LIC launched New Children?s Money Back Plan (Table No. 832)
LIC new children money back plan review

LIC new children money back plan review (table no. 832)

Last Updated- June 22, 2020

LIC’s New Children Money Back Plan (Table No. 832) is one of the most popular insurance plans in India which is a non-linked (not linked with stock market), with profits and regular premium payment money back plan. The plan aims to meet various financial needs like education, or the marriage of the child with moneyback returns.

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Benefits and other details of LIC Children Money Back Plan (No.832)

Let’s have a look at the benefits –

Minimum and Maximum Age for Children (Life Insured): 0 to 12 years

Proposer’s age: Minimum – 18 years, Maximum  – 55 years (Proposer is parent or guardian who will pay the premium)

Minimum Sum Assured: Rs.1 Lakh

Maximum Sum Assured: No limit

Minimum/Maximum Maturity Age: 25 years

Premium and Policy Term

Policy Term: 25 minus age at entry (Let’s say child’s age is 5 years then the term will be 20 years)

Premium Term: 25 minus age at entry (Let’s say child’s age is 5 years then the term will be 20 years)

New Children Money Back Policy (832) Premium calculator

Ready-Reckoner-for-plan-832

For instance, assuming a father takes this policy for his 2 years old child and Sum Assured is Rs. 10 lakhs. The premium will be-

LIC new children money back plan review (table no. 832)

Calculation source: Insurancefunda.in

Premium Waiver Benefit (PWB) Rider: Yes, Available as an add-on.

In Premium Waiver Benefit, you can take the risk cover of Proposer who is paying the premium for the policy. In case of his/her death, all the future premiums will be waived off but the child will get all the benefits at maturity.

Death Compensation:

  1. Risk coverage starts when Life Assured (Child) turns 8 or after 2 years of policy start whichever completes earlier.
  2. If the death of Life Assured (child) occurs before the commencement of risk coverage i.e. before the child turns 8, then an amount equal to the total amount of premium paid excluding taxes shall be payable.
  3. In case, the death of the child occurs after the commencement of risk, then the amount shall be equivalent to

Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus

In no case, the death benefit shall be less than 105% of the total premiums paid up to death.

Survival and Maturity Benefits

Age of child

Survival Benefit

Maturity Benefit
18 th Year20 % of Sum Assured
20 th Year20 % of Sum Assured
22 nd Year20 % of Sum Assured
25 th Year40 % of Sum Assur

Bonus (accrued till date) + Final Addition Bonus

Loan: Loan facility is available after 3 years onwards if premiums paid regularly and the loan should be for the benefit of the Life Assured (child).

You can also read – How LIC agent earns commission

Sum Assured Rebate:

  • Up to Rs.1.90 lakhs = Nil
  • Rs.2 lakhs to Rs.4.90 lakhs = Rs 2/- per thousand of Basic Sum Assured
  • Rs.5 lakhs & above = Rs 3/- per thousand of Basic Sum Assured
  • Modes of Premium Payment: All modes i.e. Yearly, Half-yearly, Quarterly, and Monthly.

Mode Rebate:

  • Yearly Mode – 2% of Tabular Premium
  • Half-Yearly Mode- 1% of Tabular Premium
  • Quarterly and Monthly Mode- NIL

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LIC New Children Money Back Plan (No.832)  

Let’s understand this with an example, I am assuming Sum Assured is Rs. 10 lakh and the age of the child is 2 years.LIC new children money back plan review (table no. 832)

Calculation source: Insurancefunda.in

Other benefits of LIC Children Money Back Plan

  1. You can surrender the policy after paying min. three full-years premium payments.
  2. The free lookup period is 15 days from the date of receipt. If you are not satisfied with the terms and conditions of the policy, you can cancel the policy within this period along with reasons.
  3. If the policy has expired, you can revive it within a period of 2 consecutive years from the date of the first unpaid premium and before the maturity date.
  4. Tax rebate under section 80(C) of Income Tax Act, 1961.

You may also like to read – LIC Jeevan Tarun Child Money Back Plan

LIC Children Money Back Plan (Table 832) – Should I buy?

In my opinion, this plan will not suffice the purpose of buying it i.e. securing your child’s future. Life insurance should be for the breadwinner because the family is dependent on him/her. Although there is a benefit of insurance coverage that is worthless as nobody considers the death of the child during the policy term. And to cover the risk of the Proposer, you will have to pay extra on PWB rider.

Along with that, the annual return on this plan is quite low at around 4%-5%. With a meager annual return of 4% to 5%, this plan does not even beat inflation. Moneyback word attracts people but with such a less return, it doesn’t serve the purpose.

Rather, you should invest in other debt instruments like Mutual Funds (ELSS), or Public Provident Fund, and Sukanya Samriddhi Account. That gives a better return than this plan and also gives a tax-free return with 80C deduction on the contribution.

What are your thoughts? Tell me in the comments.

