New Children’s Money Back (Table-932) Premium Calculator
Calculate LIC New Children’s Money Back (Table-932) plan. Get comprehensive insurance coverage and investment benefits. Flexible premium payment options.
Introduction
The LIC New Children’s Money Back (Table-932) is a comprehensive insurance cum investment plan designed to provide financial security for children aged 0 to 12 years. This plan ensures a secure future for your child by offering a combination of lump sum and maturity benefits. With flexible premium payment options and additional riders, this plan caters to the unique needs of parents looking to safeguard their child’s future.
Understanding the LIC New Children’s Money Back (Table-932) Plan
The LIC New Children’s Money Back (Table-932) Plan is an insurance cum investment plan designed to provide financial security for children aged 0 to 12 years. It offers a combination of survival, maturity, and death benefits, ensuring comprehensive coverage throughout the policy term.
Age eligibility and sum assured: The plan is suitable for children between the ages of 0 and 12 years. The minimum sum assured is Rs. 100,000.
Premium payment frequencies: The plan offers flexible premium payment frequencies, allowing you to choose between monthly, quarterly, half-yearly, or annual payment modes.
Death, survival, and maturity benefits: The LIC New Children’s Money Back (Table-932) Plan provides various benefits to ensure your child’s financial security. In the event of the policyholder’s demise, the plan offers a lump sum amount to the nominee. Survival benefits are paid at specific intervals, such as ages 18, 20, and 22, amounting to 20% of the sum assured. On the child’s 25th birthday, the plan matures, providing the remaining 40% of the sum assured along with bonuses and a final additional bonus.
Additional options and riders: The plan offers additional options to enhance coverage. One such option is the premium waiver benefit rider, which waives future premiums in the event of the proposer’s death, ensuring the continuity of the plan for the child.
Exclusions and conditions: The plan has certain exclusions and conditions. Suicide within the first 12 months of the policy inception is excluded. In such cases, 80% of the premiums paid will be returned to the nominee.
Advantages and Benefits of LIC New Children’s Money Back (Table-932) Plan
Financial security and educational expenses: The plan provides financial security for your child’s future, ensuring that their educational expenses are met. It acts as a safeguard, enabling you to overcome financial barriers and support your child’s aspirations.
Maturity benefits and bonuses: On the policyholder’s 25th birthday, the LIC New Children’s Money Back (Table-932) Plan matures, offering the remaining 40% of the sum assured along with bonuses and a final additional bonus. This substantial amount can be utilized for various purposes, such as higher education or career establishment.
Tax benefits under Section 80C: The plan qualifies for tax benefits under Section 80C of the Income Tax Act. Premiums paid for the policy are eligible for tax rebates, providing additional savings.
Premium waiver benefit rider: The plan offers a premium waiver benefit rider, ensuring that the policy continues even in the unfortunate event of the proposer’s death. This rider helps secure the child’s future, regardless of the circumstances.
Loan facility for emergencies: In times of financial emergencies, the LIC New Children’s Money Back (Table-932) Plan offers a loan facility. This feature provides you with the flexibility to access funds when needed.
How to Apply for LIC New Children’s Money Back (Table-932) Plan
Required documents: To apply for the LIC New Children’s Money Back (Table-932) Plan, you need to submit the following documents: application forms, medical history, address proof, and KYC documents. Additionally, based on the child’s age and sum assured, medical examinations may be required.
Application process: The application process is simple and can be initiated through LIC’s official website or by contacting a LIC representative. Fill out the required forms, provide the necessary documents, and make the premium payments as per your chosen frequency.
Medical examinations and age-based requirements: Depending on the child’s age and sum assured, medical examinations may be required to assess the insurability. This ensures that the child receives the appropriate coverage based on their health condition.
Sample Illustration and Calculations
Parameters for calculation: A sample illustration is provided by LIC to help you understand the benefits of the plan. Parameters such as the proposer’s age, child’s age, sum assured, and premium paying term are considered.
Survival benefits at specific ages: The LIC New Children’s Money Back (Table-932) Plan offers survival benefits at specific ages, such as 18, 20, and 22. These benefits amount to 20% of the sum assured and provide interim financial support for your child’s needs.
Maturity benefit and final addition bonus: On the policyholder’s 25th birthday, the plan matures, providing the remaining 40% of the sum assured along with bonuses and a final addition bonus. The maturity benefit ensures a substantial corpus for your child’s future endeavors.
Conclusion
In conclusion, the LIC New Children’s Money Back (Table-932) Plan offers a comprehensive solution to secure your child’s future. With a range of benefits, including survival, maturity, and death benefits, this plan ensures financial protection at every stage of your child’s life. Additionally, the plan provides flexibility through a premium waiver benefit rider and a loan facility for emergencies.
By considering the age eligibility, sum assured, and premium payment frequencies, you can tailor the plan to your specific requirements. Apply for this plan today and give your child the gift of a secure and prosperous future.