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….
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
SA on Death + Vested Bonus for 12 years +FAB
5,00,000 + 2,88,000(48*500*12)Nil
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
40% of basic SA + Vested Bonus +FAB
Rs.2,12 ,500(450 *500)
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.