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Launch Date Table No. UIN Status
2/3/2015 832 512N296V01 Active

About LIC New Children's Money Back Plan

  • A child plan, suitable to fulfil child’s educational and marriage requirements, etc.
  • One can opt to differ the periodic returns and choose final payment amount of a higher value
  • Has an additional option to include premium waiver rider
  • A plan bought by parent or grandparent for a child aged 0 to 12 years

How does this plan work?

Under LIC New Children's Moneyback Plan, individual will choose a Sum assured for a policy paying term that is determined by the following equation (25yrs – Age of child). In return he gets the Sum Assured + Bonuses in the following 2 payment options:

Option 1: Sum Assured + Bonus at the age of 25 yrs of the child

Option 2: Receive 20% of the basic sum assured, each year at the child’s age of 18, 20 and 22 and the remaining 40% Sum assured + Bonus at the age of 25 Yrs of the child.

 Now let’s understand this plan by an example:

Childs Age: 5 Years
Sum Assured: 5lac
Policy term = 25 – 5(25- Childs age) = 20 Yrs
Premium paying term = 25 – 5(25- Child age) =20Yrs

In this case, a child’s age is 5 years so the premium paying term and policy term is same i.e. 20 years. The monthly premium for this example comes out to be Rs.2,250/- The parent has to pay this premium for 20 yrs (till child turns 25). In return he gets back Rs 5,00,000/- + vested bonuses (approx. 4,55,000) when the child turns 25 (under Option1).

The other available return under option 2 helps the child to get 20% (Rs. 100000/-) each at age 18, 20 and 22 year (of the Sum assured) and remaining 40% of the sum assured at maturity along with the vested bonuses.

Death Benefit under the Plan:

Due to an unforeseen event if the child dies his parents will receive death sum assured. Consider the following instances, wherein his parents will get the death sum assured:

Child’s entry Age

Amount received

<8

  1. For first 2 Years – Only premiums refunded
  2. After 2 Years – SA + Vested Bonus

8-18

Higher amount from, 10times the total premium paid or basic sum assured comprising of bonus.

Using the above example, parents will get SA + bonuses, so approximately Rs. 8,12,000

19

20% of basic sum assured (first survival benefit) + Higher amount from, 10times the total premium paid or basic sum assured comprising of bonus.

Using the above example, parents get Rs. 1 lac + Rs. 5lac+ Bonus= approximately Rs. 10 lacs

21

Two survival benefits (40% of basic sum assured) + Higher amount from, 10times the total premium paid or basic sum assured comprising of bonus.

Using the above example, parents get Rs. 2 lac + Rs. 5lac+ Bonus= approximately Rs. 11 lacs

>22- <25 [23]

Three survival benefits (60% of basic sum assured) + Higher amount from, 10times the total premium paid or basic sum assured comprising of bonus.

Using the above example, parents gets   Rs. 3lac +Rs. 5 lac + bonus = approximately 13 lacs

Why should you buy this plan?

  • This plan secures child’s future educational and marriage expense
  • Offers tax exemptions under section 80C on premiums paid
  • Good accrued bonus offered on maturity amount
  • Maturity amount is Tax free

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Bonus History

Company Name : Life Insurance Corporation of India

Plan Name : New Children Money Back Plan

BonusYear RevBonus MinPT MaxPT
2014 3.8% 13 15
2014 4.2% 16 20
2014 4.8% >20
2015 3.80% 13 15
2015 4.20% 16 20
2015 4.80% > 20
2016-17 3.8% 13 15
2016-17 4.2% 16 20
2016-17 4.8% >20

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Who should buy this plan?

  • Minimum and Maximum entry Age is 0 to 12 years.
  • Minimum and Maximum maturity Age is 25 years.
  • Policy Term = [25 – Age at Entry] years.
  • Minimum basic sum assured is 1,00,000.
  • Young parents who are planning to secure their child’s future educational expense
  • Grandparents looking out for safe investment plan for their grandchildren’s future
  • People looking out for low risk investment option

Riders & Add On

Waiver of Premium Rider:- In the event of death of the Proposer, all the future premiums gets waived off and all the benefits remain intact and paid to the nominee as per the policy Terms & Conditions

Claim Process

Know the claim process of LIC New Children's Money Back Plan

Claim Process

Company Overview

Life Insurance Corporation is a government owned insurance and Investment Company with its headquarters in Mumbai. LIC offers a wide range of products such as term plans, pension plans, group schemes and unit-linked plans. With a huge presence in overall Indian markets, unmatched distribution network, strong brand value and a wide range of products, LIC is the largest public insurance company in India.

BENEFITS OF BUYING FROM ONEINSURE

OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.

Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.

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Tab 2

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burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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