LIC Plan for Children: Nowadays, everyone invests to secure their children’s future. If you are also thinking of investing, then LIC’s scheme can prove to be special for you. LIC offers various types of insurance and investment plans for the people of the country. LIC plans are considered safe and reliable, as they provide both investment and future security. If you want to create a strong financial plan for your child’s future, then LIC’s New Children’s Money Back Plan can be a good option for you.
This plan is specifically designed keeping in mind major expenses like children’s education and marriage. By investing in this scheme, you can gradually build a large fund. If you deposit approximately Rs 150 daily, you can accumulate a sum of approximately Rs 19 lakhs over time. This plan is non-linked and participating, meaning it is not directly affected by market fluctuations and also provides bonus benefits. This policy can be started when the child is between 0 and 12 years old.
How to build a fund of approximately Rs 19 lakhs
If you start investing in this plan at the time of your child’s birth and deposit Rs 150 daily, which is approximately Rs 4,500 per month, then you invest approximately Rs 55,000 annually. By paying regular premiums for 25 years, the total investment can reach approximately Rs 14 lakhs. Upon completion of the policy term, the maturity amount, including the bonus and additional benefits, can be approximately Rs 19 lakhs. This amount can be helpful for important events like your child’s higher education or marriage.
Convenient Premium Payment Options
The LIC New Children’s Money Back Plan offers several options for paying premiums. You can pay premiums monthly, quarterly, half-yearly, or annually, according to your convenience. This allows investors to plan according to their income and expenses and continue investing without pressure.
When and how will the money be received?
This plan offers money-back benefits at different ages. 20 percent of the sum assured is returned each time the child reaches the ages of 18, 20, and 22. Then, at the age of 25, the remaining 40 percent of the sum assured is paid along with the accumulated bonus. In this way, financial assistance is provided both during and at the end of the policy term.
Investment limits and security
The minimum sum assured in this plan is ₹1 lakh, while there is no fixed limit for the maximum investment. You can invest according to your financial capacity. If, for any reason, the policyholder dies before the policy term is completed, the nominee receives at least 105 percent of the total premium paid, along with the bonus. Thus, this plan provides financial security to the family as well as securing the child’s future.