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It has been decided to introduce LIC’s NEW CHILDREN’S MONEY BACK PLAN (Plan No.832), which would be open for sale from 4th March, 2015. Download Plan 832 Circular
(a) Minimum Age at entry : 0 years (last birthday)
(b) Maximum Age at entry :12 years (last birthday)
(c) Policy Term : [25 – Age at entry] years
(d) Minimum/Maximum Maturity Age : 25 years
(e) Minimum Basic Sum Assured : Rs. 100 in ‘000’s
(f) Maximum Basic Sum Assured : No Limit
(g) The Basic Sum Assured shall be in multiples of Rs. 10,000/-
For LIC’s Premium Waiver Benefit (PWB) Rider – optional:
(a) Minimum Entry Age : 18 years (completed)
(b) Maximum Entry Age : 55 years (Nearer Birthday)
(c) Premium paying term : Same as basic plan
(d) Maximum cover ceasing age : 70 years (Nearest Birthday)
a) Death Benefit:
On death Before the Date of Commencement of Risk:
An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any shall be payable.
On death After the Date of Commencement of Risk:
“Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional Bonus
“Sum Assured on Death” is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured.
This death benefit shall not be less than 105% of the total premiums paid as on date of death. The premiums mentioned above exclude tax, extra premium and rider premium, if any
On the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Survival Benefit :
On the Life Assured surviving on each policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years of Life Assured, 20% of the Basic Sum Assured on each occasion shall be payable provided the policy is in full force.
Participation in profits:
Depending upon the Corporation’s experience the policies shall participate in the profits and shall be eligible for Simple Reversionary Bonus at such rate and on such terms as may be declared by the Corporation.
Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.
For more details DOWNLOAD Plan 832 Circular
More plans : LIC’s Jeevan Sangam (831)
Also Check the LIC’s Jeevan Sangam Plan