With LIC’s New Children Money Back Plan, you can secure your child’s future by investing a very small amount daily. Your investment in this scheme will be a wonderful gift for your child.
What is New Children’s Savings Plan?
If you want to secure your child’s future, begin investing in LIC’s New Children Money Back Plan right away. Your child will become a millionaire in the near future with these small savings. The best part is that you will only need to invest just 150 rupees per day for this.
Life Insurance Corporation’s New Children Money Back Plan policy is valid for 25 years. You will also receive the maturity amount in installments. It is paid for the first time when your child reaches the age of 18. This payment is made again when the child is 20 years old, and again when he is 22 years old.
Amount plus bonus
The insured receives 20-20% of the sum assured as money back tax under the LIC’s New Children Money Back Plan. In addition, when the child reaches the age of 25, the entire amount is returned to him. In addition, a bonus is given with the remaining 40%. By purchasing this policy, your child will become a millionaire as soon as he reaches the age of majority.
Save only Rs 150
The first installment of this insurance for the child’s future is Rs 55,000 per year. In terms of 365 days, you must deposit a total of 14 lakhs in 25 years. At the same time, you will receive a total of 19 lakh rupees upon maturity. However, keep in mind that this rule only applies if the life insured does not die during this time period. If you do not want to withdraw the money, you will receive the full amount, including interest, when the policy matures.
What is policy’s specialty?
1. The age range for purchasing the policy is 0 to 12 years.
2. 60% of the money is available in installments, with the remaining 40% available at maturity with a bonus.
3. The minimum insurance available under this scheme is Rs 1,000,000, and the maximum limit is unknown.
4. If installments are not paid, a lump sum amount is given along with interest.
1. This policy requires an Aadhaar card, a PAN card, and parental address proof.
2. The insured’s medical requirements.
3. To obtain the policy, go to any LIC branch or fill out the form obtained from any agent.
4. If the Life Assured dies during this period, the insurance company pays 105 percent of the premium.
first published:June 7, 2022, 1:39 p.m.