LIC New Children’s Money Back Plan (Table no 832) is a traditional plan. LIC Children Money Back Policy 832 key feature is profit and offers regular premium payment money back policy. LIC New Children Money Back policy is specially designed to meet various financial needs of children through money back.
LIC Children Money Back Policy 832 is a regular premium policy, LIC Child Money Back Plan 832 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.
Benefits and Features of LIC Children Money Back Plan 832
- Death Benefit:
|Death during||Death benefit|
|If the policy holder expire before one year from 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.
3. 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.
LIC Children Money Back Plan 882 Eligibility/Parameters
|Entry Age||Minimum: 0 Years (LBD).Maximum: 12 Years (LBD).|
|Sum Assured||Minimum: Rs 1,00,000/-.Maximum: No Limit.|
|Policy Term||25 years – (Age at Entry).|
|Maturity Age||Minimum: 25 Years.|
Maximum: 25 Years.
For Example: Child Age: 1 Year, Maturity age : 25 years -1 years = 24 years.If Child age: 3 years, Maturity age: 25 – 3 = 22 Years.
|Premium Payment Mode||Yearly, Half Yearly, Quarterly, and Monthly. |
(ECS through only salary Deduction SSS).
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 Children Money Back plan 832 Rebates
There are two types of Rebates available
High Sum Assured Rebate.
|Premium Mode||% on Tabular Premium|
|Yearly Mode||2% of tabular premium.|
|Half Yearly Mode||1% of Tabular premium.|
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.|
Example for LIC children plan 832
An example of suresh whose child is 1 year old is purchasing this Plan with following details.
Sum Assured: Rs.5,00,000
Policy Term: 24 Years
Policy Purchase Year: 2016
Age: 1 Year
Single Premium: Rs. 22609/-
If policy holder suresh’s child survives the policy term 24 years then his child’s Maturity will be as under.
|Maturity Year||Maturity Age||Maturity Amount(approx)|
|2040||25||9,51,000/-(excluding money back plan)|
Year-wise Death Claims
|Age||Risk Cover Normal||Premium||Amount Received|
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 policyprovides free locking period of 3 years.
Loan Facility: Yes.
Income Tax Reduction: Available under Section 80-C for premiums paid and Section 10 (10D) for Maturity.
Riders available: Yes.
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.
Services that I offer
- New LIC Policy Quotes and Completion
- Complete guidance
- Doorstep Premium Collection Service
- Personalized Policy Recommendations
- Renewal / Revival of Lapsed Policies
- Human Life Value Calculation
- Life Time Services
FOR MORE INFORMATION PLEASE CONTACT -:
BASPA NAND PANCHOLI
Office Address:-25,KG,Marg, Jeevan Prakash Building.
LIC of India,Branch Unit-117.
3rd floor,C.P. New Delhi-110001.