LIC Child Money Back Plan (Table No. 932)

LIC Child Money Back Plan (Table No. 932)

Plan Type: Non-linked, with Profits, Limited Payment, Money Back Plan

Objective: Designed to meet the educational, marriage, and other needs of growing children through survival benefits. It provides for periodic payments of partial survival benefits as long as the policyholder is alive.

Key Features:

1. Policy Term: 25 years minus age at entry of the child.
2. Premium Paying Term: 20 years or till the policyholder attains 70 years of age, whichever is later.
3. Minimum Basic Sum Assured: ₹1,00,000
4. Maximum Basic Sum Assured: No Limit (subject to underwriting)
5. Age at Entry of Child:
   • Minimum: 0 years (completed)
   • Maximum: 12 years (nearest birthday)
6. Age at Maturity: Maximum 25 years

Benefits:

1. Survival Benefits:
   • 20% of the Basic Sum Assured is payable on the completion of ages 18, 20, and 22 years of the life assured.
   • The remaining 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, is payable on maturity.
2. Death Benefit:
   • In case of death of the life assured during the policy term, provided the policy is in force, Death Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, is payable.
   • Death Sum Assured is higher of:
     • 10 times the annualized premium.
     • Basic Sum Assured.
     • 105% of all premiums paid up to the date of death.
3. Maturity Benefit:
   • On survival till the end of the policy term, the policyholder receives the remaining 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
4. Participation in Profits:
   • The policy participates in the corporation’s profit and is eligible to receive Simple Reversionary Bonuses declared as per the experience of the corporation.
5. Optional Riders:
   • LIC’s Accidental Death and Disability Benefit Rider.
   • LIC’s New Term Assurance Rider.
   • LIC’s Accident Benefit Rider.
   • LIC’s New Critical Illness Benefit Rider.
   • LIC’s Premium Waiver Benefit Rider.

Rebate:

1. Mode Rebate:
   • Yearly: 2% of Tabular Premium.
   • Half-yearly: 1% of Tabular Premium.
   • Quarterly & Monthly: NIL.
2. High Sum Assured Rebate:
   • ₹1,00,000 to ₹1,95,000: NIL.
   • ₹2,00,000 to ₹4,95,000: 1.25% of Basic Sum Assured.
   • ₹5,00,000 to ₹9,95,000: 1.50% of Basic Sum Assured.
   • ₹10,00,000 and above: 1.75% of Basic Sum Assured.

Grace Period:

• A grace period of 30 days is allowed for payment of yearly, half-yearly, or quarterly premiums. For monthly premiums, the grace period is 15 days.

Revival:

• A lapsed policy can be revived within 5 years from the date of the first unpaid premium by paying all due premiums with interest.

Surrender Value:

• Guaranteed Surrender Value: Available after payment of at least three full years’ premiums.
• Special Surrender Value: Higher of the Guaranteed Surrender Value and Special Surrender Value as applicable at the time of surrender.

Loan Facility:

• Loan can be availed against the policy provided the policy has acquired a Surrender Value.

Exclusions:

• In case of suicide within 12 months from the date of commencement of risk, 80% of the premiums paid will be returned.
• In case of suicide within 12 months from the date of revival, higher of 80% of the premiums paid or acquired Surrender Value will be returned.

How to Apply:

• Interested individuals can visit the official LIC website or contact a (7231814845) LIC agent to apply for the LIC Child Money Back Plan.