LIC New Children’s Money Back Plan 932, Benefits, Features, Parameters full details with Example
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 New Children’s Money Back Plan 932 is a regular premium policy, 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.
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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 option 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) |
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Benefits and Features of LIC New Children’s Money Back Plan 932
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. | Sum Assured + Vested Reversionary Bonus + FAB.
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
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 |
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Example for LIC New Children’s Money Back Plan 932
An example of Akash whose child is 1 year old is purchasing this Plan with following details.
| Father (Proposer) Age | 30 Years |
|---|---|
| Child Age | 1 Years |
| Sum Assured | Rs. 5,00,000 |
| Policy Term | 24 (25-1) Years |
| Premium | Rs. 22,799 1st Year Rs. 22,308 2nd Year onward |
| Premium Paying Term | 24 (25-1) Years |
Maturity Details
If policy holder Akash’s child survives the policy term 24 years then his child’s Maturity will be as under.
LIC New Children’s Money Back Plan (932) – Survival and Maturity Benefits.
| Age of child | Survival Benefit | Maturity Benefit |
|---|---|---|
| 18 th Year | 20 % of Sum Assured =100000 | – |
| 20th Year | 20 % of Sum Assured = 100000 | – |
| 22nd Year | 20 % of Sum Assured = 100000 | – |
| 25th Year | = | 40 % of Sum Assured + Bonus + FAB = 9,51,000 |
Year-wise Death Claims
| Age | Risk Cover | Premium | Maturity |
|---|---|---|---|
| 1 | 21114 | 22799 | 0 |
| 2 | 42227 | 22308 | 0 |
| 3 | 572000 | 22308 | 0 |
| 4 | 596000 | 22308 | 0 |
| 5 | 620000 | 22308 | 0 |
| 6 | 644000 | 22308 | 0 |
| 7 | 668000 | 22308 | 0 |
| 8 | 692000 | 22308 | 0 |
| 9 | 716000 | 22308 | 0 |
| 10 | 740000 | 22308 | 0 |
| 11 | 764000 | 22308 | 0 |
| 12 | 788000 | 22308 | 0 |
| 13 | 812000 | 22308 | 0 |
| 14 | 836000 | 22308 | 0 |
| 15 | 870000 | 22308 | 0 |
| 16 | 896500 | 22308 | 0 |
| 17 | 923000 | 22308 | 0 |
| 18 | 949500 | 22308 | 100000 |
| 19 | 981000 | 22308 | 0 |
| 20 | 1015000 | 22308 | 100000 |
| 21 | 1054000 | 22308 | 0 |
| 22 | 1103000 | 22308 | 100000 |
| 23 | 1177000 | 22308 | 0 |
| 24 | 1251000 | 22308 | 0 |
| 25 | Maturity | = | 951000 |
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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 2 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, 340 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.
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