LIC New Children’s Money Back Plan

LIC New Children’s Money Back Plan

LIC New Children’s money back plan no. 832 is proposed by the LIC of India to secure the future of the child. Even the parents are not there, it provides benefits at the various stages of the life of a child also provides life protection of the child in the form of insurance coverage. It is a non-linked participating money back plan, It provides survival benefits to the child at the age of 18 years 20 years, and 22 years. One can buy this policy for the future of his child, such as his higher study, marriage, etc

Features of LIC new children’s money back plan

  • It is a non linked endowment plan that means it is protected from the ups and downs of the market
  • It is a participating endowment plan that means it provides benefit as per the experience of the corporation
  • This plan can be taken for any child between the age 0 to 12 years by parents or grandparents
  • This is a limited premium paying endowment plan that means the policyholder should not have to pay the premium each year of the policy term.
  • It provides various benefits such as survival benefit, maturity benefit, and death benefit including this there are also some additional benefits.

Benefits provided under LIC new children’s money back plan

Survival benefit

The corporation provides survival benefits to the child when he attends the age of 18 years 20 years and 22 years. 20% of the sum assured is given on each occasion.

Maturity benefit

In case of the maturity of the plan, the 40% of the basic sum assured plus a simple reversionary bonus plus a final additional bonus if any is payable to the child.

Death benefit

If the life assured meet to death before the commencement of the risk. The premium is paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policyholder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax-free as per section 80 C and the claim which is received by the Corporation is also tax-free under section 10D of the Income Tax Act.

Eligibility criteria detail of  LIC new children money back plan

  • The minimum date for the entry of this plan is zero years and the maximum age for the entry of this plan is 12 years.
  • The maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 years less than the policy term. Such as, if the policyholder takes a policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half-yearly, quarterly, or monthly
  • The minimum sum that can be assured 1 lakh and there is no maximum limit for the upper level of the sum assured.

Documents required for LIC new children’s money back plan

  1. Fully filled application form with photographs
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history
  6. Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after receiving the policy document.

Discounts

There is a discount allotted on the half-yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

New Children’s Money Back Plan Ready Reckoner Premium and Maturity Details

Loan.

The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of three years of policy paying term. As per the terms and conditions of the corporation.

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun (Table No: 834) is a non-linked and participating endowment plan that provides insurance coverage to the children. It not only provides insurance coverage but also takes care of the basic needs at a certain age of the child. Such as, for education, for marriage, for higher education, etc. For meeting these needs, it provides survival benefits at a certain age there are four options to choose survival benefits by which the policyholder can take the benefit of insurance.

Features of LIC Jeevan Tarun

  1. It is a participating endowment plan and non-linked with market ups and downs.
  2. It is a limited premium paying plan that means the premium paying term is not equal to the policy term.
  3. This plan can be taken for the child with a minimum age of 90 days and the maximum is 12 years.
  4. It provides various benefits like survival benefits, maturity benefits, and death benefits as well as loyalty benefits to the policyholder.
  5. There are four options available for the survival benefit that can be chosen by the policyholder

Benefits provided under LIC Jeevan Tarun

Survival benefit
There are four options for the survival benefit according to which the maturity benefit is also decided

Option number 1
If no survival benefit is taken then the hundred percent of the sum assured will be given as the maturity benefit

Option number 2
5% of the sum assured will give him for 5 years and 75% of the sum assured will be given at the time of maturity.

Option number 3
10% of the sum assured will be given every year for 5 years and 50% of the sum assured will be given as maturity.

Option number 4
15% of the sum assured will be given for 5 years and 25% of the sum assured will be given at the time of maturity.

Here is the table for easy understanding.

