LIC New Children’s Money Back Plan

LIC New Children’s Money Back Plan

LIC New Children’s money back plan no. 832 is proposed by LIC of India to secure the future of the child. Even the parents are not there, it provides benefits at the various stages of life of a child also provide life protection of child in the form of insurance coverage. It is a non linked participating money back plan, It provides survival benefit to the child at the age of 18 years 20 years and 22 years. One can buy this policy for the future of his child, such as his higher study, marriage etc

Features of LIC new children’s money back plan

  • It is a non linked endowment plan that means it is protected from the ups and downs of the market
  • It is a participating endowment plan that means it provides benefit as per the experience of the corporation
  • This plan can we taken for any child between the age 0 to 12 years by parents or grandparents
  • This is a limited premium paying endowment plan that means the policy holder should not have to pay the premium each year of the policy term.
  • It provides various benefits such as survival benefit, maturity benefit and death benefit including this there is also some additional benefits.

Benefits provided under LIC new children’s money back plan

New Children's Money Back Plan

Survival benefit

The corporation provides survival benefits to the child, when he attends the age of 18 years 20 years and 22 years. 20% of the sum assured is given at the each occasion.

Maturity benefit

In case of the maturity of the plan the 40% of the basic sum assured plus simple reversionary bonus plus final additional bonus if any, is payable to the child.

Death benefit

If the life assured meet to death before the commencement of the risk. The premium which are paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policy holder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax free as per the section 80 C and the claim which are received by the Corporation is also tax free under section 10D of Income Tax Act.

 

Eligibility criteria detail of  LIC new children money back plan

  • The minimum date for the entry of this plan is zero years and the maximum age for the entry of this plan is 12 years.
  • Maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 year less than the policy term. Such as, if policyholder takes policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half yearly, quarterly or monthly
  • Minimum sum that can be assured 1 lakh and there is no maximum limit for the upper level of the sum assured.

Documents required for LIC new children’s money back plan

  1. Fully filled application form with photographs
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history
  6. Medical examination report if required.

New Children's Money Back Plan

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the receiving of the policy document.

Discounts

There is discount allotted on the half yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

New Children’s Money Back Plan Ready Reckoner Premium and Maturity Details

New Children's Money Back Plan

Loan.

The policyholder can take loan up to the premium amount, if the policy attain a surrender value after the completion of three years of policy paying term. As per the terms and condition of the corporation.

 

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun – Children’s Plan with Money Back

LIC Jeevan Tarun (Table No: 834) is a non linked and participating endowment plan that provides insurance coverage to the children. It not only provide insurance coverage but also takes care the basic needs at the certain age of the child. Such as, for education, for marriage, for higher education etc. For meeting these needs, it provides survival benefits at the certain age there are four options to choose survival benefits by which the policyholder can take the benefit of insurance.

Features of LIC Jeevan Tarun

  1. It is a participating endowment plan and non linked with market ups and downs.
  2. It is a limited premium paying plan that means the premium paying term is not equal to the policy term.
  3. This plan can be taken for the child with the minimum age 90 days and the maximum is 12 years.
  4. It provides various benefits like survival benefits, maturity benefit and death benefit as well as loyalty benefit to the policyholder.
  5. There are four options available for the survival benefit that can be chosen by the policyholder

Benefits provided under LIC Jeevan Tarun

Survival benefit
There are four options for the survival benefit according to which the maturity benefit is also decided

Option number 1
If no survival benefit is taken then the hundred percent of sum assured will be given as the maturity benefit

Option number 2
5% of sum assured will be give him for 5 years and 75% of sum assured will be given at the time of maturity.

Option number 3
10% of sum assured will be given at every year for 5 years and 50% of sum assured will be given as maturity.

Option number 4
15% of sum assured will be given for 5 years and 25% of sum assured will be given at the time of maturity.

Jeevan Tarun Child Plan

Here is the table for easy understanding.

Option Survival Benefit Maturity Benefit
Option 1 No survival benefit 100% of Sum Assured
Option 2 5% of Sum Assured every year for 5 years 75% of Sum Assured
Option 3 10% of Sum Assured every year for 5 years 50% of Sum Assured
Option 4 15% of Sum Assured every year for 5 years  25% of Sum Assured

Maturity benefits

Maturity benefits are provided as per the option taken for survival benefit that are discussed above

Death benefit

If the life assured meet to death before the commencement of the risk. The premium which are paid till that time is returned.

