LIC New Children’s Money Back Plan 932

By | May 1, 2020

LIC New Children’s Money Back Plan 932, Benefits, Features, Parameters full details with Example


LIC New Children’s Money Back Plan 932
LIC New Children’s Money Back Plan 932

LIC of India new plan launched on 1st. February 2020 which name is LIC New Children’s Money Back Plan 932 (Table no 932) is a traditional plan. LIC New Children’s Money Back Plan 932 is a regular premium payment money back policy. LIC ‘New Children Money Back policy 932′ is specially designed for various financial needs of children through money back at age 18, 20, and 22 of child.

LIC New Children’s Money Back Plan 932 is a regular premium policy, LIC Children Money Back Policy 932 provides risk cover on the life of child during the policy term and provides number of survival benefits on surviving to the end of the specified duration.

Key Features


  • A plan to fulfill requirement child Higher education and Marriage
  • Get a Money Back from 18, 20, 22 and 25 age of child
  • Premium waiver option available in this policy for child safety
  • Paid premiums are exempted from income tax under sec 80C
  • Maturity amount is tax free under 10(10D)

Eligibility/Parameters of LIC New Children’s Money Back Plan 932


Age of Entry0 days to 12 years
Premium Paying ModeYearly, Half Yearly,
Quarterly, Monthly (ECS Only)
Policy Term25 – Age at Entry
Premium Paying Term25 – Age at Entry
Sum Assured1,00,000 and above (in multiples of 10000)

Read This LIC Jeevan Tarun Plan 934 > Best for Child Education Plan

Benefits and Features of LIC New Children’s Money Back Plan 932


Death Benefit

Death before commencement of Risk. Death Benefit
If the policy holder expire before the date of commencement of Risk. An amount equal to the total amount of premium paid – (Taxes+Extra premium+Rider premium).shall be payable
If the policy holder expire After the date of commencement of Risk. Sum Assured + Vested Reversionary Bonus + FAB.

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

Maturity Benefit

Sum Assured on Maturity: 40% of the Basic Sum Assured + vested Simple Reversionary Bonuses and FAB (If any), shall be payable.

Survival Benefit

After Completion of Age:

At 18 Years = 20% of Sum Assured.

At 20 Years = 20% of Sum Assured.

At 22 Years = 20% of Sum Assured.

At 25 Years = 40% of Sum Assured + Bonus+ Final Additional Bonus.

Read this : LIC’s Best Lifetime Money Back plan

Date of commencement of risk under the plan:

In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Date of vesting under the plan:

The policy shall automatically vest in the Life Assured completion of 18 years of age.

LIC New Children’s Money Back Plan 932 Rebates

There are two types of Rebates available

Mode Rebate:

Premium Mode % on Tabular Premium
Yearly Mode 2% of tabular premium.
Half Yearly Mode 1% of Tabular premium.
Quarterly NIL
Monthly NIL

High Sum Assured Rebate:

Basic Sum Assured Rebate Rebate(Rs)
1,00,000 to 1,90,000 NIL
2,00,000 to 4,90,000 2 Per thousand Basic sum Assured.
5,00,000 and above 3 Per thousand Basic sum Assured

Read ThisLIC new Jeevan Anand plan 915 lifetime plan

Example for LIC New Children’s Money Back Plan 932


An example of Akash whose child is 1 year old is purchasing this Plan with following details.

Father (Proposer) Age30 Years
Child Age1 Years
Sum AssuredRs. 5,00,000
Policy Term24 (25-1) Years
Premium Rs. 22,799 1st Year Rs. 22,308 2nd Year onward
Premium Paying Term24 (25-1) Years

Maturity Details

If policy holder Akash’s child survives the policy term 24 years then his child’s Maturity will be as under.

LIC New Children’s Money Back Plan (932) –  Survival and Maturity Benefits.


Age of childSurvival
Benefit
Maturity
Benefit
18 th Year20 % of Sum Assured
=100000
20th Year20 % of Sum Assured
= 100000
22nd Year20 % of Sum Assured
= 100000
25th Year=40 % of Sum Assured + Bonus + FAB
= 9,51,000

Year-wise Death Claims

AgeRisk CoverPremiumMaturity
121114227990
242227223080
3572000223080
4596000223080
5620000223080
6644000223080
7668000223080
8692000223080
9716000223080
10740000223080
11764000223080
12788000223080
13812000223080
14836000223080
15870000223080
16896500223080
17923000223080
1894950022308100000
19981000223080
20101500022308100000
211054000223080
22110300022308100000
231177000223080
241251000223080
25Maturity=951000

Read thisLIC Single Premium Endowment 917

Additional Information


Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : LIC New Children Money Back policy 932 provides free locking period of 2 years.

Loan Facility: Loan after 2 years

Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.

Riders available: PWB rider is available

Proposal Forms: Proposal Form no. 300, 340 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.Assignments/Nominations: Assignment and nominations is possible under this plan.

LIC Others New plans

FOR MORE INFORMATION PLEASE CONTACT

बास्पा नंद पंचोली
संपर्क सूत्र-: 9891009400
Email-basupancholi@gmail.com
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