LIC's New Children's Money Back Plan (732)
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LIC's New Children's Money Back Plan (UIN: 512N296V03) is a Par, Nonlinked Life, Individual, Savings plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified durations.
🎯 Key Features:
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Entry Age: 0 to 12 years
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Maturity Age: 25 years
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Policy Term: 25 minus the age at entry
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Premium Paying Term: 25 minus the age at entry
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Minimum Sum Assured: ₹2,00,000
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Maximum Sum Assured: No limit
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Premium Payment Modes: Yearly, Half-yearly, Quarterly, Monthly (ECS)
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Loan Facility: Loan can be availed under the policy after completion of first policy year provided one full year’s premium(s) has been paid.
💰 Benefits:
1. Survival Benefits:
On the life assured surviving the specified durations, 20% of the Basic Sum Assured is payable at each of the ages:
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18 years
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20 years
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22 years
2. Maturity Benefit:
On survival of the life assured to the end of the policy term, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, is payable.
3. Death Benefit:
In case of the unfortunate demise of the life assured during the policy term, the nominee receives the "Sum Assured on Death" along with vested bonuses. The "Sum Assured on Death" is defined as the higher of:
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10 times the annualized premium
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125% of the Basic Sum Assured
This death benefit shall not be less than 105% of the total premiums paid as on the date of death.
4. Participation in Profits:
The policy participates in the profits of the Corporation and is eligible to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in force. A Final Additional Bonus may also be declared in the year when the policy results into a claim either by death or maturity.