LIC New Children’s Money Back Plan (Plan / Table no 832) is a recently launched child plan from LIC of India. As the name suggests, this is a money back plan that means regular benefits will be provided after certain period. This is a non-linked, with profits and regular premium payment policy. And like every LIC policy, it is a savings cum protection plan.
In this page we will share every details about this new child money back plan in LIC like LIC new children money back plan features & details, LIC children money back plan premium chart, LIC children money back plan premium calculator, LIC new children’s money back plan review, LIC children’s money back plan 832 maturity benefits and many more details at one place. Let’s checkout them in detal.
LIC New Children Money back Plan Eligibility Conditions
a) Minimum Basic Sum Assured : Rs. 100,000
b) Maximum Basic Sum Assured : No Limit (The Basic Sum Assured shall be in multiples of Rs. 10,000/-)
c) Minimum Age at entry for Life Assured :  years (last birthday)
d) Maximum Age at entry for Life Assured :  years (last birthday)
e) Minimum/ Maximum Maturity Age for :  years (last birthday) Life Assured
f) Policy Term : [25 – Age at entry] years
Date of commencement of risk under the plan:
In case the age at entry of the Life Assured is less than 8 years, the risk under this plan will commence either one day before the completion of 2 years from the date commencement of policy or one day before the policy anniversary coinciding with or immediately following the completion of 8 years of age, whichever is earlier. For those aged 8 years or more, risk will commence immediately.
Date of vesting under the plan:
The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
Premium Payment option for LIC New Children Money Back Plan
There are couple of ways one can pay the premium as per the convenience like every LIC policy does. Choose from the options like yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. There will be a grace period of 30 days for delaying payment for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
LIC New Children Money Back Plan Agent Commission rates:
||2nd and 3rd year
|13 and 14 years
|15 years and Above
LIC new child money back plan (table 832) Benefits
LIC New Children’s Money Back Plan 832 is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits.
Death Benefits: If death occurs before the commencement of risk, an amount which is equivalent to the premium payments is paid. If death of the insurer happen after the commencement of risk, death benefit amount which includes ‘Sum Assured on death + Accrued Bonuses + Final Additional Bonus‘ will be paid.
Survival Benefits: As this is a money back plan, the survival benefit will not be paid as a lump-sum after the policy maturity period. One will get the policy money back amounts as per schedule selected while buying LIC’s New Children’s Money Back Plan.
- 20% of Sum Assured is paid when child completes 18 years.
- 20% of Sum Assured is paid when child completes 20 years.
- 20% of Sum Assured is paid when child completes 22 years.
- After the policy matures, maturity amount which includes 40% of sum assured + Accrued Bonuses (vested Simple Reversionary Bonuses) + Final Additional Bonus (FAB – if any) will be paid.
Maturity Benefit: On the Life assured surviving the stipulated date of maturity, 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.
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01): LIC’s Premium Waiver Benefit Rider is available as an optional rider on the life of proposer aged between ages 18 to 55 years by payment of additional premium
Lic New Children Money Back Policy plan no 832 Rebates
One will get some rebates for buying a high sum assured plan. This rule is almost applied for other LIC plans as well.
||% of Tabular Premium
||2% of tabular premium
||1% of tabular premium
|Quarterly and monthly
High Sum Assured Rebate:
|Basic Sum Assured
|1,00,000 to 1,90,000
|2,00,000 to 4,90,000
||2 per thousand Basic Sum Assured
|5,00,000 and above
||3 per thousand Basic Sum Assure
Surrender Value of LIC of india children’s money back plan: One can surrender this plan at any time during the policy after complete payment of 3 years premium. There is a concept of Guaranteed Surrender Value, which is a percentage of total premiums paid (net of taxes) excluding any extra premiums and premium for rider. One can also get Special Surrender Value, which is applicable on the date of surrender provided the same is higher than Guaranteed Surrender Value.
Revivals of LIC New Children Money Back policy
A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity.
Loan facility for LIC New Children Money Back policy:
Loan facility is available for this policy as per the terms mentioned in the policy document.
LIC New Children’s Money Back policy Premium calculator
You can calculate the premium and maturity amount by using LIC new children’s money back plan premium/ maturity calculator. Just visit the LIC of India official website and check out the premium calculator for this plan. You need to choose the sum assured value which will be helpful for various stages of your kids future and accordingly pay the premium for that.
Hope you will find this LIC child money back plan 832 review helpful. For more details you can check out LIC New Children’s Money Back policy official page.