LIC’s New Children’s Money Back (Table No. 932)
Introduction:- LIC’s New Children’s Money Back Plan (Table no. 932) is a non-linked, with-profit, regular premium payment money back plan specially designed to meet various financial needs of growing children through Survival Benefits. LIC’s New Children’s Money Back Plan 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 plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years. The benefits and other basic features of this plan are given below.
Basic Eligibility Conditions and Features of LIC’s New Children’s Money Back Plan (Table no. 932):-
a) Minimum Basic Sum Assured:- ` 100000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of 10,000/)
c) Minimum Age at entry:- 0 years
d) Maximum Age at entry:- 12 years (last birthday)
e) Minimum/Maximum Maturity Age:- 25 years (last birthday)
f) Policy Term:- (25 – age at entry) years
g) Premium Paying Term:- (25 – age at entry) years
h) Modes of Payments:- Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
i) Rider Benefits:- Premium Waiver Benefit Rider
A) Survival Benefit:- On the Life Assured surviving on each of the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in -force. Option to defer the Survival Benefit(s):- The policyholder will have option to take the Survival Benefit(s) at any time on or after its due date but during the currency of the policy.
B) Maturity Benefit:- On Life Assured surviving the policy term, provided the policy is in-force, “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 equal to 40% of the Basic Sum Assured.
C) Death Benefit:- On death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be 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” along with 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 paid up to date of death. The premiums mentioned above exclude taxes, extra premium and rider premium, if any
D) Option to take Maturity/Death Benefit in instalments:- This is an option to receive Maturity/death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lump sum amount under an in-force as well as paid-up policy. This option can be exercised by the Policyholder during minority of the Life Assured or by Life Assured aged 18 years and above, during his/her life time; for full or part of Death benefits payable under the policy. The amount opted for by the Policyholder/ Life Assured (i.e. Net Claim Amount) can be either in absolute value or as a percentage of the total claim proceeds payable.