Plan-932 New Children Money Back
"Don't wait! The earlier you start saving, the more your child will benefit in the long run."
It is a money-back guarantee policy that provides good returns in the form of survival benefits at the ages of 18, 20, and 22 of a child to cover higher education costs. Children between the ages of 0 and 12 years can purchase a policy with a maturity age of 25 years. The life of a child while the policy is in effect is also covered by this plan.
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Product Specification:
| Minimum | Maximum |
Entry Age (Last Birthday) | 0 years | 12 years |
Maturity Age (Last Birthday) | – | 25 years |
Policy Term (PT) in years | 25 – entry age | |
Premium Paying Term (PPT) in years | 7 pay, 10 pay or (term-5) | |
Premium Paying Frequency | Annual, half-yearly, quarterly, monthly | |
Premium | 24,000 | No limit |
Sum Assured | 100,000 | No limit |
Premium Waiver Benefit (PWB) Rider – optional
Minimum Entry Age : 18 Years (completed)
Maximum Entry Age : 55 Years (Nearer Birthday)
Maximum cover ceasing age : 70 Years (Nearest Birthday)
Details about Premium:
Age / Sum Assured | 100,000 | 200,000 | 500,000 |
0 year | 4415 | 8830 | 22,075 |
5 years | 5700 | 11,400 | 28,500 |
10 years | 8060 | 16,120 | 40,300 |
12 years | 9390 | 18,780 | 46,950 |
Policy Details of LIC’s New Children’s Money Back Plan:
Grace Period:The grace period for premium payments is 15 days for monthly payments and 30 days for other payments. The coverage expires if the policyholder doesn’t pay within the grace period.
Policy Termination or Surrender Benefit: Once three complete years’ worth of premiums has been paid, the policyholder is permitted to surrender the policy and receive the Surrender Value. The Guaranteed Surrender Value (GSV) or the Special Surrender Value will be higher than the Surrender Value.
GSV = (GSV % of Premiums paid – Survival Benefits already paid) + GSV % of vested Bonuses
Free Look Period:If you are dissatisfied with the coverage and terms and conditions of the policy, you have the option of cancelling it within 15 days of receiving the policy documents, provided there has been no claim.
