Mrs. Kersch: You know what they say about Derry. No one who dies here ever really dies.
Mrs. Kersch: I was always daddy's little girl. What about you? Are you still his little girl Beverly? ARE you?
Pennywise: Hello.
Richie Tozier: This meeting of the Losers Club has officially begun.
Answer: I think it's more of an attempt at a silly joke, juxtaposing the insane imagery with a tender song. But I've also seen the suggestion that it was an Easter Egg/reference to the book "The Langoliers," in which the song is mentioned. (And given the "It" films have some general Stephen King Easter Eggs referencing things from his other books, that makes sense).
TedStixon