LIC’s NEW CHILDREN MONEY BACK PLAN
Children are the future of our world, and as parents, we must strive to provide sufficient platforms for our children to excel in life. The New Children’s Money Back Plan from LIC is a unique plan designed to cater to multiple needs of growing children, including their education, wedding, etc. This participating, non-linked money back plan offers survival benefits in addition to the risk cover for children.
Features & Conditions:
Minimum/Maximum age at entry: 0-12 years
Age at maturity: 25 years
Policy term: 25 – Age at Entry Premium
Paying term: 25 – Age at Entry
Minimum S.A. : 1,00,000/- & in multiples of 10,000 thereafter.
Maximum S.A.: No limit
Death Benefit
Before Commencement of Risk: Refund of Premiums paid Excluding Service Tax & Extra.
After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.
Sum Assured on Death = Higher of Basic SA or 10 times of annualized Premium.
Death Benefit shall not be less than 105% of total premiums paid as on date of death.
The premiums exclude taxes, extra premium and rider premiums.
Survival Benefit
20% of Basic SA is payable on policy anniversary after completion of age 18, 20 and 22 years.
Policy holder has option to take survival benefits at any time after it is due or along with Maturity.
Option is to be exercised 6 months before due date. Accumulation will be at simple interest rate of 5.40%.
Maturity & Tax Benefit
40% of Basic Sum Assured + Vested Bonus + FAB if any.
On Basic Premiums : u/s 80Cy.
SB/Maturity/Death claim : u/s 10(10D)
LIC’s NEW Jeevan Tarun Plan
LIC’s Jeevan Tarun helps you secure your kid’s future with a limited pay option. It is an ideal investment plan for securing your child’s future against the hardships of life. This plan offers several options for money back and maturity benefits. Be it education, marriage or for any other purpose, LIC’s Jeevan Tarun ensures that your next generation doesn’t have to face any financial problems. The policy offers extensive risk coverage, with a partial-pay option, in which the premium payment term range is shorter than the policy’s maturity term.
Features & Conditions:
Minimum/Maximum age at entry: 90 days to 12 years
Age at maturity: 25 years
Policy term: 25 – Age at Entry Premium
Paying term: 20 – Age at Entry
Minimum S.A. : 75,000/- & in multiples of 5,000 up to 1,00,000 thereafter in multiples of 10,000.
Maximum S.A: No limit