new children money back plan

I think you are talking about LIC’s New Children’s Money Back Plan:

Maturity Benefit: Following 4 benefits will be paid, on the Life assured surviving the stipulated date of maturity, provided the policy is in full force,

1- Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with
2- Vested Simple Reversionary Bonuses and
3- Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
4- Optional Benefit: Option to defer the Survival Benefit(s): The policyholder will have option to take the survival benefit at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit (s) opted by the policyholder, the Corporation will pay increased survival benefit (s) equal to Survival Benefits % * Sum Assured * (Factor applicable to Survival Benefit (s))

This option shall be required to be intimated in writing by the policyholder six months before the due date of the Survival Benefit to the servicing branch of policy.