LIC’s New Children’s Money Back Plan (UIN: 512N296V02)

(A Non –Linked, Participating, Individual, Life Assurance Savings Plan)

LIC’s New Children’s Money Back Plan is a Non-linked ,Participating, Individual, Life Assurance money back 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 a child during the policy term and for the number of survival benefits on surviving to the end of the specified durations. 

The plan can be purchased by any of the parent or grandparent for a child aged 0 to 12 years.

Benefits: 

A. Death Benefit: On death of the Life Assured during the policy term provided the policy is in-force (i.e. all due premiums have been paid) shall be as under: On death before the date of commencement of risk: An amount equal to the total amount of premium/s paid excluding taxes, extra premium and rider premium, if any, shall be payable On death after the date of commencement of risk: Death Benefit, defined as sum of “Sum Assured on Death” along with vested Simple Diversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of the total premiums paid upto date of death. The premiums mentioned above exclude taxes, extra premium and rider premium, if any. 

B. Survival Benefit: On the Life Assured surviving on each of the policy anniversaries 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 -force. 

C. Maturity Benefit: On Life Assured surviving the policy term, provided the policy is in-force, “Sum Assured on Maturity” along with vested Simple Diversionary Bonuses and Final Additional Bonus, if any, shall be payable; where Sum Assured on Maturity is equal to 40% of the Basic Sum Assured