LIC new children money back plan no 832 Introduction
LIC New Children Money Back Policy is a non-linked, with-profits, plan specially designed to meet various financial needs of children through Survival Benefits.
LIC New children money back policy is a regular premium payment money back plan. LIC New children money back policy provides for the risk cover on the life of child during the policy term and number of survival benefits on surviving to the end of the specified durations.
LIC New children money back plan 832 has been decided to introduce as LIC NEW CHILDREN MONEY BACK PLAN, which would be open for sale from 4th March, 2015.
LIC New children money back policy with profits has a Unique Identification Number (UIN) for LIC New Children Money Back policy is 512N 296V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users (public, distribution channels, etc.).
LIC unveils children’s Money back plan
LIC New children money back policy with profits (or) participation in profits means depending upon the Corporation experience the policies shall participate in the profits and shall be eligible for Simple Reversionary Bonus at such rate which may be declared by the Corporation.Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the policy term or on earlier death, provided the policy has run for certain minimum term.
LIC new children money back policy Eligibility and 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 policy Term
Policy Term:
- (25-(minus) age at entry) years.
Agent Commission rates:
| Policy Term | 1st Year | 2nd and 3rd year | Subsequent Year |
| 13 and 14 years | 20% | 7.5% | 5% |
| 15 years and Above | 25% | 7.5% | 5% |
Sum Assured:
The Basic Sum Assured shall be in multiples of Rs. 10,000/-
| Minimum Sum Assured: | 100,000 |
| Maximum Sum Assured: | No limit |
LIC new children money back policy Detials
| Maturity Age: | The policy will be Matured only at the age of 25 years Exactly
|
| Premium payment Mode: | Yly, Hly, Qly , SSS and ECS. |
| Proposal Form : | 340 or 360 and 300 (in case of PWB) |
| Agent Bonus Commission: | 40% of 1st year commission |
LIC new children money back policy Benefits
Lic New Children Money back policy mainly consists of three types of benefits they are:
1.Death Benefit:
Lic New Children Money back policy has a death benefit. In that there are two types of risk one is death before the date of commencement of risk and death after commencement.
On death Before the Date of Commencement of Risk:
- 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:
- The actual risk cover only after completing age of 8 years or after two years from the date of commencement of Policy whichever is later.
- Natural or Accidental Death Full S.A. + Bonus + F.A.B.
2.Maturity Benefit:
- Lic New Children Money back policy has a maturity age that is on the Life assured surviving the stipulated date of maturity, Sum Assured on Maturity (which is 40% of the Basic Sum Assured) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.
- 40% of S.A. + Bonus + F.A.B.
3.Survival Benefit:
After Completion of Age:
- At 18 = 20% of Sum Assured
- At 20 = 20% of Sum Assured
- At 22 = 20% of Sum Assured
- At 25 = 40% of Sum Assured + Bonus+ Final Additional Bonus
Lic new children money back policy Rebates
Mode Rebates:
| Mode Rebate | % of Tabular Premium |
| Yearly mode | 2% of tabular premium |
| Half-yearly mode | 1% of tabular premium |
| Quarterly and 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 and above | 3 per thousand Basic Sum Assure |
CEIS Rebate:
If an employee of the Corporation has taken the plan for the benefit of his/her child/children then he/she shall be eligible for a rebate on tabular premium under Corporation’s Employee Insurance Scheme (CEIS) means policy does not taken through any agent.
| Policy Term | CEIS Rebate |
| 13 and 14 years | 5% |
| 15 years & above | 10% |
Lic New Children Money Back Policy Video
Lic new children money back plan 832
Surrender Value:
- Lic New Children Money Back policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.
Guaranteed Surrender Value:
- Lic New Children Money Back policy Guaranteed Surrender Value shall be a percentage of total premiums paid (net of taxes) excluding any extra premiums and premium for rider.
Special Surrender Value:
- Lic New Children Money Back policy will pay Special Surrender Value and it is applicable on the date of surrender provided 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 and vested Simple Reversionary Bonuses.
Revivals:
- If premiums are not paid within the grace period then the lic new children money back policy will lapse. A lapsed policy can be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium and before the date of maturity.
Loan:
- Loan facility is available under lic new children money back policy after the payment of premiums for atleast three full years.
The Maximum loan that can be granted as a percentage of Surrender Value shall be as under:
- For inforce policies – upto 90%
- For paid-up policies – upto 80%
Lic children money back policy Riders
In Lic new children money back policy premium waiver benefit(PWB) riders are Available.This benefit can be availed usually in case of accident,disability or death of the person who was paying the premiums when the insured is incapableof paying premiums due to his loss of revenue.
LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01):
- LIC new children money back policy Premium Waiver Benefit Rider is available on payment of additional premium. This rider can be opted for along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years.
Lic children money back policy Claim Procedure
The normal documents which the claimant shall submit while lodging the claim in case of death of the Life Assured or proposer ( applicable if LIC’s Premium Waiver Benefit Rider is opted for) shall be the claim forms
Documents Required:
- Claim Form
- NEFT Form
- Proof of death
- Medical treatment prior to death, school / college / employer’s certificate, whichever is applicable
- Age proof
Lic New Children money back policy Claim Form
LIC NEFT (National Electronic Fund transfer) Form should be submitted by giving correct bank account details. So that the amount can be transfered to your account directly.
Lic New Children money back policy NEFT Form
Lic New children money back policy Buying procedure
To buy Lic new children money back policy you require some documents like Age proof,Address proof,photo and proposal form.
lic new children money back policy proposal form 300
lic new children money back policy proposal form340
Lic children money back policy premium calculator
You can calculate the premium and maturity benefits with lic new children money back policy premium calculator will be embedded soon.
Lic children money back policy Additional Information
1.Paid up value:
- The Sum Assured on Death under paid–up policy shall be reduced to such a sum called “Death Paid-up Sum Assured” and shall be equal to
- [(Number of premiums paid/Total Number of premiums payable) x Sum Assured on Death].
2.Tax:
- A rate of the taxes applicable from time to time. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
3. Grace Period for Payment of Premium:
- A grace period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for monthly mode of premium payment.
4. Free Look (Cooling Off) period:
- If a policyholder is not satisfied with the “Terms and Conditions” of the lic new children money back policy, he/she may return the policy to the Corporation within 15 days.
5. Date Backing:
- Lean month benefit allowed.
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)
Mon to fri 8.00 am to 8.00 pm and sat 10 am to 6pm
Lic children money back policy FAQs
1.Is Loan is Available under lic new children money back policy?
A.Yes Loan is Available.
2.what will be the commission payable to intermediaries?
Commission rates (as percentage of premium net of taxes) during the policy term are as under:-
Agents and Corporate Agents:
Policy Term : 1st Year 2nd & 3rd Year Subsequent Years
13 and 14 years : 20% 7.5% 5%
15 years and above : 25% 7.5% 5%
3.what will be the commission payable for Brokers?
A. Brokers:
Policy Term : 1st Year 2nd & 3rd Year Subsequent Years
and 14 years : 25% 5% 5%
15 years and above: 30% 5% 5%
Bonus Commission: No bonus commission is payable to brokers.
4.what will be the commission payable for Development officer’s?
A.Development Officer’s Credit (D.O. Credit):
Policy Term : D.O.Credit ( as % of First Year Premium)
13 and 14 years : 60%
15 years and above : 100%
5.When will be the policy Matured?
A.The policy will be matured Exactly at the age of 25 years.
Lic children money back policy Forms and Documents
Lic New Children Money Back policy circular
LIC ECS form should be submitted by policyholders those who have monthly premium option.
Lic New Children Money Back policy ECS Form