What is LIC New Children Money Back Plan 932 Details 2023, Benefits, Eligibility, Features

LIC (Life Insurance Corporation of India) is a well-established and trusted insurance provider in India. They offer a wide range of insurance plans to cater to the diverse needs of individuals. One such plan is the LIC New Children Money Back Plan 932, which is specifically designed to secure the future of children and provide financial protection to their families. This article will provide a detailed overview of the LIC New Children Money Back Plan 932 and its key features.

LIC New Children Money Back Plan 932 Details

What is LIC New Children Money Back Plan 932?

LIC New Children Money Back Plan 932 is an insurance policy offered by LIC that is designed to meet the financial needs of children. It is a participating Non-linked ,Participating, Individual, Life Assurance money back plan that provides periodic payouts at specific intervals during the policy term. The plan not only offers financial security but also acts as a savings instrument for the child’s future.

The plan provides multiple benefits, including survival benefits, money back benefits, maturity benefit, and death benefit. It ensures that the child’s financial needs, such as education expenses or marriage expenses, are met at various stages of their life.

LIC New Children Money Back Plan 932 also offers tax benefits on the premiums paid and the benefits received, making it a tax-efficient investment option for parents. Additionally, the plan provides the option to avail a loan against the policy after completion of a certain number of years, which can be useful in times of financial emergencies.

Key Features of the LIC New Children Money Back Plan 932

The LIC New Children Money Back Plan 932 comes with several key features that make it an attractive option for parents who want to secure the future of their children. Below, we have mentioned some of the main features:

Money Back Benefit: The plan offers periodic money back benefits at specific intervals during the policy term, which can help in meeting various financial needs like education expenses, marriage expenses, etc.

Survival Benefit: The LIC New Children Money Back Plan 932 offers survival benefits to the policyholder at different stages of the policy term, provided the policy is in force. A certain percentage of the sum assured is paid to the policyholder as survival benefits. These benefits can be used to meet various financial needs of the child, such as education expenses, marriage expenses, etc.

Maturity Benefit: On completion of the policy term, the policyholder is entitled to receive the Maturity Benefit, which includes the Sum Assured on Maturity along with any bonuses declared by LIC.

Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the plan provides a death benefit to the nominee. The death benefit includes the sum assured on death along with any applicable bonuses. This ensures that the child’s future is secured, even in the absence of the policyholder.

Premium Waiver Benefit: The plan also offers a premium waiver benefit, wherein all future premiums are waived off in the event of the death of the policyholder. The policy continues, and the nominee gets all applicable benefits as per the original policy terms.

Benefits of the LIC New Children Money Back Plan 932

The LIC New Children Money Back Plan 932 offers a host of benefits while ensuring financial security for both the child and their family. Some of the benefits of this scheme are mentioned below:

Financial Security: This plan provides financial security to the child in the event of the unfortunate death of the policyholder. The future of the child is secured through the death benefit provided by the plan.

Maturity Benefit: On completion of the policy term, the policyholder gets the maturity benefit, which can be used for the child’s higher education, starting a business, or any other financial goal.

Money Back Benefits: The LIC New Children Money Back Plan 932 provides a maturity benefit to the policyholder on the completion of the policy term. The maturity benefit includes the sum assured on maturity along with any bonuses declared by LIC. This amount can be utilized for the child’s higher education, starting a business, or any other financial goals.

Tax Benefits: The LIC New Children Money Back Plan 932 offers tax benefits to the policyholder. And under Section 80C of the Income Tax Act, the policy makes the premium paid deductible from taxes. Additionally, the maturity benefit and death benefit received are also tax-free under Section 10(10D) of the Income Tax Act. These tax benefits help maximise savings and reduce the overall tax liability.

Loan Facility: The LIC New Children Money Back Plan 932 provides the option to avail a loan against the policy after completion of a certain number of years. The loan amount can be a percentage of the surrender value of the policy. This feature can be beneficial in times of financial emergencies or fulfilling other immediate financial needs.

Eligibility Criteria

To avail of the LIC New Children Money Back Plan 932, the following eligibility criteria must be met:

• Minimum Entry Age: The minimum entry age for the child is 0 years (last birthday).
• Maximum Entry Age: The maximum entry age for the child is 12 years (last birthday).
• Policy Term: The policy term can be chosen as 25 years minus the child’s age at entry.
• Premium Payment Term: The premium payment term is fixed at 25 years.