In case of the assured life meet to death after the commencement of the risk sum assured on death plus simple reversionary bonus plus final additional bonus is payable to the nominee of the policy holder.

Tax benefits

The premium paid under LIC new children’s money back plan is tax free as per the section 80 C and the claim which are received by the Corporation is also tax free under section 10D of Income Tax Act.

Eligibility criteria detail of  LIC Jeevan Tarun

  • The minimum date for the entry of this plan is 90 days and the maximum age for the entry of this plan is 12 years.
  • Maximum age at the time of maturity of the policy is 25 years.
  • The policy term is 25 years.
  • The premium paying term is 5 year less than the policy term. Such as, if policyholder takes policy for 12 years then he will have to pay the premium for 7 years only.
  • The policy can be paid annually, half yearly, quarterly or monthly
  • Minimum sum that can be assured 75,000/- and there is no maximum limit for the upper level of the sum assured.

 

Documents required for LIC Jeevan Tarun

  • Fully filled application form with photographs
  • Age proof of policy buyer.(Child)
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history
  • Medical examination report if required.

Other information that the policy buyers should know.

Cooling off period

After purchasing the policy if the policy buyer is not satisfied with the policy then within 15 days the policy can we return after the receiving of the policy document.

Discounts

There is discount allotted on the half yearly and early mode of premium payment. 1% for half yearly premium payment and 2% for early premium payment.

Loan.

The policyholder can take loan up to the premium amount, if the policy attain a surrender value after the completion of certain years of policy paying term. As per the terms and condition of the corporation.

Premium Ready Reckoner Jeevan_Tarun_Premium_Chart_:

LIC Jeevan Ankur

LIC Jeevan Ankur

LIC Jeevan Ankur (Plan no.807) is a latest insurance plan for the children. LIC Jeevan Ankur gives multiple financial assistance to your child when he/she needs in growing up years. In this plan parent is the Life Assured and child is the Beneficiary.

lic jeevan ankur

LIC Jeevan Ankur Features:

  • Jeevan Ankur is the must plan for all parents.
  • Option of single premium/Regular premium
  • Parent is the Life Assured, child is the Beneficiary.
  • Death Benefit= Sum Assured + Income Benefit + Maturity Benefit*
  • Maturity Benefit= Sum Assured + Loyalty addition, if any.
  • Plan available for parents of a new born child also
  • 3 Riders to customize Jeevan Ankur policy
  1. Accident Benefit Rider
  2. Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
  3. Conventional with profits plan.

Death Benefits:

Immediate payment of an amount equal to the Basic Sum Assured plus income benefit plus maturity benefit*

* On death of the Life Assured, Basic Sum Assured shall be payable immediately followed by Income Benefit, in addition to this all Maturity Benefits will be payable on the scheduled date of Maturity.

Income Benefit:
Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child.

Another lump sum equal to Basic Sum Assured with Loyalty Addition, on the maturity date.

Eligibility conditions for Jeevan Ankur:

Particular Minimum Maximum
Entry Age Life Assured (Parent) 18 Years 50 Years
Entry Age for child 0 Year 17 Years
Policy Term 18 minus age of child, or 8 years min. 25 minus age of child.
Sum Assured Rs.100000/- No Limit

Premium modes:

Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)

Eligibility conditions – Accident Benefit Rider

Critical Illness Rider

Benefit Illustration

lic ankur-accidential benefit

critical benefit ankur

 

lic rebate

 

Benefit Illustration

Benefit Illustration

Benefit Illustration

Benefit Illustration


Update: Jeevan Ankur Plan No.807 Has Been Discontinued.


Jeevan Chhaya

Jeevan Chhaya

LIC Jeevan Chhaya (Table No.103)  is the perfect policy for someone planning for children’s higher education or marriage. Sum assured amount will be paid in installments in the last four years of the policy term. Bachelors can also apply for Jeevan Chhaya policy.

