Who doesn’t want their child’s future to be secure? If you want a safe, reliable, and profitable way to invest for your child, there is an option better than a post office savings or fixed deposit. LIC’s New Children Money Back Plan is a smart choice. By depositing just Rs. 150 per day, you can create a fund of about Rs. 19 lakh for your child.
What is LIC New Children Money Back Plan?
This plan is specially made to secure the future of children. Parents can start investing for a child between the ages of 0 and 12. It is a non-linked, participating insurance plan that gives risk coverage, investment returns, and bonuses. A key feature of this plan is the money back feature – the child will receive the invested amount at a certain age as they grow up.
How to Build a Fund of Rs 19 Lakh
If someone saves Rs 150 every day, it comes to Rs 4,500 per month. This is about Rs 54,000 per year. If this continues for 25 years, the total deposit will be around Rs 14 lakh. LIC also gives bonuses and returns in this plan, which can increase the total fund to around Rs 19 lakh at maturity. This money can be useful for big expenses like higher education, studying abroad, or a child’s marriage.
When and How Will You Get the Money?
The main feature of this plan is the money back feature. The child will get a part of the sum assured at the ages of 18, 20, 22, and 25. At 18, 20, and 22, 20% of the sum assured is returned. At 25, the remaining 40% is paid along with a bonus. This way, the child gets financial support whenever needed.
Easy Premium Payment
You can pay the premium monthly, quarterly, half-yearly, or yearly, making it easy to manage.
Full Insurance Benefits
This plan offers a minimum sum assured of Rs 1 lakh with no maximum limit. If the insured person dies during the policy term, the nominee will get at least 105% of the sum assured plus any bonus earned.