LIC New Children Money Back Plan No. 932


If you are worried about your children’s future this is the plan for you. If you are wondering what will happen after you, with their education and marriage. This is the LIC new children money plan is a new plan that solves your worries. It covers the major sectors of your child’s life and additionally ensures the health benefits with it.

This plan is a relatively new plan that brings to light the needs and wants of your child. It is thus popular because of the money-back guarantee that provides returns of money over many intervals of times within the policy tenure.

Key features

Just like every other LIC plan, plan no. 932 also comes with a list of attractive key features. Collectively they make a great set to secure your child’s future. They are as follows:

  • The basic sum assured in this plan has a minimum capital of Rs. One lakh
  • No upper limit exists under this plan. You can invest as much as you want for the sake of your child. This should be done within multiples of ten thousand.
  • You can enrol your newborn child as there is no minimum age limit.
  • However, the maximum age limit is 12 years.
  • The tenure can last up to a maximum of 25 years. This will also depend on the time you enrolled your child.
  • The nominee (in this case, the child) is eligible to get death, survival benefits. Moreover, he or she will also get maturity benefits from the policy.
  • Several payment options are provided for your convenience. They include monthly, half-yearly, quarterly and annually payable options

Benefits of the plan

There are many benefits under this plan which do not limit to just providing returns. They will be elaborated further below:

  • Simple rates with flexibility

One benefit that you get is that you have the freedom to choose how you may proceed to pay your premiums. Moreover, there are rates through which you get your returns accordingly. If you are a businessman it is advised to pay your premiums annually to avoid monthly liabilities. the rates with respect to the premiums depend on the age of your child. It increases with the age of entry. They are elaborated further below:

Age of entry Rate of premium (approx) Sum assured (in Rs.)
1 year from when the child is born 44 1000
Under 5 years 57 1000
Below 10 years 80 1000
Under or equal to 12 years 93 1000


To avoid an increase in the rate of the premium, it is best if you enrol your child as early as possible. Nonetheless, the sum assured will be the same and therefore make it point to start saving early. Also, note that the above premium rates are exclusive of the service tax.

  • Survival benefits- with the survival of the child throughout the policy term, he or she will get 20% of the sum assured. This is eligible when the child reaches the age of 18. This will increase by 20% on the basic sum assured on completion of age 20 and 22 respectively. Also, note that this is only applicable if the policy is active.
  • Maturity benefit – the maturity benefit comes with 40% over the basic sum assured on the completion of the policy tenure. This will also add with the plan bonuses to the insured.
  • Death Benefit – these benefits are covered under the following circumstances:
  • Death before the commencement of the risk- If the policyholder dies before the plan instigates then the nominee is eligible to get back the entire premium. This will also include other benefits that come with the pan.
  • Death after commencement- should the policyholder pass away after the risk starts, then the beneficiary is eligible for the basic sum assured along with bonuses.
  • Bonuses- these are some additional amount that is paid to the beneficiary regardless of the time of death of the policyholder. This is only applicable when the policy is active and the policyholder death. It is given during maturity or if and when the policyholder dies during the tenure.

Additional Benefits of the policy

Some additional benefits that the policy provides are mentioned below:

Tax benefits

  • The policy uploads Section 80C of the Indian Tax Act. Therefore you will get tax benefits under this section on your premiums.
  • Benefits over your premiums are applicable under Section 10D of the income tax act of 1961. This will amount to death and survival benefits which you will get on maturity of the policy.


  1. How long is the grace period under this policy?

The grace period applies to this policy under the following conditions:

  • For monthly payment, it is of 15 days
  • For annual payments as well as a quarter or half-yearly payments, the grace period is of 30 days.
  • You can revive the policy whenever if it lapses. But make sure you do it before you reach maturity.
  • Revival can b done within two years of the first premium payment
  • On revival, you must pay interests according to the policy.
  1. When does the coverage begin for my child?

Should your child be 8 years of age, the risk will start immediately. However on occasion if your child is less than 8 years, you will have o wait around 2 years. as soon as your child reaches 8 years, the policy will start.

  1. Is there a cooling period under this policy?

There is a cooling period of 15 days. This will be liable if you are not satisfied with the terms and conditions or if you are just trying out a new policy.

  1. What conditions are there for the cooling period to concur?

you will need to provide a proper reason as to why you did not like the policy or otherwise. If the reason is legitimate, you will be returned the premiums that you paid.

  1. What tax benefits will receive?

The policy will provide tax benefits under sections 80C and 10D of the income tax act of India 1961

  1. What is the sum assured under this policy?

The sum assured will be Rs. 1000. However different rates apply to this policy.

  1. What is paid up surrender value?

This is applicable if you have paid premiums religiously for the first three years. after that if you wish to surrender your policy, you will be offered a paid-up value in return.

  1. Are there any terms and conditions under the policy?

Terms and conditions concerning the age of the child are valid. The rates differ accordingly.

  1. Can I avail of a loan under this policy?

After you have acquired some amount of the surrender value. It is in fact possible to get a loan.

  1. What are the advantages of LIC phone banking?

The advantages of phone banking are mentioned below:

You can pre-pay your premiums readily whenever you want.

You will have access to your policies at any given time.

Reminders to pay your premiums will be a feature

Instant payments

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