LIC New Children's Money Back Plan 932 was a with-profit child plan launched on 1 February 2020 and later replaced by Plan 732. It pays 20% of the sum assured at the child's ages 18, 20 and 22, and 40% plus bonuses at 25. For a 5-year-old with ₹5 lakh cover, the yearly premium is about ₹27,371, and no GST applies from 22 September 2025.
Children's Money Back 932 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 932?
LIC New Children’s Money Back Plan 932 is a non-linked, with-profit money back plan taken on a child’s life. It was launched on 1 February 2020 (UIN 512N296V02) as the updated version of Plan 832. LIC later replaced it with Plan 732, so it is no longer sold. If you already hold a 932 policy, it continues exactly as issued. This page and the calculator above help you check your premium and plan for each payout.
Plan 932 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 932 / 512N296V02 |
| Launched | 1 February 2020 |
| Status | Withdrawn; replaced by Plan 732 |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 (no upper limit) |
| 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 works
The premium depends on the child’s entry age and the sum assured. A rate per ₹1,000 is chosen by age, then reduced by a high sum assured rebate (from ₹5 lakh) and a mode rebate (2% yearly, 1% half-yearly). No GST is charged on individual life policies from 22 September 2025. Before that, 932 policyholders paid 4.5% GST in the first year and 2.25% after, so older receipts show higher amounts.
Example 1: a 5-year-old with ₹5 lakh cover pays about ₹27,371 a year for 20 years. Under the old GST, that came to about ₹28,603 in year one and ₹27,987 after. Monthly payment works out to about ₹2,330 per instalment.
Example 2: a 2-year-old with ₹10 lakh cover pays about ₹43,187 a year for 23 years.
At ₹5 lakh, the yearly premium ranges from about ₹20,815 at age 0 to ₹45,305 at age 12. See the premium chart below the calculator for every age.
Payout schedule
For Example 1, 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 | ₹6,00,000 (₹2 lakh + about ₹4 lakh bonus) |
Total receipts come to about ₹9 lakh against ₹5,47,420 of premium, an approximate return of 5.36% a year. For Example 2, the total is about ₹19.2 lakh on ₹9,93,301 paid (about 5.90% a year). Bonus figures are estimates; LIC declares the actual rate each year.
Tip: your policy bond shows the exact sum assured and premium. Enter those figures to see a schedule that matches your policy.
Death benefit
After risk cover starts, the nominee receives the sum assured on death (the higher of the basic sum assured or 7 times the annualised premium) plus accrued bonuses. Money back already paid is not deducted, and the total is never below 105% of premiums paid.
For children under 8 at entry, risk begins two years after the start date or on the policy anniversary on or after the eighth birthday, whichever is earlier. A death before that date returns the premiums paid, excluding taxes and rider premiums.
Loan, surrender and riders
- Loan and surrender: available once at least two full years’ premiums are paid. Use our LIC surrender value calculator before deciding to exit.
- Premium Waiver Benefit rider: if you opted for it, future premiums stop on the proposer’s death while the child’s benefits continue.
- Vesting: the policy passes to the child at age 18.
Tax benefits
Premiums qualify under Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old tax 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 932 vs Plan 732 and Plan 832
All three versions share the same core promise: money back at 18, 20 and 22, and the balance with bonuses at 25.
- 832 → 932 (2020): the product was refiled under IRDAI’s 2019 rules. The benefit structure did not change.
- 932 → 732 (2024): the minimum sum assured rose from ₹1 lakh to ₹2 lakh, and surrender values follow the newer, more generous rules.
If you are buying a new child policy today, use the Children’s Money Back 732 calculator.
How to use this calculator
Enter the child’s entry age, sum assured and premium mode from your policy. Adjust the bonus rate if you want a cautious view. Open the payout schedule under the results to see each instalment by age and policy year. All figures are approximate.
Frequently asked questions
Is LIC Children's Money Back Plan 932 still available?
No. LIC stopped selling Plan 932 when it introduced Plan 732 as the revised version in its 2024 product revamp. Existing 932 policies continue with all their original benefits until the child turns 25. New buyers should look at Plan 732.
When will I receive money back under Plan 932?
LIC pays 20% of the basic sum assured on the policy anniversaries when the child turns 18, 20 and 22. At 25, the remaining 40% of the sum assured is paid along with all simple reversionary bonuses and any final additional bonus.
How much is the maturity amount for ₹5 lakh in Plan 932?
At maturity you get 40% of ₹5 lakh, which is ₹2 lakh, plus bonuses. For a child who entered at age 5, an assumed bonus of ₹40 per ₹1,000 a year adds about ₹4 lakh, so the maturity payment would be around ₹6 lakh on top of ₹3 lakh already received as money back.
Are money back payments deducted from the death claim?
No. If the child dies after risk cover has started, the nominee gets the full sum assured on death plus accrued bonuses, regardless of any survival benefits already paid. The claim is never less than 105% of premiums paid.
What was the minimum sum assured in LIC 932?
The minimum basic sum assured was ₹1,00,000 with no upper limit. The replacement Plan 732 raised the minimum to ₹2,00,000.
Can I take a loan on my Plan 932 policy?
Yes. After at least two full years' premiums have been paid, the policy acquires a surrender value and you can take a loan against it. The loan amount is a percentage of the surrender value at that time.
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.