LIC NEW CHILDREN’s MONEY BACK PLAN- (Plan No: 932)

LIC New Children’s Money Back Plan is a participating, non-linked, Individual Life Assurance, savings, Money-Back plan designed to meet educational and other financial needs of children.

Unique Identification Number: 512N296V02

Launch Date: 1st February 2020

Maturity Benefit of LIC New Children’s Money Back Plan:

Sum Assured on Maturity + Vested Simple Reversionary Bonuses + Final Additional Bonus if any.

• where Sum Assured on Maturity is 40% of the Basic Sum Assured
• on Survival to the end of the policy term provided all due premiums have been paid.
• Payable in Lump Sum or as per Settlement Option exercised.

Survival Benefit under LIC New Children’s Money Back Plan:

Age 18 years: 20 % of the Sum Assured.

Age 20 years: 20% of the Sum Assured

Age 22 years: 20% of the Sum Assured

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 if any.

• Where “Sum Assured on Death” is defined as higher of Basic Sum Assured or 7 times of annualized premium.
• This death benefit shall not be less than 105% of the total premiums paid (excluding any extra premiums, any rider premiums and taxes if any)
• The Death Benefit shall be paid in a lump sum as specified above and/or in installments, as per the option exercised by the Policyholder/Life Assured

Income Tax Benefit:

under section 80C of the Income Tax Act, premiums paid under the L.I.C’s New Children Money Back Plan are eligible for a rebate up to the limit of Rs: 1,50,000/- only to the extent of 10% of Sum Assured

Under Section 10(10D) of Income Tax Act, The Survival Benefits and Maturity benefit received by the policyholder or the Death claim received by the Nominee is entirely tax-free and no TDS is deductable as per prevailing Income Tax rules.

Synopsis of Plan:

Sr. No.	Particulars	Eligibility Condition
1	Age at entry for Life assured	Minimum – 0 years last birthday Maximum – 12 years last birthday
2	Policy Term & Premium paying term	25 – Age at entry
3	Maximum Maturity Age	25 years
4	Basic Sum assured (in multiples of 10,000/-)	Minimum – 1,00,000/- Maximum – No Limit
5	Mode rebate	Yearly –  2% of tabular premium Half Yearly – 1% of tabular premium Quarterly, SSS – Nil
6	Large Sum Assured rebate (per 1000 S.A)	1,00,000 to 1,90,000 – NIL 2,00,000 to 4,90,000 – Rs: 2 %o B.S.A. 5,00,000 and above  – Rs: 3 %o B.S.A.
7	Mode of payment of premiums	Yearly Half-yearly Quarterly Monthly NACH Salary Saving Scheme
8	Grace Period	30 days for Yearly/H-Yrly/Qtrly modes 15 days for NACH/SSS modes
9	Surrender & Policy Loan	After payment of premiums of 2 full years  *conditions apply
10	Revival	Within 5 years from First Unpaid Premium & before Maturity
11	Optional Riders Available:	LIC’s Premium Waiver Benefit Rider

Date of commencement of risk:

• Applicable only if the age of Life Assured is less than 8 years
• In case the age at entry of the Life Assured is less than 8 years (last birthday), the risk under this plan will commence either one day before the completion of 2 years from the date of commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier.
• For those aged 8 years or more at  entry, risk will commence immediately from the date of issuance of policy.

Suicide Clause:-

• For more details about Suicide Clause under LIC Policy visit http://www.punitshet.com/lic-policy-suicide-clause/

Settlement Option for Maturity Benefits:

• The settlement option can be exercised for Maturity benefits under this plan. If opted, the maturity claim amount will be paid in an installment to the policy holder. To read more about Settlement Option for Maturity Benefits read: http://www.punitshet.com/lic-policy-maturity-claim-in-instalment

Option to take Death Claim Benefits in instalment:

Death Claim Benefits under this plan can be paid to the Nominee in installments provided the option has been exercised by the policyholder. To know more about How to take Death Claim in Installments read: http://www.punitshet.com/take-lic-policyholders-death-claim-amount-in-instalments

Other LIC Plans

Endowment Plans * Lic’s New Jeevan Anand * Lic’s Jeevan Labh * Lic’s New Endowment Plan * Lic’s Single Premium Endowment Plan * Lic’s New Bima Bachat * LIC’s Jeevan Lakshya * LIC’s Aadhaar Shila * LIC’s Aadhaar Stambh Whole Life Plans * LICs Jeevan Umang Money-Back Plans * LIC’s Bima Shree * LIC’s Jeevan Shiromani * LIC’s NEW MONEY BACK PLAN – 20 YEARS * LIC’s NEW MONEY BACK PLAN – 25 YEARS Children Plans * LIC’s NEW CHILDREN’S MONEY BACK PLAN * LIC’s Jeevan Tarun Pension Plans * LIC’s Jeevan Shanti

Unit Linked Insurance Plan (ULIP) * LIC’s NEW ENDOWMENT PLUS * LIC’s NIVESH PLUS * LIC’s SIIP Health Insurance Plans * LIC’s JEEVAN AROGYA * LIC’s Cancer Cover Term Assurance Plans * LIC’s TECH TERM * LIC’s Jeevan Amar Riders * LIC’s Linked Accidental Death Benefit Rider * LIC’s Accidental Death and Disability Benefit Rider * LIC’s Accident Benefit Rider * LIC’s Premium Waiver Benefit Rider * LIC’s New Critical Illness Benefit Rider * LIC’s NEW TERM ASSURANCE RIDER Micro Insurance Plans * LICs New Jeevan Mangal * LIC’s Micro Bachat Plan * LIC’s Bhagya Lakshmi