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LIC New Children Money Back Plan

LIC Children Money Back Plan designed for the future of the child

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.

Eligibility Conditions for LIC Child Money Back Plan 832

  • Participating money back plan that offers bonus
  • Minimum Entry Age: 0 years
  • Maximum Entry Age: 12 years
  • Age at Maturity: 25 years
  • Minimum Premium Amount: 24,000
  • Minimum Sum Assured: 100,000

Benefits of LIC’s Children’s Money Back Policy 832

  • The plan matures when the child attains 25 years. Maturity benefits equals to the sum assured and the bonuses accumulated
  • Survival benefits are amazingly beneficial, 20% of the basic sum assured when certain milestones of the insured child are achieved specifically at the 18th, 20th and 22nd years. The survival benefits can also be deferred in LIC Child’s Money Back Plan 832 to be availed anytime after the due date but during the policy.
  • In the unexpected and unfortunate event of death of the insured life, the sum assured and accrued bonuses are paid after the commencement of risk cover, while the premiums submitted are returned before the risk commencement The death benefit under LIC Child Money Plan 832 should not be less than 105% of the total premiums paid till the date of death.
  • A minimum of three years premium needs to be paid to avail the assured surrender value of the LIC Child Plan 832.
  • LIC Child Money Back Plan 832 offers good rebates on high premium and sum assured amounts.
  • Premium Waiver Rider Benefit is available in case of the unfortunate death of the payer or proposer.
  • LIC children’s money back policy 832 offers income tax benefit under Section 80C and Section 10(10D).

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 age0 years
Maximum age12 years
Policy Term25 Age at entry
Minimum Sum AssuredRs. 1,00,000
Maximum Sum AssuredNo limit
Premium paymentYearly / Half yearly / Quarterly / Monthly (Thru Bank)
Money back is paid18th year of child - 20% of Sum assured
20th year of child - 20% of Sum assured
22ndyearof child - 20% of Sum assured
LoanAvailable after 3 years
SurrenderAvailable after 3 years
On maturity40% of the Sum assured + Bonus
Premium waiver benefitAvailable 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)

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