New Children Money Back-Plan No: 932
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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.
Single Premium: The policyholder pays the premium amount in a lump sum at the time of policy initiation.
Guaranteed Returns: The plan offers guaranteed returns on the premium amount paid, which is determined at the time of policy initiation.
Maturity Benefit: The policyholder is eligible for a lump sum payout at the end of the policy term.
Death Benefit: In the event of the policyholder’s death during the policy term, the nominee will receive the sum assured, along with any bonuses declared.
Bonus: The plan offers bonuses that are declared by LIC from time to time. These bonuses increase the sum assured and the maturity benefit.
Flexibility: The policyholder has the option to choose the policy term and sum assured.
Tax Benefits: The premium paid is eligible for tax deductions under Section 80C of the Income Tax Act. The maturity benefits are also tax-free under Section 10(10D) of the Income Tax Act.
| Policy Term | 15 Years | 20 Years | 25 Years |
| Minimum Entry Age | 5 years (Completed) | 90 days (Completed) | 90 days (Completed) |
| Maximum Entry Age | 55 years | 50 years | 45 years |
| Minimum Maturity Age | 20 years (Completed) | 20 years (Completed) | 25 years (Completed) |
| Maximum Maturity Age | 70 years | 70 years | 70 years |
| Premium Paying Term | 11 years | 16 years | 21 years |
| Minimum Basic Sum Assured | Rs.5,00,000 | ||
| Maximum Basic Sum Assured | No limit | ||
- Surrender Benefit
- Paid-up Value
- Rider Benefit
- LIC’s Accidental Death and Disability Benefit Rider
- LIC’s Accident Benefit Rider
- LIC’s New Term Assurance Rider
- LIC’s New Critical Illness Benefit Rider
- LIC’s Premium Waiver Benefit Rider
- Free Look Period
- Grace Period
- Policy Revival
Q: Can I buy LIC Bima Ratna for my child?
Ans: Yes, the plan can be bought for anyone in the age bracket of 90 days to 55 years. Once the child reaches the age of 18, the policy shall be owned by him/her.
How can LIC Bima Ratna help?
LIC Bima Ratna is a life insurance plan offered by Life Insurance Corporation of India (LIC). The main objective of this plan is to provide financial protection to the policyholder’s family in the event of their untimely death. Additionally, the plan also offers savings and investment benefits.
So, What you are waiting for ? Fill your details to select the Plan.
