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.

 

• Survival Benefit : (provided all due premiums have been paid)

           After Completion of Age of the Life Assured:

           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 before 1 year from the date of commencement of Risk = Total amount of premium               paid – (Taxes + Extra premium + Rider premium).
          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 :

          Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
          Maturity under this plan is 100% Tax free under sec 10(10D)

 

• 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.

Rebate on Higher Sum Assured and Mode of Payment

 

LIC's New Children's Money Back - Eligibility Criteria
	MIN.	MAX.
Age	90 Days	12 Years
Term	13 Years	25 Years
Sum Assured	1,00,000	No Upper Limit
Modes	Yearly, Half-Yearly, Quarterly and Monthly (ECS or SSS)