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LIC New Children Money Back Plan

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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.

Benefits-

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 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 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 paid18th 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 benefitAvailable 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)