LIC New Children’s Money Back Plan 932
LIC of India new plan launched on 1st. February 2020 which name is LIC New Children’s Money Back Plan 932 (Table no 932) is a traditional plan. LIC New Children’s Money Back Plan 932 is a regular premium payment money back policy. LIC ‘New Children Money Back policy 932′ is specially designed for various financial needs of children through money back at age 18, 20, and 22 of child. You can buy now online LIC new children money back plan 932 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.
Description
LIC of India new plan launched on 1st. February 2020 which name is LIC New Children’s Money Back Plan 932 (Table no 932) is a traditional plan. LIC New Children’s Money Back Plan 932 is a regular premium payment money back policy. LIC ‘New Children Money Back policy 932′ is specially designed for various financial needs of children through money back at age 18, 20, and 22 of child.
LIC Children Money Back Policy 932 provides risk cover on the life of child during the policy term and provides number of survival benefits on surviving to the end of the specified duration.
Please Note: You can buy now online LIC new children money back plan 932 through credit card/debit card, net banking, upi and wallets on our LIC's New Business Platform.
LIC New Children’s Money Back Plan 932 - Key Features
- A plan to fulfill requirement child Higher education and Marriage
- Get a Money Back from 18, 20, 22 and 25 age of child
- Premium waiver rider available in this policy for child safety
- Paid premiums are exempted from income tax under sec 80C
- Maturity amount is tax free under 10(10D)
Eligibility/Parameters of LIC New Children’s Money Back Plan 932
| Age of Entry | 0 days to 12 years |
|---|---|
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly (ECS Only) |
| Policy Term | 25 - Age at Entry |
| Premium Paying Term | 25 - Age at Entry |
| Sum Assured | 1,00,000 and above (in multiples of 10000) |
Read This - LIC Jeevan Tarun Plan 934 > Best for Child Education Plan
Benefits
Death Benefit
| Death before commencement of Risk. | Death Benefit |
|---|---|
| If the policy holder expire before the date of commencement of Risk. | An amount equal to the total amount of premium paid – (Taxes+Extra premium+Rider premium) shall be payable |
| If the policy holder expire After the date of commencement of Risk. | Basic Sum Assured + Vested Reversionary Bonus + FAB if any.
This death benefit shall not be less than 105% of the total premiums paid as on date of death. |
Maturity Benefit
Sum Assured on Maturity: 40% of the Basic Sum Assured + vested Simple Reversionary Bonuses and FAB (If any), shall be payable.
Survival Benefit
After Completion of Age:
At 18 Years = 20% of Sum Assured.
At 20 Years = 20% of Sum Assured.
At 22 Years = 20% of Sum Assured.
At 25 Years = 40% of Sum Assured + Bonus+ Final Additional Bonus.
Read this : LIC's Best Lifetime Money Back plan
Date of commencement of risk under the plan:
In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.
Date of vesting under the plan:
The policy shall automatically vest in the Life Assured completion of 18 years of age.
LIC New Children’s Money Back Plan 932 Rebates
There are two types of Rebates available for this policy
Mode Rebate:
| Premium Mode | % on Tabular Premium |
|---|---|
| Yearly Mode | 2% of tabular premium. |
| Half Yearly Mode | 1% of Tabular premium. |
| Quarterly | NIL |
| Monthly | NIL |
High Sum Assured Rebate:
| Basic Sum Assured Rebate | Rebate(Rs) |
|---|---|
| 1,00,000 to 1,90,000 | NIL |
| 2,00,000 to 4,90,000 | 2 Per thousand Basic sum Assured. |
| 5,00,000 and above | 3 Per thousand Basic sum Assured |
Read This - LIC new Jeevan Anand plan 915 lifetime plan
Example for LIC New Children’s Money Back Plan 932
An example of Shyam whose child is 1 year old is purchasing this Plan with following details.
| Father Age (Proposer) | 30 Years |
|---|---|
| Child Age | 1 Years |
| Sum Assured | Rs. 5,00,000 |
| Policy Term | 24 (25-1) Years |
| Premium | Rs. 45,598 1st Year Rs. 44,616 2nd Year onward |
| Premium Paying Term | 24 (25-1) Years |
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CALCULATION DETAILS |
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Sum Assured: 1000000 |
Age: 1 year |
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Policy Term: 24 |
Premium Waiver Rider: Yes |
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Premium Details |
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| *Premium specified at the time of purchase remains same for entire policy term. However, Goods and Services Tax (GST) rate is subject to change as per government. At present, GST rates for first policy and from second policy year till completion of premium paying term are 4.5 % and 2.25% respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MATURITY DETAILS |
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Money Back and Maturity Details |
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| This policy provides three Money Backs equals to 20% of Basic Sum Assured when child policyholder attains 18, 20 and 22 years of age and 40% of Basic Sum Assured (BSA) + Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB) when policyholder attains 25 years age. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus during policy term + Final Additional Bonus (if any) (FAB). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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YEAR-WISE POLICY DETAILS |
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Death Benefit: In case of death of the policyholder during policy term, nominee of the policy holder gets Basic Sum Assured + Accrued Bonus + FAB as death claim (Risk Cover), the same is illustrated in the following table. This rider can be opted for, if the guardian is 18-55 years of age and guardian’s age + policy term must not exceed 70 years. |
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Read this - LIC Single Premium Endowment 917
LIC Policy 932 - Additional Information
Risk Coverage: Till end of Term of the Policy.
Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or 8 years old which is earlier.
Locking period : LIC New Children Money Back policy 932 provides free locking period of 2 years.
Loan Facility: Loan after 3 years
Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.
Riders available: PWB rider is available
Proposal Forms: Proposal Form no. 300 and 360 will be used under this plan.
Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.
Backdating interest: The policies can be dated back within the same financial year.Assignments/Nominations: Assignment and nominations is possible under this plan.
