 125% of Sum Assured

It is important to note that the Death Benefit shall not be less than 105% of the total premiums paid as on date of death.

  • Rider Option: One may avail the LIC’s Premium Waiver Benefit Rider option at an additional premium. In case of death of the proposer during policy term, the remaining premiums are waived off.

Policy at a Glance

  • Sum Assured: Rs 1,00,000 to no limit
  • Proposer: Parent or Grandparent
  • Age Eligibility: Child’s age from 1 day to 12 years
  • Maturity Age: Child’s age 25 years
  • Policy Term: 25 years – Child’s age at entry
  • Premium Paying Term:Policy term – 5
  • Premium Paying Mode: Monthly, Quarterly, Half- Yearly, Yearly
  • Surrender Value:The policy acquires a surrender value if at least three premiums are paid.
  • Loan:Loan can be availed against the policy in case at least three premiums are paid.

 Premium Chart:

The chart below shows the annualized premium for a Sum Assured of Rs. 5,00,000. The premium paid varies according to the age of the child.


Child’s Age Premium (Annual)
0 Years 22,075
5 Years 28,500
10 Years 40,300
12 Years 26,950
  • Sum Assured Rs 5,00,000
  • Premium Rates get dearer under Monthly, Quarterly and Half- Yearly modes

 LIC’s New Children’s Money Back Plan is the best way to ensure that your child’s financial needs are being taken care of. The policy is so designed that you enjoy its returns at years that are most crucial for your child’s education and settlement in life. At we give the most transparent advice to buy the best insurance policy. Call 91+9230091000 today to know more. We are authorized agency for LIC of India and provide life insurance plans/policies for children’s secured future in New Delhi, Jalandhar, Chandigarh, Mohali, Zirakpur, Kharar. Shortly, we will be opening offices in Ludhiana and Patiala in Punjab too.