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LIC Child Money Back 932

The LIC Child Money Back 932 ( UIN No. 512N296V02) is a comprehensive life insurance plan designed to secure your child’s financial future. It provides financial protection and regular money back benefits at specified intervals during the policy term. This plan ensures that you can meet the important milestones of your child’s life without any financial constraints.

Child money back 932
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GET CHILD MONEY BACK POLICY TODAY

GET CHILD MONEY BACK POLICY TODAY

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Key Features Of LIC Child Money Back 932

The LIC Child Money Back 932  comes with several notable features that make it an ideal choice for securing your child’s future. Here are the key features:

FINANCIAL PROTECTION

The plan offers financial protection in case of the policyholder’s demise during the policy term. The sum assured is paid to the nominee to ensure the continuity of your child’s financial well-being.

PERIODIC MONEY BACK BENEFITS

The plan provides regular money-back benefits at specified intervals during the policy term. These payouts can be used to meet various expenses such as education, marriage, or other milestones of your child’s life.

MATURITY BENEFIT

At the end of the policy term, the policyholder receives the maturity benefit, which includes the remaining sum assured along with any accrued bonuses.

PARTICIPATION IN PROFITS

Policyholders are eligible to participate in the profits of the insurance company through bonuses declared.

Eligibility Criteria Of LIC Child Money Back 932

ParametersValues
Minimum Entry Age0 Years
Maximum Entry Age12 Years
Minimum Basic Sum AssuredRs. 1,00,000
Maximum Basic Sum AssuredNo Limit
Policy Term/Premium Paying Term(25 - Age At Entry) Years
Minimum/Maximum Maturity Age25 Years

Benefits Of LIC Child Money Back 932 POLICY

LIC Child Money Back 932 Policy offers a range of benefits that cater to your child’s financial needs. Some key benefits include:

FINANCIAL PROTECTION

In the event of the policyholder’s demise during the policy term, the sum assured is paid to the nominee, providing financial security for your child’s future.

PERIODIC MONEY BACK BENEFITS

The plan provides regular money back benefits at specified intervals during the policy term, ensuring liquidity for important expenses related to your child’s education, marriage, or other milestones.

MATURITY BENEFITS

At the end of the policy term, the policyholder receives the maturity benefit, which includes the remaining sum assured along with any accrued bonuses, helping you build a significant corpus for your child’s future aspirations.

TAX BENEFITS

Premiums paid towards the LIC Child Money Back 932 plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity benefit and money-back benefits are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

PREMIUM PAYMENT OPTIONS

LIC Child Money Back 932 offers flexible premium payment options to suit your financial preferences. Policyholders can choose from yearly, half-yearly, quarterly, or monthly premium payment modes. The premium amount depends on factors such as the sum assured, the age of the child, the premium payment term, and the policy term.

MONEY BACK BENEFITS

The LIC Child Money Back 932 plan provides periodic money-back benefits at specified intervals during the policy term. These benefits are predetermined percentages of the sum assured and are paid as lump sums. The intervals at which these payouts are made can be customized according to your preferences. These money-back benefits provide liquidity for your child’s important expenses, allowing you to fulfill their needs at different stages of life

RIDERS AND ADD-ONS

LIC Child Money Back 932 provides policyholders with the option to enhance their coverage by adding riders or additional benefits to the base plan. These riders offer supplementary protection for specific events or circumstances. Common riders include accidental death benefit riders, critical illness rider, and waiver of premium riders. By choosing the riders, you can customize the plan according to your child’s needs.

ELIGIBILITY AND APPLICATION

To be eligible for the Child Money Back 932 plan, the child’s age at entry typically ranges from 0 to 12 years, depending on the insurance provider. The policy continues until the child reaches a specified age, such as 18 years or 25 years. To apply for the plan, individuals need to fill out the application form, provide the necessary documents, and undergo the required medical procedures as prescribed by the insurance company.

TAX BENEFITS

Premiums paid towards the LIC Child Money Back 932 plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity benefit and money-back benefits received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

Functioning Of LIC Child Money Back 932

To better understand the benefits and workings of the LIC Child Money Back 932 , let’s consider a couple of examples:

Example 1: Mr. Sharma purchases the Child Money Back 932 plan for his 2-year-old child. He chooses to have a 20-year policy with an amount assured of Rs. 20,000,000. The plan offers money-back benefits at 5-year intervals, where Mr. Sharma will receive 20% of the sum assured at the end of the 5th, 10th, and 15th year. At the end of the policy term, he will receive the remaining sum assured along with any accrued bonuses.

Example 2: Mrs. Gupta buys the Child Money Back 932 plan for her 4-year-old child. She chooses a sum assured of Rs. 15,00,000 and a policy term of 25 years. The plan offers money-back benefits at 4-year intervals, where Mrs. Gupta will receive 25% of the sum assured at the end of the 4th, 8th, 12th, 16th, and 20th year. At the end of the policy term, she will receive the remaining sum assured along with any accrued bonuses.

Renewability of the policy

Child Money Back 932 policies are typically renewable, allowing you to extend the coverage as per your child’s evolving needs. Renewing the policy ensures continuous financial protection and savings benefits for their future.

Processing time and approval

The processing time for Child Money Back 932 applications may vary, but typically it takes a few weeks for the insurance company to review the application, verify the documents, and approve the policy. Once your application is approved, you will receive the policy documents outlining the terms and conditions, premium payment details, and policy schedule.

CONCLUSION

The LIC Child Money Back 932 plan is a comprehensive life insurance policy designed to provide financial security and periodic money back benefits for your child’s future needs. With its unique features, benefits, and flexibility, this plan ensures that you can meet your child’s important milestones without any financial constraints. Before making a purchase decision, it is advisable to assess your child’s future needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan. Invest in LIC Child Money Back 932 today and secure a bright future for your child.

How Does the Plan Work?

The LIC Child Money Back 932 plan works by combining financial protection with periodic money-back benefits. Policyholders need to choose the sum assured, policy term, and premium payment term at the time of policy inception. Premiums are to be paid throughout the policy term. During the policy term, the plan provides money-back benefits at specified intervals, offering liquidity for your child’s needs. In case of the policyholder’s demise, the sum assured is paid to the nominee. The policyholder receives the maturity benefit at the conclusion of the policy period.

FAQ

Most frequent questions and answers

Child Money Back 932 is an insurance policy specifically designed to provide financial security for children. It offers a combination of life insurance coverage and savings benefits. This policy ensures that your child’s future is protected, even in your absence.

Child Money Back 932 works by providing life insurance coverage for the child and guaranteeing a regular payout at specific intervals. In the unfortunate event of the policyholder’s demise, the child will receive the sum assured along with the accumulated bonuses.

  • Life insurance coverage for the child
  • Guaranteed regular payouts at specific intervals
  • Accumulated bonuses
  • Financial protection in case of the policyholder’s demise
  • Security for the child’s future education and other expenses

To apply for Child Money Back 932, you can visit the insurance company’s website or contact their customer service. Fill out the application form with the required details and submit it along with the necessary documents.

The documents typically required for the application include:

  • Birth certificate of the child
  • Identity proof of the parent or legal guardian
  • Address proof
  • Photographs
  • Any other documents specified by the insurance company

The processing time for Child Money Back 932 applications may vary depending on the insurance company. Generally, it takes a few weeks to review the application, verify the documents, and approve the policy.

Once the application is approved, you will receive the policy documents, including the terms and conditions, premium payment details, and policy schedule. It is essential to review these documents carefully and keep them in a safe place for future reference.