LIC Popular Plans
Children Money Back Plan 832
This is a non-linked, with-profits, regular premium payment Money back plan. It provides risk cover on the life of child during the policy term and number of survival benefits to meet the various financial needs of children.
Survival benefit :
20% of the basic sum assured on completion of ages 18 years, 20 yrs & 22 years provided the policy is in full force.
Maturity benefit :
On maturity at the age of 25 years 40% of Basic Sum assured along with Bonus and Final Additional Bonus (if any) will be paid.
Death benefit :
On death of the Life Assured before the stipulated Dat e of Maturity provided the policy is in full force, then On death of the Life Assured before the date of comme ncement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any.
|Eligibility Conditions & Restrictions for Child Plan 832|
|Minimum age||0 years|
|Maximum age||12 years|
|Policy Term||25 Age at entry|
|Minimum Sum Assured||Rs. 1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Money back is paid|| 18th year of child - 20% of Sum assured
20th year of child - 20% of Sum assured
22ndyearof child - 20% of Sum assured
|Loan||Available after 3 years|
|Surrender||Available after 3 years|
|On maturity||40% of the Sum assured + Bonus|
|Premium waiver benefit||Available from age 18 years to 55 years of proposer|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)