LIC’s New Children’s Money Back Plan is a Non-Linked, Participating, Individual, Life Assurance Savings Money Back type plan designed to meet educational and other financial needs of children.
Premium Payment Mode
The modes of premium payment allowable are Yearly, Half Yearly, Quarterly, and Monthly (through NACH only) or through salary deductions (SSS).
Eligibility conditions and restrictions
|Minimum Age at entry:||0 Years (last birthday)|
|Maximum Entry Age:||12 years (last birthday)|
|Maturity Age:||25 years|
|Policy term /Premium Paying Term:||(25 – Age at entry) years|
|Minimum Basic Sum Assured:||Rs. 1,00,000/-|
|Maximum Basic Sum Assured:||No Limit|
The Basic Sum Assured shall be in multiples of Rs. 10,000/-.
|Yearly||2% of tabular premium|
|Half-Yearly||1% of tabular premium|
|Quarterly, Monthly& SSS mode||Nil|
High Basic Sum Assured Rebate:
|Basic Sum Assured (B.S.A)||Rebate(Rs.)|
|1,00,000 to 1,90,000||Nil|
|2,00,000 to 4,90,000||2.00 ‰ B.S.A|
|5,00,000 and above||3.00 ‰ B.S.A|
The benefits payable under an inforce policy are as under:
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.
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 Basic Sum Assured or 7 times of annualized premium.
This death benefit shall not be less than 105% of the total premiums (premiums exclude taxes including GST, extra premium and rider premium, if any.) paid as on date of death.
On the Life Assured surviving on each of the respective policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force.
On the life assured surviving to the stipulated date of maturity, “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable; where “Sum Assured on Maturity” is defined as 40% of the Basic Sum Assured.
Optional rider benefits
The following four optional Riders are available under this plan. However, the policyholder can opt between either of LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a policyholder can opt for a maximum of three Riders under this plan.
- LIC’s Premium Waiver Benefit Rider (UIN: 512B204V03)
Loan can be availed in this plan provided atlas two full years’ premium(s) have been paid and after obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured.
Statutory Taxes, if any, imposed on such insurance plans by the Government of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.