Who doesn’t want their child’s future to be safe? If you want a secure, reliable, and profitable investment, there is a better option than Post Office or fixed deposit. LIC’s New Children Money Back Plan is a smart choice. By depositing just ₹150 per day under this plan, you can create a fund of about ₹19 lakh for your child.
This plan is made especially for children’s future. Parents can start investing in the name of their 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 option – the child will get back the invested money at a certain age when they grow up.
How to Build a Fund of Rs 19 Lakh
If someone saves ₹150 every day, they will deposit ₹4,500 per month. This comes to around ₹54,000 per year. If this investment continues for 25 years, the total deposit will be about ₹14 lakh. LIC also gives bonuses and returns under this plan, which can increase the total amount to around ₹19 lakh when the policy matures. This money can be very helpful for big expenses like higher education, studying abroad, or a child’s marriage.
When and How You Will Get the Money
The best feature of this plan is the money-back option. When the child turns 18, 20, 22, and 25 years old, a part of the sum assured will be given. At 18, 20, and 22, 20% of the sum assured will be returned. At 25, the remaining 40% plus any bonus will be paid. This way, the child will get financial help at important times.
The plan also gives flexible premium options. You can pay monthly, quarterly, half-yearly, or yearly. The scheme provides a minimum sum assured of ₹1 lakh, but there is no maximum limit. If the insured person dies during the policy term, the nominee will get a minimum of 105% of the sum assured plus any bonus accrued.