With growing education needs don’t worry about your child’s future, secure your child’s financial future with this plan which is especially designed to meet the increasing educational, marriage and other needs of growing children. So plan your investments to give wings to your child’s dreams.
1. Features:
The Plan provides the financial needs of the children with risk cover of the child.
The Life Assured can avail the Premium Benefit Rider option on payment of additional premium.
The Policyholder will receive the 20% of Sum Assured as Survival Benefit at 18,20 and 22 years of age.
On Maturity, 40% of Sum Assured along with reversionary bonus and Additional Bonus is provided to the Proposer.
The Policyholder can take the Survival Benefit at any time after the due date but during the policy term.
Loan Facility: The Life Assured can avail the Loan Facility as a % of Surrender Value.
2. Benefits:
• Death Benefit: There are two types of Risk Coverage for this LIC New Children’s Money Back Plan. They are.
• Death before the Date of Commencement of Risk: The amount equal to the total amount of premiums paid excluding extra premium, taxes, and rider premium is payable.
• Death After the Commencement of Risk: The Risk cover is available after completing the 8 years of Life Assured age or 2 years from the date of commencement of policy.For Accidental Death or Natural Death: Sum Assured + Bonus + Final Additional Bonus.
Maturity Benefit: If the Policyholder survives until the end of Maturity Age, Maturity Benefit is provided. The amount of Maturity is equal to 40% of Sum Assured + vested Simple Reversionary Bonus + Final Additional Bonus.
Survival Benefit: On Survival of the Life Assured at 18, 20 and 22 years of age, the Survival Benefit is provided immediately on completion of the following ages. The Survival Benefits are provided as follows.
• At the Age of 18 years = 20% of Sum Assured.
• At the age of 20 years = 20% of Sum Assured.
• At the age of 22 years = 20% of Sum Assured.
