LIC’s Children Money Back Plan Details | Know LIC Children Money Back Plan Calculator Features, Benefits, Eligibility, Documents, Working 

LIC Children Money Back Plan 832 details: Children are the future strength of our nation. Hence it is our responsibility to secure the right platform for them to have a secure future and flourish in their lives.

Have you heard about the new LIC Children Money Back Plan? Well, it is a new insurance cum investment, non-linked money back plan that caters to the basic needs of a growing child between 10 to 12 years of age, covering their education, wedding, health, etc. till 25 years of the child’s age and a lump sum amount of maturity after that.

This plan is a unique combination of financial support for the family and a secured amount of loan facility to cater to the various needs of the growing child. After a lot of research, it is found that the LIC Children’s money-back policy is the best security insurance for a child’s future.

In this article, we will brief you about the LIC Children money back plan 832 details like its benefits, eligibility, and how it works.

• Salient Features of LIC Children Money Back Plan
• LIC Children Money Back Plan No. 832 in Hindi
• LIC Money Back Policy Key Benefits
• Eligibility Criteria for LIC Children Money Back Plan Chart 2022
• Documents Required To Apply LIC’s Children Money Back Scheme
• Should I invest in the New LIC Children’s Money-Back Plan?
• LIC Children’s Money Back Plan Maturity Calculator
• LIC Children’s Money Back Plan vs LIC Jeevan Tarun
• What is LIC’s new Children’s money-back plan?
• Which is better LIC Children’s money-back plan or Jeevan Tarun?
• Which LIC policy is best for a girl child?
• What are the benefits of LIC children’s money-back plan?

Salient Features of LIC Children Money Back Plan

The most important features pertaining to the LIC Children money back plan are as follows:

• Each insurance plan is subject to one individual candidate at a time.
• The maturity benefit is equivalent to the base sum along with applicable bonuses.
• Policy terms mainly depend upon the maturity age minus the entry age. If the entry age is 10 years then the policy term is going to be of (25 – 10) years = 15 years.
• The premium can be paid by the responsible person on a monthly, quarterly, half-yearly, or yearly basis depending upon the plan. For monthly payments, the grace period is 15 days and for others 30 days.
• In this policy we have some main benefits like death benefit, maturity benefit, and survival benefit. and this policy ranges from a minimum of one lakh rupees.
• Policyholders can decide between returning the policy within 15 days of buying it.
• You can revive your lapsed policies by paying the entire pending amount within 2 years.
• One of the special features of this policy is the holder can avail of a loan for himself through this after the plan has acquired a surrender value.
• Policyholders can also opt for the premium waiver benefit rider which cancels all the future premiums in case of the death of the person who pays the premium.
• If you have paid premiums regularly for the first three policy years then you can choose to exit the policy just by surrendering. After surrendering the surrender value that the company would pay you is the ( guaranteed surrender value factor multiplied by the total premiums paid till death) + ( the guaranteed surrender value factor for bonus multiplied with the vested bonus ). If the value is higher than the guaranteed surrender value then the special surrender value would be paid by the company.

LIC Children Money Back Plan No. 832 in Hindi

LIC Money Back Policy Key Benefits

The main benefits of the LIC money back plan are mentioned here in detail:

• Death benefit

On the death of the candidate the nominee is given all the premiums back excluding the taxes and the rider premium, the policy additionally provides a scheme named sum assured on death along with the final additional bonuses. The death benefit is defined to be not less than 105 % or 10 times the total annualized premium on the day of death.

In case of suicide committed within 12 months of buying the policy, only 80% of the premiums will be returned to the nominee if the assured life was more than 8 years.

• Maturity benefit

Once the nominee survives and reaches the 25th year of his age, the maturity benefit is equivalent to 40% of the basic sum assured and bonuses are payable. Almost every year the bonuses and premiums of LIC keep changing depending upon the company’s performance. The average premium chart is as follows :

The minimum installment amounts are as follows:

• Monthly – 5,000 INR
• Quarterly– 15,000 INR
• Half-yearly– 25,000 INR
• Annually– 30,000 INR

• Survival benefit

Once the life assured reaches the ages of 17, 20, and 22 years, he/she is allowed a survival benefit equivalent to 20% of the basic sum and 15% at the end of each 5th, 10th,15th, and 20th of the policy year. Now let’s have a look at the basic survival benefit chat.

• Optional benefit

LIC accidental death and disability benefit rider are two optional benefits that are provided by the policy at any time during the premium paying term. In case of accidental death, a lump-sum accident benefit sum is payable under the basic plan.

