Insurance isn’t only for adults. An insurance policy for children can be a good way to save money for their future. LIC New Children Money Back Plan 832 is a non-linked, with-profit, regular premium payment Money back plan. This plan is designed to help parents meet the expenses of a growing child. In addition, the children’s life is also insured by this policy.
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.
On the death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then On the 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.
|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)