NEW CHILDREN'S MONEY BACK PLAN

New Children's Money Back Plan (Plan No. 832)

LIC's New Children's Money Back Plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified duration. 

Features

• Children up-to the age of 12 years can be covered
• Money back is provided at the age of 18, 20 and 22 years
• Policy matures at the age of 25 years 
• Life risk cover is provided to children
• Additional Premium Waiver Benefit is available for parents/proposer between 18 to 55 years
• Loan can be taken against the policy
• Double tax benefit (u/s 80C and u/s 10D) 

Eligibility Conditions

Minimum age at entry	0 years
Maximum age at entry	12 years
Age at Maturity	25 years
Policy Term	25 – Age at entry
Minimum sum assured	Rs 1,00,000.00
Maximum sum assured	No higher limit

Double Tax Benefit

U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)

Money Back and Maturity Chart

Age	Money Back
18 years	20% of Sum Assured
20 years	20% of Sum Assured
22 years	20% of Sum Assured
25 years (Maturity)	40% of Sum Assured + Reversionary Bonus + Final Additional Bonus (if any)

Commencement of Risk

For Children less than 8 years: 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 Children aged 8 years or more: For those aged 8 years or more, risk will commence immediately.

Possible Events during policy duration

On Death before commencement of risk
If the policy holder(child) dies before the commencement of risk, all premiums paid excluding the extra premium, taxes and rider premiums will be returned.

On Death after commencement of risk
In case, the policy holder(child) dies after the commencement of risk, nominee will get following, and the policy will terminate after that.

1. Sum Assured
2. Simple Reversionary Bonus
3. Final Additional Bonus (if any)

On Survival / Maturity

The policy holder will get following survival benefits and maturity returns. 

At the Age of 18 years : 20% of Sum Assured
At the Age of 20 years : 20% of Sum Assured
At the Age of 22 years : 20% of Sum Assured
At the Age of 25 years : 40% of Sum Assured + Simple Reversionary Bonus + Final Additional Bonus (if any)

Understand New Children's Money Back Plan with an example

Mr. Daljeet aged 35 years, plans to take New Children's Money Back Plan for his daughter named Lina aged 7 years. He chooses the sum assured of Rs 5,00,000.00 (Rupees Five Lakhs only).

He is required to pay an annual premium of Rs 19,310.00 (Rupees Nineteen Thousand Three Hundred and Ten only).

Possible Events

Commencement of Risk

The risk on Lisa's life will start when she completes 8 years of age.

On Death after commencement of risk

If Lina dies after the commncement of risk, her nominee will receive the Basic Sum Assured i.e. Rs 500,000.00 (Rupees Five Lakhs) + Accrued Bonuses. After this, the policy will terminate.

On Survival till maturity

If Lina survives till the end of policy term, she will get following benefits:

1. 20% of Sum Assured (Rs 100,000/-) at age of 18
2. 20% of Sum Assured (Rs 100,000/-) at age of 20
3. 20% of Sum Assured (Rs 100,000/-) at age of 22
4. 40% of Sum Assured (Rs 200,000/-) + Accrued Bonuses