Plan Highlights
Introduction to LIC New Children’s Money Back Plan 932
Selecting the right insurance policy for your child’s future is an important financial decision. LIC New Children’s Money Back Plan 932 was specially designed to provide financial support for a child’s major life goals such as education, career planning, and marriage expenses.
What is LIC New Children’s Money Back Plan 932?
LIC New Children’s Money Back Plan 932 is a traditional money-back insurance policy that combines savings and protection for children. The plan offers survival benefits at regular stages along with a lump sum maturity benefit at the end of the policy term.
LIC New Children’s Money Back Plan 932
This policy was mainly created for parents and grandparents who wanted to build a secure financial future for children between 0 and 12 years of age. The maturity age under the plan remained fixed at 25 years, while the policy term depended on the child’s entry age.
Important Dates
- Launch Date: 1 February 2020
- Withdrawal Date: 1 January 2025
LIC officially discontinued this plan from new sales on 1 January 2025. However, existing policyholders continue to receive all policy benefits according to the original terms and conditions.
Main Features of LIC New Children’s Money Back Plan 932
| Feature | Details |
|---|---|
| Plan Number | 932 |
| Entry Age | 0 to 12 years (last birthday) |
| Maturity Age | 25 years |
| Policy Term | 25 minus entry age |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Risk Coverage | Available during policy term |
| Plan Type | Non-linked, participating, regular premium money-back plan |
Plan Type
LIC New Children’s Money Back Plan 932 was an individual, participating, non-linked money-back insurance policy. It combined savings benefits with insurance protection to help secure a child’s future financially.
Entry Age and Policy Duration
- Entry age for the child ranged from 0 to 12 years.
- Policy term was calculated as: 25 years – Child’s entry age
For example, if the child entered at age 5, the policy term became 20 years.
Premium Payment Options
Premiums could be paid through different modes:
- Yearly
- Half-Yearly
- Quarterly
- Monthly
Grace period allowed by LIC:
- 30 days for yearly, half-yearly, and quarterly modes
- 15 days for monthly mode
Survival Benefits (Money Back)
The plan provided survival payouts equal to 20% of the Basic Sum Assured when the child reached:
- 18 years
- 20 years
- 22 years
These payouts helped meet important expenses like higher education and career planning.
Maturity Benefit
When the child attained 25 years of age, LIC paid:
- Remaining 40% of the Basic Sum Assured
- Accumulated bonuses
This maturity amount acted as long-term financial support for the child.
Death Benefit
If the insured child passed away during the policy term, the nominee received the higher of:
- Basic Sum Assured, or
- 7 times the annual premium
along with vested bonuses.
This ensured financial protection for the family during unforeseen situations.
Participation in LIC Profits
Being a participating policy, the plan earned:
- Simple Reversionary Bonuses
- Final Additional Bonus (FAB)
as declared by LIC from time to time.
These bonus additions increased the final policy value.
Loan Facility
Policyholders could avail loan facility after paying at least:
- 2 full years’ premiums
subject to LIC’s terms and conditions.
Premium Waiver Benefit Rider (PWB)
The plan also offered an optional Premium Waiver Benefit Rider.
Under this rider:
- Future premiums were waived if the parent or guardian died during the policy term.
- The child’s policy benefits continued without interruption.
Eligibility conditions for rider:
- Guardian age: 18 to 55 years
- Maximum age at policy expiry should not exceed 70 years
Surrender Benefit
The policy could be surrendered after payment of at least:
- 2 complete years’ premiums
Surrender value was paid according to LIC’s applicable surrender rules.
Detailed Understanding of Plan Benefits
Survival Benefits
LIC New Children’s Money Back Plan 932 provided money-back payouts at important stages of the child’s life to support future financial needs.
- At age 18: 20% of the Basic Sum Assured
- At age 20: 20% of the Basic Sum Assured
- At age 22: 20% of the Basic Sum Assured
These periodic payouts were useful for expenses related to higher education, career development, or other important milestones.
Maturity Benefit
When the child attained 25 years of age, LIC paid:
- 40% of the Basic Sum Assured
- Accumulated bonuses
This lump sum maturity amount could be used for higher studies, marriage, business plans, or other long-term goals.
Death Benefit
If the insured child died during the policy period, the nominee received the higher of:
- Basic Sum Assured, or
- 7 times the annual premium
along with applicable bonuses.
