Last Updated- Jan 22, 2022
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
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-
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:
- Risk coverage starts when Life Assured (Child) turns 8 or after 2 years of policy start whichever completes earlier.
- 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.
- 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 Year | 20 % of Sum Assured | |
| 20 th Year | 20 % of Sum Assured | |
| 22 nd Year | 20 % of Sum Assured | |
| 25 th Year | 40 % 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
Check out – LIC Jeevan labh review
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.
Calculation source: Insurancefunda.in
Other benefits of LIC Children Money Back Plan
- You can surrender the policy after paying min. three full-years premium payments.
- 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.
- 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.
- Tax rebate under section 80(C) of Income Tax Act, 1961.
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.
HI, My Baby is about to 2 years, Please tell me the Best Plan for Long time Money Back.
Nice plan
Dear Sir,
My Baby she is 13 month, i am interested with this plan can you guide me how to process
You can take this plan easily and safely it is the best plan for your nice child
my child age is 1 months i want above plan my number is 9828967613
my child age is 3 year i want above plan my number is 8272883474
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
my
Sir, I want a policy for my kids, who is completing 2 years on 25.12.2017
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 [email protected]
Mujhe apni beti k liye money back plan lena hai mai 12000 year de sakta hu
APNA NUMBER DIJIYE SIR
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
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
Sir Mera baby 15 Month ka hai muje uski policy niklwani hai konsa plan uske liye shi rhega mera age 25 years hai.
my child is 1.5 year and my age is 37 year tell me imformation about table no 832
Hi Mr.Mangesh Chanekar. This is Pushpa Mayekar from Goa. As you are looking for a financial solution for your child’s future, I can suggest you best. Do contact me on [email protected]
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 [email protected]
Sir muje apne baby k liye policy karana hai. I can invest 8000 per year. Please help. call 9569525172
Sir, Mujhe Mere 4 year Ladke Ka Insurence Krwana H, aapke pas sabse achha plan H, vo btana. Contect My Number 9351582084
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).
Please tell me about the lic children money back policy 7290811775
Call me too you need child plsn
sir mujhay apne beti kay liya 832 wala krwana ha ols mujhay bhi detail btao call me 8813937467
Please tell me about the lic children money back policy.
Please tell me plan Children?s Money Back Plan (No.832)
mob no.9502706669
Reply
Sir meri 8mehna bachcha ka Lic karna hai .plese sent details.Mo-9679956399
Call me too you need child plan
Sir muje apne baby k liye policy karana hai. I can invest 10000 per half-year. Please help. My email [email protected] or call +919794708338
Mail me . If you need child plan
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..,
i like this plane table no 832
kindly provide the outer bani fits
9810374813 / 9716042169
Thanks,
Sir/mam,
Pls explain steps of create new account in LIC and also explain rules & regulations.
Sir, for widow the pwb for CMB plan is not given stating widow is not having income from govt, quasi govt or MNC. Pl explain
pls tell me plan Children?s Money Back Plan (No.832)
mob no.9765298317
Its a good and illustrative article on Children Money Back Plan of LIC
SIR JI MUJHE 1 SAL KI BACHCHI KI LIC BNANA HAI KYA PROSIGAR HAI PLZ INFROMATION FOR MY ID
aapko4200rska premium dena hog a yearly.is me aapko bachi Ka birth certificate lagega
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….
Yes, proposer can be anyone from grandfather, grandmother, mother, father or legal guardian..
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.
PL confirm agent commission and do credit for this policy
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.
How come?? Because if you take policy of sum assured of Rs.10 lakhs for 1 month child, even after the risk commencement period, the premium (Rs.91773 in 12th year) is less than 1/5th of the sum assured.
Please refer: http://www.sify.com/finance/quick-facts-about-section-10-10-d-of-the-income-tax-act-news-income-tax-obvkMPcgafbsi.html
Kindly provide PWB premium list for plan 832
Will update soon.
Sir meri ldki h 11month ki. Uski lic krwa akte h.
Yes, you can. The eligibility for this scheme is 0 to 12 years.
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
what prem 1 lack sum.
Waiting for premium table.
like the pian
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
What is Premium Waiver Benefit? Please sir explain it.
Premium Waiver Benefit means in case of death of proposer, usually guardian, the future premium payment gets waived off.