LIC’s New Children’s Money Back plan (832) is a Non-linked.with-profits,regular premium payment money back plan. LIC New children money back plan 832 has been decided to introduce as LIC Children Money Back plan 832 which would be open for sale from 4th March, 2015. The Unique Identification Number (UIN) for LIC New Children Money Back Policy 832 is 512N296V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users.
LIC Children Money Back Policy Eligibility Conditions
Eligibility criteria Details
Minimum: 0 Years (BIRTHDAY).
Maximum: 12 Years (LAST D.O.B).
Minimum: Rs 100000/-.
Maximum: No Limit.
25 years – (Age at Entry).
Minimum: 25 Years.
Maximum: 25 Years.
For Ex: Child Age: 0 Years, Maturity Age: 25 years -0 years = 25 years.
If Child age: 6 years, Maturity age: 25 – 6 = 19 Years.
Premium Payment Mode
Yearly, Half Yearly, Quarterly, and Monthly.
(ECS through only salary Deduction SSS).
LIC Children Money Back 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 defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. 125% of Sum Assured.This death benefit shall not be less than 105% of the total premiums paid as on date of death.
Survival Benefits : If policy in full fource:
Completion Age 18years-20% of MSA
Completion Age 20years-20% of MSA
Completion Age 22years-20% of MSA
After the policy matures, maturity amount which includes 40% of sum assured + Accrued Bonuses (vested Simple Reversionary Bonuses) + Final Additional Bonus (FAB – if any) will be paid.
If premiums are not paid within the grace period then the lic new children money back policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity.
Lic New Children Money Back Policy 832 PWB RIDERS
LIC’S New children money back policy in premium waiver benefit ( PWB ) riders are Available. This benefit can be availed usually in case of accident,disability or death of the person who was paying the premiums when the insured is incapable of paying premiums due to his loss of revenue.
SURRENDERED VALUE :
Lic New Children Money Back policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
Guaranteed Surrender Value:
Lic New Children Money Back policy Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premium for rider.
Special Surrender Value:
Children Money Back policy 832 will pay Special Surrender Value and it is applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.The Special Surrender Value will be the discounted value of the sum of Maturity Paid-up Sum Assured and vested Simple Reversionary Bonuses.
Loan Available Under this plan after the Payment of Premiums for atleast 3 full years
The Maximum loan that can be granted as a percentage of Surrender Value shall be as under:
For enforce policies – upto 90%
For paid-up policies – upto 80%
INCOME TAX BENEFIT :
Children Money Back policy 832 Premium paid is eligible for TAX rebate under section 80c. and Maturity under this plan is free under sec 10(10D).