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 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.


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.

Komal Jeevan

Komal Jeevan

Komal Jeevan Summary: (Table No.159)
LIC Komal Jeevan is a children’s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. Komal Jeevan can be purchased by any of the parent or grand parent or legal guardian for a child aged between 0 year to 10 years. The payment of the premium stops at the age of 18 years.

Who should buy Komal Jeevan?
In today’s competitive world, every parent’s dream for best education for their son/daughter. This policy is suitable for parents who dream to secure money for their children’s higher education.

Benefits:
The policy matures when the child grows up to be 26. Once the child attains majority, the survival benefit is paid in four installments.

  1. 20% on policy anniversary after completing age 18.
  2. 20% on policy anniversary after completing age 20.
  3. 30% on policy anniversary after completing age 22.
  4. 30% on policy anniversary after completing age 24.
  5. Guaranteed addition + Loyalty Addition on completing age 26 (Maturity date)

LIC Komal Jeevan Plan No. 159

Guaranteed additions :
The policy gives guaranteed additions at Rs 75 per Rs 1,000 sum assured on every policy anniversary till age 26.

Commencement of risk cover:
The risk commences only after the child attains age seven or two years after the commencement of the policy, whichever is later.

Premium Waiver Benefit:
Premium Waiver Benefit available with some extra premium amount.

Term Rider Benefit:
Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic sum assured under the policy not exceeding Rs.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.

Death Benefits

  • In case of death of life assured before the commencement of risk, the policy is canceled and premiums paid are refunded.
  • After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.
  • Special benefit in maturity: Loyalty additions depending on policy duration and sum assured are paid on maturity.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in lump sum (Single premium).

Medical Exam:
No Medical Examination is required for the child. However, proposer’s medical examination is compulsory.

Eligibility Conditions and Restrictions for LIC Komal Jeevan:

Min. age at entry: 0 year (Last Birthday)
Max. age at entry: 10 years (Last Birthday).
Min. S.A.: 1 lakh.
Max. SA.: 25 lakhs.
SA in multiples: Rs. 25,000
Max. Maturity age: 26 years (lbd).
Modes Allowed (Premium Payment): Yly/Hly/Qly/SSS/Sp
Min. PPT: 8 years. (Premium Paying term)
Max. PPT: 18 years.
Accident benefit: NA
Premium Rebate: Yly 2%; Hly 1%; Qly/SSS – Nil
Term Rider Option: Available
Critical Illness Rider: No
Policy Loan: No
Revival: Yes
Surrender of Policy: Yes
Survival Benefits: Yes
Housing Loan: No
P.W.B.: Yes

How to Apply for LIC Komal Jeevan?


UpdateLIC Komal Jeevan Plan No. 159 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 Jeevan Anurag

LIC Jeevan Anurag

Jeevan Anurag Summary: (Child Insurance Plan)

LIC Jeevan Anurag (Table 168) is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parents. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured Benefit:
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with revisionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the revisionary bonuses and the terminal bonus, if any, at the end of the 20th year.

LIC Jeevan Anurag plan no. 168

Death Benefit:
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

Eligibility Conditions and Restrictions Jeevan Anurag Basic Plan:

Age at entry Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 70 years (age nearest birthday)
Term All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured No limit. Sum Assured will be in multiples of Rs.5,000 /- only.
Mode Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

Eligibility Conditions and Restrictions Term Assurance Rider

Age at entry Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 1,00,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
Mode NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.

Eligibility Conditions and Restrictions Critical illness Rider:

Age at entry Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
Mode NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.

Premium Payment Options:

Following premium paying terms are offered:

  1. Single Premium– One Year
  2. Regular Premium payable during (n-3) Years, where n is the policy term
  3. Regular Premium payable throughout the policy term.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for Jeevan Anurag?


Update: LIC Jeevan Anurag Plan No. 168 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.