Who it suits
Parents planning staged payouts for college and early career.
LIC plans / Child Plans
Child Plans
New Plan no. 732 UIN 512N296V03
LIC’s New Children’s Money Back Plan
Participating · Non-linked · Child money back
Money-back payouts at ages 18, 20 and 22 for a child’s higher education, with the balance at 25.
0 – 12 years (child)Entry age
Until the child is 25Policy term
Until the child is 25 (minus a few years, see brochure)Premium paying term
See the official brochure for the exact benefit formula.Sum assured
Plan highlights
What this plan gives you
The main features in plain words. The official brochure is the final word on every figure.
- Payouts for college years
- Full cover continues
- Bonuses under with-profits
How it works
Survival benefits of 20% of the sum assured come when the child turns 18, 20 and 22. The balance with bonuses is paid at 25.
Death benefit
Full sum assured with bonuses, without deducting survival payments.
Maturity benefit
40% of sum assured plus bonuses at age 25.
Survival / income benefit
20% of sum assured at 18, 20 and 22.
Options and riders
Optional riders as listed in the brochure
Step by step
How the plan runs
1
Start the planEntry age: 0 – 12 years (child). Sum assured: See the official brochure for the exact benefit formula..2
Pay premiumsUntil the child is 25 (minus a few years, see brochure)3
Stay coveredPolicy term: Until the child is 25. Death benefit applies during the term.4
Income during the term20% of sum assured at 18, 20 and 22.5
Receive the benefit40% of sum assured plus bonuses at age 25.At a glance
Eligibility and plan limits
A quick reference before you discuss a proposal. Underwriting and channel conditions apply.
| Plan detail | As per summary |
|---|---|
| Plan number | 732 |
| UIN | 512N296V03 |
| Category | Child Plans |
| Plan type | Participating · Non-linked · Child money back |
| Entry age | 0 – 12 years (child) |
| Policy term | Until the child is 25 |
| Premium paying term | Until the child is 25 (minus a few years, see brochure) |
| Sum assured | See the official brochure for the exact benefit formula. |
Important details
Policy conditions that apply to most LIC plans
Know the conditions, not just the headline.
Grace period
30 days for yearly, half-yearly and quarterly premiums; 15 days for monthly. Cover continues during this time.
Free look
30 days from receiving the policy document to return it if you do not agree with the terms.
Revival
A lapsed policy can usually be revived within 5 years of the first unpaid premium, with arrears, interest and proof of good health.
Surrender, paid-up and loan
A loan is available within surrender value after the first policy year (one full year’s premium paid); guaranteed surrender value needs two full years’ premiums.
Suicide within 12 months
If it happens within 12 months of the start of cover, the nominee receives 80% of premiums paid (policy in force).
Section 45
After three years a policy cannot be questioned except for proven fraud.
Quick answers
Questions families ask
Who is this plan for?
Parents planning staged payouts for college and early career.
What is the entry age?
0 – 12 years (child)
What are the policy term and premium paying term?
Policy term: Until the child is 25. Premium paying term: Until the child is 25 (minus a few years, see brochure).
What sum assured can I choose?
See the official brochure for the exact benefit formula.
What happens if the life assured dies during the term?
Full sum assured with bonuses, without deducting survival payments.
What do I receive at maturity?
40% of sum assured plus bonuses at age 25.
Does the plan pay anything during the term?
20% of sum assured at 18, 20 and 22.
Are there options or riders?
Optional riders as listed in the brochure
Will the amounts always be paid exactly as shown here?
This page is a summary. Actual benefits depend on the policy terms, premium payment status, the options chosen, underwriting and LIC’s official benefit illustration. The official brochure is the final word.
Want this explained in plain words?
Read LIC’s official brochure, compare the options, and I will help you choose what fits your family.
This page is a summary. Benefits, eligibility and premiums can change: the official LIC brochure for the plan is the final word, and I will confirm current terms for you.