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Today, life is highly competitive. Education and settling in life entails high costs. Parents need, therefore, to make provision, in advance, for good education for their children. Children also need financial support for entering business/career.
L.I.C now introduces a new plan to take care of these needs - a Children’s Money Back Assurance Plan(113), with payment of premium ceasing on policy anniversary immediately after the child attains 18 years of age. The plan, besides offering risk cover, also offers payment of Sum Assured in installments at age 18, 20, 22, 24 and Guaranteed and Loyalty additions at age 26.
This Policy can be proposed by generally father but if mother has income if her own , she can propose. If both parents are not alive, then legal guardian can propose under this plan. Risk under this policy will commence two years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years whichever is later.
· Installment benefit:
At Age (Completed) Benefits
18 20% of Sum Assured
20 20% of Sum Assured
22 30% of Sum Assured
24 30% of Sum Assured
26 Guaranteed Addition plus Loyalty Addition
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