Jeevan Chhaya Features:

  • Premium Waiver Benefit
  • You will have to pay the premium for the fixed term of the policy.
  • Double accident benefit
  • Tax Benefits
  • With Profit policy
  • Policy loan and housing loan available
  • If policy holder is surviving, 25% of Sum Assured will be given every year during the last 4 years of policy term.

LIC Jeevan Chhaya

Maturity Benefits:

  • 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder, if he is surviving.
  • Policy loan and Housing loan can be taken during the premium paying term.

Death Benefits:

If the policy holder expires during the term of the policy, nominee will receive sum assured immediately and future premiums will be waived off (No need to pay future premiums). Additionally, 25% of sum assured will be paid every year during the last 4 years of policy term. Also, in the final policy year, nominee will receive the bonus from LIC.

Jeevan Chhaya Conditions and restrictions :

  • Min. age at entry: 18 year.
  • Max. age at entry: 47 years.
  • Min. S.A.: Rs. 50,000.
  • Max. SA.: Any amount.
  • SA in multiples: Rs. 5,000
  • Max. Maturity age: 65 years.
  • Modes Allowed: ALL
  • Accident benefit per 1000 SA: Re. 1 extra.
  • Min Term: 18 years.
  • Max Term: 25 years.
  • Policy Loan available @ 9%: Yes.
  • Revival: Yes.
  • Surrender of Policy: Yes.
  • Housing Loan: Yes.
  • Assignment: Yes.
  • Survival Benefits: Yes.

Restrictions: This policy is not allowed to

  • When occupational extra is chargeable
  • Pregnant ladies

Example:
Lets assume Mr. Rahul takes Jeevan chhaya Policy for 20 years term for Rs. 1 lakh sum assured with double accident benefits. He appoints his wife Mrs. Radha as appointee and nominates his daughter Neha aged 4 years.

After few years, Mr. Rahul expires in an accident. Rahul’s wife Mrs.Radha receives 2 times sum assured Rs. 2 lakhs as death claim on behalf of her daughter. At the end of 17 years from the commencements of policy, Rahul’s daughter Neha receives 25% of S.A. Rs 25,000 every year during last 4 years of the policy term. Neha gets Rs.25,000+ LIC Bonus of Rs. 84,000 at an estimated bonus of Rs. 42 per thousand at the end of 20th year.


Update: LIC Jeevan Chhaya Plan No.103 Has Been Discontinued.


LIC Jeevan Kishore

LIC Jeevan Kishore

Jeevan Kishore Plan No.102 is an Endowment Assurance plan specially designed for children below 12 years of age. The policy can be purchased by any of the parent/grand parent. Rare is a person who does not love children – sweet, cute , innocent, spreading joy and happiness around. If they are one’s own offspring, the affection is still deeper. The sense of satisfaction one derives in seeing dear ones happy cannot be measured. And our aim should be to keep them secure and happy forever. You will certainly like to give your children a start in life, a gift, a firm financial commitment, for their secure future. Jeevan Kishore (Plan no.102) is a Plan that all parents should gift to their children.

Jeevan Kishore Features:

  • On maturity, an amount equal to SA plus bonuses is given back.
  • On an unfortunate death during the deferment period, only refund of premiums paid till date is given.
    After the deferment period, an amount equal to SA plus the vested bonuses is given back.
  • The risk starts on completion of 7 years or 2 years from date of commencement of policy, whichever is later, which is called as the “Deferment Period”
  • Premium Waiver benefit available on death of the proposer on payment of extra premium.
  • Backdating of policy is allowed.
  • Policy can be surrendered for its paid-up value after a period of 3 years.
  • Standard age proof required
  • All modes of premium payment is allowed.
  • Tax benefit is available on this policy. Parents can claim the tax benefit.
  • Medical examination is not necessary till the child’s age of 10 years.