In case of permanent disability, an amount equal to the accident benefit sum will be issued within 180 days of the accident and cover 10 years of future premiums. Now let’s have a look at the rebate chart according to the list of basic sum assured:

• Tax benefits of LIC new children’s money back plan

You will experience that shift from LIC’s new children’s money-back plan. There are generally two parts:

• Under section 80C – The payable premium will be in the post or tax treaty abduction by Thankyou section 80c which will help in reducing taxable income. The maximum amount of money that you can deduct under this is 1.5 Lakh INR.

• Under section 10 (10d)-  The entire benefits structure under the LIC children, money back plan is a tax dadbe free income section. 

Also Refer:

• LIC AAO Books
• LIC Plan 5 Years Double Money

Eligibility Criteria for LIC Children Money Back Plan Chart 2022

The eligibility conditions for the policy are a maximum of 25 years of the child’s maturity and the payment methods approved are monthly, quarterly, half-yearly, and annually depending upon your plan.

If the assured child is below 18 years of age then the risk coverage of the policies will start on either of the two factors, first would be one day before the policy anniversary after the child completes 8 years of his age, or second, it would be one day before the policy anniversary after 2 years of policy have already been completed.

Insurance coverage details depend upon age, annual income, smoking & alcohol history, gender, investment amount, etc. Once the child matures and reaches 18 years of age then the policy would be vested in the name of the child and he or she will become the potential policyholder.

Documents Required To Apply LIC’s Children Money Back Scheme

The important documents that you will require while purchasing the LIC children money back policy for your child are :

• An application or proposal form which will have accurate medical records.
• ID proofs of the child and the person proposing the insurance like Aadhar, PAN card, etc.
• Age and address proofs of the child and the proposer.
• Passport size photographs of both parent and child.
• Income proof of the parent proposing and other KYC-related documents.

The LIC company can issue medical examinations in certain cases depending upon the age of the person and the sum issue.

Related Articles: LIC Call Letter

Should I invest in the New LIC Children’s Money-Back Plan?

The LIC Children’s money-back plan is a good scheme for people who aim to provide financial security for the future of their child up to 25 years of age who has milestones to achieve and does provide some attractive insurance benefits too.

If a child dies after he reaches the age of maturity then he will receive all the death benefits, but the only disappointing factor about this scheme is that if a parent dies during the process then the child will only receive survivor benefits if he had chosen the premium waiver benefit rider priorly.

LIC Children’s Money Back Plan Maturity Calculator

Every plan in LIC is linked with a unique policy number which helps you plan for yourself by calculating the premiums and the maturity value that comes against the basic sum chosen by you from the LIC maturity calculator.

This unique policy number makes transactions and settlements easier and faster highlighting the respective insurance product that is offering a premium. The LIC Premium and maturity calculator shows premium plans along with their respective policy numbers against it to help you make faster calculations.

You can directly log in to your account and put your policy number to see your respective benefits if you already have insurance covered with LIC.

LIC Children’s Money Back Plan vs LIC Jeevan Tarun

Both LIC children’s money-back plans and LIC Jeevan Tarun are insurance schemes that protect your child from financial risks while chasing their dreams as they grow up. Both of them have their own set of benefits and applicable bonuses.

But when it comes to comparison the total premium paid in LIC Jeevan Tarun is lesser as compared to LIC children’s money-back plan. Whereas LIC children’s money back plan starts returning money back once the child reaches 18 years of age, whereas Jeevan Tarun starts when the child reaches 20.

In case of unfortunate death, no premium payment is required, LIC Jeevan Tarun takes only two years of payable premium at 19th and 20th years of age, whereas LIC children’s money back plan takes a premium of more than 7 years.

FAQs on LIC Children Money Back Plan Calculator

1. What is LIC’s new Children’s money-back plan?

LIC children’s money back plan is a unique, non-linked insurance cum investment security scheme that caters to the various requirements of a child while he or she grows up covering his education, wedding, etc. Follow our article LIC new children money back plan to learn about it more in detail.

2. Which is better LIC Children’s money-back plan or Jeevan Tarun?

The LIC children’s money-back plan and Jeevan Tarun scheme have a few features different when compared, which in turn makes Jeevan Tarun slightly better.

3. Which LIC policy is best for a girl child?

The best LIC policies for a girl child are ranked as the following: LIC Jeevan Tarun, LIC Jeevan Labh, LIC new children money back plan, and LIC Aadhar Stambh.

4. What are the benefits of LIC children’s money-back plan?

The three major benefits of LIC children’s money back plan are a death benefit, maturity benefit, survival benefit, and optional benefits like LIC accidental death and disability benefits.

Conclusion

Insurance schemes are nothing but well-planned financial security for your child to make sure money doesn’t stop your child from achieving their dreams. Hope you have received the basic knowledge to make a decision as to whether you would like to opt for the LIC children’s money back plan or not.

Securing your child’s future is in your hands, hence a little bit of research and hard work is worth the shot. For more informative articles, stay tuned to the student’s tab of newsozzy.com.