LIC’s New Children’s Money Back Plan - Features
LIC’s New Children’s Money Back Plan is a non-linked policy which is specially designed to meet various financial needs of children through Survival Benefits and Lumpsum Maturity. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified durations. The Premium Waiver Benefit is the most important part of every Child Plan which enables the Policy to continue without any Premiums even if the Proposer is not alive and the Benefits are paid on time to the Child.
LIC’s New Children’s Money Back Plan – Benefits
- Survival Benefit : (provided all due premiums have been paid)
At 18 Years = 20% of Sum Assured.
At 20 Years = 20% of Sum Assured.
At 22 Years = 20% of Sum Assured.
- Maturity Benefit : = 40% of the Basic Sum Assured + vested Simple Revisionary Bonuses and FAB shall be payable (as applicable and declared)
- Premium Waiver Benefit : This rider is opted for, in the case of death of the proposer, the payment of the premiums falling due after the date of death shall be waived off and the policy continues without any Premium.
- Death Benefit : (provided the policy is In force)
If the Life Assured dies after the date of commencement of Risk = Sum Assured + Vested Revisionary Bonus + FAB. (as applicable and declared)
This death benefit shall not be less than 105% of the total premiums paid as on date of death.
- Income Tax Benefit :
Maturity under this plan is 100% Tax free under sec 10(10D)
LIC’s New Children’s Money Back Plan – Details
- Child Plan with money back facility and Guaranteed Returns.
- Premium Waiver Benefit rider available.
- Survival Benefit is payable after the completion of Age 18, 20 and 22 yrs.
- Maturity benefit payable in the form of Sum Assured plus Simple Reversionary Bonus & Final Additional Bonus as applicable and declared.