LIC launches Children's Money Back Plan & single premium plan

Life Insurance corporation of India (LIC) has launched its two new life insurance plans today. One is Children money back plan (Table No. 832) while other is a close ended single premium plan named Jeevan Sangam (Table No. 831).
Children money back plan is a participating non-linked plan available for the children aged between 0 to 12 yrs, maximum term is 25 minus child current age. Premium waiver rider is also available with this plan. Children money back plan gives 20% money back to the child at the age of 18, 20 and 22, the remaining 40% sum assured with simple reversionary bonus and final additional bonus (FAB) if any declared by LIC.
Other LIC’s new plan is Jeevan Sangam, plan no. 831. Jeevan Sangam is a single premium plan available for maximum of 90 days from the date of its launching ie 04/03/2015. LIC new plan Jeevan Sangam has fixed term of 12 yrs, and available for the age group between 6 to 50 years. At the end of the term Maturity sum assured and the Loyalty addition will be payable (if any declared by LIC). During the policy term the death benefit will be the 10 times of the single premium paid by the life assured. Jeevan Sangam (Plan no. 831) has the loan facility only after the 3 month of the policy issuance date.
Both plans will be available from 04/03/2015 for sale. With children money back plan LIC has covered the child segment which was left till date since the closure of its old plan on 31/12/2013. Under both the plan proposer can claim the rebate under income tax section 80(C).
Children Money Back Plan 832Jeevan Sangam