Product Summary : 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 child during the policy term and for number of survival benefits on surviving to the end of the specified duration's. The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.
Term : 25 Age at Maturity Time.
Minimum Entry Age : 0 Year Last Birthday.
Maximum Entry Age : 12 Year Last Birthday
Minimum Sum Assured : 1,00,000.00.
Maximum Sum Assured : NO LIMIT
(Depending upon Income)
Policy Benefits : On Survival : If Policy in full force :
Completion
Age 18 Years - 20% OF
Completion
Age 20 Years - 20% OF
Completion
Age 22 Years - 20% OF
On
Maturity at Age 25 Years - 40% of Minimum Sum Assured + Vested Bonus + FAB
Surrendered Value : The
policy can be surrendered at any time during the policy term provided premiums
have been paid for full two years.
On Death : On death Before the Date of
Commencement of Risk: An amount equal to the total amount of
premiums 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 and vested
Simple Re-visionary Bonuses and Final Additional Bonus, if any, shall be
payable. Where Sum Assured on Death is defined as higher of 7 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.
Loan : Loan facility is available under this plan after the payment of premiums for at least two full years.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
For Consultation Call Us @ +91 - 9028917175, +91 - 7892795163
No comments:
Post a Comment