New Children’s Money Back Plan – 832
LIC’S New Children’s Money Back Plan is non-linked, with profits, regular premium payment money back plan specially designed to meet various financial needs of children through Survival Benefits. It provides for the risk cover on the life of child during the policy term and number of survivals to the end of the specified duration. The Silents Feature of the plan are as under:
- Cover children from age group 0 to 12 years.
- Money Back At Important Stages of Child Education.
- Like Every Parent, You Want to Give the Best to Your Child.
- Moderate Premiums.
- Eligible for Bonuses and Final Addition Bonuses declared by LIC.
- Premium Waiver Benefit Rider Available for Proposer (All Premiums Will Be Waived Off In Case Of Proposer’s Unfortunate Death).
- Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit upto Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
- Loan and Surrender Facility Available.
- On the Life Assured surviving the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in full force. Maturity Benefit: On the Life assured surviving the stipulated date of maturity, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Death Claim Benefit:
- On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then on death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any. On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
|Minimum Age to Apply||0 Years (Last Birthday)|
|Maximum Age to Apply||12 Years (Last Birthday)|
|Policy Term||25 Age at Maturity Time|
|Premium Paying Term||25 – Age at Entry|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Sum Assured||100000 and above (in multiples of 10000)|
|Loan||After 3 Years|
|Surrender||After 3 Years of premium payment|