CHILD MONEY BACK

LIC Children Money Back Policy (Plan No. 832) Review

Life Insurance Corporation of India (LIC) has decided to launch LIC NEW CHILDREN MONEY BACK POLICY (Plan No. 832), which would be open for sale from 4th March, 2015.

LIC Children Money Back policy is a non-linked policy. LIC New Children Money Back policy is specially designed to meet various financial needs of children through Survival Benefits. Children Money Back policy Lic is a regular premium policy. New Children Money Back LIC policy provides risk cover on the life of a child during the policy term and offers a number of survival benefits on surviving to the end of the specified durations.

Benefits and Features of LIC Children Money Back Policy

Benefits of LIC Children Money Back Policy:

1. Death Benefit:

Death during Death benefit
  • If the policy holder dies before one year from the date of commencement of Risk.
  • Total amount of premium paid – (Taxes+Extra premium+Rider premium).
  • If the policyholder dies After the date of commencement of Risk.
  • Sum Assured+Vested Revisionary Bonus+FAB.
  • This death benefit shall not be less than 105% of the total premiums paid as on date of death.

2. Maturity Benefit:

  • Sum Assured on Maturity: 40% of the Basic Sum Assured + vested Simple Revisionary Bonuses and FAB (If any), shall be payable.

3. Survival Benefit:

On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18, 20 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.

4. Installment Benefit:

After Completion of Age:

  • At 18 Years = 20% of Sum Assured.
  • At 20 Years = 20% of Sum Assured.
  • At 22 Years = 20% of Sum Assured.
  • At 25 Years = 40% of Sum Assured + Bonus+ Final Additional Bonus.

5. Participation in profits:

Life Insurance Corporation decides that the policies shall participate in the profits and shall be eligible for Simple Revisionary Bonus. The decision on such rate and such terms may be declared by the Corporation.

Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for a certain minimum term.

LIC Children Money Back Policy Eligibility Conditions

Eligibility criteria Details
Entry Age
  • Minimum: 0 Years (LBD).
  • Maximum: 12 Years (LBD).
Sum Assured
  • Minimum: Rs 100/-.
  • Maximum: No Limit.
Policy Term
  • 25 years – (Age at Entry).
Maturity Age
  • Minimum: 25 Years.
  • Maximum: 25 Years.

For Ex: Child Age: 0 Years, Maturity Age: 25 years -0 years = 25 years.

If Child age: 5 years, Maturity age: 25 – 5 = 20 Years.
Premium Payment Mode
  • Yearly, Half Yearly, Quarterly, and Monthly.
  • (ECS through only salary Deduction SSS).

Note: Basic Sum Assured will be in multiples of Rs 10000/-.

Maturity age in Detail:

For Example,

If the Insured Child Entry Age is 0 years, then policy Maturity age will be 25 Years. If Insured Child Entry Age is 5 Years, then the Maturity age will be 20 Years. That means, in any case, the LIC New Children Money Back Policy will be matured at 25 years of Insured child age.

Date of commencement of risk under the plan:        

In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, the risk will commence immediately.

Date of vesting under the plan:

The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and on such vesting is deemed to be a contract between the Corporation and the Life Assured.