LIC Children Money Back Calculator: Plan for Child's Secure Future

1. Introduction

You get a free online tool with the LIC Children Money Back Calculator. It estimates your insurance premiums, survival benefits, and maturity returns in seconds. This non-linked, participating individual savings money-back plan secures your child's future because it provides payouts at ages 18, 20, 22, and 25. You blend protection and growth for education or milestones. The LIC Children Money Back Calculator removes the need to visit LIC branches or wait for agent quotes. You receive instant, accurate calculations based on official LIC rate tables.

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2. About the Plan - Key Details

Plan Type: Non-Linked, Participating, Individual Life Assurance Savings Money-Back Plan. Plan Code: 932. UIN: 512N296V03.

Entry Age Limits: Entry age limits set the child from 0 years (last birthday) to 12 years maximum. The proposer (parent) reaches up to 55 years, and maturity fixes at the child's 25 years.

Policy Term Options: Policy term options run from 13 to 25 years (25 minus child's entry age). The premium paying term equals the policy term.

Sum Assured: The minimum sum assured starts at ₹2,00,000 in multiples of ₹5,000, with no upper cap for your customization.

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3. Key Features & Benefits

Maturity Benefits: Maturity benefits at the age of 25 of your child will be 40% of the basic sum assured along with simple reversionary bonuses (SRB) and loyalty additions.

Survival Benefits: Survival benefits provide 20% of the sum assured at the ages of 18, 20, and 22 (optionally, these can be deferred for the compounded value). This is the point when you can use the money for education or startups.

Death Benefits: Death benefits select the higher of sum assured, 7 times annualized premium, or 105% of premiums paid, with bonuses included.

Tax Benefits: Tax benefits offer 80C deductions up to 1.5 lakh. You gain 10(10D) exemptions on proceeds.

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4. How to Use the Calculator

You map your child's future effortlessly with this tailored LIC Children Money Back Calculator. These steps guide intuitive navigation.

Step 1: Enter Date of Birth

Find the Date of Birth field for the child in the left form's Enter Your Details section. The calendar picker simplifies choice. It computes age via nearer birthday rule for eligibility (0 to 12 years).

Step 2: Set Sum Assured

Enter coverage in the Sum Assured box from 2,00,000 rupees minimum. The hint guides scaling. This reveals how it amplifies 20% benefits at ages 18, 20, and 22 for education funding.

Step 3: Choose Policy Term

Input or select term (13 to 25 years based on age, maturing at 25). It auto sets PPT and stages payouts. Errors in invalid ranges prompt corrections.

Step 4: Select Premium Mode

The dropdown provides selections from yearly to monthly. The recalculations are done instantly so that you can choose the most parent-friendly options.

Step 5: Compute and Analyze

The calculation button is pressed to make visible the results of the right panel. These are in the form of premiums, totals, three 20% benefits, maturity with bonuses, and death covers.