LIC Child Plan Calculator
Calculate Premium & Benefits for Child Plans
Every parent wants their child’s future to be safe, whatever happens. School fees, college admission, and marriage costs keep going up every year. This is why many Indian families still trust LIC when it comes to saving for their children.
But how much should you actually save? This is where the LIC Child Plan Calculator becomes useful. In this guide, we will explain what this calculator does, how it works, and how you can use it for LIC’s two active child plans — Plan 732 and Plan 734.
What Is the LIC Child Plan Calculator?
The LIC Child Plan Calculator is an online tool that helps you estimate the premium, survival benefits, and maturity amount of an LIC child insurance policy. You simply enter a few details — your child’s age, the sum assured you want, and the premium payment mode — and the tool shows you an approximate yearly or monthly premium along with expected future payouts.
It does not replace the official benefit illustration that LIC gives at the time of buying a policy, but it gives you a fast and fairly close estimate so you can plan your budget before speaking to an agent or branch.
Why Should You Use It Before Buying a Policy?
Buying a child plan without doing any calculation is a common mistake. Many parents either choose a sum assured that is too low to be useful later, or pick a premium that becomes hard to pay after a few years.
A calculator solves this problem in a few simple ways:
- It shows the real premium for your chosen sum assured, instead of a rough guess.
- It shows when money will actually come back to you (survival benefits) and how much.
- It helps you compare Plan 732 and Plan 734 side by side before deciding.
- It saves time, since you don’t need to visit a branch just to get a starting estimate.
One more point worth knowing for 2026: the Government of India removed GST on individual life insurance premiums from September 22, 2025. So the premium shown by the calculator today is closer to what you will actually pay, without an added tax slab on top.
LIC’s Two Child Plans: Plan 732 and Plan 734
LIC currently sells two dedicated child insurance plans. Both are non-linked and participating, which means your money is not exposed to the stock market, and the policy earns bonuses based on LIC’s profits.
LIC New Children’s Money Back Plan (Plan No. 732)
This plan is built around fixed payouts at specific ages, mainly to support school and college years.
- UIN: 512N296V03
- Entry age: 0 to 12 years
- Policy term: 25 minus the child’s entry age
- Minimum sum assured: ₹2,00,000 (no upper limit, in multiples set by LIC)
- Survival benefit: 20% of the Basic Sum Assured is paid at ages 18, 20, and 22
- Maturity benefit: 40% of the Basic Sum Assured plus vested bonuses at age 25
- Death benefit: The higher of the Basic Sum Assured or 7 times the annual premium, subject to a minimum of 105% of premiums paid, along with any vested bonuses
LIC Jeevan Tarun (Plan No. 734)
This plan gives you the flexibility to choose how much money you want during the child’s early adult years, versus how much you want as a lump sum at the end.
- UIN: 512N299V03
- Entry age: 30 days to 12 years
- Policy term: 25 minus entry age; premiums are paid only until the child turns 20
- Minimum sum assured: ₹2,00,000, in multiples of ₹5,000
- Death benefit: The higher of 125% of the Basic Sum Assured or 7 times the annualised premium, subject to a minimum of 105% of premiums paid, plus vested bonuses
Jeevan Tarun gives you four survival benefit options to pick from at the time of buying:
| Option | Yearly Payout (Age 20–24) | Amount Paid at Maturity (Age 25) |
|---|---|---|
| Option 1 | None | 100% of Sum Assured |
| Option 2 | 5% of Sum Assured each year | 75% of Sum Assured |
| Option 3 | 10% of Sum Assured each year | 50% of Sum Assured |
| Option 4 | 15% of Sum Assured each year | 25% of Sum Assured |
All four options also receive vested bonuses on top of these fixed amounts.
Plan 732 vs Plan 734: Quick Comparison
| Feature | Plan 732 | Plan 734 (Jeevan Tarun) |
|---|---|---|
| Entry age | 0–12 years | 30 days–12 years |
| Premium paying term | Same as policy term | Only until child turns 20 |
| Payout starts from | Age 18 | Age 20 (if opted) |
| Payout structure | Fixed (20-20-20-40%) | You choose from 4 options |
| Best suited for | School and college stage costs | Higher studies and early career/marriage |
How to Use the LIC Child Plan Calculator: Step by Step
- Select the plan — choose either Plan 732 or Plan 734 depending on when you want the payouts to start.
