LIC Children Money Back Scheme Every person should save. However, what will be the way of saving, it should be decided by the person himself, keeping in mind all kinds of factors. For this, the opinion of savings analysts can also be taken.
New Delhi, Business Desk. If you want your child’s life to be financially secure then you should start investing for him right from his childhood. That is why, today we are going to tell you about one such policy of LIC, by investing in which you can secure your child’s financial future. This is LIC’s New Children Money Back plan.
The minimum sum assured under the scheme is Rs 1 lakh while there is no upper limit. It has a maturity period of 25 years. If you take the scheme as soon as the child is born, then it will be completed in 25 years and if you take it later, then after subtracting the age of the child from 25, it will be completed in that number of years. The age limit to invest in the policy is zero to 12 years.
If the policy is in force, 20% of the Basic Sum Assured is paid after the policyholder attains 18 years, 20 years and 22 years. If the policyholder survives till the end of the policy term, and the policy remains in force, he gets ‘Sum Assured on Maturity’ along with bonus. The Sum Assured on Maturity is equal to 40 percent of the ‘Basic Sum Assured (Total Sum Assured)’.
If you invest only Rs 150 in LIC Children Money Back plan from the time of birth of the child (however, the premium will be on yearly, half yearly, quarterly or monthly basis) then you will get around 19 on maturity period of 25 years Lakhs, whereas if you see, you would have deposited Rs 55,000 annually on the basis of Rs 150 per day, on the basis of which a total of Rs 14 lakhs would have been deposited in 25 years.
(More information about this scheme can be found on the official website of LIC or by clicking here .)