OptionSurvival BenefitMaturity Benefit
Option 1No survival benefit100% of Sum Assured
Option 25% of Sum Assured every year for 5 years75% of Sum Assured
Option 310% of Sum Assured every year for 5 years50% of Sum Assured
Option 415% of Sum Assured every year for 5 years 25% of Sum Assured

Maturity benefits

Maturity benefits are provided as per the option taken for survival benefit that is discussed above

Death benefit

If the life assured meet to death before the commencement of the risk. The premium is paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policyholder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax-free as per section 80 C and the claim which is received by the Corporation is also tax-free under section 10D of the Income Tax Act.

Eligibility criteria detail of  LIC Jeevan Tarun

  • The minimum date for the entry of this plan is 90 days and the maximum age for the entry of this plan is 12 years.
  • The maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 years less than the policy term. Such as, if the policyholder takes a policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half-yearly, quarterly, or monthly
  • The minimum sum that can be assured 75,000/- and there is no maximum limit for the upper level of the sum assured.

Documents required for LIC Jeevan Tarun

  • Fully filled application form with photographs
  • Age proof of policy buyer. (Child)
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can be return after receiving the policy document.

Discounts

There is a discount allotted on the half-yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Loan.

The policyholder can take a loan up to the premium amount if the policy attains a surrender value after the completion of certain years of policy paying term. As per the terms and conditions of the corporation.

Premium Ready Reckoner Jeevan_Tarun_Premium_Chart_:

LIC Jeevan Ankur

LIC Jeevan Ankur

LIC Jeevan Ankur (Plan no.807) is the latest insurance plan for the children. LIC Jeevan Ankur gives multiple financial assistance to your child when he/she needs in growing up years. In this plan, the parent is the Life Assured and the child is the Beneficiary.

LIC Jeevan Ankur Features:

  • Jeevan Ankur is the must plan for all parents.
  • The option of single premium/Regular premium
  • The parent is the Life Assured, the child is the Beneficiary.
  • Death Benefit= Sum Assured + Income Benefit + Maturity Benefit*
  • Maturity Benefit= Sum Assured + Loyalty addition, if any.
  • Plan available for parents of a newborn child also
  • 3 Riders to customize Jeevan Ankur policy
  1. Accident Benefit Rider
  2. Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
  3. Conventional with-profits plan.

Death Benefits:

Immediate payment of an amount equal to the Basic Sum Assured plus income benefit plus maturity benefit*

* On the death of the Life Assured, Basic Sum Assured shall be payable immediately followed by Income Benefit, in addition to this all Maturity Benefits will be payable on the scheduled date of Maturity.

Income Benefit:
Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of the policy term to the nominee child.

Another lump sum equal to Basic Sum Assured with Loyalty Addition, on the maturity date.

Eligibility conditions for Jeevan Ankur:

ParticularMinimumMaximum
Entry Age Life Assured (Parent)18 Years50 Years
Entry Age for child0 Year17 Years
Policy Term18 minus age of the child, or 8 years min.25 minus age of child.
Sum AssuredRs.100000/-No Limit

Premium modes:

Single-Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)

Eligibility conditions – Accident Benefit Rider

Critical Illness Rider

Jeevan Chhaya

Jeevan Chhaya

LIC Jeevan Chhaya (Table No.103)  is the perfect policy for someone planning for children’s higher education or marriage. Sum assured amount will be paid in installments in the last four years of the policy term. Bachelors can also apply for the Jeevan Chhaya policy.

Jeevan Chhaya Features:

  • Premium Waiver Benefit
  • You will have to pay the premium for the fixed term of the policy.
  • Double accident benefit
  • Tax Benefits
  • With Profit policy
  • Policy loan and housing loan available
  • If the policyholder is surviving, 25% of the Sum Assured will be given every year during the last 4 years of the policy term.

Maturity Benefits:

  • 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder if he is surviving.
  • Policy loans and Housing loans can be taken during the premium paying term.

Death Benefits:

If the policyholder expires during the term of the policy, the nominee will receive the sum assured immediately and future premiums will be waived off (No need to pay future premiums). Additionally, 25% of the sum assured will be paid every year during the last 4 years of the policy term. Also, in the final policy year, the nominee will receive the bonus from LIC.

