LIC Child Money Back Plan is a money back type child plan which provides money back to the child at some important ages which helps in child education and provides final maturity amount at the child age of 25 years which helps in child marriage.
LIC Child Money Back Plan – USP’s
Let’s check some unique selling points of Child Money Back Plan
Available for child age 0 to 12 years.
Provides money back at the age of 18 years, 20 years & 22 years.
Money back helps in child higher studies.
Provides life cover to both child and parents.
Premium waiver benefit ensures safety of child future in case of any sad demise with parents.
Double tax benefits under section 80C and 10(10D).
Maturity Benefit:
- On the Life Assured surviving the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in full force.
- Maturity Benefit: On the Life assured surviving the stipulated date of maturity i.e. at the age of 25 yeras, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Death Claim Benefit:
- On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then
- on death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any.
- On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
Eligibility Criteria:
|
Minimum Age to Apply |
0 Years (Last Birthday) |
|
Maximum Age to Apply |
12 Years (Last Birthday) |
| Policy Term |
25 Age at Maturity Time |
|
Premium Paying Term |
25 – Age at Entry |
|
Premium Paying Mode |
Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
| Sum Assured |
100000 and above (in multiples of 10000) |
| Loan |
After 3 Years |
|
Surrender |
After 3 Years of premium payment |
