Child Education & Marriage Plans

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

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Before Commencement of Risk: Refund of Premiums paid Excluding Service Tax & Extra.

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After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.

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Sum Assured on Death = Higher of Basic SA or 10 times of annualized Premium.

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Death Benefit shall not be less than 105% of total premiums paid as on date of death.

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The premiums exclude taxes, extra premium and rider premiums.

Survival Benefit

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20% of Basic SA is payable on policy anniversary after completion of age 18, 20 and 22 years.

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Policy holder has option to take survival benefits at any time after it is due or along with Maturity.

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Option is to be exercised 6 months before due date. Accumulation will be at simple interest rate of 5.40%.

Maturity & Tax Benefit

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40% of Basic Sum Assured + Vested Bonus + FAB if any.

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On Basic Premiums : u/s 80Cy.

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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

Death Benefit

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Before Commencement of Risk: Refund of Premiums paid Excluding Service Tax & Extra

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After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.

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Sum Assured on Death = Higher of 125% of Basic SA or 10 times of annualized Premium

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Death Benefit shall not be less than 105% of total premiums paid as on date of death.

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The premiums exclude taxes, extra premium and rider premiums.

Maturity & Tax Benefit

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SURVIVAL AND MATURITY BENEFIT OPTIONS: To be chosen at proposal stage.

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Tax Benefits : On Basic Premiums : u/s 80C

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SB/Maturity/Death claim : u/s 10(10D)

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