LIC New Children's Money Back Plan (Table: 932) Premium & Maturity Calculator

About Premium & Maturity Calculator of New Children’s Money Back Plan (932)

New Children’s Money Back Plan (932) is children’s plan from LIC which provides three money backs at 18th, 20th and 25th years of child policyholder age and maturity at 25th year of the child policyholder age. Above Maturity calculator helps to generate illustration of complete plan benefits as per child’s age, sum assured or monthly premium, father’s age and premium waiver benefit (PWB) rider.

Age and Term

This policy is available to children of age 0-12 age group and allowed term is (25-age of the child policyholder), for example, if a child is 5 years old, then policy term will be 20 years (25-5).

Money backs (Survival Benefits) and Maturity Benefit

Following table provides year-wise benefit details.

Death Benefit

Death benefit refers to death claim amount payable to nominee in case of unfortunate death of the child policyholder during policy term. The death claim amount is equal to Basic Sum Assured + Accrued Simple Reversionary Bonus (Bonus) + Final Additional Bonus (FAB).
Please note, this death claim is not due to death of the child’s guardian (father/proposer).

Premium Waiver Benefit (PWB) Rider

Opting PWB rider with this policy is paramount important because it secures the plan benefits in the event of unfortunate death of the guardian (father/proposer). During policy term, if death of the father happens, then all future premiums are waived-off (not required to be paid by the child policyholder) and all benefits as per schedule are paid to the policyholder. 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.