LIC New Children Money Back Policy Review

By | April 25, 2016
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LIC-New-children-money-back-planLIC New Children Money Back plan no 832

An Introduction to the LIC New Children Money Back plan no 832 :

LIC New Children Money Back Policy is a non – linked, with – profits, plan particularly designed to fulfil many financial needs of children through Survival Advantages. LIC New children money back policy plan 113 is a regular premium payment money back plan. LIC New children money back policy offers for the risk cover on the life of child at some stage in the policy tenure & number of survival advantages on surviving to the end of the specified duration’s.

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LIC New children money back plan 832 has been determined to be initiated as LIC Children Money Back plan 832 which would be open for sale from the 4th of March 2015. LIC Policy for Children Money Back together with profits has a Unique Identification Number (UIN) for LIC Children Money Back policy which is :  512N 296V01. This number is mandatory to be stated in all significant documents furnished to the Policy holders & other users (public, distribution channels, etc…)

Also, one can easily calculate the Maturity amount & Premium that has to be paid to get all the advantages obtainable under this policy by using LIC Children Money Back Premium & Maturity Calculator.

LIC reveals children’s Money back policy :

LIC New children money back policy along with profits or participation in profits means depending upon the Corporation experience the policies must participate in the profits & must be eligible for Simple Reversionary Bonus at such rate which may be affirmed by the Corporation. Final added Bonus may also be affirmed under the policy which will be payable on the expiry of the policy tenure or on earlier demise, given that the policy has run for definite minimum tenure.

LIC Children money back policy Eligibility & Conditions :

Eligibility Age :

Minimum Age at entry : 0 years
Maximum Age at entry : 12 lbd

 

Proposer’s age :

Minimum : 18 years
Maximum : 55 years

 

LIC new children money back plan no 832 policy Tenure

Policy Tenure: 

  • (25- (minus) age at entry) years.

Agent Commission rates :

Policy Tenure 1st Year 2nd & 3rd year Subsequent Year
13 & 14 years 20 percent 7.5 percent 5 percent
15 years & Above 25 percent 7.5 percent 5 percent

Sum Assured :

The Basic Sum Assured shall be in multiples of Rs. 10, 000 /-

Minimum Sum Assured : 1, 00, 000
Maximum Sum Assured : No limit

 

Details of the LIC new children money back plan no 832 :

Maturity Age : The policy will be Matured only at the age of 25 years accurately

·         Example :

    • Suppose if a child’s age is 0 years, it means that the policy tenure is 25 years.
    • If child’s age is 3 years then the policy tenure is 25 minus 3=22 years.
Premium payment Mode : Yly, Hly, Qly , SSS & ECS.
Proposal Form  : 340 or 360 & 300 (in case of PWB)
Agent Bonus Commission :    40 percent of 1st year commission

 

The Advantages of the LIC new children money back plan :

New Children Money back policy in LIC mainly consists of 3 kinds of advantages, which are mentioned as under :

  1. Demise Advantage:

LIC New Children Money back policy has a demise advantage. In that there are 2 kinds of risk :

  1. Demise before the date of beginning of risk
  2. Demise after beginning of risk

On demise Before the Date of beginning of Risk:

  • An amount equivalent to the total amount of premium/s paid excluding taxes, extra premium & rider premium, if any shall be payable.

On demise After the Date of beginning of Risk:

  • The actual risk cover only after completing age of 8 years or after 2 years from the date of beginning of Policy whichever is later.
  • Natural or Accidental Demise= Full S.A. + Bonus + F.A.B.
  1. Maturity Advantage:
  • Lic New Children Money back policy has a maturity age that is on the Life assured surviving the predetermined date of maturity, Sum Assured on Maturity (which is 40 percent of the Basic Sum Assured) together with vested Simple Reversionary Bonuses & Final Additional Bonus, if any, shall be payable.
  • 40 percent of S.A. + Bonus + F.A.B.
  1. Survival Advantage:

After conclusion of Age:

  • At 18 years of age = 20 percent of Sum Assured
  • At 20 years of age = 20 percent of Sum Assured
  • At 22 years of age = 20 percent of Sum Assured
  • At 25 years of age = 40 percent of Sum Assured + Bonus+ Final Additional Bonus

 

The Rebates under the LIC New Children Money Back Policy plan no 832 :

Mode Rebates :

Mode Rebate percent of Tabular Premium
Annual mode 2 percent of tabular premium
Half-annual mode 1 percent of tabular premium
Quarterly & monthly NIL

 

High Sum Assured Rebate:

Basic Sum Assured Rebate (Rs.)
1, 00, 000 to 1, 90, 000 Nil
2, 00, 000 to 4, 90, 000 2 per thousand Basic Sum Assured
5, 00, 000 & above 3 per thousand Basic Sum Assured

 

CEIS Rebate:

In case an employee of the Corporation has taken the plan for the advantage of his / her child / children then he / she shall be entitled for a rebate on tabular premium under Corporation’s Employee Insurance Scheme (CEIS) means policy does not taken through any agent.