- Enter your child’s current age. Both plans accept children up to 12 years old.
- Enter the sum assured you want. Start from the minimum ₹2,00,000 and increase it based on your goal — for example, higher education abroad will need a larger sum than school fees.
- Choose the premium payment mode — yearly, half-yearly, quarterly, or monthly. Yearly mode usually gets a small rebate on the premium.
- For Plan 734, select a survival benefit option (Option 1 to 4) based on whether you want regular payouts from age 20 or a bigger amount at maturity.
- Click calculate. The tool will show your estimated premium, the expected survival benefit years, and the approximate maturity value including an assumed bonus rate.
Keep in mind that the bonus rate used in most calculators is only an assumption for illustration. Actual bonus rates are declared by LIC every year and are not guaranteed in advance.
Sample Premium Range (For Reference Only)
To give you a rough idea, here are indicative annual premium ranges for a ₹2,00,000 sum assured under Jeevan Tarun (Plan 734), Option 1, without any rider:
| Child’s Entry Age | Premium Paying Term | Approximate Annual Premium |
|---|---|---|
| 0–4 years | 16–20 years | ₹9,100 – ₹11,500 |
| 8–12 years | 8–12 years | ₹15,400 – ₹22,900 |
These figures are only indicative. Your actual premium will depend on the exact entry age, chosen sum assured, survival benefit option, and any optional rider you add, such as the Premium Waiver Benefit Rider.
Key Benefits of LIC Child Plans
- Premium Waiver Rider: If the parent (proposer) passes away during the term, this optional rider ensures future premiums are waived while the child still receives all planned benefits.
- Bonus participation: Both plans are participating policies, so they earn Simple Reversionary Bonus, and sometimes a Final Additional Bonus at maturity or claim.
- Tax benefits: Premiums paid can be claimed as a deduction under Section 80C, and maturity or death benefits are generally tax-free under Section 10(10D), subject to the conditions of the Income Tax Act.
- Loan facility: A policy loan is usually available once the policy has acquired a surrender value, generally after the first two full years of premium payment.
- Guaranteed structure: Unlike market-linked investments, the base sum assured and payout structure here do not fall with market ups and downs.
Common Mistakes Parents Should Avoid
- Choosing too low a sum assured. ₹2,00,000 is only the minimum; for real education or marriage goals, a much higher cover is usually needed.
- Ignoring inflation. Education costs in India have historically risen much faster than general inflation, so plan your target amount accordingly.
- Skipping the Premium Waiver Rider. This small add-on is what protects the child’s plan if something happens to the parent.
- Relying only on assumed bonus rates. Treat the bonus shown in any calculator as an estimate, not a promise.
- Not comparing both plans. Plan 732 and Plan 734 suit different goals — check which payout timeline actually matches your child’s milestones.
Frequently Asked Questions
What is the minimum entry age for LIC child plans? Plan 734 (Jeevan Tarun) accepts children from 30 days old, while Plan 732 accepts children from birth up to 12 years.
What is the minimum sum assured for these plans? Both Plan 732 and Plan 734 currently have a minimum Basic Sum Assured of ₹2,00,000.
Is GST charged on the premium now? No. GST on individual life insurance premiums, including LIC child plans, was removed by the Government of India from September 22, 2025.
Can I take a loan against my LIC child policy? Yes, a loan is generally available once the policy has acquired a surrender value, usually after two full years of premium payment, subject to LIC’s terms.
What happens if I miss a premium payment? LIC gives a grace period — 15 days for monthly mode and 30 days for other modes. After this, the policy may lapse unless revived within the allowed period.
Which plan should I choose, 732 or 734? If you want fixed payouts starting from age 18 for school and college years, Plan 732 fits better. If you want flexibility in choosing how much comes early versus at maturity, Plan 734 (Jeevan Tarun) is more suitable.
Does the calculator give the exact premium I will pay? It gives a close estimate. The final premium confirmed by LIC may vary slightly based on updated tables, rider selection, and underwriting.
Conclusion
The LIC Child Plan Calculator is a simple starting point, not the final word, for planning your child’s financial future. Plan 732 and Plan 734 both offer a mix of protection and guaranteed savings, and the right choice depends on when you want the money to reach your child. Use the calculator to compare a few sum assured options, then confirm the exact figures through LIC’s official channel or a licensed LIC advisor before you buy.