LIC New Children’s Money Back Plan
LIC New Children’s Money Back Plan is designed to secure the future of the child. This plan is the participating plan and does not eligible for the bonus. Today we will discuss all the details related to the चिल्ड्रन्स मनी बैंक योजना. You can check the features, benefits, and the Policy Premium from the below section. Let’s discuss the policy details.
LIC New Children’s Money Back Plan- Key Features
- This is a participating plan with limited premium payment choice
- After the completion of 18 years, the policy will vest in the name of the Life Assured
- The Survival Benefits can be deferred after they accrue.
- The Survival Benefit scan be received any time before the term,and the value will be Survival Benefits% * Sum Assured* applicable Survival Benefit factor.
LIC New Children’s Money Back Plan- Benefits
- The corporation will pay the 20% of the Sum Assureds a survival benefit on everypolicy anniversary when the life of policyholder attains 18, 20 and 22 years.
- When the policy matures 40% of the Base Sum Assured + Final Additional Bonus+ vested simple reversionary bonuses will be paid.
- If the policyholder dies before the policy gets mature, then, in that case, the premiums paid will be returned.
- If the policyholder dies after the risk cover has begun, then the Final Additional Bonus Assured (SA) on death + vested simple reversionary bonuses is payable to a minimum of 105% of all premiums paid till death.
- The policyholder can take the benefit of Income-taxon the premium paid as per Section 80C.
LIC New Children’s Money Back Plan- Specification
|Entry Age (Last Birthday)||0 years||12 years|
|Maturity Age (Last Birthday)||–||25 years|
|Policy Term (PT) in years||25 – entry age|
|Premium Paying Term (PPT) in years||7 pay, 10 pay or (term-5)|
|Premium Paying Frequency||Annual, half-yearly, quarterly, monthly|
|Sum Assured||100,000||No limit|
Premium (Annual premium in Rupees)
|Age / Sum Assured||100,000||200,000||500,000|
Important Point of Policy of LIC’s New Children’s Money Back Plan
The corporation will provide a grace period of 15 days in case of the monthly payment and 30 days for other modes. The LIC New Children’s Money Back policy will laps if the policyholder fails to pay the payment within the grace period.
Policy Termination or Surrender Benefit
- The policyholder can surrender his/her policy and receive the Surrender Value after paying the premiums of there years. The Surrender Value will be higher of GSV or the SSV.
- *GSV (Guaranteed Surrender Value) and Special Surrender Value (SSV)
- GSV = (GSV % of Premiums paid – Survival Benefits already paid) + GSV % of vested Bonuses
- Free Look Period-
- In case you don’t agree with the rules and other terms and conditions of the policy, then you can cancel the same within 15 days of receipt of the policy documents, provided there has been no claim.
If in case any policyholder commits suicide within 01 year of policy inception, then in that case corporation will return the 80% of premiums paid to nominee only if the Life Assured was aged more than eight years.
If in case any policyholder commits suicide within 01 year of policy revival,then in that case, corporation will return higher of 80% of premiums paid or acquired Surrender Value to nominee only if the Life Assured was aged more than eight years.