LIC New Children Money Back Plan 932 Details, Premium Calculator, Benefits, Features, Reviews, How to Apply for LIC Child Money Back Policy, LIC child Money Back Policy
The future of the world will depend on how resilient today’s youngsters are. But if they aren’t prepared, the dream won’t materialise. To help secure their future, several premium plans are available for children. LIC New Children Money Back Plan (932) is particularly well-known for its benefits for growing children. Parents and grandparents choose this policy for their treasured children for two reasons: the stability offered up to age 25, and the availability of a lump sum reward for accomplishing key tasks. So, please read this article for more information about the LIC New Children Money Back Plan, including its highlights, features, advantages, eligibility requirements, necessary documentation, exclusions in certain circumstances, and much more.
LIC New Children Money Back Plan 932
It is possible to use the LIC’s New Children’s Money Back Plan, which combines insurance and investing, to take care of a child’s financial requirements up until they are 25 year of age. As a participating plan, it is eligible for a bonus determined by LIC’s success. However, this plan does not provide risk coverage for the parent’s or grandparent’s lives; only the life of the kid is covered. Therefore, it does not ensure the child’s future in the case that a parent or grandparent passes away. This is more of an investment plan that takes the child’s requirements at age 25 into consideration.
Also Read: LIC Nivesh Plus Plan
LIC New Children Money Back Plan Details
|Plan Name||LIC New Children Money Back Plan|
|Plan type||Participating non-linked money-back scheme|
|Term of Policy||25 years minus entry age|
|Sum assured||Minimum – Rs 1 lakh Maximum – No upper limit|
|grace period||15 days for the monthly payment option 30 days for the other payment modes|
|Premium payment frequency||Monthly, quarterly, half-yearly, or annually|
|Loan availability||Through the policy, policyholders can avail of a loan|
|Free look/cooling off period||Within 15 days of obtaining the policy, people have the option to return it.|
|Revival||Policies that have expired may be renewed by paying the entire outstanding balance within two years of the first overdue due.|
|Maturity benefits||There will be a maturity benefit equal to the sum assured and any relevant incentives.|
|policy coverage||maturity benefit, death benefit, and survival benefit|
LIC New Children Money Back Plan Features
Some of the key features of the LIC New Children Money Back Plan are as follows:
- This programme offers growing children a separate money-back guarantee.
- Each method may be applied to one individual at a time.
- The maturity benefit shall consist of the whole Base Sum Assured at the Time of Plan Purchase, together with any Applicable Bonuses.
- The length of the policy will be equal to the maturity age (25 years) minus the entrance age. For instance, the term will be 25 – 8 = 17 years if the age supplied is 8.
- The premiums can be paid using any of the many ways that the plans provide. The premiums in this case might be paid monthly, quarterly, half-yearly, or annually.
- This plan has a special function that allows the policyholder to locate loans.
- You have 15 days from the date of purchase to return the plan after purchasing it.
- Depending on how frequently premium payments are made, a grace period or delayed payment may apply. If the payment is made on a monthly basis, the grace period is around 15 days; for other frequency kinds, it is 30 days.
- While the highest basic sum assured has no upper limit, the minimum basic amount offered is Rs. 100000.
- The coverage may be reinstated within two years by paying off all unpaid premiums at once.
- The maturity benefit, death benefit, and survival benefit are the three key advantages of this insurance.
- The manner of rebates affects the likelihood of receiving a High Sum Assured Rebate. It will be 2% of the tabular premium in the annual mode and 1% of the tabular premium in the half-yearly method.
- If the premiums and all other regular payments, excluding the quarterly and monthly ones, are made on time for three years, this plan provides Paid-Up value. Upon the untimely death of the policyholder, this policy will be reduced to the following plans and will no longer be recognised as an empty plan. The “Death Paid-Up Sum Assured” should consist of the sum of all premiums paid, all monies payable, and the death benefit.
- The amount that will be paid upon the maturity is known as the maturity Paid-Up Sum Assured and is calculated as follows: (Total Premiums Paid/Total Amount Payable) x (Assured Amount at Maturity + Total Surviving Benefits Payable Under That Policy’s Terms and Conditions) – Total Surviving Benefits Already Paid.
- The coverage may be cancelled after three complete years of payments. If so, all extra premium payments and premium rider values (if any), which are survival benefits that are already owed to the policyholder and are still owing, will be deducted from the surrender value, which will then be the percentage value of all premiums paid up to that time.
- Subscribers can choose the “Premium Waiver Benefit Rider” option. All premiums shall be waived upon the death of the Subscriber or the Person who is Responsible for the Payments.
The Eligibility Criteria for LIC’s New Children’s Money Back Plan are as follow:
|Minimum Age for Entry||0 years (at birth)|
|Maximum Age for Entry||12 years|
|Age at Maturity||25 years|
|Payment Methods||Monthly, Quarterly, Half-yearly, Annual,|
LIC New Children Money Back Plan Benefits
Some of the key benefits of the LIC New Children Money Back Plan are as follows:
- Maturity Benefit: If the life insured survives the policy term while the plan is still in place, the sum promised at maturity, combined with the final extra bonus and vested simple revisionary bonuses, will be payable. The amount guaranteed at maturity is equivalent to 40% of the initial amount guaranteed.
- Survival Benefit: When the life assured survives each policy anniversary that either coincides with or is immediately after the completion of 17, 20, and 22 years of age, 20% of the sum insured will be reimbursed if the LIC New Children’s Money Back Plan is in place.
- Participation in Profits: While the policy is in force, it will benefit from the firm’s earnings and be qualified to receive simple reversionary rewards determined by the success of the company. Under paid-up insurance, the final bonus will not be provided. Similar to that, the final extra bonus will be disclosed inside the policy if the insurance is not claimed by death or maturity throughout the year.
- Death Benefit: The whole sum guaranteed upon death, including any bonus amounts, will be paid out in the terrible event that the policyholder dies.
Documents Required for LIC New Children Money Back Plan
- The policyholder must complete the application or proposed application form.
- The whole medical history of the insurance name bearer must be known.
- KYC papers are required in addition to current address verification.
- Policyholders could occasionally be required to get a physical examination. But that depends on the child’s age as well as the amount of the assurance.
LIC New Children Money Back Plan Premium details
Annual Premium in rupees
Exclusions under Specific Situations
The following situations will result in the policy not being clarified:
- LIC will only pay out 80% of the premiums previously paid, minus any future premiums and service charges, if the policyholder commits suicide within a year of the risk starting. This is also unimportant if the entrance age is less than 8 years old.
- The Corporation will only pay a sum that is larger than 80% of the premiums paid up to the date of death and excludes service taxes and further premium payments received up to that time if the policyholder commits suicide within a year of the revival plan.
- This plan would not be taken into consideration if the policy name bearer was under the age of 8 at the time the policy was resurrected or if the policy had previously expired without collecting the paid-up cash.
LIC New Children Money Back Plan Premium Payment
Members who choose this insurance are required to pay the premium for the duration of the policy; they can do so either monthly, quarterly, half-yearly, or annually. The greatest premium that a policyholder would ever pay depends on the sum guaranteed that they select.