Policy Tenure CEIS Rebate
13 & 14 years  5 percent
15 years & above  10 percent

 

LIC Children Money Back plan 832 :

Surrender Value :

  • LIC New Children Money Back policy can be surrendered at any time during the policy tenure given that the premiums have been duly paid for full 3 years.

Guaranteed Surrender Value :

  • LIC New Children Money Back policy Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) exclusive of any extra premiums & premium for rider.

 Special Surrender Value :

  • Children Money Back policy 832 will pay Special Surrender Value & it is applicable on the date of surrender given that the same is higher than Guaranteed Surrender Value.
  • The Special Surrender Value will be the discounted value of the sum of Maturity Paid – up Sum Assured & vested Simple Reversionary Bonuses.

 

Renewal :

  • If premiums are not paid within the grace period then the Lic new children money back policy will lapse. A lapsed policy can be renewed during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium & prior to the date of maturity.

Loan :

  • Loan facility is obtainable under LIC new children money back policy after the payment of premiums for at least 3 full years.

The Maximum loan that can be granted as a percentage of Surrender Value shall be as under :

  • For enforce policies – up to 90 percent
  • For paid-up policies – up to 80 percent

 LIC New Children Money Back Policy 832 Riders

In New children money back policy in LIC premium waiver advantage (PWA) riders are obtainable. This advantage can be availed usually in case of accident, disability or demise of the person who was paying the premiums when the insured is incapable of paying premiums due to his loss of income.

LIC’s Premium Waiver Advantage Rider (UIN: 512B204V01) :

  • LIC new children money back policy Premium Waiver Advantage Rider is obtainable on payment of additional premium. This rider can be selected together with the basic plan at the inception or at any time during the policy tenure given that the outstanding policy tenure of the basic plan is at least 5 years.

LIC children money back policy Claim Procedure

The standard documents which the claimant shall submit while lodging the claim in case of demise of the Life Assured or proposer (applicable if LIC’s Premium Waiver Advantage Rider is selected) shall be the claim forms.

The necessary Documents Required are mentioned below :

  • Claim Form
  • NEFT Form
  • Proof of demise
  • Medical treatment prior to demise, school / college / employer’s certificate, whichever is applicable
  • Age proof

LIC NEFT (National Electronic Fund transfer) Form should be submitted by giving correct bank account details. So that the amount can be transferred to your account directly.

Purchasing procedure of the LIC New children money back policy 2015 :

To purchase Lic policy for children money back, you need some documents like Age proof, Address proof, photo & proposal form.

LIC children money back plan premium calculator

Now, one can very easily calculate the premium & maturity advantages with LIC new children money back premium calculator which will be embedded soon.

Other relevant Information on the LIC children money back policy :

  1. Paid up value :
  • The Sum Assured on Demise under paid – up policy shall be decreased to such a sum called “ Demise Paid – up Sum Assured ”& shall be equivalent to
  • [(Number of premiums paid / Total Number of premiums payable) x  Sum Assured on Demise].
    1. Taxes :
  • Rate of the taxes applicable from time to time.
    1. Grace Period for Payment of Premium:
  • A grace period of 1 month but not less than 30 days will be allowed for annually, half – annually, quarterly modes & 15 days for monthly mode of premium payment.
    1. Free Look (Cooling – Off) period :
  • If a policy holder is dissatisfied with the “Terms & Conditions” of the Lic new children money back policy, he / she may return the policy to the Corporation within 15 days.
    1. Date Backing:
  • Lean month advantage is approved.

LIC children money back policy Customer Care

Lic Toll free number : 1800-22-4077

Complaint or query : 1800-33-4433

Lic policy enquiry : 1251 (BSNL/MTNL)
Monday to Friday – 8.00 am to 8.00 pm  & Saturday –  10 am to 6pm

Frequently asked questions for the Children Money Back policy of LIC

Q1. Is Loan obtainable under the LIC new children money back policy?

A1. Yes Loan is obtainable under the LIC new children money back policy.

Q2. What will be the commission payable to intermediaries?

A2. Commission rates (as percentage of premium net of taxes) during the policy tenure are as under:-

Agents & Corporate Agents:

Policy Tenure     :                         1st Year                       2nd & 3rd Year               Subsequent Years

13 & 14 years   :                      20 percent                         7.5 percent                        5 percent

15 years & above  :                25 percent                         7.5 percent                        5 percent

 

Q3. What will be the commission payable for Brokers?

A3. Brokers:

Policy Tenure   :               1st Year                      2nd & 3rd Year                Subsequent Years

& 14 years  :                25 percent                        5 percent                               5 percent

15 years & above:      30 percent                         5 percent                               5 percent

Bonus Commission:   No bonus commission is payable to brokers.

Q4. What will be the commission payable for Development officers?

A4. Development Officer’s Credit (D.O. Credit):

Policy Tenure                 :           D.O.Credit ( as  percent of First Year Premium)

13 & 14 years            :          60 percent

15 years & above       :         100 percent

Q5.When will be the policy Mature?

A5. The policy will mature Exactly at the age of 25 years.

For further details about the LIC Money back policy 20 years, click on below given link :

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LIC New Children Money Back Policy.

 

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