This benefit ensured financial support to the family during difficult situations.
Bonus Benefits
Since the policy was a participating plan, it earned:
- Simple Reversionary Bonuses
- Final Additional Bonus (FAB), if declared
These bonus additions increased the overall policy benefits over time based on LIC’s performance.
How to Use LIC New Children’s Money Back Plan 932 Calculator
The LIC New Children’s Money Back Plan 932 Calculator is an online tool that helps estimate:
- Premium payable
- Survival benefits
- Maturity value
- Death benefits
based on the details entered by the user.
Steps to Use the Calculator
Enter Policy Details
Fill in information such as:
- Child’s age
- Desired sum assured
- Premium payment mode
- Monthly
- Quarterly
- Half-Yearly
- Yearly
- Premium Waiver Benefit Rider option (if required)
Select Policy Term
The calculator automatically determines the policy term using:
25 – Child’s Entry Age
Check Premium Amount
Based on the entered details, the calculator displays the premium payable according to the selected payment mode.
View Benefit Illustration
The calculator also shows:
- Survival benefit payouts at ages 18, 20, and 22
- Estimated maturity amount
- Death benefit projections
Using the calculator helps in better financial planning and gives clarity before purchasing the policy.
Example Illustration
Suppose a child aged 6 years is insured with a Basic Sum Assured of ₹1,00,000.
- Policy term = 25 – 6 = 19 years
- Survival benefits are paid when the child reaches:
- 18 years
- 20 years
- 22 years
Each survival payout will be:
- 20% of ₹1,00,000 = ₹20,000
At maturity (age 25):
- 40% of ₹1,00,000 = ₹40,000
- Plus bonuses
If death occurs during the policy term, the nominee receives:
- Higher of the Basic Sum Assured or 7 times annual premium
- Plus bonuses
This benefit structure helps provide financial support during key stages of the child’s life while also offering insurance protection.
Advantages of LIC New Children’s Money Back Plan 932
- Financial protection for the child
- Periodic money-back payouts during important ages
- Bonus additions improve policy value
- Loan facility available after required premium payment
- Premium Waiver Benefit Rider available
- Flexible premium payment options
- Useful for future planning related to education and marriage
Important Things to Keep in Mind Before Buying
Since LIC New Children’s Money Back Plan 932 was withdrawn in January 2025, it is no longer available for new buyers. However, existing policyholders will continue receiving all benefits according to their policy conditions.
Before choosing this plan, it is important to:
- Select a suitable sum assured based on future financial goals.
- Ensure premiums are paid regularly to avoid policy lapse.
- Properly understand the Premium Waiver Benefit Rider before adding it.
- Use the LIC New Children’s Money Back Plan 932 Calculator to estimate premiums and future payouts before making a decision.
Alternative Child Plans by LIC
After the withdrawal of Plan 932, LIC offers other child-focused insurance plans that provide similar protection and savings benefits, such as:
- LIC New Children Money Back Plan 732
- LIC Jeevan Tarun Plan 934
These plans are designed to support future expenses related to education, career planning, and marriage.
Frequently Asked Questions
What is LIC New Children’s Money Back Plan 932?
LIC New Children’s Money Back Plan 932 was a child insurance money-back policy that provided regular survival benefits, maturity payout, and life insurance coverage during the policy term.
What was the entry age allowed under this plan?
The child’s entry age could range from 0 to 12 years.
How was the policy term calculated?
The policy term was calculated as:
25 years – Child’s Entry Age
For example, if the child entered at age 5, the policy term became 20 years.
When were survival benefits paid?
Survival benefits equal to 20% of the Basic Sum Assured were paid when the child attained:
- 18 years
- 20 years
- 22 years
What was paid on maturity?
At maturity, when the child reached 25 years of age, LIC paid:
- 40% of the Basic Sum Assured
- Accumulated bonuses
What was the death benefit under the plan?
If the insured child died during the policy term, the nominee received the higher of:
- Basic Sum Assured, or
- 7 times the annual premium
along with applicable bonuses.
Conclusion
LIC New Children’s Money Back Plan 932 was designed to support a child’s future financial needs through regular money-back payouts, maturity benefits, and insurance protection. The plan helped parents financially prepare for major milestones like higher education, career growth, and marriage.
Although the plan was withdrawn in January 2025, it still remains beneficial for existing policyholders. New customers looking for similar benefits should consider LIC’s currently available child insurance plans.
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