People come from villages to cities for a better life and better education for their children. In such a scenario, it is imperative to secure their future. To secure the future of the children in every way, LIC has a policy called LIC Child Money Back Plan with table number 932. In this scheme, parents or guardians are the proposers and children are policyholders.
LIC Sleek Teens Money Support Policy Conception Number 932 on this knowledge, the guardian or guardian is the proposer while the kids are the protection holders:
Eligibility for policy:
Speaking of eligibility for this policy, the minimum entry age is zero years. The maximum entry age is 12 years. As far as the term of the policy is concerned, from the commencement of the policy, the premium has to be paid till the child reaches the age of 25 years. Accordingly, its policy term is 0-13 years. The policy term and premium payment period are the same for this scheme. The policy matures when the child turns 25 years old. Under this policy, a 20 percent refund is given on completion of 18 years of age of the child. Similarly 20% after completion of 20 years and 20% again after completion of 22 years.
Minimum Sum Assured for the policy:
The minimum sum insured for this policy is Rs. The maximum sum insured is not limited. As this policy covers the life of the child, it is important to know the risk coverage. If the child is over 8 years of age, the risk coverage starts with the taking of the policy. If the child is under 8 years of age, the risk protection will start after the completion of two policy years or after the completion of 8 years, whichever is earlier.
Premium in policy Weaver Rider:
This policy contains premium weaver rider. Under this, in case of the death of the proposer, there is no need to deposit premium thereafter. It does not affect the benefits in any way. A loan facility is also available under this policy. The loan can be taken after two years of the policy. As for the tax rules, the benefit of deduction under section 80C is available on payment of premium. Death benefit or maturity is also tax-free under section 10 (10D).
About benefits under the policy:
Speaking of the benefits available under this policy, if A is 30 years of age and his child is 2 years of age and he has enrolled for this scheme, then a premium has to be paid for him. The term will be 23 years. The monthly premium excluding rider will be Rs 735 including tax, the quarterly premium will be Rs 2203, the half-yearly premium will be Rs 4359 and the annual premium will be Rs 8624. The monthly premium with Ryder will be around Rs 815. Accordingly, he will deposit Rs. 2.25 lakhs in 22 years.
About Financial Benefits:
Speaking of the benefits received, 20-20% of the sum insured for 18, 20, and 22-year-olds will get Rs. 40,000-40,000 as a refund. Upon completion of 25 years, the remaining 40 percent of the sum insured i.e. Rs. 80,000 will be available. Under the current rules, a simple revisionary bonus of Rs 2 lakh 7 thousand will be given on the sum assured of Rs 2 lakh. In addition, Rs 50,000 will be given as an additional bonus. Thus, at the age of 25, the child will get Rs 3.37 lakh. 1.2 thousand would have already been received separately as a refund. If he wants to pay the same on maturity, he will get a total of Rs. 4.57 thousand on maturity.