LIC New Children’s Money Back Plan 732

LIC New Children’s Money Back Plan 732 - Premium and Maturity Calculator









LIC New Children’s Money Back Plan 732

LIC New Children’s Money Back Plan 732

LIC New Children’s Money Back Plan 732

Description


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.

LIC New Children’s Money Back Plan 732 - Key Features


  • 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 of LIC New Children’s Money Back Plan 732


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)

Read This - LIC Jeevan Tarun Plan 734 > Best for Child Education Plan

Benefits


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.

Read this : LIC's Best Lifetime Money Back plan

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

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

Read This - LIC new Jeevan Anand plan 715 lifetime plan

Example for LIC New Children’s Money Back Plan 732


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
Total Money back paid 200000
Total Benefits with Money Back 2105000

Read this - LIC Single Premium Endowment 717

LIC Policy 732 - Additional Information


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.



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