Money Back Plans – 832
New Children Money Back Plan (Plan no.832)
Insurance isnan’t only for adults. An insurance policy for children can be a good way to save money for their future. LIC New Children Money Back Plan 832 is a non-linked, with-profit, regular premium payment Money back plan. This plan is designed to help parents meet the expenses of a growing child. In addition, the childan’s life is also insured by this policy.
Survival benefit :
20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
Maturity benefit :
On maturity at the age of 25 years 40% of Basic Sum assured along with Bonus and Final Additional Bonus (if any) will be paid.
Death benefit :
On death of the Life Assured before the stipulated Dat e of Maturity provided the policy is in full force, then On death of the Life Assured before the date of comme ncement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any.
How it Works
LIC New Children Money Back Plan 832 has a term of 25 years minus the age of the child at entry. The premium must be paid for the entire duration of the policy term. 20% of the sum assured will be paid when the child reaches the age of 18, 20 and 22 years. The remaining 40% of the sum assured and bonuses accrued will be paid on maturity. In the event of the childan’s demise before the commencement of risk, the premiums paid along with taxes and riders if any shall be paid back. For children below the age of 8 years, risk cover commences from 2 years after the policy was started or the child 8th birthday; whichever comes first. In case the child passes away after the age of 8 years, an assured sum and accrued bonuses will be paid.
LIC New Children Money Back Plan 832 Details:
This policy is designed keeping the childan’s future educational expenses in mind. The key features of this policy are:
- Staggered payment of maturity benefits through the life of the child
- 20% of sum assured to be paid when the child reaches the age of 18, 20 and 22 years
- Remaining 40% to be paid on maturity of the policy
- In case of childan’s death before risk commencement, total premium paid + taxes to be paid
- In case of childan’s death after risk commencement assured sum and bonuses to be paid
- Policy term: 25 years age of the child at commencement of policy
- Premium to be paid monthly, quarterly, semiannually or annually for entire policy duration
- Premium waiver benefit available to proposer between the ages of 18 to 55 years.
- Minimum sum assured: Rs 1,00,000. No maximum limit
- Premiums paid exempted from income tax under Section 80C
- Maturity/ death benefits eligible for tax rebate under Section 10(10D)
- Surrender and loan facilities available after paying premium for 3 years
- Maximum age of child at entry: 12 years
Contact an authorized LIC agent today to know more.
|Eligibility Conditions & Restrictions for Child Plan 832|
|Minimum age||0 years|
|Maximum age||12 years
|Policy Term||25 Age at entry|
|Minimum Sum Assured||Rs. 1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Money back is paid||18th year of child - 20% of Sum assured
20th year of child - 20% of Sum assured
22ndyearof child - 20% of Sum assured
|Loan||Available after 3 years|
|Surrender||Available after 3 years|
|On maturity||40% of the Sum assured + Bonus|
|Premium waiver benefit||Available from age 18 years to 55 years of proposer|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)
Frequently Asked Questions:
- Is this policy is good for New born babies? - Yes, it’s best for new born babies
- When will be the policy Mature? - At the age of 25 years
- Is loan obtainable under the LIC new children money back policy? - Yes, the loan obtainable under the LIC new Children Money Back Policy after 3 years from date of commencement of policy.