LIC New Children Money Back Plan (Plan No. 932, UIN No. 512N296V02)
Investors may choose from a variety of safe insurance products offered by LIC, all of which give assured and remarkable returns. India’s Life Insurance Corporation (LIC) offers a variety of safe insurance policies that offer investors assured and remarkable profits. Investors can insure a child’s education or marriage through a LIC plan called LIC New Children Money Back Plan.
How much amount needed to invest under LIC New Children Money Back Plan
You can secure a good future for the youngster by investing in the plan. By investing just Rs 150 per day in the LIC Children Money Back Plan, you may save thousands of rupees in no time.
The LIC New Children Money Back Plan has a 25-year maturity term. You have the option of receiving your maturity payment in installments. As soon as your child reaches the age of 18, you can begin getting payments.
When the kid reaches the age of 20, the second payment is paid, and when the youngster reaches the age of 22, the third installment is credited. When the youngster reaches the age of 25, the entire sum is deposited to the beneficiary’s bank account.
The recipient receives 40% of the whole money, plus a bonus, at that time. The insurance also provides benefits in the form of a lump sum payment.
To insure your child’s future under the plan, you must save around Rs 55,000 per year, or roughly Rs 150 per day. You must deposit a total of 14 lakh rupees over the course of 25 years. In exchange, you’ll get Rs 19 lakh in benefits when the loan matures.
LIC New Children Money Back Plan Coverage
The LIC New Children Money Back Plancoverage can be purchased at any age between 0 and 12 years old. Investors can take 60% of the corpus in installments and 40% as a bonus when the investment matures.
The minimum sum insured under the insurance policy is Rs 1,00,000, with no higher limit. If you don’t pay in installments, you’ll get a lump sum payment plus interest at the end of the term.
LIC New Children Money Back Plan from LIC.
The LIC New Children Money Back Plan is a standard money back plan that is primarily meant to provide survival advantages to growing children. Educational requirements, studying abroad, marriage, and other factors may differ from one kid to the next. The LIC New Children Money Back Plan also includes risk coverage for the kid’s life during the policy time, as well as a variety of survival bonuses if the child lives to the conclusion of the policy period.
The LIC New Children Money Back Plan can be purchased by either the grandparents or the parents of a kid aged 0 to 12. In basic terms, it is a combination insurance and investment plan that will assist in securing the child’s bright future. This participating plan is also eligible for the bonus based on the plan’s performance.
The primary reason that the LIC New Children Money Back Plan is still a popular and luxurious choice among parents and grandparents is that it gives financial stability to children up to the age of 25 by providing them with a lump sum amount as well as maturity. Any country’s future is regarded to be its children. As a result, it is critical to have well-planned financial stability so that money does not stand in the way of a child’s aspirations.
Let’s look at the LIC New Children Money Back Plan in more depth.
Specifications of LIC New Children Money Back Plan:
Specifications of the product are shown in the table below.
|Age Requirement (Last Birthday).||0 years||12 years|
|Age of Maturity (Last Birthday).||-||25 years|
|The policy term (PT) is measured in years.||25 – entry age|
|PPT (Premium Paying Term) in years||7 pay, 10 pay or (term-5)|
|Premium Interval||Annually, half-yearly, quarterly, monthly|
|Assured sum.||100000||No limit|
Premium Information for LIC New Children Money Back Plan.
In Rupees, the annual premium.
|Sum Assured as per Age||100000||200000||500000|
Key Features of LIC New Children Money Back Plan.
The following are the key components of the LIC New Children Money Back Plan:
• This plan is only applied to one person at a time and is a non-linked money back plan for the children as they grow up.
• The LIC New Children Money Back Plan has three benefits: survival, maturity, and death.
• The policy duration is based on the maturity age, which is 25 years old minus the entering age. For example, if the entering age is 9 years, the term will be 25-9= 16 years.
• The maturity benefit will also be the whole sum of the base sum promised when the plan is purchased, as well as any extras.
• The sum promised should preferably vary from Rs 1,00,000 to a maximum of Rs 1,00,000, with no upper restriction.
• The LIC New Children Money Back Plan can be returned within 15 days from the date of purchase.
• The LIC New Children Money Back Plan premium can be paid annually, half-yearly, quarterly, or monthly, according on the convenience of the user. Furthermore, the insured may apply for loans under this plan.
• The grace period or delayed payments may differ from the frequency of premium installments. If a person pays on a monthly basis, the grace period will be around 15 days. It might run up to 30 days if there are any further frequencies.
