New Children’s Money Back Plan 732

LIC of India new plan launched on 31st. december 2024 which name is LIC New Children’s Money Back Plan 732 (Table no 732) is a traditional plan. LIC New Children’s Money Back Plan 732 is a regular premium payment money back policy. LIC ‘New Children Money Back policy 732′ is specially designed for various financial needs of children through money back at age 18, 20, and 22 of child.

LIC Children Money Back Policy 732 provides risk cover on the life of child during the policy term and provides number of survival benefits on surviving to the end of the specified duration.

Key Features

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• A plan to fulfill requirement child Higher education and Marriage

• Get a Money Back from 18, 20, 22 and 25 age of child

• Premium waiver rider available in this policy for child safety

• Paid premiums are exempted from income tax under sec 80C

• Maturity amount is tax free under 10(10D)

Eligibility/Parameters

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Age of Entry	0 days to 12 years
Premium Paying Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term	25 - Age at Entry
Premium Paying Term	25 - Age at Entry
Sum Assured	1,00,000 and above (in multiples of 10000)

Benefits

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Death Benefit

Death before commencement of Risk.	Death Benefit
If the policy holder expire before the date of commencement of Risk.	An amount equal to the total amount of premium paid – (Taxes+Extra premium+Rider premium) shall be payable
If the policy holder expire After the date of commencement of Risk.	Basic Sum Assured + Vested Reversionary Bonus + FAB if any. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

Maturity Benefit

Sum Assured on Maturity: 40% of the Basic Sum Assured + vested Simple Reversionary Bonuses and FAB (If any), shall be payable.

Survival Benefit

After Completion of Age:

At 18 Years = 20% of Sum Assured.

At 20 Years = 20% of Sum Assured.

At 22 Years = 20% of Sum Assured.

At 25 Years = 40% of Sum Assured + Bonus+ Final Additional Bonus.

Date of commencement of risk under the plan:

In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Date of vesting under the plan:

The policy shall automatically vest in the Life Assured completion of 18 years of age.

LIC New Children’s Money Back Plan 732 Rebates

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There are two types of Rebates available for this policy

Mode Rebate:

Premium Mode	% on Tabular Premium
Yearly Mode	2% of tabular premium
Half Yearly Mode	1% of Tabular premium
Quarterly	NIL
Monthly	NIL

High Sum Assured Rebate:

Basic Sum Assured Rebate	Rebate(Rs)
2,00,000 to 4,75,000	NIL
5,00,000 to 10,00,000	2.5 Per thousand Basic sum Assured
10,00,000 and above	4 Per thousand Basic sum Assured

Example for LIC New Children’s Money Back Plan 732

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An example of Shyam whose child is 1 year old is purchasing this Plan with following details.

Father Age (Proposer)	30 Years
Child Age	1 Years
Sum Assured	Rs. 5,00,000
Policy Term	24 (25-1) Years
Premium	Rs. 45,598 1st Year Rs. 44,616 2nd Year onward
Premium Paying Term	24 (25-1) Years

CALCULATION DETAILS
Sum Assured: 1000000	Age: 1 year
Policy Term: 24	Premium Waiver Rider: Yes

 Premium Details

Mode	Premium	Premium with GST (*)
		For First Year	From Second Year
Yearly	43634	45598	44616
Half-Yearly	22063	23056	22559
Quarterly	11154	11656	11405
Monthly	3718	3885	3802

*Premium specified at the time of purchase remains same for entire policy term. However, Goods and Services Tax (GST) rate is subject to change as per government. At present, GST rates for first policy and from second policy year till completion of premium paying term are 4.5 % and 2.25% respectively.

MATURITY DETAILS

40% of BSA	Bonus (approx.)	FAB (approx.)	Total (approx.)
400000	1080000	350000	1830000

 Money Back and Maturity Details

This policy provides three Money Backs equals to 20% of Basic Sum Assured when child policyholder attains 18, 20 and 22 years of age and 40% of Basic Sum Assured (BSA) + Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB) when policyholder attains 25 years age.

Child Age	Year	Details	Amount
18 Years	2040	1st Money Back (20% of BSA)	200000
20 Years	2042	2nd Money Back (20% of BSA)	200000
22 Years	2044	3rd Money Back (20% of BSA)	200000
25 Years	2047	Maturity (40% of BSA + Bonus +FAB) (approx.)	1830000
Total Benefits			2430000

Maturity of New Endowment plan is available after completion of Policy Term and maturity will be equal to Basic Sum Assured + Accumulated Simple Reversionary Bonus during policy term + Final Additional Bonus (if any) (FAB).

YEAR-WISE POLICY DETAILS

Year	Age	Paid Premium	Normal Life Cover (Approx.)	Money Back Bonus (Approx.)
2023	1	45598	0	0
2024	2	44616	0	0
2025	3	44616	1135000	0
2026	4	44616	1180000	0
2027	5	44616	1225000	0
2028	6	44616	1270000	0
2029	7	44616	1315000	0
2030	8	44616	1360000	0
2031	9	44616	1405000	0
2032	10	44616	1450000	0
2033	11	44616	1495000	0
2034	12	44616	1540000	0
2035	13	44616	1585000	0
2036	14	44616	1630000	0
2037	15	44616	1695000	0
2038	16	44616	1745000	0
2039	17	44616	1795000	0
2040	18	44616	1845000	200000
2041	19	44616	1905000	0
2042	20	44616	1970000	200000
2043	21	44616	2045000	0
2044	22	44616	2140000	200000
2045	23	44616	2285000	0
2046	24	44616	2430000	0
2047	25	0	Maturity Amount	1830000
Total		1071766	Total Benefits	2430000

Death Benefit: In case of death of the policyholder during policy term, nominee of the policy holder gets Basic Sum Assured + Accrued Bonus + FAB as death claim (Risk Cover), the same is illustrated in the following table.

To understand death claim (risk cover), let's assume that unfortunate death of the policy holder occurs in year 2041 when policy holder is 19 years of age, then then total premium paid will be Rs. 848682 and death claim (risk cover) amount will be 1905000. Please refer highlighted row in following table.

PWB Rider Benefit: Since Premium Waiver Benefit (PWB) Rider has been opted for, so in case of death of the guardian (father/mother/proposer) at any time during policy term, remaining premium will be waived-off and all benefits will be paid to the child policyholder without payment of any further premium.

This rider can be opted for, if the guardian is 18-55 years of age and guardian’s age + policy term must not exceed 70 years

Plan Benefits for You	Amount ()
40% Of BSA	400000
Bonus (If any)	1080000
FAB (If any)	350000
Maturity Returns	1830000
Total Money back	600000
Total Benefits	2430000

Plan Benefits for Nominee/Family After You	Amount ()
On Death Before Maturity (Guaranteed Sum Assured)	1000000
Bonus (if any)	855000
FAB (If Any)	50000
Total Payable to Nominee (Tax Free)	1905000

Additional Information

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Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or 8 years old which is earlier.

Locking period : LIC New Children Money Back policy 732 provides free locking period of 1 year.

Loan Facility: Loan after 31 years

Income Tax Deduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity.

Riders available: PWB rider is available

Proposal Forms: Proposal Form no. 300 and 360 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 30 days from the date of receipt of the policy.

Backdating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: Assignment and nominations is possible under this plan.