LIC’s New Children Money Back Plan 932

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LIC’s New Children Money Back Plan 932

This is non-linked , with profits , regular premium money back plan for children. Date of commencement of risk for entry age  less than 8years ,One day  before completion of 2years from DOC or One day before policy anniversary after completion of age 8year LBD , Whichever is earlier. For entry 8years LBD or More-Risk will commence immediately.

Sum Assured on death Basic SA Death Benefit GST. After Commencement of risk . Sum assured on death + vested bonus + FAB if any….

Survival Benefits

20% of basic SA is payable on policy anniversary  after completion of age 18,20 and 22 years. Policy holder has  option to take survival benefits at any time after it is due or along with maturity option is to be exercised 6months before due date . Accumulation will be at simple interest rate of 5.40%.

For Example ,Age -0 ,SA – Rs.5,00,000,Basic yearly premium – Rs.20,133

Entry age – 0 ,In case of death at age – 11

Death Benefits

SA on Death + Vested Bonus for 12 years +FAB

5,00,000 + 2,88,000(48*500*12)Nil

Rs.7,88,000

SB at age -18 ,20% of SA – Rs.1,00,000

SB at age -20 , 20% of SA – Rs.1,00,000

SB at age 22 , 22% of SA Rs.1,00,000

Maturity at age  – 25

Maturity Benefits

40% of basic SA  + Vested Bonus +FAB

Rs.2,00,000 +Rs.6,00,000(48+500*25)

Rs.2,12 ,500(450 *500)

Rs.10,25,000

Features & Condition

  • Minimum age at entry – 0 years
  • Maximum age at entry -12 years
  • Policy term – 25 yrs

Maximum sum assured –No limit

Sum assured in multiples – Rs.5000 only

Available Riders – ADDB and term rider for full policy term.

Mode of payment single premium high sum assured rebate(as% of tabular premium ) term 9years. Up to 70,000  – Nil ,Rs.75,000 to 1,45,000 – 2%, Rs.1,50,000 & above – 3%

Policy loan – Only after one policy year

Surrender –first year 75% of SP

2nd year onwards – 90% of SP less SB paid

Back dating allowed without loan months benefits . Interest will be charged for Exact no . of days from DOC of payments.

New Plan 932 – LIC New Children Money Back Plan in Tamil – Latest Updates

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