LIC Scheme: The Life Insurance Corporation of India (LIC) periodically introduces plans tailored to the needs of people from different income groups. These plans aim not only to provide insurance protection but also to provide a strong savings option for the future. Today, we’re talking about one such LIC plan that can help secure your children’s future.
Learn the details of the LIC scheme
This LIC policy is called the LIC New Children Money Back Plan. Under this plan, if you save approximately ₹150 daily, you can build a corpus of approximately ₹19 lakh over the long term. This scheme has been specifically designed to support children’s education and future needs.
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This is a non-linked, participating policy, meaning it’s not exposed to market fluctuations. Investments in this scheme can be started between the child’s age of 0 and 12 years. The earlier you start investing, the greater the long-term benefits.
How much can you invest?
If you start investing in this scheme when your child is young and deposit approximately ₹150 daily, you’ll invest approximately ₹4,500 per month. This amount will amount to approximately ₹55,000 per year. Similarly, if you continue investing for 25 years, the total deposit could reach approximately ₹14 lakh. Adding bonuses and maturity benefits, the total amount could reach approximately ₹19 lakh.
This scheme offers several premium payment options, making it easier to invest. You can pay premiums monthly, quarterly, half-yearly, or annually, depending on your convenience and income. This reduces the burden on your budget.
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Learn about the features of this LIC policy
The special feature of the LIC New Children Money Back Plan is that it provides money back benefits at a specific age for the child. A portion of the sum assured is returned when the child turns 18, 20, and 22. After this, at the age of 25, approximately 40% of the remaining amount is paid along with a bonus.
The minimum sum assured under this plan is ₹1 lakh, while there is no maximum investment limit. This means you can choose your investment amount based on your financial situation. The total term of this policy is 25 years, which can provide strong financial support for your child’s future.
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Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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