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LIC’s New Children Money Back Plan 832 5

LIC’s New Children Money Back – Plan Table No. 832 (Launched on 4th March 2015)

LIC’s New Children’s Money Back Plan is a non-linked, with-profit, 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 survival benefits on surviving to the end of the specified duration’s.

Basic Features of New Children’s Money Back Plan (Table No 832)

• Minimum Age at Entry: 0 Years (Last Birthday)
• Maximum Age at Entry: 12 Years (Last Birthday)
• Proposer’s age :
  • Minimum – 18 years
  • Maximum – 55 years
• Min Sum Assured : 1 Lac
• Max Sum Assured : No limit
• Sum Assured Rebate:
  • upto 1.90 L = Nil
  • 2 to 4.90 L = Rs 2/-
  • 5 L & above = Rs 3/-
• Mode : All modes
• Mode rebate :
  • YLY- 2%
  • HLY- 1%
• Policy Term : 25 minus age i.e. 25 – Age
  • eg. Child’s age is 4 years then Policy term will be 25-4=21 Years
• Premium Term : 18 minus age
  • eg. Child’s age is 4 years then Premium term will be 18-4=14 Years
• PWB available (Premium Waiver Benefit Rider)
• Maturity for below Child Age
  • At 18 = 20% of SA
  • At 20 = 20% of SA
  • At 22 = 20% of SA
  • At 25 = 40% of SA + Bonus+ Final Additional Bonus
• Date of commencement of risk under the plan: In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
• Surrender Value: The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
• Loan: Loan facility is available under this plan after the payment of premiums for atleast three full years and after obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured.
• Suicide Clause: This policy shall be void
  1. If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, the Corporation will not entertain any claim under this policy except for 80% of the premiums paid excluding any taxes and extra premium, if any, provided the policy is in force. This clause shall not be applicable in case age at entry of the Life Assured is below 8 years.
  2. If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death (excluding any taxes and extra premium, if any,) or the surrender value shall be payable. The Corporation will not entertain any other claim under this policy. This clause shall not be applicable:
     1. in case the age of the Life Assured is below 8 years at the time of revival; or
     2. for a policy lapsed without acquiring paid-up value and nothing shall be payable under such policies.