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LIC's New Children’s Money Back Plan is a participating non-linked 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 durations.
The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in full force, then
On death of the Life Assured before the date of commencement of risk: Return of premium/s excluding taxes, extra premium and rider premium, if any.
On death after the date of commencement of risk: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 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.
The premiums mentioned above exclude taxes, extra premium and rider premium, if any.
On the Life Assured surviving the policy anniversary coinciding with orimmediately following the completion of ages 18 years, 20 years and 22 years, 20% of the BasicSum Assured on each occasion shall be payable, provided the policy is in full force.
On the Life assured surviving the stipulated date of maturity, provided thepolicy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured) alongwith vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.
(The Basic Sum Assured shall be in multiples of Rs. 10,000/-)