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LIC's New Children’s Money Back Plan (T-832) is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. 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.
On the Life Assured surviving 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 full force. Maturity Benefit: On the Life assured surviving the stipulated date of maturity, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then on death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any. 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, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
|Minimum Age to Apply||0 Years (Last Birthday)|
|Maximum Age to Apply||12 Years (Last Birthday)|
|Policy Term||25 Age at Maturity Time|
|Premium Paying Term||25 - Age at Entry|
|Premium Paying Mode||Yearly, Half Yearly, Quarterly, Monthly (ECS Only)|
|Sum Assured||100000 and above (in multiples of 10000)|
|Loan||After 3 Years|
|Surrender||After 3 Years of premium payment|