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LIC's New Children Money Back Plan



FEATURES OF PLAN : LIC has decided to introduce anew Children Money back Plan (Table No. 832)with effect from 4th March ,2015 .This Is a non –Linked with profits ,regular premium payment money back plan .This plan is very helpful to meet various financial needs of children through Survival Benefits . The risk cover is provided on the life of child during the policy term and number of Survival Benefits on surviving to the specified durations.




Min Age

0Years (lbd)



90%for in force policies

80% for in paid up policies

Max  Age

12 years (lbd )


Available after 3 yrs.

Prop. Min age

18 years


Within 2 yrs.

Prop Max age

55 years

Survival Benefits Available

20% o BSA payable on 18th,20th ,22nd years

Policy Term

(25–age  of entry )years

Maturity S.A.

40%of BSA +SRB+FAB


1 Lakh

Proposal Forms


Max S.A.

No Limit

Cooling Off






Rebate forS.A.

1Lakh -9 lakh :Nil

2 Lakh -4.9 lakh :2%BSA

5 Lakh &above :3%BSA


CEIS Rebate




13&14yrs.Term :5%

15 yrs &above :10%

Mode of payment

Yly,Qtly ,Hly ,Mly

Service Tax





Income tax


Dating Back












Suicide within 1 yr.

80% Refund of Premium









Survival Benefit: On Life Assured’s survival to the age of 18.20 and 22 years, he /she will get 20%of the Basic Sum Assured on each occasion. Shall be, payable provided the policy is in full force


Maturity Benefit: On surviving the stipulated date of maturity the Life Assured will get 40% of BSA +vested simple reversionary Bonuses +Final Additional Bonuses, if any.


Death Benefit:

(i) On Death Before commencement of Risk: An amount equal to total premiums paid excluding taxes ,extra premium and rider premium ,if any.

(ii) On Death After Commencement of Risk:”Sum Assured on Death “+Vested Simple Assured on Death =Higher of 10 times of Annualized premium of absolute assured to be paid on death ie. Basic Sum Assured .The death Benefit shall not be less than 105% of the total premiums paid as on date of death (The Premiums  mentioned exclude tax ,extra premium and rider premium ,if any .)

Option is defer the survival Benefit (S): the policy holder can take the Survival benefits at any time on or after its due date but during the currency of the policy in case of deferment of a due survival benefit(s)opted by the policy holder ,the corporations will pay increased survival benifit(s)equal to Survival benefits %*Sum Assured *factor applicable to Survival Benifit (s)To opt for this option the policyholder will have to intimate six months before the due date of the Survival Benefit(s)in writing.


Premium Waiver Benefit Rider (UIN:512B204V01): available on payment of additional premium .The Rider can be along with the basic plan at the inception or at any time during the policy term provided the outstanding policy term of the basic plan is at least 5 years .

(i) The Premium Waiver Benefit shall be grained on the basis of the proposer’s age of the premiums falling due after the date of death shall be waived.

(ii) The Premium Waiver Benefit shall be granted on the basis of the Proposer’s age personal declaration and other related documents .In case of any untrue or incorrect statement contained therein or any material information is withheld ,then and in every such case but subject to the provisions of Section 45 of the Insurance Act 1938,as amended from time to time ,all claim to the benefit shall cease and determine ;

(iii) If the Proposer (Whether sane or insane )commits within 12 months from the date of insurance of First Premium Receipt or within 12 months from the date of revival ,the PWB shall into account .

(iv) In case of Life Assureds’s death before the risk commencement to arrive at the amount to be refunded and in calculating the surrender value of the policy ,the additional premium shall not be taken into account .

(v) At proposal stage or on revival the medical report and special reports ,if required shall be at the proposer’s own expense from the corporation ‘s appointed Medical Examiner .

(vi) The revival of the rider will be considered along with the revival of the basic Policy. The revival of the rider’s is allowed at any time but within a period of two consecutive years from the due date of the unpaid premium   or before the  date of policy term ,whichever is earlier subject to evidence of health and habits of the proposer to the satisfaction of the corporation .

(vii) If the policy is in lapsed condition ,the PWB (Premium Waver Benefit) shall cease to apply .


Eligibility conditions for PWB Rider :

Min Age at entry          :18 years (comp)

Max age of enrty          :55 years (nbd)

Prem Paying term         :same as basic plan

Max cover ceasing age :70 years (nbd)

Risk commencement : If the Life  assured is less than 8 years at the inception ,the risk will commence either one day before the completion of 2 years from the date commencement of policy  or on the day before the Policy Anniversary coinciding with or immediately following the completion of 8 years of age ,whichever is earlier ,If following the completion of 8 years of age ,whichever is earlier ,if Life assured is  years  old or more ,risk will commence immrdiately . 

Date of vesting : On completion of Life Assured’s age 18 years ,the policy shall automatically vest in Life Assureds on the policy anniversary coinciding with or immediately after the completion of 18 years . 

Grace Period : for Yearly ,half yearly and quarterly modes ,one month but not less than 30 days .

For Monthly mode: 15 days

Surrender value: available at any time during the policy term if premiums have been pais for full 3 years.

Guaranteed Surrender Value:The Guaranteed Surrender value shall be a Percentage of total paid (net of taxes )excluding any extra premiums and premium for rider ,if opted for less any survival benefits already paid .this percentage will depend on policy term and year in which the policy is surrender and is enclosed as annexure V

In Addition ,the Surrender value of vested Simple Reversionary bonuses ,if any ,shall also be payable ,which is equal to vested bonuses multiplied by the Surrender value.Factor applicable to vested bonuses depending upon the policy year of policy being surrendered and is enclosed as annexure –VII

Special surrender value :will be the discounted value orf the sum of maturity paid up sum assured and vested simple .

Reversionary Bonuses

Paid up value :Number of Premiums paid /total Number of Premiums Payable *SA+Total S.B.Payable . 

Revival :A Lapsed policy can be revival of 2 consecutive years from the date of first unpaid premium and before the date of maturity .

Cooling –off Period :if a policy holder is not satisfied with the “terms and conditions“ Of the policy ,he/she may return to the corporation within 15 days from the date of receipt of the policy . 

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