Jeevan Chhaya Conditions and restrictions :

  • Min. age at entry: 18 years.
  • Max. age at entry: 47 years.
  • Min. S.A.: Rs. 50,000.
  • Max. SA.: Any amount.
  • SA in multiples: Rs. 5,000
  • Max. Maturity age: 65 years.
  • Modes Allowed: ALL
  • Accident benefit per 1000 SA: Re. 1 extra.
  • Min Term: 18 years.
  • Max Term: 25 years.
  • Policy Loan available @ 9%: Yes.
  • Revival: Yes.
  • Surrender of Policy: Yes.
  • Housing Loan: Yes.
  • Assignment: Yes.
  • Survival Benefits: Yes.

Restrictions: This policy is not allowed to

  • When occupational extra is chargeable
  • Pregnant ladies

Example:
Let’s assume Mr. Rahul takes Jeevan Chhaya Policy for 20 years term for Rs. 1 lakh sum assured with double accident benefits. He appoints his wife Mrs. Radha as an appointee and nominates his daughter Neha aged 4 years.

After few years, Mr. Rahul expires in an accident. Rahul’s wife Mrs.Radha receives 2 times the sum assured Rs. 2 lakhs as a death claim on behalf of her daughter. At the end of 17 years from the commencements of policy, Rahul’s daughter Neha receives 25% of S.A. Rs 25,000 every year during the last 4 years of the policy term. Neha gets Rs.25,000+ LIC Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of the 20th year.


Update: LIC Jeevan Chhaya Plan No.103 Has Been Discontinued.


LIC Jeevan Kishore

LIC Jeevan Kishore

Jeevan Kishore Plan No.102 is an Endowment Assurance plan specially designed for children below 12 years of age. The policy can be purchased by any of the parents/grandparents. Rare is a person who does not love children – sweet, cute, innocent, spreading joy and happiness around. If they are one’s own offspring, the affection is still deeper. The sense of satisfaction one derives in seeing dear ones happy cannot be measured. And our aim should be to keep them secure and happy forever. You will certainly like to give your children a start in life, a gift, a firm financial commitment, for their secure future. Jeevan Kishore (Plan no.102) is a Plan that all parents should gift to their children.

Jeevan Kishore Features:

  • On maturity, an amount equal to SA plus bonuses is given back.
  • On an unfortunate death during the deferment period, the only refund of premiums paid to date is given.
    After the deferment period, an amount equal to SA plus the vested bonuses is given back.
  • The risk starts on completion of 7 years or 2 years from the date of commencement of the policy, whichever is later, which is called the “Deferment Period”
  • Premium Waiver benefit available on the death of the proposer on payment of extra premium.
  • Backdating of policy is allowed.
  • The policy can be surrendered for its paid-up value after a period of 3 years.
  • Standard age proof required
  • All modes of premium payment is allowed.
  • The tax benefit is available on this policy. Parents can claim the tax benefit.
  • A medical examination is not necessary till the child’s age of 10 years.
  • Commencement of risk cover:
    The policy risk cover starts either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of the child, whichever is later.
  • Premiums:
    Premiums can be paid yearly, half-yearly, quarterly, or monthly throughout the term of the policy or till the earlier death of a child. A single premium option is also available under Jeevan Kishore.
  • Death Benefit:
    The Sum Assured along with vested bonuses, if any, is payable in a lump sum upon the death of the life assured after the commencement of the risk cover. If death occurs before the commencement of the risk, the premiums paid excluding the premiums for the Premium Waiver Benefit, if any, will be refunded to you.
  • Maturity Benefit:
    Sum assured along with all bonuses declared during the policy term is payable in a lump sum on survival to the end of the policy term.
  • Premium Waiver Benefit:
    This is an optional benefit that can be added to this plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value, if the policy is surrendered before the date of commencement of risk is 90 % of premiums paid excluding premium for the first year. If a policy is surrendered after the date of commencement of risk, the guaranteed surrender value is 30 % of premiums paid after the commencement of risk together with 90 % of premiums paid before the commencement of risk. Premiums for the first year and the premiums for Premium Waiver Benefit, if any, will be excluded.

