LIC New Children Money Back Policy

LIC New Children Money Back Policy (Table 832) It’s quite different from an endowment policy, under this policy life insurance covers the life of your child, and Money Back (Survival Benefits) in the years of 18th, 20th, 22nd, Finally 25th year Maturity with Lump Sum (Sum Assured + Bonus + final addition bonus if any are paid), also if wants liquidity have an option to go for loan facility against policy, premium weaver benefit if parent demise LIC India auto pay rest of the years (its optional to add). Before buy the policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, life insurance coverage, maturity Benefits, premium calculator, maturity calculator, premium chart, return calculator, tax Benefits under Section 80(C) and Section 10 (D). Generally New Money Back LIC Policies are inbuilt Accidental Death and Disability Benefit Rider. PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India.

LIC New Children Money Back Plan Policies are the best tool to achieve Long-Term Financial Goals & for Children’s (girl or boy baby), child future Higher Education, Carrier, future Marriage.

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LIC New Children Money Back Plan (Table 832)

Policy Main Specification

  • Age at Entry (Last Birthday): 0 Year
  • Maximum Age at Entry (Last Birthday): 12 Years
  • Maximum Maturity Age (Last Birthday) : 25 Years
  • Policy Term (PT): 25 years (Ex: If age is “0” to pay for 25 years, if age is 5 years to pay for 20 years (25-5=20) that means maximum maturity is 25 age of child )
  • Premium Paying Term (PPT): 25 years (minus) Child Age
  • Minimum Sum Assured: 1,00,000
  • Maximum Sum Assured: No bound (based on income Limit)
  • Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Key Features of LIC New Money Back Policy 20 Years

  • LIC Child Money Back Policy its like an Traditional Endowment Insurance Plan with Money Back
  • LIC Child Policy is introduced to achieve the Fundamental needs like Educational, Business, Marriage etc..,
  • Policy Survival Benefits will start from the age of 18th (20% of Basic SA), 20th(20% of Basic SA), 22nd(20% of Basic SA), Finally 25th year (40% of Basic SA) + Vested of Simple Reversionary Bonus and Final Additional Bonus, also if any will be paid.

Benefits of LIC New Children’s Money Back Policy

  • Bonus: Policy holder can be eligible for LIC declared bonus and also Final Additional Bonus.
  • Death Benefit: In this policy Optional Waiver of Premium benefit raider can be added, If anyting happens to parent (proposer) the child no need to pay anymore premium in further. 
    1. Death of policy holder (life assured person) before date of commencement any risk, whole premiums are paid that will return to nominee.
    2. Death of policy holder (life assured person) after the date of commencement any risk, Basic Sum Assured, Vested Bonuses and Final Additional Bonuses, also if any, is payable this allows subject of minimum 105% of all premiums paid till date of death.
    3. Higher basic Sum Assured either 10 times of the annual premium which is higher will be paid.
  • Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
  • Loan : Three full policy year premiums has to paid to eligible for the Loan
  • Mode and High S.A. Rebates:
  • Mode Rebate:
    1. Yearly mode – 2% of Tabular Premium
    2. Half-yearly mode – 1% of Tabular premium
    3. Quarterly & Monthly mode – NIL
    4. High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
  • Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D)

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

Age/Term Premium (Rs.)
0 44.15
5 57.00
10 80.60
12 93.90

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.LIC New Money Back Policy 20 Years Details and KYC

Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required: Proposal Form 300/340/360 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy


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