LIC Scheme: The Life Insurance Corporation of India (LIC) offers several investment and insurance plans for people of different income groups. Investing in these plans provides both security and savings. This is why a large number of people in the country consider LIC a reliable investment option. If you want to invest for your child’s future, LIC’s New Children Money Back Plan can be a good option. By investing regularly in this plan, you can build a substantial corpus over time, which can be used for major expenses like your child’s education or marriage.
Invest Rs 150 and get Rs 19 lakh
Investing around Rs 150 per day, or approximately Rs 4,500 per month, in this plan can create a substantial corpus over the long term. This investment adds up to approximately Rs 55,000 per year. If this investment is continued for 25 years, the total investment could reach approximately Rs 1.4 million. After adding the bonus and other benefits received upon policy maturity, this amount could reach approximately Rs 1.9 million. This amount could be helpful for major expenses like a child’s higher education or marriage.
LIC’s New Children Money Back Plan is a non-linked, participating policy. You can start investing in this plan any time between the age of your child’s 0 and 12 years. It offers several premium payment options. Investors can pay premiums monthly, quarterly, half-yearly, or annually. This allows individuals to choose a payment method based on their income and budget.
The special feature of this plan is that it offers money-back benefits at different ages for the child. When the child turns 18, 20, and 22, 20 percent of the sum assured is returned. Then, at age 25, the remaining 40 percent is returned, along with a bonus.
How much can you invest?
The minimum sum assured in this plan is Rs 1 lakh, while there is no maximum investment limit. Investors can invest according to their financial capabilities. The total term of this policy is 25 years.
Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.
