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Plan : New Children’s Money Back (832)
LIC’s New Children’s Money Back Plan is a non-linked, with-profits, regular premium payment money back plan
Premium Payment Mode:
Yearly, Halfly, Quarterly, Monthly(NACH)/ SSS
25 – Child Age
Minimum Entry Age :
0 Year Last Birthday
Maximum Entry Age :
12 Year Last Birthday
Minimum Sum Assured :
Maximum Sum Assured :
NO LIMIT (Depending upon Income)
Policy Benefits :
On Death :
On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium's paid excluding taxes, extra premium and rider premium, if any shall be payable.
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 Basic Sum Assured
On Survival :
If Policy in full force :
Completion Age 18YRS - 20% OF MSA
Completion Age 20YRS - 20% OF MSA
Completion Age 22YRS - 20% OF MSA
On Maturity at Age 25YRS - 40% of MSA + Vested Bonus + FAB
Surrendered Value :
The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
Loan facility is available under this plan after the payment of premiums for at least three full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).