LIC New Children's Money Back Plan 732 Calculator
Calculate premiums, survival benefits, and maturity amount for your child's future
• Policy Term: (25 - Child's Age) years
• Premium Payment Term: Policy Term - 5 years
• Maturity Age: 25 years
• Survival Benefits: 20% of SA at ages 18, 20, 22
• Maturity Benefit: 40% of SA + Bonuses
When it comes to securing the future of children, every parent wishes to provide the best financial support for education, marriage, and career milestones. Understanding this need, LIC (Life Insurance Corporation of India) has introduced a special plan called the LIC New Children’s Money Back Plan 732. To help parents plan better, LIC also offers an easy-to-use calculator that estimates policy premiums and maturity benefits. This article explains the plan in simple terms and guides how to use the calculator for making informed decisions.
What is LIC New Children’s Money Back Plan 732?
The LIC New Children’s Money Back Plan 732 is a participating, non-linked, money-back insurance plan specially designed to secure the financial future of children. It provides periodic survival benefits at key milestones in a child’s life and a lump sum maturity benefit when the child turns 25 years old.
The plan offers a combination of insurance coverage and savings, ensuring that parents can meet various financial needs like education fees, marriage expenses, and other important life goals.
Key highlights include:
- Survival benefits paid at the ages of 18, 20, and 22 years.
- Maturity benefits paid at 25 years.
- Life cover on the child’s life during the policy term.
- Bonus additions enhancing the maturity amount.
- Optional premium waiver rider to secure the plan if the parent dies.
Why Choose LIC New Children’s Money Back Plan 732?
Financial security for children is a priority for every parent. This plan is tailor-made to help parents meet financial needs at different stages of their child’s life without worrying about sudden expenses or inflationary impacts.
Benefits That Matter Most
- Periodic Payouts: Helps parents manage education fees at different stages by receiving survival benefits on the child’s 18th, 20th, and 22nd birthdays.
- Guaranteed Maturity Sum: On the child’s 25th birthday, a lump sum maturity amount including bonuses is paid for higher education, marriage, or career ventures.
- Life Cover: Protect your child’s future with a death benefit during the policy tenure.
- Bonus Participation: The policy is participating, which means the company shares its profits by adding bonuses to your policy, potentially increasing the maturity amount.
- Premium Waiver Rider: If a parent or policyholder dies, all future premiums are waived, but the benefits under the policy remain intact.
Key Features of LIC New Children’s Money Back Plan 732
| Feature | Details |
|---|---|
| Plan Type | Participating, Non-Linked, Money Back Plan |
| Entry Age (Child) | 0 years (birth) to 12 years |
| Maturity Age (Child) | 25 years |
| Policy Term | (25 – Child’s Age at Entry) years |
| Basic Sum Assured (SA) | Minimum ₹1,00,000, no upper limit |
| Survival Benefits | 20% of SA at ages 18, 20, and 22 |
| Maturity Benefit | 40% of SA + Bonuses at age 25 |
| Death Benefit | Sum Assured + Bonuses to nominee |
| Premium Payment Term (PPT) | Policy Term minus 5 years |
| Loan Facility | Available |
| Optional Rider | Premium Waiver Benefit Rider |
| Tax Benefits | Premiums eligible for deduction under Section 80C; maturity proceeds tax-free under Section 10(10D) |
Understanding the Survival and Maturity Benefits
The plan offers periodic money back (survival) benefits to help meet significant financial needs during the child’s growing years. The money back payouts at ages 18, 20, and 22 help pay for education fees and other expenses.
- Survival Benefits: 20% of the sum assured at each of these ages (18, 20, and 22).
- Maturity Benefits: At age 25, parents receive the remaining 40% of the sum assured plus bonuses accumulated throughout the policy term.
These systematic payouts ensure parents do not have to deplete savings suddenly for critical expenses, making the financial journey smoother toward the child’s future goals.
How Does the LIC New Children’s Money Back Plan 732 Calculator Help?
The LIC New Children’s Money Back Plan Calculator is an easy-to-use online tool offered by LIC and other insurance websites that helps parents estimate the premiums payable and benefits receivable from the plan. It provides a clear picture of the plan’s financial aspects before making a commitment.
What Can You Calculate?
- Estimated Premiums: Based on the sum assured, child’s age, and policy term.
- Survival Benefit Payouts: Estimated amounts receivable at ages 18, 20, and 22.
- Maturity Amount: Projected maturity value including bonuses.
- Death Benefits: What the nominee receives if the child dies during the policy.
Why Use the Calculator?
- Plan Financially: Helps parents budget for the premiums and understand returns.
- Compare Plans: Evaluate this plan against others based on projected benefits.
- Adjust Inputs: Experiment by changing sum assured, age, or policy term to find the best fit for your budget and goals.
