LIC New Childrens Money Back Plan-932 is a comprehensive insurance and investment plan designed to provide financial security for children aged 0 to 12 years. This plan offers a combination of lump sum, survival, and maturity benefits to safeguard your child’s future.
With flexible premium payment options and additional riders, this plan caters to the unique needs of parents looking to secure their child’s education and future financial well-being.
Key Features of LIC New Childrens Money Back Plan-932
The LIC New Childrens Money Back Plan-932 is an insurance-cum-investment plan that ensures financial protection for children. Here’s an overview of its main features:
- Age Eligibility and Sum Assured: Suitable for children aged 0 to 12 years, with a minimum sum assured of ₹1,00,000.
- Premium Payment Options: Flexible payment modes including monthly, quarterly, half-yearly, and annual frequencies.
- Benefits: Provides survival benefits at specific intervals, maturity benefits at age 25, and death benefits to secure your child’s financial future.
- Additional Riders: Includes options like the premium waiver rider for enhanced coverage.
Benefits of the LIC New Childrens Money Back Plan-932
- Death, Survival, and Maturity Benefits
In the unfortunate event of the proposer’s demise, the plan provides a lump sum death benefit to the nominee. Survival benefits of 20% of the sum assured are paid at ages 18, 20, and 22, providing interim financial support. At maturity (age 25), the remaining 40% of the sum assured is paid along with bonuses, making this an ideal plan for securing a child’s future needs, including education and career establishment. - Premium Waiver Benefit Rider
The premium waiver rider ensures the plan continues without further premium payments in case of the proposer’s death, guaranteeing that the child’s future is financially secure. - Loan Facility for Emergencies
The plan offers a loan facility that allows policyholders to borrow against the policy in case of financial emergencies. - Tax Benefits Under Section 80C
Premiums paid under this plan are eligible for tax deductions under Section 80C of the Income Tax Act, offering additional financial savings.
How to Apply for the LIC New Childrens Money Back Plan-932
- Required Documents
To apply for this plan, you will need the following documents: application form, KYC documents, address proof, and medical history. Medical examinations may be required depending on the child’s age and sum assured. - Application Process
You can apply online through the LIC official website or through an LIC agent. Complete the necessary forms, provide required documents, and choose your preferred premium payment frequency. - Medical Examination
Based on the sum assured and the child’s age, a medical examination may be needed to ensure insurability.
Sample Illustration and Benefits Calculation
- Survival Benefits
The plan offers survival benefits at ages 18, 20, and 22, each equal to 20% of the sum assured. These payments provide financial support during key educational milestones. - Maturity Benefit and Final Bonus
On the child’s 25th birthday, the remaining 40% of the sum assured is paid, along with bonuses and a final additional bonus, ensuring a substantial financial corpus for higher education or career needs.
Advantages of the LIC New Childrens Money Back Plan-932
- Financial Security for Educational Expenses
The plan ensures that your child’s education and future expenses are covered through systematic payouts. - Maturity Benefits and Bonuses
The maturity benefit, combined with bonuses, provides a large corpus on your child’s 25th birthday, which can be used for higher education or other significant life events. - Flexible Payment Options and Riders
With flexible premium payment options and the availability of additional riders, this plan can be tailored to meet specific needs.
Conclusion
LIC New Childrens Money Back Plan-932 is an excellent insurance and investment option for parents looking to secure their child’s financial future. Offering survival, maturity, and death benefits, along with additional flexibility through premium waiver and loan facilities, this plan ensures financial protection at every stage of your child’s life.
By choosing this plan, you are giving your child the gift of a secure and prosperous future. Apply today to start building a strong financial foundation for your child.
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