56 thoughts on “LIC new children money back plan review (table no. 832)”

  1. Dear Sir,

    My Baby she is 13 month, i am interested with this plan can you guide me how to process

    1. Abdul Hamid Mandal

      You can take LIC New child money back /marriage plan table no 832
      It is absolutely beautiful plan to your child pls contact me I am LIC financial adviser my agent code no is 5966/432 BASIRHAT branch my mobile no is 6297617143/9609071418

  2. Dear
    sir any queries and any comments to lic policy so please call and meet my branch lic
    branch (unit 310 janpath new delhi)
    Should you have any comments or queries please do not hesitates to contact.

    Thanks and regards
    PramodTiwari
    Senior Insurance Advisor (Lic of india)
    Branch Office: 310, Oriental Annexe 1st and 2nd floor, 86, Janpath, New Delhi ? 110001
    Satellite Office: 310 (SO), Plot No. 32, DDA Community Centre, Rani Bagh (Behind M2K Pitam Pura), Delhi – 110034
    Mobile-09310467871
    09650941046
    Email -pramodtiwari310@yahoo.com

  3. Mera nam mohd faiyaj he me apni ladki ke name se 1 lakh fiks karna chahta hu abhi meri ladki he 16 month ki or mujhe uski 16 years par chahiye paise to kitna milega my number 8700398543 call mi

  4. Hii sir my self Dharm
    My baby is fo just 09 month
    I wanna a LIC money back plan as well as his life insurance benefit. Pls suggest me a better plan for his future
    Contact me at 9467892611

  5. Sir Mera baby 15 Month ka hai muje uski policy niklwani hai konsa plan uske liye shi rhega mera age 25 years hai.

    1. Dear
      sir any queries and any comments to lic policy so please call and meet my branch lic
      branch (unit 310 janpath new delhi)
      Should you have any comments or queries please do not hesitates to contact.

      Thanks and regards
      PramodTiwari
      Senior Insurance Advisor (Lic of india)
      Branch Office: 310, Oriental Annexe 1st and 2nd floor, 86, Janpath, New Delhi ? 110001
      Satellite Office: 310 (SO), Plot No. 32, DDA Community Centre, Rani Bagh (Behind M2K Pitam Pura), Delhi – 110034
      Mobile-09310467871
      09650941046
      Email -pramodtiwari310@yahoo.com

  6. Sir, Mujhe Mere 4 year Ladke Ka Insurence Krwana H, aapke pas sabse achha plan H, vo btana. Contect My Number 9351582084

    1. Plan :New Children?s Money Back (832)

      Product Summary :
      LIC?s New Children?s Money Back Plan is a non-linked, with-profits, regular premium payment money back plan

      Premium Payment Mode:
      Yearly, Halfly, Quarterly, Monthly(ECS)

      Term :
      25 Age at Maturity Time

      Minimum Entry Age :
      0 Year Last Birthday

      Maximum Entry Age :
      12 Year Last Birthday

      Minimum Sum Assured :
      1,00,000

      Maximum Sum Assured :
      NO LIMIT (Depending upon Income)

      Policy Benefits :

      On Death :
      On death Before the Date of Commencement of Risk:
      An amount equal to the total amount of premium’s paid excluding taxes, extra premium and rider premium, if any shall be payable.

      On death After the Date of Commencement of Risk:
      Death Benefit, defined as sum of ?Sum Assured on Death? and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where ?Sum Assured on Death? is defined as higher of 10 times of annualized premium or Absolute amount assured to be paid on death i.e. Basic Sum assured. This death benefit shall not be less than 105% of the total premiums paid as on date of death.

      On Survival :
      If Policy in full force :
      Completion Age 18YRS – 20% OF MSA
      Completion Age 20YRS – 20% OF MSA
      Completion Age 22YRS – 20% OF MSA

      On Maturity at Age 25YRS – 40% of MSA + Vested Bonus + FAB

      Surrendered Value :
      The policy can be surrendered at any time during the policy term provided premiums have been paid for full three years.

      Loan :
      Loan facility is available under this plan after the payment of premiums for atleast three full years.

      Income Tax Benefit :
      ? Premium paid under this plan is eligible for TAX rebate under section 80c.
      ? Maturity under this plan is free under sec 10(10D).

  7. Hi
    I have my new born baby of 25 days old.need money back policy for her future…
    With high cover and return & little premiam..,

  8. i like this plane table no 832
    kindly provide the outer bani fits
    9810374813 / 9716042169

    Thanks,

  9. Joydeep Choudhury

    Sir, can a widow self employed filing ITR for last 3 years be the proposer under this plan…..age of widow 40 years,age of child 4 years…Please reply as soon as possible….

  10. Hi.i want to know medical will require for 5lac policy , child age 7month, father is 31year old.for how year have to pay premium,& pwb rider taken , so if father die at child
    age 5, what is death benefits?
    Please help.
    Thanks.

  11. What about tax benefits u/s 10(10D) as there is only provision of return of premium before commencement of risk Which is less than 10 times of annualised premium.

    1. Dear Mukesh Aap apni beti ki LIC jaroor karwa sakte h ye plal bachcho ke liya h plan no 832 h aap apna mob no de ham aapko batadete h

    1. Dear Bharat ji please give me age of your son/daughter and you and send a quotation for your information and give me mobile no.

      Thanks

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