LIC New Children Money Back Plan 832 is Non -linked, With-Profits, Regular premium payment Money back plan. Provides risk cover on the life of child during the policy term and number of survival benefits to meet the various financial needs of children.
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, risk will commence immediately.
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 shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
On maturity at the age of 25 years 40% of Basic Sum assured along with Bonus and Final Additional Bonus (if any) will be paid.
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.
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable. 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, risk will commence immediately.
Eligibility Conditions & requirements For Basic plan
I. Minimum Age at entry for Life Assured : 0 years (last birthday)
II. Maximum Age at entry for Life Assured : 12 years(last birthday)
III. Policy Term : [25-Age at entry] years
IV. Minimum/Maximum Maturity Age : 25 years
V. Minimum Basic Sum Assured : Rs.1,00,000
VI. Maximum Basic Sum Assured : No limit
VII. Mode of payment : Yearly .Half-yearly ,Qly ,Monthly(ECS only or through salary deduction -SSS)
Basic Sum Assured shall be in multiples of Rs.10,000/-.
II. Maximum Age at entry for Life Assured : 12 years(last birthday)
III. Policy Term : [25-Age at entry] years
IV. Minimum/Maximum Maturity Age : 25 years
V. Minimum Basic Sum Assured : Rs.1,00,000
VI. Maximum Basic Sum Assured : No limit
VII. Mode of payment : Yearly .Half-yearly ,Qly ,Monthly(ECS only or through salary deduction -SSS)
Basic Sum Assured shall be in multiples of Rs.10,000/-.
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, 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 shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
Survival Benefit :
20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
Maturity Benefits:
On maturity at the age of 25 years 40% of Basic Sum assured along with Bonus and Final Additional Bonus (if any) will be paid.
Death benefit:
On death of the Life Assured before the stipulated Dat e 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:
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable. 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, risk will commence immediately.
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.
• Loan Facility available after payment of full 3 years premium. Maximum loan 90% of the Surrender value in case of in force polices and 80% in case of paid up polices.
• Surrender value Can be surrendered at any time during the policy term provided premiums have been paid for full three years.
• No foreclosure action under in force policies. Even if there is default in payment of loan interest
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