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LIC’s New Children’s Money Back Plan is a non-linked, participating money back plan that provides survival benefit at the end of the specified durations. With the survival benefit, you can easily meet several financial obligations such as children’s education/marriage, buying a home, etc. This plan also provides life cover that provides financial cover for the family.BUY NOW
In the event of death of the life insured before the date of maturity, but prior the date of commencement of risk, Return of Premium (excluding taxes, rider premium & extra premium, if any).
In the event of death of the life insured before the date of maturity, but after the date of commencement of risk, Sum Assured on Death plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee. Sum Assured on Death is higher of Basic Sum Assured or 10 times of annualized premium.
The total death benefit payable cannot be less than 105% of all the premiums paid. This benefit is payable, subject to the policy is in-force.
If the age at entry is less than 8 years, the risk will commence either one day before the completion of 2 years from the date of commencement of the policy or one day before the policy anniversary coinciding with or following the completion of 8 years, whichever is earlier. If the age at entry is 8 years or more, the risk will commence immediately.
On survival of the life insured till maturity of the policy, 40% of the basic sum assured plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable.
20% of the basic sum assured is payable on each of coinciding with or on completion of 18, 20 & 22 years of age. This benefit is payable, subject to the policy is in-force. You have an option to take the survival benefit on or after the due date, but during the policy term.
In case of deferment of the survival benefit, you will get the increased survival benefit equal to Survival Benefits % * Sum Assured * (Factor applicable to Survival Benefit).
Simple Reversionary Bonuses is declared depending on the experience of the Corporation, provided the policy is in full force. Final Additional Bonus is also payable, in case of claim arising due to maturity or death.
Loan facility can be availed under this policy, after payment of three full policy years’ premiums.
This policy acquires Surrender Value after paying at least three full policy years’ premium. The Guaranteed Surrender Value is a percentage of total premiums paid excluding any extra premium & taxes and less any survival benefit already paid. Guaranteed Surrender Value depends on the year of surrender. The Surrender Value of Vested Simple Reversionary Bonuses is also payable. The Special Surrender Value is payable, when it is more favorable to the policyholder.
Under this policy, you can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act, 1961.
|Age (as on last birthday)||0 Year||12 Years|
|Age at Maturity||-||25 Years|
|Policy Tenure||(25 Minus Age At Entry) Years||-|
|Premium Paying Term||Equal To Policy Tenure||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly & Monthly||-|
|Basic Sum Assured||Rs 1 Lac||No Limit (subject To Underwriting)|
|Freelook Period||15 Days From The Receipt Of The Policy||-|
|Grace Period||30 Days (15 Days For Monthly Mode)||-|
LIC’s Premium Waiver Benefit Rider can be opted under this plan, on payment of additional rider premium.
Raman at 5 years, wants to buy LIC’s New Children’s Money Back Plan to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, sum assured is Rs 1,00,000 with annual premium of Rs 5,586.
Scenario A: Raman Survives the Policy Term
If Mr. Raman survives till the maturity of the policy term, he receives Rs 20,000 is payable on each of coinciding with or on completion of 18, 20 & 22 years of age, as the survival benefit. He also receives Rs 40,000 plus Vested Simple Reversionary Bonuses & Final Additional Bonus as the maturity benefit.
Scenario B: Raman dies during the Term of the Policy
In the event of demise of Mr. Raman during the 8th policy term, Rs 1,00,000 plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee.
Please Note: The benefits illustrated above are calculated at Projected Non-Guaranteed Investment Rate of Return assumption of 4% p.a. (Scenario 1) and 8% p.a. (Scenario 2) respectively. It is assumed that the rate of return will be able to earn throughout the term of the policy.