LIC New Children Money Back Plan Review
LIC New Children Money Back Plan is a participating non-linked Regular Premium Money Back Insurance plan. Life Insurance Corporation of India has Specially Designed this Plan to meet the Educational, Marriage and Other Needs of the Growing Children through Survival Benefits. LIC New Children’s Money Back Policy (Plan No. 832) was introduced on 04th March 2015 with a Unique Identification Number (UIN) of 512N296V01.
In addition to the risk cover on the life of the child during the policy term, it also provides Survival Benefits on Specified Durations to the Policyholder. LIC New Children Money Back Plan can be purchased by any of the parent or grandparents for a child aged 0 to 12 years.
Benefits & Key Features of LIC Children Money Back Plan
LIC Children Money Back Policy Benefits
On the death of Life Assured before the Policy Term, Policyholder will get the below benefits.
On the death of Life Assured before the date of commencement of Risk: The Total Amount of Premiums Paid excluding Taxes, Extra Premium, and Rider Premium if any shall be Payable.
On Death after Commencement of Date of Risk: The Death Benefit can be defined as the Sum of “Sum Assured on Death” and Vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. This death benefit shall not be less than 105% of the total premiums paid as on date of death.
Sum Assured on Death = 10 times of annualized premium (or) Absolute Amount assured to be paid on death i.e. Basic Sum assured.
Survival Benefit: On Surviving Life Assured will get the Survival Benefits of 20% of the Basic Sum Assured on completion of ages 18 years, 20 years, and 22 years.
Maturity Benefit: If the Lif Assured is Survived until the Stipulated Date of Maturity, 40% of the Basic Sum Assured along with the vested Simple Reversionary Bonuses and Final Additional Bonus (FAB) shall be payable as Maturity Benefit.
Participation in Profits: By taking this Policy the Policyholder will receive Share in Profits of the Corporation as Simple Reversionary Bonuses declared as per the experience of the Corporation.
Option to Defer the Survival Benefit: The policyholder will have the option to take the survival benefit at any time on or after its due date but during the currency of the policy. The Policyholder should intimate about this Six Months before the Due Date of the Survival Benefit in writing.
Key Features of LIC New Children Money Back Plan
- LIC Children Money Back Plan is a Regular Premium Money Back Insurance plan.
- It Provides Risk Cover to the Life of the Child during Policy Term.
- It also provides Survival Benefits on Specified Durations along with Risk Cover.
- The Parents or Grandparents of a Child Aged Between 0 to 12 years is applicable to take this LIC New Children Money Back Policy.
- You have the option to take the Survival Benefit at any time on or after its due date but during the currency of the policy.
- The Policyholder will get the Simple Reversionary Bonuses along with the Maturity Sum Assured at the end of the policy period.
- By Paying the Additional Premium an optional rider namely “LIC’s Premium Waiver Benefit Rider” can be taken on the life of proposer aged between ages 18 to 55 years.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly mode of premium payment.
- The Policy can be Surrendered at any time during the Policy Term after successful Payment of Premium for three full years.
- The Policyholder will get a Guaranteed Surender Value and Special Surrender Value on Surrendering the Policy.
Eligibility Criteria for New Children Money Back Policy
|Policy Term||25 years|
|Minimum/Maximum Maturity Age||25 years|
|Sum Assured (The Basic Sum Assured shall be in Multiples of Rs. 10,000/-)||
|Premium Payment Modes (ECS & SSS)||
LIC Children Money Back Policy Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the LIC Children Money Back Premium Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Sample Premium Rates:
Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured
|Age (in years)||Premium (Rs.) Rs. 1000/- Basic Sum Assured|
LIC Children Money Back Plan Riders
Life Insurance Corporation of India is offering a Special “LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01)” (Optional) under this New Children Money Back Plan (Plan No. 832). By Paying Additional Premium, Policyholder Aged Between 18 to 55 years can avail this “LIC’s Premium Waiver Benefit Rider “. People who wish to get the LIC Premium Waiver Benefit Rider should meet the below Eligibility Conditions.
- Minimum Entry Age: 18 years.
- Maximum Entry Age: 55 years.
- Premium Paying Term: Same as Basic Plan.
- Maximum Cover Ceasing Age: 70 years (nearest birthday).