• Another alternative is to add the premium waiver benefit rider, which means that if the insured dies away, the remaining payments will be waived.
• After three years of premium payments have been made, the plan may be surrendered. In this case, the value of surrender will be the total percentage value of all premiums paid to date, excluding any additional premiums paid, and if any premium rider values the survival benefit due and payable to the insured. The rebate mode determines the likelihood of receiving a large amount guaranteed rebate. If the mode is half-yearly, the premium will be 1% of the total tabular premium. If the mode is yearly, the annual premium will be 2% of the tabular premium. Monthly and quarterly modes do not qualify for rebates.
• If fewer than two years’ worth of premiums have been paid and any further premiums are not paid, the plan’s benefits will end when the grace period ends from the date of the first unpaid payment, which means nothing will be due. The LIC New Children Money Back Plan gives paid-up value until the end of the insurance period if the future payments are not made on time and the premiums are totally cleared for two years. It will not be considered as a void and will instead be reduced to the following precise plans:
• The sum promised upon death inside the policy will be lowered and referred to as the ‘death paid-up sum assured,’ which is equal to the sum assured upon death multiplied by the total period ratio for the highest period and the premiums are payable originally.
• The sum assured upon maturity in a paid-up policy will be reduced and referred to as maturity paid-up sum assured, and will be equivalent to the sum assured upon maturity plus the total sum of survival benefits payable within the plan, multiplied by the total period ratio for the premium that has been paid to the highest period and the premiums are payable originally, and then reduced by the total sum of survival benefits that are already p
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Benefits of LIC New Children Money Back Plan.
The three main benefits of the LIC New Children Money Back Plan are listed below:
• Survival Benefit: If the LIC New Children Money Back Plan is in force, and the life insured survives every policy anniversary that coincides or is followed by the completion of 17, 20, or 22 years of age, 20% of the money promised will be payable on either occasion.
• Maturity Benefit: If the life guaranteed survives the policy period while the plan is still in effect, the amount assured on maturity will be paid, along with any final extra bonuses and vested simple revisionary bonuses, with the total assured on maturity equaling 40% of the basic sum assured.
• Death Benefit: If the policyholder passes away due to unforeseen circumstances, the payment payable will be the whole sum assured at death, including any bonuses.
• Profit Participation: When the policy is in effect, it will be entitled to a share of the corporation’s earnings as well as simple reversionary bonuses based on the company’s performance. The last extra incentive will not be paid under paid-up plans. Similarly, if the policy has not been claimed by demise or maturity, the last extra bonus will be announced inside the policy throughout the year.
Download LIC New Children Money Back Plan policy Brochure
Apply LIC New Children Money Back Plan policy
Click Here to Apply LIC’s New Children’s Money Back Plan (Plan No. 932, UIN No. 512N296V02)
LIC New Children Money Back Plan policy Conditions
Monthly premium payments have a 15-day grace period, whereas payments in other modalities have a 30-day grace period. If the policyholder does to pay during the grace period, the coverage will cease.
Insurance Termination or Surrender Benefit:
After three years of premiums have been paid, the policyholder may surrender the policy and receive the Surrender Value. The Guaranteed Surrender Value (GSV) or the Special Surrender Value will determine the Surrender Value.
GSV = (GSV percent of premiums paid – previously paid Survival Benefits) + GSV percent of vested Bonuses.
Free Lock in Period:
If you are unhappy with the policy’s coverage or terms and conditions, you have the opportunity to cancel it within 15 days after receiving the policy paperwork, provided no claim has been filed.
Under the arrangement, a loan is provided.
Riders or more features.
• The Premium Waiver Benefit Rider from LIC allows the proposer’s premium to be waived in the event of his or her death.
• Premium rebates of 2% and 1%, respectively, for choosing the annual and half-yearly premium payment options.
• For Sum Assured levels of 2 lakhs and above, there is a high Sum Assured rebate.
LIC New Children Money Back Plan Exclusions
• If the Life Assured was older than 8 years and committed suicide within 12 months of the policy’s start, only 80% of the premiums paid are refunded to the nominee.
• If the Life Assured was over the age of 8 years and the policy had gained a paid-up value, the greater of 80 percent of premiums paid or acquired Surrender Value is paid in the event of suicide within 12 months after revival.
Documents required for LIC New Children Money Back Plan
The policyholder must complete a ‘Application form/ proposal form’ with precise medical information, as well as provide proof of address and other KYC documentation. In rare situations, depending on the sum assured and the age of the individual, the LIC firm may need a medical check.
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