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.
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).
If Policy in full force:
Completion Age 18YRS - 20% OF MSA
Completion Age 20YRS - 20% OF MSA
Completion Age 22YRS - 20% OF MSA
On Maturity at Age 25YRS
40% of MSA + Vested Bonus + FAB if any.
Sum Assured + Vested Bonus + FAB if any.
Policy Term '25' (minus) 'Child's age at entry'
Minimum Basic Sum Assured Rs. 1,00,000/-
Maximum Basic Sum Assured No Limit
Minimum Policy Term '25' (minus) 'Child's age at entry'
Maximum Policy Term '25' (minus) 'Child's age at entry'
Premium Paying Term '25' (minus) 'Child's age at entry'
Minimum Entry Age '0' Year on Latest Birthday
Maximum Entry Age 12 Year on Latest Birthday
Maximum Age at Maturity for Life Assured 25 years
Mode of Premium Payment Yearly, half-yearly, quarterly & monthly