LIC New Children Money Back Plan 932 – Investing in the future of our children is crucial to help them realize their dreams. The LIC New Children Money Back Plan (932) is specifically designed to provide financial security for children until they reach the age of 25. This plan is particularly favored by parents and grandparents for its benefits, including a guaranteed payout for significant milestones. In this article, we will discuss in detail the features, benefits, eligibility criteria, and more related to the LIC New Children Money Back Plan.
Overview of LIC New Children Money Back Plan 932
The LIC New Children Money Back Plan is an investment and insurance product that caters to the financial needs of children until they turn 25 years old. This plan participates in profits, thus allowing policyholders to benefit from LIC’s performance, however, it provides coverage only for the child’s life, not for parents or guardians. It serves primarily as a means of investment, ensuring the child’s financial security as they grow.
Key Features of LIC New Children Money Back Plan
| Plan Name | LIC New Children Money Back Plan |
| Plan Type | Participating non-linked money-back scheme |
| Policy Term | Up to 25 years minus entry age |
| Plan Basis | Individual |
| Sum Assured | Minimum Rs 1 lakh, no maximum limit |
| Grace Period | 15 days for monthly payments, 30 days for other payment modes |
| Premium Payment Frequency | Monthly, quarterly, half-yearly, or annual |
| Loan Availability | Loans can be taken against the policy |
| Free Look Period | 15 days from purchase to return the policy |
| Revival | Expired policies can be renewed within 2 years by paying the outstanding balance |
| Maturity Benefits | Sum Assured and any applicable bonuses |
| Policy Benefits | Maturity, Death, and Survival benefits |
Additional Plans Offered by LIC
LIC Nivesh Plus Plan
LIC New Pension Plus Plan
एलआईसी कन्यादान पॉलिसी
LIC Dhan Sanchay Plan
LIC Dhan Varsha Plan
एलआईसी जीवन लाभ प्लान
LIC Aadhaar Shila Plan
Benefits of LIC New Children Money Back Plan
The LIC New Children Money Back Plan offers several valuable benefits:
- Maturity Benefit: If the insured survives the policy term, the sum assured along with any applicable bonuses will be paid at maturity, which is 40% of the basic sum assured.
- Survival Benefit: Upon surviving certain policy anniversaries (17, 20, and 22 years), 20% of the sum assured will be paid out.
- Profit Sharing: The policy participates in LIC’s profits and can earn bonuses based on company performance.
- Death Benefit: In case of the unfortunate demise of the insured, the total assured amount along with bonuses will be payable to the nominee.
Eligibility Criteria for LIC New Children Money Back Plan
To be eligible for the LIC New Children Money Back Plan, the following criteria must be met:
| Minimum Age for Entry | 0 years (at birth) |
| Maximum Age for Entry | 12 years |
| Age at Maturity | 25 years |
| Payment Modes | Monthly, Quarterly, Half-yearly, Annual |
Documents Required
- Filled application form for the policy.
- Complete medical history of the policyholder.
- Proof of current address and KYC documents.
- Medical checkups may be required based on the assured amount and child’s age.
Exclusions for the Plan
The policy will not be payable in the following circumstances:
- Death by suicide within the first year of policy commencement will result in a refund of 80% of the premiums paid, but additional future premiums and charges will not be refunded.
- Similar terms apply if the policyholder dies by suicide within a year after reviving a lapsed policy.
- Policies for children below 8 are treated differently in terms of payout.
Premium Payment Options
The premium must be paid throughout the policy’s term, with payment options available monthly, quarterly, half-yearly, or annually. The chosen sum assured will determine the premium amount to be paid by the policyholder.