LIC New Children Money Back Plan 832

          LIC New Children’s Money Back Plan is a regular premium payment money back plan. The LIC New Children Money Back Plan is a Non- Linked Plan specially designed to meet the financial needs of children. The Plan was introduced by Life Insurance Corporation on 04th March 2015 with UID 512N296V01. During the Policy Term, the child is provided with risk cover on their life.

          This is a non-linked plan which is designed to fulfill the educational and marriage needs of growing children through Benefits of Survival. It can be taken by the parent or grandparent of any child up to 12 years. If the policy-holder dies before Maturity of policy or before commencement of risk, then the premiums will be returned excluding taxes and extra, rider premium. If the policy holder dies after the date of commencement of risk, the Death Benefit is payable, which is the Sum Assured (greater than 10 times of annualized premium or Basic Sum Assured). The Death benefit will not be less than 105% of total premiums paid till death, excluding taxes, extra and rider premium. If the policy holder survives till the age of 18, 20 and 22 years, 20% of the Basic Sum Assured will be paid on each of the mentioned years. If the policy holder survives till Maturity of policy, then he/she is entitled to receive Sum Assured on Maturity which is 40% of Basic Sum Assured, in addition to Reversionary and Final Additional Bonuses.The age of policy holder must be between 0-12 years and the age of Maturity is 25 years. The term of Policy would be (25- Age at entry) years. The minimum basic Sum Assured is 1, 00,000 Rupees and there is no maximum limit.

          The optional benefits provided are the Option to defer the Survival Benefits and the LIC Premium Waiver Benefit Rider. According to this the policy holder will have the option to claim the Survival Benefit on or after the due date. If this option is availed, the Corporation will be paying increased survival benefit which is equal to Survival Benefits % * Sum Assured * (Factor applicable to Survival Benefit (s)), provided written intimation by policy holder before 6 months of due date. The LIC Premium Waiver Benefit Rider is available to the proposer (between 18-55 years) with additional premium payment. If the proposer dies, the premiums after death under the basic policy will be waived off. However this does not apply to suicide of the proposer in sane or insane conditions within 12 months of issue of first Premium receipt or within 12 months of policy revival, and the cost of medical and special reports are not covered by the Corporation.

Features

• The Plan provides the financial needs of the children with risk cover of the child.
• The Life Assured can avail the Premium Benefit Rider option on payment of additional premium.
• The Policyholder will receive the 20% of Sum Assured as Survival Benefit at 18,20 and 22 years of age.
• On Maturity, 40% of Sum Assured along with reversionary bonus and Additional Bonus is provided to the Proposer.
• The Policyholder can take the Survival Benefit at any time after the due date but during the policy term.
• Loan Facility: The Life Assured can avail the Loan Facility as a % of Surrender Value.

Eligibility Conditions 

Minimum Entry Age	0 years.
Maximum Entry Age	12 years (last birthday).
Minimum Proposer’s Age	18 years.
Maximum Proposer’s Age	55 years.
Minimum Sum Assured	Rs 1,00,000/-.
Maximum Sum Assured	No Limit.
Policy Term	25 – (Age at Entry)
Maturity Age	25 – (Age of Entry of Child in years).
Premium Payment Mode	Monthly (ECS & SSS), Quarterly, Half Yearly, Yearly

Benefits

Death Benefit: There are two types of Risk Coverage for this LIC New Children’s Money Back Plan. They are.

• Death before the Date of Commencement of Risk: The amount equal to the total amount of premiums paid excluding extra premium, taxes, and rider premium is payable.
• Death After the Commencement of Risk: The Risk cover is available after completing the 8 years of Life Assured age or 2 years from the date of commencement of policy.
• For Accidental Death or Natural Death: Sum Assured + Bonus + Final Additional Bonus.

Maturity Benefit: If the Policyholder survives until the end of Maturity Age, Maturity Benefit is provided. The amount of Maturity is equal to 40% of Sum Assured + vested Simple Reversionary Bonus + Final Additional Bonus.

Survival Benefit: On Survival of the Life Assured at 18, 20 and 22 years of age, the Survival Benefit is provided immediately on completion of the following ages. The Survival Benefits are provided as follows.

• 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.

Riders

          The Policyholder can avail the Premium Waiver Benefit Rider on payment of additional premium along with the basic plan. The Rider can opt at the initial stage or at the policy term for a minimum base plan of 5 years. The Rider benefit can be availed at the time of death, accident or disability in which all the future premiums are waived off.

Eligibility Conditions 

Minimum Entry Age	18 years (completed).
Maximum Entry Age	55 years (nearest birthday).
Premium Payment Term	Same as the basic plan.
Cover Ceasing Age	70 years (nearest birthday).
Premium Payment Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS or SSS).

Option to defer the Survival Benefit

          The Policyholder can choose the option to take the Survival Benefit at any time on or after the due date but during the Policy term. In the case of postponement of the due survival benefit by the Life Assured, the LIC will pay the increased Survival Benefit as follows.

Survival Benefits % x Sum Assured x Factor applicable to Survival Benefit (s).

Additional Information 

Paid Up Value: The Sum Assured on Death underpaid up policy shall be reduced to such a sum called

For Death Paid-up Sum Assured= [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death].

The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called

Maturity Paid-up Sum Assured= [(Number of premiums paid/Total Number of premiums payable) x (Sum Assured on Maturity+Total Survival Benefits payable under the policy)].

Grace Period: The Life Assured is provided with a Grace Period of 30 days for payment of a due premium amount for Yearly, Half Yearly and Quarterly, 15 days for monthly payments.

Loan Facility: The Loan that can be granted as a percentage of Surrender Value.

• Upto 90% – for inforce policies.
• Upto 80% – for paid up policies.

Surrender Value: The Policyholder can surrender the policy at any time during the policy term, after completion of the payment of premium for 3 years. There are two Surrender Values. They are.

• Guaranteed Surrender Value = % of total premiums paid (net of taxes) – any extra premiums and premium for the rider.
• Special Surrender Value = The discounted value of the sum of Maturity Paid-up Sum Assured and vested Simple Reversionary Bonuses.

Assignments/Nominations: The Policy can be assigned to the Nominee as per the Insurance Act.

Free Look Period: If the Life Assured is not satisfied with the terms and conditions of the policy, the LIC Children Money Back Plan can be returned within 15 days from the date of receipt of the policy.

Taxes: Taxes including Service Tax is applicable which varies from time to time.

Suicide Clause: If the Policyholder commits suicide within the 12 months from the date of commencement of Risk, 80% of Premium is paid excluding taxes.

Claim Process

          The Claimant should submit the following documents while lodging the claim in case of death of the Life Assured. 

• NEFT form.
• Discharge form.
• Original Policy Bond.
• Medical Reports.
• Cancel check or Bank Passbook xerox.
• Death Certificate.
• Discharge Form.
• Proof of Title.
• Proof of Age.

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