LIC New Children’s Money Back Plan

LIC's New Children’s Money Back Plan is a money-back plan designed to support a child's future needs, such as education and marriage, through survival benefits. Parents or grandparents can purchase it for children aged 0 to 12.

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LIC New Children’s Money Back Plan- An Overview

The LIC New Children's Money Back Plan 732 is a participating, non-linked plan offering insurance and savings. It provides the financial support for a child's key milestones, like education and marriage, through periodic survival benefits. This plan offered by the LIC also provides life cover for the child during the policy term and a lump sum maturity benefit at the end of the term. With bonus participation, the plan helps build a strong financial foundation for the child's future while ensuring protection throughout the policy duration.

Key Features of LIC’s New Children’s Money Back Plan

Listed below are the important features of the LIC Children Money Back Plan:

  • This plan is subject to one individual at once and is a non-linked money-back plan for the children as they grow up.

  • The LIC New Children’s’ Money Back plan offers survival benefits, maturity benefits and death benefits.

  • The policy period is based on the maturity age, which is 25 years minus the age of entry. For instance, if the entry age is 9, the period will be 25-9=16 years.

  • An individual could also choose the premium waiver benefit rider option, which implies that if the insured passes away, the remaining premiums will be waived.

  • The probability of obtaining a high sum assured rebate is based on the rebate mode. If the mode is half-yearly, it will be 1 percent of the tabular premium. It will be 2 percent of the tabular premium if it is yearly. The rebates are not payable for the monthly and quarterly modes.

Eligibility Criteria of LIC’s New Children’s Money Back Plan

Parameters Minimum Maximum
Entry Age (Last Birthday) 0 years 12 years
Maturity Age (Last Birthday) - 25 years
Policy Term (PT) in years 25 – entry age
Premium Paying Term (PPT) in years Same as Policy Term
Premium Paying Frequency Annual, half-yearly, quarterly, monthly
Sum Assured 2,00,000 No limit

LIC’s New Children’s Money Back Plan Benefits

Listed below are the three key benefits offered within LIC New Children’s Money Back Plan:

  • Survival Benefit: When the life assured survives every policy anniversary that is either coinciding or is followed with the completion of 18, 20 and 22 years of age, then 20% of the sum assured on either of the occasions will be payable if the LIC New Children's Money Back Plan is in force.

  • Maturity Benefit: If the life assured survives the policy period when the plan is still in force, then the sum assured on maturity, along with the final additional bonus and vested simple revisionary bonuses, will be payable, wherein the sum assured on maturity is equivalent to 40% of the basic sum assured.

  • Death Benefit: If the policyholder passes away during the policy term, the nominee will receive the Sum Assured on Death. The Sum Assured payable will be higher of the Basic Sum Assured or 7 times the annual premium. Additionally, vested bonuses and final additional bonus, if any, are also paid.

  • Participation in Profits: When the policy is in force, it will participate in the corporation's profits and be entitled to simple reversionary bonuses per the corporation’s experience. Within paid-up policies, the final additional bonus will not be payable. Likewise, the final additional bonus will be declared within the policy during the year where the policy has not been claimed either by demise or maturity.

  • Additional Protection through Riders

    • LIC’s Premium Waiver Benefit Rider is available under the plan. Under this rider, the premium is waived in case of the proposer's death.

    • Rebates in premiums for choosing yearly and half-yearly modes of premium payment @ 2% and 1% respectively.

    • High Sum Assured rebate for Sum Assured levels of 2 lakhs and above.

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Protect and plan your child’s education, marriage, and future goals with LIC’s specialized child insurance plans that combine savings and life cover.

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LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.

Sample Premium Illustration of LIC New Children’s Money Back Policy (No. 732)

Here's the sample illustration of the premiums paid for LIC Children Money Back Plan (Plan No. 732) based on a Basic Sum Assured of Rs. 2,00,000:

Child's Age (in years) Annual Premium (₹)
0 9,006
5 11,682
10 16,395
12 19,002

To calculate the premiums of your LIC New Children Money Back Policy, you can use the LIC New Chidren Money Back calculator. This is an online tool that helps you get an estimate of the premiums payable.

Policy Details of LIC’s New Children’s Money Back Plan

  • Grace Period: A 15-day grace period is allowed for premium payment in monthly mode and 30 days in other modes. If the policyholder fails to make payment within the grace period, the policy lapses

  • Policy Termination or Surrender Benefit: The Policyholder can surrender the policy and receive the Surrender Value after 3 completed years’ premiums have been paid. The Surrender Value will be higher than the Guaranteed Surrender Value (GSV) or the Special Surrender Value.

  • GSV = (GSV % of Premiums paid – Survival Benefits already paid) + GSV % of vested Bonuses

  • Free Look Period: If you are not pleased with the coverage and terms and conditions of the policy, you can cancel it within 15 days of receiving the policy documents, provided there has been no claim.

Exclusions of LIC New Children’s Money Back Policy

  • In case of suicide committed within 12 months of policy inception, only 80% of premiums paid are returned to the nominee if the Life Assured was aged more than 8 years.

  • In case of suicide within 12 months of revival, a higher of 80% of premiums paid or acquired Surrender Value is paid if the Life Assured was aged more than 8 years and the policy had acquired a paid-up value.

FAQs

  • Q1: What is the LIC New Children's Money Back Plan?

    Ans: The LIC New Children’s Money Back Plan (Plan No. 732) is a participating, non-linked life insurance plan designed to financially support children’s future needs, such as education and marriage. It provides survival benefits at specific intervals, life cover for the child during the policy term, and a maturity benefit if the child survives.
  • Q2: What is the 732 Child Money Back Plan?

    Ans: Plan 732 refers to the LIC New Children’s Money Back Plan. It is specifically meant for children aged 0 to 12 and can be purchased by parents or grandparents. The plan provides periodic payouts during the term, a lump sum benefit at maturity or in case of death, and applicable bonuses.
  • Q3: Which is the best LIC policy for a newborn baby?

    Ans: The LIC New Children’s Money Back Plan (Plan 732) is among the best LIC policies for newborns. It offers a combination of life cover and savings, providing financial support at key stages of the child’s life, such as higher education or marriage. It also ensures life cover from an early age with survival benefits and maturity payouts.
  • Q4: How is LIC New Children Money Back 732 different from LIC New Children Money Back 932?

    Ans: The key difference is that Plan 732 is currently active and available for sale, whereas LIC has withdrawn Plan 932 and no longer offers it. Both plans served similar purposes—supporting a child's future through survival and maturity benefits—but Plan 732 has updated features, premium structures, and benefit options aligned with current LIC product offerings.
  • Q5: What happens if the policyholder fails to pay the premium within the grace period for their LIC New Children Money Back Plan?

    Ans: The policy will lapse if the premium is not paid within the grace period (15 days for the monthly mode and 30 days for other modes). However, it could be revived within the policy revival period per LIC's terms and conditions.

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