LIC New Children’s Money Back Plan(Table No-821) is a Non- Linked Plan specially designed to meet the financial needs of children.LIC New Children Money Back Plan is a regular premium payment money back plan.This Plan offer gauranteed return and bonus with survival benefits.The Rider Option is available for the Policyholder on payment of additional premium.
Key Benefits Of Plan:
- The Plan provides the financial needs of the children with risk cover of the child.
- 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.
- The Policy holder will receive the 20% of Sum Assured as Survival Benefit at 18,20 and 22 years of age.
- Premium waiver benefit ensures safety of child future in case of any sad demise with parents.
- Loan can be taken against the policy.
- Double tax benefits under section 80C and 10(10D).
On Death before commencement of risk
If the policy holder(child) dies before the commencement of risk, all premiums paid excluding the extra premium, taxes and rider premiums will be returned.
On Death after commencement of risk
In case, the policy holder(child) dies after the commencement of risk, nominee will get following, and the policy will terminate after that.
1. Sum Assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)
On Policy Anniversary immediately after the child is 18 years old - 20% of Basic Sum Assured
On Policy Anniversary immediately after the child is 20 years old - 20% of Basic Sum Assured
On Policy Anniversary immediately after the child is 22 years old - 20% of Basic Sum Assured
40% of Basic Sum Assured + Simple Reversionary Bonuses + Final Addition Bonus