LIC New Children Back Policy Rebates
LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Rate of Rebates for LIC New Children Money Back Plan is given below.
- Yearly Mode: 2% of Tabular Premium.
- Half-yearly Mode: 1% of Tabular Premium.
- Quarterly and Monthly: NIL.
High Sum Assured Rebate:
|Basic Sum Assured||Rebate (Rs.)|
|Rs. 1,00,000/- to Rs. 1,95,000/-||NIL.|
|Rs. 2,00,000/- to Rs. 4,95,000/-||2% of Basic Sum Assured.|
|Rs. 5,00,000/- and above||3% of Basic Sum Assured.|
CEIS Rebate: An Employee of the Corporation is eligible for the Rebate on the tabular Premium under Corporate Employees Insurance Scheme (CEIS). The CEIS Rebate Rates are given below.
|Policy Term||CEIS Rebate|
|13 and 14 years||5%|
|15 years & above||10%|
LIC Children Money Back Plan Buying Procedure
You can Buy the LIC New Children Money Back Plan from the Nearest LIC Branch Office or through online at the LIC’s Official Website or From the LIC Agent. The Documents required for buying LIC New Children Money Back Plan no. 832 are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
LIC Children Money Back Plan Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policy Holder within the Policy Term or if your Policy Maturity Period is completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC New Children Money Back Claim Process are
- Claim Form.
- NEFT Form.
- Proof of death.
- Medical treatment prior to death, school / college / employer’s certificate, whichever is applicable.
- Age proof.
LIC New Children Money Back Policy Details
Policy Loan: Loan facility is available under this plan after the Successful Payment of Premiums for Three Full years. The Maximum loan that can be granted as a percentage of Surrender Value will be as under
- For in force policies: upto 90%
- For paid-up policies: upto 80%
LIC New Children Money Back Plan can be revived before two years from the date of First Unpaid Premium (FUP) and before the date of maturity.
Riders: A Special ” Premium Waiver Benefit Rider” Rider is available under this Plan.
The LIC Children Money back policy can be surrendered at any time during the policy term by Successful Payment of Premiums for three full years. The Guaranteed Surrender Value and Special Surrender Value shall be Payable on Surrendering the Policy.
Guaranteed Surrender Value:
The Guaranteed Surrender Value which is the Percentage of the Total Premiums Paid excluding Total Premium Paid and Premiums for Riders, shall be payable on surrendering of the Policy.
Special Surrender Value: The Corporation will pay Special Surrender Value as applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.
Paid-up Value: If the Policy Holder has paid Premiums for at least Three Full years and any Subsequent Premiums be not paid, the Policy will be still Valid and will be treated as Paid-up Policy.
Death Paid-up Sum Assured Value
[(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death].
Maturity Paid-up Sum Assured Value
[(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity plus Total Survival Benefits payable under the policy).
More Information on LIC Children Money Back Plan
Taxes: Taxes including Service Tax and any Other Taxes on premiums including extra premiums shall be Payable by the Policyholder as per the Tax Laws and the rate of Tax shall be as applicable from time to time.
Free Look (Cooling Off) Period: If the Policy Holder is not satisfied with the Terms and Conditions of the Policy, Policyholder can return the Policy within 15 Days from the date of receipt of the Policy Bond.
Back-Dating Interest: The Policies can be Dated back within the Sam Financial year. The Rate of Back-dating Interest will be charged by the corporation from time to time of completion of policy.
Proposal Forms: Proposal Form no. 300, 340 and 360 0 issued by U & R Department will be useful for this Plan.
FAQ’s on LIC New Children Money Back Plan
1.Is Loan is Available under lic new children money back policy?
Ans. Yes, Loan is Loan Facility is available under this Plan after the Successful payment of premiums for at least three full years.
2.what will be the commission payable to intermediaries?
Commission rates (as percentage of premium net of taxes) during the policy term are as under:
Agents and Corporate Agents:
|Policy Term (years)||1st Year||2nd & 3rd Years||Subsequent Years|
|13 and 14 years||20%||7.5%||5%|
|15 years and above||25%||7.5%||5%|
3. What happens, If I Want to Surrender my LIC New Children Money Back Policy?
Ans: You can avail the Guaranteed Surrender Value & Special Surrender Value on Surrendering the LIC Children Money Back Plan at any time during the Policy Period.