Parents always dream big for their kids. LIC child plans help turn those dreams into reality by combining insurance protection with savings. A good calculator makes it easy to see how much you need to invest.
What is LIC Child Plan Calculator?
The LIC Child Plan Calculator is a simple online tool on the LIC website and other sites. It lets you enter details like your child’s age, sum assured, and policy term to estimate premiums and payouts. You get a clear picture of yearly or monthly costs, maturity benefits, and bonuses.
It’s free and quick. No need for agents at first; just input numbers and see results. Sites like liccalculator.info offer versions for specific plans like 732 and 734.
Why Use a Child Plan Calculator?
Planning a child’s future costs money: school fees, college, and weddings. Inflation makes it tougher. The calculator shows real numbers, so you avoid shortfalls.
It factors in bonuses, which LIC adds yearly based on profits. You see total returns, not just premiums paid. For example, a small investment now grows big by age 25. Plus, tax savings under Section 80C up to Rs 1.5 lakh.
Main LIC Child Plans: 732 and 734
LIC offers two key child plans right now. Both are non-linked, participating plans, meaning they share company profits as bonuses. They focus on kids from birth to 12 years.
LIC New Children’s Money Back Plan (Plan 732)
Plan No. 732 (UIN: 512N296V03). Launched around 2019-2020, it is still active in 2026. No withdrawal date announced.
This money-back plan gives money at key ages. The proposer (parent) pays premiums. If a parent dies, premiums stop, but the policy continues for the child.
- Child’s entry age: 0 to 12 years.
- Policy term: 25 minus entry age (up to age 25).
- Premium term: Same as policy term.
- Sum assured: Min Rs 2 lakh, no upper limit (multiples of Rs 5k/10k, etc.).
- Survival benefits: 15%, 20%, or 25% of the sum assured at ages 18, 20, or 22. Rest at maturity at age 25.
- Death benefit: the higher of 125% of the sum assured or 7x the annual premium, plus bonuses.
- Maturity: Remaining sum assured + bonuses.
Great for timed needs like college. Use a calculator to see payouts.
LIC Jeevan Tarun (Plan 734)
Plan No. 734 (UIN: 512N299V03). Introduced in May 2019, updated circular in Nov 2024, ongoing in 2026.
A limited premium payment pays for fewer years than the term. Flexible survival benefits from age 20 to 24.
- Child’s entry age: 90 days to 12 years.
- Policy term: 25 minus entry age.
- Premium term: 20 minus entry age (or less? Wait, standard 20-year-olds).
- Sum assured: Min Rs 2 lakh.
- Survival options (choose one): Survival Benefit (ages 20-24) Maturity (age 25) 1. None. 100% Sum Assured 25% each year (25% total) 75% 310% each year (50% total) 50% and 415% each year (75% total) 25%
- Plus vested bonuses at each payout and maturity.
- Premium waiver rider: Optional, waived if proposer dies.
Perfect if you want a lump sum or steady income in your 20s.
Both plans allow loans after 2-3 years and surrender after 1 year. Risk starts after 2 years of age or age 7.
How to Use the Calculator Step-by-Step
- survival, visit the LIC site or liccalculator.info Pick plan 732 or 734.
- Enter the child’s date of birth or age (e.g., 5 years).
- Choose sum assured (starting at Rs 5 lakh for good cover).
- Select policy/premium term (auto-fills often).
- Pick a payment mode: yearly, half-yearly, quarterly, or monthly.
- Add rider if needed (premium waiver).
- Click ‘calculate’ to see premium, survival, and maturity with a 4% assumed bonus.
Example: Child age 5, Rs 5 lakh sum, Plan 734 Option 2. Premium around Rs 25k-30k yearly (varies). Payouts: 5% x 5 years from 20, then 75% + bonuses at 25.
Adjust for your budget. Recheck yearly as rates change.
Benefits of LIC Child Plans
These plans give peace of mind. Life cover protects if something happens to the child. Savings grow with bonuses. LICs are reliable.
- Premium Waiver: Key feature. Parent’s death? No more payments, full benefits for the child.
- Bonuses: Simple reversionary + final additional. Boost maturity 2-3x premiums.
- Tax–Free: Maturity, death benefits under 10(10D). Deduction on premiums.
- Flexible Payouts: Match life stages (18/20 for education, 22/25 for job/wedding).
- Riders: Extra health or accident cover possible.
Compared to mutual funds, it is safer with a guarantee. Good for risk-averse Indian families.
Eligibility and Key Terms Explained
- Proposer: Parent/guardian, age up to 50-55 typically.
- Child assured: Life insured.
- Minimum sum: Rs 2 lakh to beat inflation.
- Mode: Online buy via licindia.in or agents.
- Grace: 30 days for yearly.
- Free look: 15-30 days to cancel.
Policy becomes paid up after 1 year of premiums. Death benefit of at least 105% of premiums paid.
No major changes in 2026; check official for updates. Visit LIC site
Sample Calculation Table
Here’s a quick table for Plan 734, child age 0, Rs 5 lakh sum, Option 1, assumed 4% bonus (illustrative).
| Age at Payout | Benefit Type | Amount (Rs approx.) |
|---|---|---|
| 20-24 | None | – |
| 25 | Maturity Bonus | 10-12 lakh |
| Death anytime | Sum + Bonus | 6-7 lakh minimum |
For precision, use an online tool. Premium: ~Rs 22k yearly.
Other Child Plans Mentioned
Older ones like Child Future 185 are withdrawn. Focus on 732/734. Some lists mention Jeevan Anand variants, but these two are pure children.
Common Mistakes to Avoid
Don’t pick a low sum assured aim of 10-15x your annual income. Ignore inflation? College costs double every 10 years. Forget rider? Add a waiver. Buy without a calculator? Overpay or under-save.
Shop around for agents for the best service.
Frequently Asked Questions
What is the minimum age for LIC child plans?
90 days or 0 years for most.
Can I take a loan on these policies?
Yes, after 2-3 years, up to 80-90% surrender value.
How to surrender?
Visit the branch with docs; get value based on premiums/bonuses.
Difference between 732 and 734?
732: Earlier payouts (18-22), full premium term. 734: Later (20-24), shorter premium pay.
Tax benefits?
Yes, 80C and 10 (10D).
Conclusion
The LIC Child Plan Calculator is your first step to a worry-free future for kids. Plans like 732 and 734 offer solid savings, protection, and timely money. Start small, use the tool, and consult an agent. Your child will thank you later.