LIC New Children's Money Back Plan – Plan No. 732
An independent, plain-language look at LIC New Children's Money Back Plan (Plan No. 732, UIN 512N296V03) — what it offers, who it may suit, and what to check before buying.
Currently Available Child / Money Back Plan UIN: 512N296V03
What Is LIC New Children's Money Back Plan?
LIC's New Children's Money Back Plan is taken by a parent on a child's life and pays a series of survival benefits (money-back instalments) at defined intervals during the policy term, with a final instalment plus bonuses at maturity. If the parent (life assured/proposer structure per plan terms) dies during the term, future premiums are generally waived while scheduled payouts continue.
Key Features
- Periodic money-back instalments during the policy term rather than one lump sum at the end
- Premium waiver benefit built in, so scheduled payouts continue even if premiums stop due to the proposer's death
- Participates in LIC bonuses
- Designed around a child's staged needs — school, college, and other milestones
Who May Consider This Plan
- Parents who prefer periodic payouts timed to a child's staged education costs, rather than one lump sum
- Families wanting built-in premium protection tied to the child's future
Important Considerations
Because a portion of the benefit is paid out periodically rather than compounding to maturity, the eventual lump sum at maturity is smaller than a pure endowment plan of the same premium — this is a deliberate trade-off for earlier liquidity at each stage.
Example Scenario
Illustrative only: A parent starting this plan when a child is very young might see money-back instalments paid at intervals aligned with school and college years, with a final payout plus bonus at the end of the term.
LIC New Children's Money Back Plan FAQs
Both are child-focused LIC plans, but their payout structures and premium waiver conditions differ — Jeevan Tarun offers a choice of payout options at the end of the term, while this plan is structured around periodic money-back instalments. S. Kulkarni can compare both against your child's age and goal.
The plan is taken on the child's life with the parent as proposer; specific premium waiver conditions apply per LIC's current terms.
Discuss LIC New Children's Money Back Plan With S. Kulkarni
Get a personalised illustration and understand how this plan compares with alternatives for your goal.