Eligibility and Restrictions for LIC Jeevan Kishore plan:

  • Minimum Term: 15 years
  • Maximum Term: 35 years
  • Minimum Sum Assured: Rs.50,000
  • Maximum Sum Assured: 15 lakh
  • Minimum maturity age: 20 years
  • Maximum maturity age: 45 years

Update: Jeevan Kishore Plan No.102 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

LIC Child Future Plan

LIC Child Future Plan

LIC Child CAREER Plan Table 184 & Child Future Plan Table 185

When it comes to your child’s career and future, you don’t want to take risks. Every parent wants to give their child the finest education and future. If you want to secure your child’s future then this is the best LIC plan for your child. LIC has two best Children’s Plans – LIC Child’s Career Plan and Child Future Plan. Both child plans are available for the age group of 0 to 12 years.

Features:
The unique features of the twin plans are the commencement of risk from the age of 5 years of the child subject to deferment period of 2 years, auto risk cover in case of non-payment of premiums for 2 years, and free risk cover equal to the sum assured during the extended term of 7 years from the date of maturity.

Premium Waiver Benefit (PWB)
Premium Waiver Benefit rider, can be availed of which waives the payment of future premiums falling due in the event of unfortunate death of the proposer during premium paying term. Premium Waiver Benefit is also available during 2 years’ auto cover period.

Premium:
You can pay the premium monthly, half-yearly, or yearly.

Tax Benefit:
The tax benefit is available under section 80C of the Income Tax Act within the overall limit of Rs 1,00,000 per annum along with other investments allowed under the same section.

Child’s Future Plan
Under Child Future Plan (Table 185) first, money-back installment amounts to 25% of sum assured followed by 4 annual installments @ 10% of sum assured and 50% of sum assured + vested bonus, and terminal bonus if any is payable on maturity. Thus total returns being 115% of the sum assured + vested bonus & terminal bonus if any.

115% Survival benefit:

  • 5 yrs before the expiry date of policy term: 25% of the SA
  • 4 yrs before the expiry date of policy term: 10% of the SA
  • 3 yrs before the expiry date of policy term: 10% of the SA
  • 2 yrs before the expiry date of policy term: 10% of the SA
  • 1 yrs before the expiry date of policy term: 10% of the SA

on the expiry date of policy term:

  • 50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.

Eligibility condition for LIC Child future plan:

  • Min. age at entry:  0 year (lbd)
  • Max. age at entry:  12 years (lbd)
  • Min. S.A.: Rs. 1 lakh.
  • Max. SA.: Rs 1 crore.
  • SA in multiples: Rs. 5,000
  • Min. Maturity age: 23 years.
  • Max. Maturity age: 27 years.
  • Modes Allowed: Yly/Hly/Qly/SSS
  • Policy term: 11 to 27 years
  • Max. Age end of PPT: 70 years (nbd).
  • Premium paying Term: 6 years OR Term minus 5 years.
  • PWB Prop. Age Min: 18 years completed.
  • PWB Prop. Age Max: 55 years (nbd).

FAQ:

Who can take this policy?
Ideally, the child’s father can take this policy. Mother can also proper if she has her own income. A grandparent can also propose if the child’s parent agrees. A legal guardian can propose if both parents are not alive.

When the risk cover will start for my child?
If your child is 12 years old, the risk cover will commence immediately.

If the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following the 12th birthday of the LA.

If the age at entry is less than or equal to 10 years, the risk will commence either after 2 years from the DOC or from the policy anniversary coinciding with or immediately following completion of 5 years age of LA, whichever is later.


Update: Child Future Plan Table 185 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.