LIC Child Plan Plan 832
New Childrens Money Back Plan – Premium and Benefits Calculator
LIC New Children Money Back Plan 832 Overview
LIC New Children Money Back Plan Plan 832 is a participating non-linked money back plan tailored to meet the educational, marriage, and other needs of growing children through survival benefits at ages 18, 20, and 22.
Eligibility & Rules
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No Limit
- Policy Term: 25 minus Age at Entry
- Premium Paying Term (PPT): Same as Policy Term
- Entry Age: 0 to 12 Years
Key Plan Benefits
- Survival Benefit: 20% of Basic Sum Assured payable on child reaching ages 18, 20, and 22.
- Maturity Benefit: Remaining 40% of Sum Assured + Vested Bonus + FAB at age 25.
Detailed Maturity Benefit
40% of Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonus (if any). The remaining 60% is paid as survival benefits during the policy term.
Standard Policy Features
- Grace Period: 30 days for Yearly, Half-Yearly, and Quarterly premium payment modes, and 15 days for Monthly mode.
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: The policy acquires a Surrender Value and Loan facility after the payment of 2 full years' premiums.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹5,00,000 |
| Age / Policy Term | 0 / 25 Years |
| Yearly Premium (Approx) | ₹22,000 |
| Total Paid Premium | ₹5,50,000 |
| Maturity / Total Benefits | ₹1 Lakh (at 18,20,22) + ₹2 Lakh + Bonus at 25 |
Calculating