The LIC New Children Money Back Policy is one of the best children’s insurance plan covering education, wedding and multiple other needs that children need during their growth years. A traditional money back plan that secures the child’s future even if the death separates the parents. Fulfill your and your child’s dream with the LIC Children’s Money Back Plan 832.
Education is an expensive affair and the rates are continuously inflating. As per a survey Education inflation is rising @20% every year. Cost of education may touch sky. Proper planning would be able to help parents’ to achieve their loved ones education and other needs.
This child plans would be best for education and marriage planning. As Education inflation is increasing at around 20%, parents are need to plan for 150% of their goals. It is recommended to choose a experienced Insurance Advisor for all your Insurance needs.
We help you to clearly understand the LIC Children Money Back Plan 832 clearly with illustrations and guide you through while applying for it.
|Eligibility Conditions & Restrictions for Child Plan 832|
|Minimum age||0 years|
|Maximum age||12 years|
|Policy Term||25 Age at entry|
|Minimum Sum Assured||Rs. 1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment||Yearly / Half yearly / Quarterly / Monthly (Thru Bank)|
|Money back is paid||18th year of child - 20% of Sum assured
20th year of child - 20% of Sum assured
22ndyearof child - 20% of Sum assured
|Loan||Available after 3 years|
|Surrender||Available after 3 years|
|On maturity||40% of the Sum assured + Bonus|
|Premium waiver benefit||Available from age 18 years to 55 years of proposer|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount / Death claim is non-taxable u/s 10(10d)