LIC New Children's Money Back Plan 832 is the older, withdrawn version of LIC's child money back policy, replaced by Plan 932 in 2020. It pays 20% of the sum assured at the child's ages 18, 20 and 22, and 40% plus bonuses at 25. For a child who entered at age 5 with ₹5 lakh cover, the yearly premium is about ₹27,371.
Children's Money Back 832 Premium & Payout Calculator
Your estimate
Money back + maturity, with estimated bonus
- Premium per instalment
- ₹27,371
- Policy termPremiums are paid for the full term
- 20 years
- Total premium paid
- ₹5,47,420
- Survival benefits (money back)20% of sum assured at ages 18, 20 and 22
- ₹3,00,000
- Estimated maturity amount40% of sum assured + bonus at age 25
- ₹6,00,000
- Total bonus (estimated)
- ₹4,00,000
- Sum assured on deathplus bonus accrued; never below 105% of premiums paid
- ₹5,00,000
- Full risk cover starts at age
- 7 years
- Approx. return (IRR)
- 5.36%
- Total premium paid₹5,47,42061%
- Net gain₹3,52,58039%
Money back and maturity schedule
| Child’s age | Policy year | Sum assured part | Bonus | Payout |
|---|---|---|---|---|
| 18 years | 13 | ₹1,00,000 | ₹0 | ₹1,00,000 |
| 20 years | 15 | ₹1,00,000 | ₹0 | ₹1,00,000 |
| 22 years | 17 | ₹1,00,000 | ₹0 | ₹1,00,000 |
| 25 years | 20 | ₹2,00,000 | ₹4,00,000 | ₹6,00,000 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC New Children’s Money Back Plan 832?
LIC New Children’s Money Back Plan 832 is a non-linked, with-profit money back policy on a child’s life. It was the version sold before 2020 and carries UIN 512N296V01. LIC replaced it with Plan 932 on 1 February 2020, and Plan 932 was later replaced by Plan 732.
If you hold an 832 policy, nothing has changed for you. It runs until the child turns 25 and pays three money back instalments along the way. Use the calculator above to rebuild your premium and payout schedule.
Plan 832 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 832 / 512N296V01 |
| Status | Withdrawn (replaced by 932, now 732) |
| Entry age of child | 0 to 12 years |
| Maturity age | 25 years |
| Policy term = premium paying term | 25 minus entry age |
| Minimum sum assured | ₹1,00,000 |
| Money back | 20% of sum assured at 18, 20 and 22 |
| Maturity | 40% of sum assured + bonuses |
| Premium modes | Yearly, half-yearly, quarterly, monthly |
How the premium was calculated
LIC charges a fixed rate per ₹1,000 of sum assured, based on the child’s entry age. A high sum assured rebate applies from ₹5 lakh, and a mode rebate of 2% (yearly) or 1% (half-yearly) reduces the bill further.
Worked example: a child aged 5 at entry with ₹5 lakh cover has a 20-year term. The yearly premium is about ₹27,371, or roughly ₹2,330 a month. Over 20 years that adds up to ₹5,47,420.
For ₹10 lakh taken at age 2, the premium is about ₹45,374 a year for 23 years, or ₹10,43,602 in total.
GST no longer applies. Individual life premiums are exempt from 22 September 2025. Before that, renewal premiums carried 2.25% GST, so your older receipts will show slightly more.
Tip: your premium receipt shows the exact instalment. If the calculator differs by a few rupees, go by the receipt; the payout schedule stays the same.
Payout schedule
For the ₹5 lakh example with an assumed bonus of ₹40 per ₹1,000 a year:
| Child’s age | Policy year | Payout |
|---|---|---|
| 18 | 13 | ₹1,00,000 |
| 20 | 15 | ₹1,00,000 |
| 22 | 17 | ₹1,00,000 |
| 25 | 20 | about ₹6,00,000 (₹2 lakh + bonus) |
Total receipts come to about ₹9 lakh, an approximate return of 5.36% a year. For the ₹10 lakh example, receipts come to about ₹19.2 lakh (about 5.48% a year). Bonus is declared by LIC every year, so treat the maturity figure as an estimate.
Death benefit
After risk commencement, the nominee receives the sum assured on death plus accrued bonuses. Money back already paid is not deducted, and the claim is never below 105% of the premiums paid. For children who joined before age 8, risk began two years after the start date or on the policy anniversary on or after the eighth birthday, whichever came first.
Surrender, loan and riders
Once the policy has acquired a surrender value, you can surrender it or borrow against it; the exact conditions are in your policy bond. Check our LIC surrender value calculator before you decide. If you took the Premium Waiver Benefit rider, premiums stop on the proposer’s death and the child’s benefits continue. The policy vests in the child at 18.
Tax
Premiums qualify for Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old regime). Money back and maturity amounts are generally tax-free under Section 11 read with Schedule II of the Income-tax Act, 2025 (earlier Section 10(10D)), subject to the Act’s conditions.
Plan 832 vs later versions
The money back pattern has not changed across versions. What changed:
- 932 (2020): refiled under IRDAI’s 2019 product rules.
- 732 (2024): minimum sum assured raised to ₹2 lakh and newer surrender value rules.
New buyers should use the Children’s Money Back 732 calculator.
How to use this calculator
Enter the entry age, sum assured and mode from your policy bond, then open the payout schedule. All figures are approximate and meant for planning.
Frequently asked questions
Can I still buy LIC Children's Money Back Plan 832?
No. Plan 832 was withdrawn when LIC launched Plan 932 on 1 February 2020, and Plan 932 has since been replaced by Plan 732. Existing 832 policies keep all their original benefits until the child turns 25.
When will my Plan 832 policy pay money back?
On the policy anniversaries when the child turns 18, 20 and 22, LIC pays 20% of the basic sum assured each time. The remaining 40% of the sum assured, together with all vested bonuses and any final additional bonus, is paid at age 25.
How much will I get at maturity from Plan 832?
You get 40% of the basic sum assured plus bonuses. For ₹5 lakh cover taken at the child's age 5, an assumed bonus of ₹40 per ₹1,000 a year gives about ₹6 lakh at maturity, on top of ₹3 lakh received earlier as money back.
Is money back deducted if the child dies after age 18?
No. After risk cover starts, the nominee receives the sum assured on death plus accrued bonuses, even if one or more money back instalments were already paid. The amount is never below 105% of premiums paid.
Do I still pay GST on my Plan 832 premium?
No. Individual life insurance premiums are exempt from GST from 22 September 2025. Until then, renewal premiums on this plan carried 2.25% GST, so receipts from earlier years show a slightly higher amount than the base premium.
What is the minimum sum assured under Plan 832?
The minimum basic sum assured was ₹1,00,000, with no upper limit. Higher covers of ₹5 lakh and ₹10 lakh qualified for a high sum assured rebate on the premium.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.