1. LIC launches Children’s Money Back Plan offering educational, marriage benefits

LIC launches Children’s Money Back Plan offering educational, marriage benefits

LIC has unveiled the Children's Money Back Plan, which the state-owned life insurer hopes will arrest the decline in its market share...

By: | New Delhi | Published: March 4, 2015 12:15 PM
LIC, Life Insurance Policy, Childrens Money back Plan, Business News, Insurance News, Life Insurance Corporation, non-linked money back plan, Child Money Back Plan, Child life insurance, Life insurance for children

LIC has unveiled the Children’s Money Back Plan, which the state-owned life insurer hopes will arrest the decline in its market share. Reuters

LIC has unveiled the Children’s Money Back Plan, which the state-owned life insurer hopes will arrest the decline in its market share.

Children’s Money Back Plan is a participating non-linked money back plan. It is designed to meet the educational, marriage and other needs of growing children through survival benefits, LIC said in a statement.

Children’s Money Back Plan provides for risk cover on the life of child during the policy term and also for periodic payments on surviving to the end of the specified durations.

Moreover, the parents have an option to take a premium waiver rider wherein the premium will be waived in case of untimely death of the proposer during the term of the Children’s Money Back Plan policy, it said.

LIC has also launched Jeevan Sangam – a participating, non-linked, savings-cum-protection single-premium plan wherein the risk cover is a multiple of single premium.

“The proposer will have an option to choose the maturity sum assured. The single premium payable (exclusive of service tax) shall depend on the chosen amount of maturity sum assured and age of the life assured,” it said.

The plan will be open for sale for a maximum period of 90 days from the date of launch, it added.

“With the launch of these products tomorrow, we have been able to complete security for all the policyholders up to 60 years. Again, for the first time, we are launching a single premium product which is tax compliant too,” LIC managing director V K Sharma said.

“We are planning to launch a Ulip product early next fiscal,” he added.

LIC, the country’s largest insurer, has seen its market share slip to 70 per cent this fiscal as its new business premium shrunk by over 21 per cent in April-December period.

LIC garnered new premium of Rs 51,667.07 crore during the first three quarters of 2014-15 as against Rs 65,774.47 crore in the same period of the previous fiscal, a decline of 21.4 per cent.

As a result, market share of the insurance behemoth came down to 70 per cent as against over 75 per cent at the end of last fiscal – 2013-14.

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Tags: LIC
  1. T
    Tarnnum Nisha
    Mar 21, 2017 at 11:01 am
    I want policy for my child
    Reply
    1. S
      Shah faisal
      Feb 18, 2017 at 2:24 pm
      I want a children plan please sugges me
      Reply
      1. M
        MD.Rafi
        Feb 17, 2017 at 7:14 pm
        Iwant polocy
        Reply
        1. A
          ajay kumar
          Nov 18, 2016 at 10:28 am
          1 need 50-60 lakh after 10 years
          Reply
          1. J
            joseph
            Mar 12, 2015 at 12:21 pm
            iam a daily labour my payment is 500 so having any small policy is there for childrens
            Reply
            1. R
              raj
              Mar 13, 2015 at 7:02 pm
              Save 1000 per day for 9 years and become crorepathi @21 years. Call 9700760651 and tell me how much you can save, I will tell how much returns you get.
              Reply
              1. R
                raj
                Mar 13, 2015 at 6:59 pm
                call me joe at 9700760651, I will give u an excellent plan
                Reply
                1. R
                  raj
                  Mar 13, 2015 at 7:34 pm
                  where are u , i mean in which city?
                  Reply
                  1. N
                    nathubhai a
                    Mar 7, 2015 at 10:08 am
                    nathubhai a sargara
                    Reply
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