LIC Children Money Back Plan
Children Money Back Plan 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.
The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.
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
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.
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.
|Eligibility Conditions & Restrictions|
|Minimum age||0 years|
|Maximum age||12 years|
|Policy Term||25 â€“ Age at entry|
|Minimum Sum Assured||Rs. 1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Money back is paid||18th year of child - 20% of Sum assured
20th year of child - 20% of Sum assured
22ndyearof child - 20% of Sum assured
|Loan||Available after 3 years|
|Surrender||Available after 3 years|
|On maturity||40% of the Sum assured + Bonus|
|Premium waiver benefit||Available from age 18 years to 55 years of proposer|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)