Child Plans

LIC's New Children's Money Back Plan is a participating non-linked money back plan. This plan is specially designed to meet the educational, marriage and other needs of growing children through Survival Benefits. In addition, it provides for the risk cover on the life of child during the policy term and for number of survival benefits on surviving to the end of the specified durations.

Minimum Basic Sum Assured : Rs. 1,00,000/-
Maximum Basic Sum Assured : No Limit
Policy Term : 25 – Age at entry of the child
Minimum Entry Age : 0 Year Last Birthday
Minimum Entry Age : 0 Year Last Birthday
Age at Maturity for Life Assured : 25 years
Age at Maturity for Life Assured : 25 years

LIC's Childrens Money Back Benefit Details

On Death Before the Date of Commencement of Risk : An amount equal to the total amount of premium's paid excluding taxes, extra premium and rider premium, if any shall be payable.

On Death After the Date of Commencement of Risk : "Sum Assured + Vested Bonus + FAB if any."

Where 'S.A. on Death' is defined as the higher of

i. 10 times of Anualized Premium, OR

ii. 105%of all Premiums paid as on death OR

The premiums exclude taxes, extra premium and rider premiums.

On Survival :

If Policy in full force :

Completion Age 18YRS - 20% OF MSA

Completion Age 20YRS - 20% OF MSA

Completion Age 22YRS - 20% OF MSA

On Maturity at Age 25YRS 40% of MSA + Vested Bonus + FAB if any.

Surrendered Value : The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

Loan : Loan Facillity is available under this plan, after payment of premiums for at least 3 full years.

Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80c.Maturity under this plan is free under sec 10(10D).

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years.

Minimum Basic Sum Assured : Rs. 75,000/-
Maximum Basic Sum Assured : No Limit
Policy Term : 25 – Age at entry of the child
Premium Paying Term : 20 – Age at entry of the child
Minimum Entry Age : 0 Year Last Birthday
Maximum Entry Age : 12 Year Last Birthday
Age at Maturity for Life Assured : 25 years
Mode of Premium Payment : Yearly, half-yearly, quarterly & monthly

LIC's Jeevan Tarun Benefit Details

On Death Before the Date of Commencement of Risk : An amount equal to the total amount of premium's paid excluding taxes, extra premium and rider premium, if any shall be payable.

On Death After the Date of Commencement of Risk : "Sum Assured + Vested Bonus + FAB if any."

Where 'S.A. on Death' is defined as the higher of

i. 10 times of Anualized Premium, OR

ii. 105%of all Premiums paid as on death OR

The premiums exclude taxes, extra premium and rider premiums.

On Survival : Option is chosen at proposal stage:

• Option-1: No Survival,Maturity Benifit 100% S.A.

• Option-2: 5% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 75% S.A.

• Option-3: 10% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 50% S.A.

• Option-4: 15% S.A. every year For 5 Years from age 20 to 24,Maturity Benifit 25% S.A.

Surrendered Value : The Policy can be surrendered at any time during the policy term provided atleast 3 full years premiums have been paid.

Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80c.Maturity under this plan is free under sec 10(10D).

Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80c.

LIC's Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. This combination provides financial protection against death during the policy term with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival.

Minimum Basic Sum Assured : Rs. 50,000/-
Maximum Basic Sum Assured : No Limit
Minimum Policy Term : 10 years
Maximum Policy Term : 25 years
Minimum Entry Age : 90 Days (completed)
Maximum Entry Age : 65 years (nearer birthday)
Maximum Age at Maturity for Life Assured : 75 years
Mode of Premium Payment : Single Premium

LIC's Single Premium Endowment Benefit Details

On Death after commencement of risk : Sum Assured + Vested Bonus + FAB if any.

On Death before commencement of risk : Return of Single Premium excluding taxes and Extra Premium.

Surrendered Value : The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Loan : Loan Facillity is available under this plan, after completion of one policy year.

Income Tax Benefit : u/s 80C up to 10% of SA.

Life Insurance Corporation of India

Podanur Branch , Coimabatore.