Jeevan Kishore Plan No.102

  • Commencement of risk cover:
    The policy risk cover starts either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later.
  • Premiums:
    Premiums can be paid yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child. Single premium option is also available under Jeevan Kishore.
  • Death Benefit:
    The Sum Assured along with vested bonuses, if any, is payable in a lump sum upon the death of the life assured after the commencement of the risk cover. If death occurs before the commencement of the risk, the premiums paid excluding the premiums for the Premium Waiver Benefit, if any, will be refunded to you.
  • Maturity Benefit:
    Sum assured along with all bonuses declared during the policy term is payable in a lump sum on survival to the end of the policy term.
  • Premium Waiver Benefit:
    This is an optional benefit that can be added to this plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value, if policy is surrendered before the date of commencement of risk is 90 % of premiums paid excluding premium for the first year. If policy is surrendered after the date of commencement of risk, the guaranteed surrender value is 30 % of premiums paid after commencement of risk together with 90 % of premiums paid before the commencement of risk. Premiums for the first year and the premiums for Premium Waiver Benefit, if any, will be excluded.

Eligibility and Restrictions for LIC Jeevan kishore plan:

  • Minimum Term: 15 years
  • Maximum Term: 35 years
  • Minimum Sum Assured: Rs.50,000
  • Maximum Sum Assured: 15 lakh
  • Minimum maturity age: 20 years
  • Maximum maturity age: 45 years

How to Apply for Jeevan Kishore?


Update: Jeevan Kishore Plan No.102 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

LIC Child Future Plan

LIC Child Future Plan

LIC Child CAREER Plan Table 184 & Child Future Plan Table 185

When it comes to your child career and future, you don’t want to take risk. Every parent want to give their child finest education and future. If you want to secure your child’s future then this is the best LIC plan for your child. LIC has two best Children’s Plans – LIC Child’s Career Plan and Child Future Plan. Both child plans are available for age group of 0 to 12 years.

Features:
The unique features of the twin plans are commencement of risk from the age of 5 years of the child subject to deferment period of 2 years, auto risk cover in case of non-payment of premiums for 2 years and free risk cover equal to the sum assured during extended term of 7 years from the date of maturity.

Premium Waiver Benefit (PWB)
Premium Waiver Benefit rider, can be availed of which waives the payment of future premiums falling due in the event of unfortunate death of the proposer during premium paying term. Premium Waiver Benefit is also available during 2 years’ auto cover period.

Premium:
You can pay premium monthly, half yearly, or yearly.

LIC Child Future Plan

Tax Benefit:
Tax benefit is available under section 80C of the Income Tax Act within the overall limit of Rs 1,00,000 per annum along with other investments allowed under the same section.

Child’s Future Plan
Under Child Future Plan (Table 185) first money back installment amounts to 25% of sum assured followed by 4 annual installments @ 10% of sum assured and 50% of sum assured + vested bonus, and terminal bonus, if any is payable on maturity. Thus total returns being 115% of the sum assured + vested bonus & terminal bonus, if any.

115% Survival benefit:

  • 5 yrs before the expiry date of policy term: 25% of the SA
  • 4 yrs before the expiry date of policy term: 10% of the SA
  • 3 yrs before the expiry date of policy term: 10% of the SA
  • 2 yrs before the expiry date of policy term: 10% of the SA
  • 1 yrs before the expiry date of policy term: 10% of the SA

on the expiry date of policy term:

  • 50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.

Eligibility condition for LIC Child future plan:

  • Min. age at entry:  0 year (lbd)
  • Max. age at entry:  12 years (lbd)
  • Min. S.A.: Rs. 1 lakh.
  • Max. SA.: Rs 1 crore.
  • SA in multiples: Rs. 5,000
  • Min. Maturity age: 23 years.
  • Max. Maturity age: 27 years.
  • Modes Allowed: Yly/Hly/Qly/SSS
  • Policy term: 11 to 27 years
  • Max. Age end of PPT: 70 years (nbd).
  • Premium paying Term: 6 years OR Term minus 5 years.
  • PWB Prop. Age Min: 18 years completed.
  • PWB Prop. Age Max: 55 years (nbd).

FAQ:

Who can take this policy?
Ideally, child’s father can take this policy. Mother can also proper, if she has her own income. Grand parent can also propose, if child’s parent agree. Legal guardian can propose if both parents are not alive.

When the risk cover will start for my child?
If your child is 12 years old, risk cover will commence immediately.

If the age at entry is more  than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the LA.

If age at entry is less than or equal to 10 years, the risk will commence either after 2 years from the DOC or from policy anniversary coinciding with or immediately following completion of 5 years age of LA, whichever is later.

 

How to Apply for Child future Plan?


Update: Child Future Plan Table 185 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.