- Avoid Surprises: Know exactly what to expect, making your decision more confident.
How to Use the LIC New Children’s Money Back Plan 732 Calculator?
Using the calculator is simple and convenient. Follow these basic steps:
- Visit an LIC calculator website or LIC’s official website that offers the Children Money Back Plan calculator.
- Enter the child’s age: The entry age should be between 0 to 12 years.
- Select the Basic Sum Assured: Choose the amount you want your child to receive as benefits during and at maturity of the plan.
- Choose the Policy Term: It automatically calculates based on the child’s entry age but can be adjusted if needed.
- Select the Premium Payment Mode: Yearly, half-yearly, quarterly, or monthly.
- Review the Premium Amount: The calculator will display the estimated premium payable for the chosen parameters.
- View the Benefit Schedule: See the breakup of survival benefits, maturity benefit, and death benefits.
With this information, parents can confidently choose the sum assured and premium payment suitable for their financial planning.
Example Calculation
Let’s consider an example to understand the calculator’s output:
- Child’s Age: 5 years
- Sum Assured: ₹5,00,000
- Policy Term: 20 years (25 – 5)
- Premium Mode: Yearly
According to the plan:
- Survival Benefit (20% SA) = ₹1,00,000 paid at age 18, 20, and 22.
- Maturity Benefit (40% SA + Bonuses) = ₹2,00,000 plus bonuses at age 25.
- Death Benefit = Sum Assured + Accrued Bonuses
The calculator will also show the estimated premiums per year and projected bonus amounts based on LIC’s past performance.
Benefits of Using LIC Children Money Back Plan 732
1. Financial Security at Every Milestone
This plan safeguards your child’s financial needs at every major life stage with guaranteed payouts.
2. Life Cover Ensures Peace of Mind
Parents get life cover on the child’s life. In case of death, the nominee receives a death benefit, ensuring the child’s future isn’t compromised.
3. Bonus Participation Increases Maturity Value
As a participating plan, LIC declares bonuses yearly that are added to the policy, increasing the benefits.
4. Tax Benefits
Premiums paid qualify for deduction under Section 80C of the Income Tax Act. The maturity proceeds and survival benefits are tax-free under Section 10(10D).
5. Convenient Premium Waiver Rider
If the policyholder passes away, future premiums are waived to keep the policy active without any financial burden on the family.
Things to Keep in Mind
- The plan is designed especially for children aged 0–12 years.
- The maturity age is fixed at 25 years, so the policy term depends on the child’s age at entry.
- Survival benefits are fixed percentages of the sum assured.
- Bonuses are not guaranteed but LIC has a history of declaring consistent bonuses.
- Use the calculator regularly to check updated premiums and benefits as LIC revises policy parameters.
Where to Find the LIC New Children’s Money Back Plan 732 Calculator?
You can find the calculator on several reliable websites, including
- LIC Official Website
- Insurance portals like PolicyBazaar, BuyPolicy, OneInsure, and LICCalculators.net
These calculators are free and require only basic inputs like the child’s age, sum assured, and premium payment mode to generate accurate estimates quickly.
How to Buy LIC New Children’s Money Back Plan 732?
Buying the plan is convenient and can be done online or through LIC agents:
- Visit LIC’s New Business Online Portal or authorized insurance buying portals.
- Use the calculator to finalize premium and benefits.
- Fill the proposal form with accurate details.
- Submit documents for KYC verification.
- Choose the premium payment mode and start the policy.
Payments can be made via credit/debit card, net banking, UPI, or digital wallets.
FAQs About LIC New Children’s Money Back Plan 732
What is LIC New Children’s Money Back Plan 732?
It is a participating, non-linked money-back insurance plan designed to provide financial security and periodic benefits for children’s future needs.
Who is eligible to buy this plan?
The plan can be purchased for children between 0 (birth) to 12 years of age.
What are the policy term and maturity age?
The policy term depends on the child’s entry age, with maturity at 25 years of age.
What survival benefits are paid under this plan?
Survival benefits of 20% of the sum assured are paid at the child’s ages of 18, 20, and 22 years.
What is the maturity benefit under this plan?
At maturity (child’s age 25 years), the remaining 40% of the sum assured plus accrued bonuses are paid.
Can I avail tax benefits by buying this plan?
Yes, premiums paid qualify for deduction under Section 80C, and maturity and survival benefits are generally tax-free under Section 10(10D).
Final Words
The LIC New Children’s Money Back Plan 732 offers a simple yet effective solution for financial planning for your child’s education, marriage, and future needs. With guaranteed survival benefits, maturity payouts, life cover, and bonus participation, it balances protection and savings well.
Using the LIC calculator can help you visualize premiums and expected benefits clearly, making your decision easier and more confident.