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|
|High Sum Assured Rebats||
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|
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 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).
Child Age 1 Year and Sum Assured 5,00,000 Policy Detailes
|Child Age||1 Years|
|Premium Paying Term||24 Years|
|Basic Sum Assured||5,00,000|
This policy Premium Calculator
1st Year Premium with Tax 4.5%
After 1st Year Premium with Tax 2.25%
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|