Product Summary :
·
LIC’s New Children’s Money Back Plan is
a non-linked, with-profits, regular premium payment money back plan
Premium
Payment Mode:Yearly, Halfly, Quarterly, Monthly(ECS)
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
Maximum Sum Assured :NO LIMIT (Depending upon Income)
Policy Benefits :
On
death Before the Date of Commencement of Risk:
o
An amount equal to the total amount of
premium's paid excluding taxes, extra premium and rider premium, if any shall
be payable.
On
death After the Date of Commencement of Risk:
o
Death Benefit, defined as sum of “Sum
Assured on Death” and vested Simple Reversionary Bonuses and Final Additional
Bonus, if any, shall be payable.
o
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.
o
This death benefit shall not be less
than 105% of the total premiums paid as on date of death.
On Survival :
If Policy in
full force :
o
Completion Age 18YRS - 20% OF MSA
o
Completion Age 20YRS - 20% OF MSA
o
Completion Age 22YRS - 20% OF MSA
o
On Maturity at Age 25YRS - 40% of MSA +
Vested Bonus + FAB
Surrendered Value :
The policy
can be surrendered at any time during the policy term provided premiums have
been paid for full three years.
Loan :
Loan facility
is available under this plan after the payment of premiums for atleast three
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).
0 comments:
Post a Comment