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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 age0 years
Maximum age12 years
Policy Term25 Age at entry
Minimum Sum AssuredRs. 1,00,000
Maximum Sum AssuredNo limit
Premium paymentYearly / 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
LoanAvailable after 3 years
SurrenderAvailable after 3 years
On maturity40% 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)