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New Children’s Money Back Plan – 832

New Children’s Money Back Plan – 832

LIC New Children’s Money Back Plan -832  is a non linked ,with profits money back plan. This plan designed financial needs of children. It provides for the risk cover on the life of child during the policy term and Survival Benefits .

Survival Benifite shall be payable as a Child Age  18th  Year, 20th  Year, 22 Year, 25th  Year 20% of the Basic Sum Assured  and 25th Year Remaining 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses & Final Addition Bonus.

General Conditions of the policy

Minimum Age entry 0 Years (complited)
Maximum Age entry 12 Years (near birth day)
Maturity Age 25 Years
Policy Term 25 minus Age at entry
Mnimum Term 13 Years
Max Term 25 Years
Min.Basic Sum Assured 1,00,000
Max.Basic Sum Assured No limit
Mode Yearly, half year, quartyl  ,monthly, Ecs
Accident Benefit Rs.1.20
Policy Loan Yes
Assignment Yes
Revival Yes
Surrender Yes
Nomination Yes
High Sum Assured Rebats
2 Lac to 4,95,000 Rs.2
5 Lac to above Rs.3

 

Benefits of the New Children’s Money Back Plan 832 :

Death Benefit :

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.

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. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Survival Benefits :

Policy in full force –

Child Age completion 18 Year 20% of Sum Assured
Child Age completion 20 Year 20% of Sum Assured
Child Age completion 22 Year 20% of Sum Assured

Maturity Benefits

Child Age completion 25 Year:-40% of Basic Sum Assured alongwith vested Simple Reversionary Bonuses & Final Addition Benefits if any

Surrendered Value …

The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.

Loan :

Loan is available payment after 3 years full pay ment at least 3 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).

Example

Child Age 1 Year and Sum Assured 5,00,000 Policy Detailes

Child Age 1 Years
Term 24 Years
Premium Paying Term 24 Years
Basic Sum Assured 5,00,000

 

This policy Premium Calculator

 

1st Year Premium with Tax 4.5%

 

Mode Premium Tax Total
Yearly 21114 950 22064
Half Yearly 10672 480 11152
Quarterly 5394 243 5637
Monthly (ECS) 1798 81 1879

 

After 1st Year Premium with Tax 2.25%

 

Mode Premium Tax Total
Yearly 21114 475 21589
Half Yearly 10672 240 10912
Quarterly 5394 121 5515
Monthly (ECS) 1798 40 1838

 

He received Money Back

 

Child Age 18th Year 100000
Child Age 20th Year 100000
Child Age 22 Year 100000
Approximate Return at Maturity

Time 25th Year

40% + SA + Bonus + F.A.B

 

 

 

 

 

 



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