LIC New Childrens Money Back Plan 932 – A Comprehensive Guide for Your Child’s Future
Launched on 1st February 2020, the LIC New Childrens Money Back Plan 932 (Table No. 932) is a traditional, non-linked, participating money-back life insurance plan. It’s specially designed to meet your child’s growing financial needs at important life stages such as education, career, and marriage. This plan combines savings, protection, and multiple money-back options to ensure your child’s future is secure.
🔍 What is LIC New Childrens Money Back Plan?
This plan is meant for children aged 0 to 12 years, with premium payments made by a parent or guardian. It provides:
- Survival benefits at child’s age 18, 20, and 22.
- Maturity benefit at age 25.
- Risk cover on the child’s life after commencement of risk.
- Premium Waiver Benefit (PWB) in case of guardian’s death, ensuring continued benefits.
🎯 Key Features
- ✅ Regular premium payment plan with protection + savings.
- 🎓 Survival payouts at child’s age 18, 20, and 22.
- 🎁 Maturity benefit at age 25 with bonus & FAB.
- 👪 Premium Waiver Benefit Rider available for added safety.
- 🧾 Tax benefits under Section 80C & 10(10D).
- 💰 Loan facility available after 3 years.
📋 Plan Eligibility & Parameters
| Particulars | Details |
|---|---|
| Entry Age of Child | 0 days to 12 years |
| Policy Term | 25 – Child’s Entry Age |
| Premium Paying Term | Same as Policy Term |
| Sum Assured | ₹1,00,000 & above (in multiples of ₹10,000) |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly (ECS only) |
| Risk Commencement | Earlier of 2 years from policy start or child reaching age 8 |
| Loan Availability | After 3 policy years |
| Death Benefit Minimum | 105% of total premiums paid |
💡 Bonuses & Rebates
✅ Rebates on Premiums
Mode Rebate
| Mode | Rebate (%) |
|---|---|
| Yearly | 2% |
| Half-Yearly | 1% |
| Quarterly/Monthly | Nil |
High Sum Assured Rebate
| Sum Assured Slab | Rebate |
|---|---|
| ₹1,00,000 – ₹1,90,000 | Nil |
| ₹2,00,000 – ₹4,90,000 | ₹2 per ₹1,000 BSA |
| ₹5,00,000 & above | ₹3 per ₹1,000 BSA |
💵 Survival and Maturity Benefits
🎉 Survival Benefit:
- At Age 18 – 20% of Sum Assured
- At Age 20 – 20% of Sum Assured
- At Age 22 – 20% of Sum Assured
🏁 Maturity Benefit (at age 25):
- 40% of Sum Assured + Bonus + Final Additional Bonus (FAB)
💔 Death Benefits
✅ Before Risk Commencement
- Refund of total premiums paid (excluding taxes, rider premium, and extra premium)
✅ After Risk Commencement
- Basic Sum Assured + Accrued Reversionary Bonus + Final Additional Bonus
- Minimum death benefit = 105% of total premiums paid till date of death
🎯 Real-Life Example – Shyam’s Child Plan
Let’s understand with an example:
| Particulars | Value |
|---|---|
| Father’s Age (Proposer) | 30 Years |
| Child’s Age at Entry | 1 Year |
| Sum Assured | ₹5,00,000 |
| Policy Term | 24 Years (25 – 1) |
| Premium Paying Term | 24 Years |
| Yearly Premium | ₹45,598 (1st Year), ₹44,616 (2nd Year Onward) |
🧾 Premium Details
| Mode | Premium | With GST (1st Year) | With GST (2nd Year Onward) |
|---|---|---|---|
| Yearly | ₹43,634 | ₹45,598 | ₹44,616 |
| Half-Yearly | ₹22,063 | ₹23,056 | ₹22,559 |
| Quarterly | ₹11,154 | ₹11,656 | ₹11,405 |
| Monthly | ₹3,718 | ₹3,885 | ₹3,802 |
🎁 Money Back & Maturity Summary
| Age | Year | Benefit Type | Amount (₹) |
|---|---|---|---|
| 18 | 2040 | 1st Money Back (20%) | ₹1,00,000 |
| 20 | 2042 | 2nd Money Back (20%) | ₹1,00,000 |
| 22 | 2044 | 3rd Money Back (20%) | ₹1,00,000 |
| 25 | 2047 | Maturity (40% + Bonus + FAB) | ₹18,30,000 |
Total Benefits: ₹24,30,000
Total Premium Paid: ₹10,71,766 (approx.)
💀 Death Scenario Example
If the child (insured) passes away in 2041 at age 19, then:
- Total Premium Paid: ₹8,48,682
- Death Claim: ₹19,05,000 (Sum Assured + Bonus + FAB)
- Money Back Received Before Death: ₹2,00,000
- Total Benefit to Family: ₹21,05,000
➕ If PWB Rider Was Opted:
- All future premiums waived off upon father/mother’s death.
- Child still receives all survival and maturity benefits.
🛡 Premium Waiver Benefit (PWB) Rider
In case the proposer (parent) dies during the policy term:
✅ All future premiums are waived
✅ Child continues to receive full survival and maturity benefits
✅ Proposer must be 18 to 55 years
✅ Proposer’s age + policy term ≤ 70 years
📜 Additional Information
| Feature | Description |
|---|---|
| Policy Lock-In | 2 years |
| Loan Facility | After 3 full years |
| Risk Coverage | Till policy term ends |
| Cooling-Off Period | 15 days from policy receipt |
| Proposal Forms | Form No. 300 & 360 |
| Assignment/Nomination | Allowed |
| Date Backing | Permissible within same financial year |
| Tax Benefits | Under Sections 80C & 10(10D) |
✅ Conclusion
LIC New Children’s Money Back Plan 932 is an ideal solution for:
👶 Parents planning for their child’s education & marriage
💰 Regular money-back support at critical ages (18, 20, 22)
🛡 Strong protection cover after risk commencement
🚫 Zero financial burden if parent opts for PWB and passes away
Plan smart today – secure your child’s tomorrow with LIC 932!
