LIC is considered one of the most trusted investment options in India. Over the years, LIC has been offering schemes for people across various income groups that not only provide secure returns but also help secure a financial future for their families. One such scheme is the LIC New Children Money Back Plan, which allows parents to build a substantial corpus for their children’s future.
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What is the LIC New Children Money Back Plan?
This scheme is a non-linked, participating policy that can be taken out in the name of children from infancy to 12 years of age. Its primary objective is to provide financial security for children’s education, higher education, marriage, or any other major future expenses. Investors in this plan receive periodic money-back benefits and a substantial corpus upon maturity.
Investing ₹150 daily will create a strong fund
If parents start investing in this plan from the child’s birth, they need to contribute approximately ₹150 per day. This translates to approximately ₹4,500 per month and approximately ₹55,000 per year. This amount easily fits into many families’ budgets and generates significant returns over the long term.
A fund of ₹19 lakh will be created in 25 years
If investments are continued for approximately 25 years during the policy term, the total contribution amounts to approximately ₹14 lakh. However, LIC adds bonuses and other benefits to this amount. Consequently, the total corpus at maturity reaches approximately ₹19 lakh. This amount can provide a strong foundation for financial security for children’s education, career, marriage, or any other major expense.
Why is this plan a favorite of parents?
The risk in this plan is very low, and the returns are stable. Additionally, bonuses, money back, and a large maturity amount make it popular among young people and parents alike. LIC’s reliable service and easy premium structure make it a stable investment option for the long term.