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LIC's New Children Money Back -Plan 832

Plan Number: 832

Plan name:LIC's New Children Money Back

It 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 durations.


Premium waiver benefit is available for proposers aged between 18 to 55 years.


Loan facility available after 3 years.

 

Survival Benefits:

Survival Benefit
Age of the child
18 years
20 years
22 years
Survival Benefit Payable
20%
20%
20%

 

The policyholder will have the option to take the survival benefit (s) at any time on or after its due date but during the currency of the policy. In case of deferment of a due survival benefit(s) opted by the policyholder, the Corporation will pay increased survival benefit.

 

Maturity Benefits:
On maturity at the age of 25 years 40% of Basic Sum assured along with Bonus and Final Additional Bonus (if any) will be paid. 

 

Death Benefits:

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. 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.

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

 

Table No. 832 :

Particulars
Description
High Maturity Sum assured rebates
Age at Entry
0 to 12 years
Sum Assured
Rebate(Rs.)
Age at Maturity
25 years
5,00,000 and Above
3  ‰ SA
Premium mode
Yly, Hly, Qly, Mly(SSS or ECS)
2,00,000 to 4,90,000
2  ‰ SA
Basic Sum Assured
1,00,000 and above(in multiples of 10,000) - No upper Limit.
Mode Rebate
Term/Premium paying term
[25 - age at entry] years
Yly – 2% of tabular premium
Hly- 1% of tabular premium

 

 

 

 

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