Policy Term and Premium Payment Options

The policy term for the LIC New Children Money Back Plan 932 is calculated based on the child’s age at entry. The premium payment term is fixed at 25 years. The premium payment options available are:

• Yearly
• Half-yearly
• Quarterly
• Monthly (through NACH or through salary deduction (SSS) only)

It is important to note that the premium rates vary depending on the chosen premium payment mode.

How does LIC New Children Money Back Plan 932 work?

The LIC New Children Money Back Plan 932 operates on a simple yet effective mechanism to provide financial security and benefits to the policyholder and their child. This plan works in the following ways:

Firstly, the policyholder needs to pay regular premiums for the chosen premium payment term. These premiums can be paid yearly, half-yearly, quarterly, or monthly through the NACH or through salary deduction (SSS) only.

At specific intervals during the policy term, the policyholder receives money-back benefits. These intervals are predetermined and mentioned in the policy document. The money-back benefits provide a percentage of the sum assured, which can be used to meet various financial needs of the child, such as education expenses or marriage expenses.

In addition to the money-back benefits, the policyholder also receives survival benefits. These benefits are paid at different stages of the policy term, provided the policy is in force. The survival benefits offer additional financial support to the policyholder and their child.

On the completion of the policy term, the policyholder becomes eligible for the maturity benefit. The maturity benefit includes the sum assured on maturity along with any bonuses declared by LIC. This amount can be utilised for the child’s higher education, starting a business, or achieving other financial goals.

The plan pays a death benefit to the nominee in the unfortunate event of the policyholder’s passing during the policy term. The death benefit consists of the death benefit plus any relevant incentives and the cash assured on death. This guarantees that the child’s future is protected even if the policyholder is not present.

One significant feature of the LIC New Children Money Back Plan 932 is the premium waiver benefit. In the event of the policyholder’s death, all future premiums are waived, and the policy continues. The nominee receives all the applicable benefits as per the original policy terms.

Throughout the policy term, the plan also acquires a surrender value after the payment of premiums for at least three full years. The surrender value can be obtained by surrendering the policy before its maturity. However, surrendering the policy early may result in the loss of certain benefits and reduce the overall payout.

It is important to maintain regular premium payments throughout the policy term to keep the policy active and enjoy all the associated benefits. By following the terms and conditions of the LIC New Children Money Back Plan 932, policyholders can ensure the financial security and well-being of their child.

Surrender Value

The LIC New Children Money Back Plan 932 acquires a cash surrender value after the payment of premiums for at least three full years. The surrender value is a percentage of the total premiums paid, excluding the first-year premium and any additional rider premiums. This value can be availed of by surrendering the policy before its maturity. However, it is important to note that surrendering the policy before maturity may result in the loss of certain benefits and reduce the overall payout.

How to Apply for the LIC New Children Money Back Plan 932

Applying for the LIC New Children Money Back Plan 932 is a straightforward process that ensures financial security for your child’s future. To begin, gather all the necessary information about the plan, including its features, benefits, and eligibility criteria. Contact your nearest LIC branch or authorised agent to initiate the application process. They will provide you with the required forms and guide you through the steps.

Fill out the application completely and accurately, including all required information. Double-check the information before submitting the form. Along with the application form, submit the required documents, such as identity proof, address proof, age proof, and income proof. Depending on the age and sum assured, a medical examination may be required.

After submitting the application and documents, pay the premium amount according to the chosen premium payment mode. Once the application is processed and approved, LIC will issue the policy document. It should be carefully read and stored for future use.

To ensure the policy remains active, make timely premium payments throughout the policy term. This will allow you to enjoy all the associated benefits, including money-back benefits, survival benefits, and tax benefits.

Applying for the LIC New Children Money Back Plan 932 is a significant step towards securing your child’s future. Take action today to provide them with the financial protection they deserve.

Conclusion

The LIC New Children Money Back Plan 932 is an excellent insurance plan designed to secure the future of children and provide financial protection to their families. With its attractive features like money-back benefits, survival benefits, maturity benefits, and tax benefits, it offers a comprehensive solution to meet the child’s financial needs at different stages of life. By opting for this plan, parents can ensure that their children’s dreams and aspirations are supported financially, even in their absence.

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FAQs about LIC New Children Money Back Plan 932