Insurance Plans 5059 views March 7, 2020

LIC Child Money Back Plan

LIC Child Money Back Plan 832 is a traditional plan which offers a money back benefits and also offers participation in the profits in the form of bonus declared by LIC. The money back benefits are paid in important ages of the insured child so that the child receives the finance for pursuing education or for marriage. LIC Child Money Back Plan 832 is a child insurance plan which helps you in securing the financial future of your child.

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Features of LIC Child Money Back Plan 832

  1. The plan offers a reversionary bonus to the policyholder as it is a participating insurance plan which provides bonus declared by the company during the term of the policy.
  2. The plan also offers additional bonus payable to the policyholder along with death benefit or maturity benefit.
  3. The plan can be brought by parents or grandparents of a child and can insure the life of the child in which all the benefits will be related to
    the insured child and not the policyholder.
  4. LIC Child Money Back Plan 832 also provides optional add-on riders to be added to the policy coverage by paying an additional amount of premiums.
  5. This plan also enables you to choose to postpone the survival benefit to be received under the plan in case the survival benefit that would be payable would increase in future.
  6. The Money Back benefits under the policy are paid at different ages of the child when the insured child requires financial assistance the most, especially for higher education and marriage.

Benefits of LIC Child Money Back Plan 832

The plan offered by LIC offers numerous benefits to the insured child of the policyholder. Some of them are stated below.

  1. Survival benefits are paid to the insured during the term of the policy as it is a money-back plan. The benefits which are 20% of the sum assured in the policy are paid when the insured child attains 18 years of age, 20 years of age and 22 years of age.
  2. On Maturity benefit of the plan, 40% of the total sum assured in the plan is paid along with accrued simple reversionary bonuses and additional bonus, if any.
  3. In case of death of the child during the policy term, the policyholder will receive a death benefit under the insurance policy which would depend on the child’s age at the time of death.
  4. In case the insured child dies before the start of the risk coverage of the plan, then the insurance company will pay back or refund all the premiums paid as a death benefit. However, if the insured child dies after the risk cover under the policy then the sum assured will be paid to the policyholder as death benefit along with reversionary bonuses and additional bonus, if any. The sum assured that would be paid on the death of the child would be the highest of 10 times of the annual premium paid, 105% of the premiums paid on the death of the insured or assured amount that is payable on the death of the insured which is the basic sum assured of the policy.
  5. The plan provides discounts on premium amounts which is 2% if the premiums are paid yearly and 1% if the premiums are paid half yearly.
  6. The plan also offers you the benefit of choosing to delay receiving the maturity/survival benefit. In such a case the delayed benefit that is payable will increase by a factor as determined by the insurance company
  7. In this plan, if the premiums for the first three years are paid then the policy will become fully paid up for the remaining years. However, the benefits of a paid-up plan will reduce.
  8. If the premiums of the first three years of the policy have been paid then you also have the option to exit it by surrendering the policy.
  9. The plan offers a loan facility to the policyholders when they are in need of funds. However the loan on the policy is allowed only after acquiring a surrender value of the plan. The insurance company will determine the percentage of the surrender value which can be availed by the policyholder

Eligibility conditions of LIC Child Money Back Plan 823

The Coverage under this plan is available only for children. It can be brought only by the parents or the grandparents of children. The
eligibility conditions for the plan are as follows:

  1. Entry age for this plan is from 0 years to 12 years of age.
  2. Maximum maturity age of the plan is 25 years
  3. Policy Term is 25 years
  4. Minimum sum assured in the policy is INR 1 lakh and there is no maximum limit
  5. The premium on the plan depends on the age of the insured child, the term of the plan and the sum assured chosen by the policyholder.

Conclusion

LIC Child Money Back Plan 832 is an ideal plan if you want to secure the future of your child and be rest assured that they will receive the finance in important times of their life. If you want a money-back participating plan with guaranteed returns for your child then you should buy LIC Child Money Back Plan.

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