LIC's New Children's Money Back plan is one of the best new born baby plan offered by LIC. It is a participating, non-linked money back policy that is designed to cater to the needs of a growing child - educational, marriage, etc. Through survival benefits.

Features and benefits

• Profits - given that this is a participating policy, the plan shall participate in the profits of the corporation. The individual will be entitled to receive simple reversionary bonuses.

• Maturity benefits - if the life assured survives the stipulated date of maturity, the sum assured on maturity as well as the final additional bonus (if any) and vested simple reversionary bonuses are payable.

• Survival benefits - on the insured individual surviving the anniversary (plan) coinciding with or following the completion of 18, 20 and 22 years, 20% of the sum assured shall be payable on each occasion.

• Death benefits - in the event of the demise of the life assured, the sum assured on death in addition to final additional bonus (if any) and reversionary bonuses become payable.

Eligibility criteria

• The minimum sum assured is Rs 1,00,000.
• There is no limit on the maximum sum assured.
• The minimum age at entry for life assured is 0 years.
• The maximum age at entry for life assured is 12 years.

Some of the other child plans available are:

1. LIC Jeevan Tarun
2. HDFC SL Youngstar Super Premium
3. Kotak Headstart Child Assure