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Key Features of LIC New Child Money Back Policy:


• This policy will get matured by the 25th age of the child, irrespective of at whatever age the policy has been taken
• Money Back equal to 20% of the Sum assured will be provided at the 18th, 20th and 22nd age of the child.
• Maturity Benefit is Sum Assured + Accured Bonus + Final Additions (if any).

LIC New Child Money Back Plan Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 1,00,000 No Limit
Policy Term (in years) 25 - Age of Child
Premium Payment Term(in years) 25 - Age of Child
Entry Age of Policyholder 0 12
Age at Maturity 25th Age of Child
Payment modes Yearly, Half-yearly, Quarterly, Monthly

Returns of LIC New Child Money Back Plan :


Maturity Return -
20% of the Sum Assured will be paid on 18th, 20th and 22nd age of the insured person.
40% of Sum Assured with Accured Reversionary Bonus along with Final Additional Bonus (If any) will be paid on the 25th Age of the child.

Death Benefit – Incase of death of the insured person after completion of 8 yrs of age or after completion of 2 years after taking the policy, 105% of Sum Assured will be paid. Incase if the insured person expires within 2 years of completing and also below 8 years of age, then the Premium paid till date excluding any tax paid will be returned to the nominee.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Available after completion of 3 years
Housing Loan Surity- Available

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LIC New Child Money Back Plan

LIC New Child Money Back plan (Table 832) is specially designed to meet the Educational, marriage and other needs of growing children through Survival Benefits starting from the age of 18 till their 25th Age. This plan also has an Optional Premium Waiver benefit raider which when opted, the child need not pay any premium if the parent who had proposed this policy has expired.

This policy can be taken for any children who are below 12 years of age and the policy will get matured by their 25th age.

Service Tax is applicable on the premium paid for this policy, at the rate of 3.75% for the 1st year premium and 1.875% from 2nd year onwards.