Large expenses like higher education and marriage of children are always a matter of concern for most middle class families in India. In the era of rising inflation, it is not easy to raise money on time for these needs. But if the proper plan is made in advance, then these economic challenges of the future can be easily overcome.
Keeping these needs in mind, the Life Insurance Corporation of India (LIC) has introduced the New Children’s Money Back Plan. This is an insurance plan that gives financial security to the future of children as well as good returns on investment. The special thing is that by investing only 150 rupees daily, you can make funds up to about 19 lakh rupees.
How is a fund of 19 lakh rupees?
If you start this scheme from the time of your child’s birth and invest about Rs 4500 per day, ie about 4500 rupees per day, then this amount becomes about Rs 55,000 in a year. The maturity period of this plan is 25 years. In such a situation, the total investment will be around 14 lakh rupees for investing continuously for 25 years.
On completion of the policy period, you not only get insurance amount, but by adding bonus and interest, this amount can reach about 19 lakh rupees. You can use this amount for big expenses like child’s higher education, studies abroad or marriage.
How to get money back benefits?
In this scheme of LIC, the investor gets the benefit of money back (money back) not only on maturity, but also during the policy period. When the child reaches 18, 20, 22 and 25 years old, a certain part of the invested amount gets back:
18 years: 20% of Sammeard
20 years: 20% of Sammeard
22 years: 20% of Sammeard
25 years: Bonus with remaining 40%
This facility provides financial help to the family to meet the expenses required from time to time.
Flexibility in premium payment
In this plan, many options have been given for premium payment. You can pay premiums on monthly, quarter, half -yearly or annual basis as per your convenience. With this you can easily invest according to your budget and income.
Investment limit and eligibility
Minimum Sums Assured: ₹ 1 Lakh
Maximum limit: no fixed limit
Child age: Investment can be started between 0 to 12 years
Policy duration: 25 years
This means that you can invest as much as you want according to your budget.
Profit on death of policyholder
If the policyholder dies during the policy period, the nominee is given a certain amount. This amount is at least 105% of the total premium paid, which can be more with the insurance amount and bonus.
What is the facility of loan?
Yes, two years after the policy starts in this scheme, you can take a loan with certain conditions. This loan can be taken for child education, marriage or other necessary expenses. This can provide financial help without breaking the policy at the time of need.
