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

25 Year

Minimum Entry Age

Zero Year Last Birhtday

Maximum Entry Age

12 Years nearest Birthday

Minimum Sum Assured

100000

Maximum Sum Assured

No Limit (Depending upon your Income)

Risk

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.

Survival

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

Surrendered Value

The policy can be surrendered at any time during the policy term provided premiums have been paid for Two Years.

Loan

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)