LIC Children Money Back Plan

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 Plan table no 832
LIC Children Money Back Plan

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

  1. Death Benefit:
Death duringDeath 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.

  1. 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

Eligibility criteriaDetails
Entry AgeMinimum: 0 Years (LBD).Maximum: 12 Years (LBD).
Sum AssuredMinimum: Rs 1,00,000/-.Maximum: No Limit.
Policy Term25 years – (Age at Entry).
Maturity AgeMinimum: 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 ModeYearly, 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

Mode Rebate.

High Sum Assured Rebate.

Mode Rebate:

Premium Mode% on Tabular Premium
Yearly Mode2% of tabular premium.
Half Yearly Mode1% of Tabular premium.
QuarterlyNIL
MonthlyNIL

High Sum Assured Rebate:

Basic Sum Assured RebateRebate(Rs)
1,00,000 to 1,90,000NIL
2,00,000 to 4,90,0002 Per thousand Basic sum Assured.
5,00,000 and above3 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/-

Maturity Details

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

Maturity YearMaturity AgeMaturity Amount(approx)
2040259,51,000/-(excluding money back plan)

Year-wise Death Claims

AgeRisk Cover NormalPremiumAmount Received
121113226090
242227222130
3572000222130
4596000222130
5620000222130
6644000222130
7668000222130
8692000222130
9716000222130
10740000222130
11764000222130
12788000222130
13812000222130
14836000222130
15870000222130
16896500222130
17923000222130
1894950022213100000
19981000222130
20101500022213100000
211054000222130
22110300022213100000
231177000222130
241251000222130
2500951000
Example for LIC children plan 832

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 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.

CHILDREN PLANS

LIC New Children’s Money Back Plan

LIC Jeevan Tarun 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

CON.9891009400

Email-basupancholi@gmail.com

Office Address:-25,KG,Marg, Jeevan Prakash Building.

LIC of India,Branch Unit-117.

3rd floor,C.P. New Delhi-110001.

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