New Children Money Back Plan No. 932 is non-linked, with profits, regular premium Money Back Plan for children.
Features & Conditions:
Minimum age at entry : 0 years
Maximum age at entry : 12 years
Age at maturity : 25 years
Policy term : 25 — Age at Entry
Premium Paying Term (PPT): 25 – Age at Entry
Minimum Sum Assured : 1,00,000/-
Maximum Sum Assured : No limit
Available Riders:
Premium Waiver Benefit Rider (PWB)
Payment Mode of Premium:
Yearly, Half Yearly, Quarterly & Monthly ( SSS & NACH)
Rebates:
Mode Rebate: Yearly: 2%, Half Yearly: 1 %
Grace Period:
15 Days for monthly premium payment mode and 30 days for other payment modes.
Claim Concessions:
Available under Base Plan only.
Not apply to Riders & Death due to Suicide.
Paid-up Value of policy:
Available after payment of premium of 2
full years.
Surrender:
Available after payment of premium of 2 full years.
Policy Loan Benefits:
Available after payment of premium of 2
full years.
Revivals:
Within 5 years of First Unpaid Premium (FUP)
Back Dating:
Allowed with lean Month’s benefits.
Proposal Form:
Form 360 & 300 for proposer if opted for Premium Waiver Benefit Rider (PWB)
Tax Benefits:
On Premium: Deduction under Section 80C subject to a maximum limit
Maturity Amount: Exempt u/s 10(10D)
Death claim : Exempt u/s 10(10D)
Survival Benefits: Exempt u/s 10(10D)
All New Children Money Back Plan No. 932 Details with example are available in Video. Please check the video given below.
DATE OF COMMENCEMENT OF RISK:
For age at entry less than 8 years: One day before completion of 2 years from Date of Commencement (DOC) or one day before Policy Anniversary after completion of the age of 8 years, whichever is earlier.
For age at entry 8 years (Last Birthday) or more: Risk will commence immediately.
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
SUM ASSURED ON DEATH: Basic Sum Assured
DEATH BENEFIT:
Before Commencement of Risk: Refund of Premiums paid Excluding GST.
After Commencement of Risk: Sum Assured on Death + Vested Bonus + Final Additional Bonus (FAB) if any .
SURVIVAL BENEFIT:
20% of Basic Sum Assured is payable on policy anniversary after completion of age 18, 20 and 22 years.
Policy holder has option to take survival benefits at any time after it is due or along with Maturity. Option is to be exercised 6 months before due date. Accumulation will be at simple interest rate of 5.40%.
MATURITY BENEFIT:
40% of Basic SA + Vested Bonus + Final Additional Bonus (FAB) if any.
Actual Sum Assured (ASA) for SUC: For NM, Juvenile FMR, Special Reports, MHR & TRSA: Basic Sum assured only .
Non —Medical :
Age 0 – 9 Upto 40 lakhs.
Age 10 – 12 upto 15 lakhs.
Age Proofs: Only Standard age proofs Allowed.
Grand Parents as Proposer: Allowed without Premium Waiver Benefit Rider (PWB) with consent of parents.
Example
