LIC’s New Children Money Back Plan is a non-linked, with-profits, regular premium payment money back plan. It provides for the risk cover on the life of child (that is child will be the life assured in this plan). During the policy term, the of survival benefits equal to 20% of sum assured will be payable on surviving to the end of the specified duration.
Benefits:
The benefits payable under an inforce policy are as under:
1. ) Maturity Benefit: On the Life assured surviving the stipulated date of maturity, Sum
Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple
Reversionary Bonuses and Final Additional Bonus.
2. ) Survival Benefit : On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force for new children money back plan.
3.) LIC’s Premium Waiver Benefit Rider : LIC’s Premium Waiver Benefit Rider is available on payment of additional premium.
4.) Death Benefit: 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” and vested Simple Reversionary Bonuses and Final Additional Bonus.
Mode of Premium Payment :
The modes of premium payment allowable in new children money back plan are Yearly, Half Yearly, Quarterly, and Monthly [ECS only or through salary deductions (SSS)].
Loan: Loan facility is available under New Children Money back plan after the payment of premiums for at least three full years . After obtaining the declaration from the proposer to the effect that loan is raised for the benefit of the minor life assured.
Rebates:
Mode Rebate:
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and monthly : NIL
High Sum Assured Rebate:
Basic Sum Assured Rebate (Rs.)
1,00,000 to 1,90,000 Nil
2,00,000 to 4,90,000 Rs 2 per thousand Basic Sum Assured
5,00,000 and above Rs 3 per thousand Basic Sum Assured
Eligibility Conditions and Restrictions:
Basic Sum Assured Rebate (Rs.)
Minimum Age at entry for Life Assured (LBD) 0 years
Maximum Age at entry for Life Assured (LBD) 12 Years
Policy Term (25-Age Entry) Yrs
maturity Age 25 Years
Minimum Sum Assured Rs 1 Lac