Friends, in today’s article, we are going to know about LIC New Children Money Back Plan 932. LIC started this plan on 1 February 2020. LIC made this plan to meet the financial needs and requirements of the children in future. LIC also provides risk cover on the life of your child in this plan. Therefore, if you also want to make your child’s future bright, then definitely buy this plan.
Eligibility for LIC New Children Money Back Plan 932
Entry age should be between 0 to 12 years
Policy term up to 25 years
Minimum Sum Assured 1 Lakh
Maximum Sum Assured No Limit
Maturity age 25 years
Payment Types Monthly, Quarterly, Half Yearly, Yearly
Benefits of LIC New Children Money Back Plan 932
There are many benefits of this plan, which we are going to know here step by step.
If the child for whom this plan has been taken dies, then along with the sum assured, some bonuses are also given to him.
For children whose age is between 8 to 12 years, their risk cover will start immediately. But those whose age is less than 8 years, their risk cover will not start immediately. The risk cover will start after 2 years of taking this plan or after the child turns 8 years old.
If the child dies before the risk cover kicks in, only the premium money will be returned to you. You will not get any extra bonus.
In this plan you get 3 money back plans i.e. 3 times during the policy term. You have taken this winning plan, 20% of it will be given to you as money back plan 3 times. As if you had taken this plan at a sum assured of 10 lakhs, then you will get 2 lakh rupees as money back plan for 3 times.
Along with money back plan, bonus will also be given at the time of maturity.
The amount of premium you pay in LIC New Children Money Back Plan will be exempted under Income Tax Act 80C.
Apart from this, the amount of maturity benefit is also exempted under Income Tax Act 10 (10D).
LIC New Children Money Back Plan Surrender
You can surrender this plan after paying premiums for at least 3 years. But this will harm you, because you will be given back less money than the premium you have paid till now.
Free Look Period Benefit
You are also given the facility of free look period in this plan. This means that after taking this plan, if you are not satisfied with it, then you can return this plan within 15 days. But why you want to return this plan, you have to tell the reason for it.
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LIC New Children Money Back Plan Grace Period
In this plan, you get 30 days time even after the last date to pay the premium. This is called Grace Period. But if you do not pay the premium even in these 30 days, then your plan will lapse.
Rebates in LIC New Children Money Back Plan
There are two types of discount options in this plan, discount on premium payment mode and discount on high sum assured premium payment mode.
In premium payment mode, if you pay the premium annually, you get a discount of 2%. But if you pay premium for 6 months, you get a discount of 1%.
If you pay premium between 1 lakh to 1.90 lakh in High Sum Assured premium payment mode, then you will not get the discount. But if you pay premium between 2 lakh to 4.90 lakh, then you will get a discount of 2%. And if you pay premium more than 5 lakhs, then you will get a discount of 3%.