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eServe Newsletter May 2015
LIC unveils Children's Money Back Plan & Single Premium Plan
Children's Money Back Plan
Child 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.
It provides 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 policy.
Single Premium Endowment Plan
LIC's single premium endowment plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.