LIC Child Money Back Plan – USP’s

Let’s check some unique selling points of Child Money Back Plan

• Available for child age 0 to 12 years.
• Provides money back at the age of 18 years, 20 years & 22 years.
• Money back helps in child higher studies.
• Provides life cover to both child and parents.
• Premium waiver benefit ensures safety of child future in case of any sad demise with parents.
• Double tax benefits under section 80C and 10(10D).

Maturity Benefit:

• On the Life Assured surviving the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in full force. Maturity Benefit: On the Life assured surviving the stipulated date of maturity, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Death Claim Benefit:

• On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then on death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any. On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Eligibility Criteria Of LIC Child Money Back Plan:

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• Ideal for planning your child’s financial goals.
• Moderate premiums.
• Premium Discount is available for higher Sum Assured (SA).
• Premium Waiver Rider option, will ensure the planned returns will be payable to the child irrespective of your   presence.
• Life Cover to the extent of 125% of Sum Assured + Bonus + Final Additional Bonus (As applicable).
• Survival benefit: Option to get Survival Benefit (SB) on each policy anniversary from 20 to 24 years of age. Further option is available for choosing the amount of SB receivable, i.e. it can be 15% or 10% or 5% of the Basic Sum Assured.
• Maturity benefit: Sum Assured (Balance SA, if SB is chosen) + Bonus + Final Additional Bonus (as applicable) will be paid on completion of 25 years of age.
• Loan is Available any time after 3 policy years and after 2 years incase Premium paying term is less than 10 years.
• Policy can be back dated within the same financial year to match an important event of your child.
  Premium Paid is TAX EXEMPTED u/s 80 C.
• All returns from the policy are TAX FREE u/s 10 (10) (D).
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Key Features

• Cover children from age group 0 to 12 years.
• Money Back At Important Stages of Child Education.
• Like Every Parent, You Want to Give the Best to Your Child.
• Moderate Premiums.
• Eligible for Bonuses and Final Addition Bonuses declared by LIC.
• Premium Waiver Benefit Rider Available for Proposer (All Premiums Will Be Waived Off In Case Of Proposer’s Unfortunate Death).
• Double Tax Benefit Available (Premium Paid gives 80C Tax Benefit upto Rs. 1,50,,000 and Maturity is also Tax Free under section 10(10D)).
• Loan and Surrender Facility Available.

Maturity Benefit:

• On the Life Assured surviving the policy anniversary coinciding with or immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the Basic Sum Assured on each occasion shall be payable, provided the policy is in full force. Maturity Benefit: On the Life assured surviving the stipulated date of maturity, provided the policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Death Claim Benefit:

• On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then on death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any. On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. Basic Sum Assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Eligibility Criteria:

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