Child Money Back 932 Plan – LIC Child Money Back 932 Policy Details
New children money back plan is a non-linked, with profits, regular premium payment money back policy.
Premium Payment Mode
Monthly (ECS), Quarterly, Half Yearly and Yearly
Duration / Term
Minimum Entry Age
Zero Year Last Birhtday
Maximum Entry Age
12 Years nearest Birthday
Minimum Sum Assured
Maximum Sum Assured
No Limit (Depending upon your Income)
On Risk before the date of commencement of risk
An Amount equal to the total amount of premiums paid excluding taxes, extras premium and rider premium, if any shall be payble.
On Risk after the date of commencement of risk
Risk benefit, defined as sum of sum assured on risk and vested simple revisionary bonuses and final additional bounus, if any, shall be payble. Where Sum Assured on Risk is defined as higher of 7 times of annualized premium or absolute amount assured to be paid on risk. i.e basic sum assured. This risk benefit shall not be less than 105% of the total premiums paid as on date of risk.
If Policy / Plan in Full Force
Completion Age 18 years – 20% of MSA
Completion Age 20 years – 20% of MSA
Completion Age 22 years – 20% of MSA
Completion Age 25 years – 40% of MSA + Vested Bonus + FAB
The policy can be surrendered at any time during the policy term provided premiums have been paid for Two Years.
Loan facility is available under this plan after the payment of premiums for at least 2 Full Years.
Income Tax Benefit
Premium paid under this plan is eligible for Tax rebate under section 80C.
Maturity under this plan is FREE under section 10(10D)