LIC’s New Children’s Money Back Plan is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified durations.• Minimum Basic Sum Assured: Rs. 1,00,000/-
• Maximum Basic Sum Assured: No Limit
• Policy Term: 25 – Age at entry of the child
• Minimum Entry Age: 0 Year Last Birthday
• Maximum Entry Age: 12 Year Last Birthday
• Age at Maturity for Life Assured: 25 years
• Mode of Premium Payment: Yearly, half-yearly, quarterly & monthly
LIC’s Childrens Money Back Benefit Details
• 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: “Sum Assured + Vested Bonus + FAB if any.”
• Where ‘S.A. on Death’ is defined as the higher of
i. 10 times of Anualized Premium, OR
ii. 105%of all Premiums paid as on death OR
• The premiums exclude taxes, extra premium and rider premiums.
• 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 if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.
• Loan : Loan Facility is available under this plan, after payment of premiums for at least 3 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).