- If the Child dies before the risk commencement date, only the premiums paid so far are returned to the nominee.
- If the Child dies after the risk commencement date, the Sum Assured on Death + Simple Reversionary Bonus + Final Additions are paid to the nominee.
So it is important to understand from when the risk is covered.
- In case the age of the child is less than 8 years at the time of taking the policy - The risk cover benefits will only start one day before the policy completes 2 years or one day before the policy anniversary immediately after the child turns 8.
- In case the age of the child is 8 years or more - The risk cover starts immediately.
Let us understand the “Risk Commencement” date in LIC Children’s Money Back Plan with the help of a few examples:
Example 1
Suppose policy start date = 25th July, 2017
Age of Child = 3 years
Risk Commencement date = 24th July, 2019
Example 2
Suppose policy start date = 25th July, 2017
Age of Child = 7 years
Risk Commencement date = 24th July, 2018
Example 3
Suppose policy start date = 25th July, 2017
Age of Child = 8 years
Risk Commencement date = 25th July, 2018
Hope this makes it absolutely clear when the risk cover starts for the child. If you have any queries regarding this, please add a comment below and we would be happy to help.
Read the Review of LIC New Children’s Money Back Plan.