LIC Money Back Plan: The tension of your child’s education will end! Invest only Rs 150 daily, a fund of Rs 19 lakh will be ready, know more
Be it a middle class or an upper middle class family… when it comes to expenses on children’s good education and marriage, it is natural to worry. But, the country’s largest insurance company can remove this worry of yours.
Life Insurance Corporation of India (LIC) has a plan that can eliminate the tension caused by the expenses of your children’s higher studies. Under this plan of LIC, you can create a fund of up to Rs 19 lakh by investing just Rs 150 daily.
What is this policy?
The name of this policy of LIC is ‘New Children’s Money Back Plan’. This is a non-linked, participating, individual, life insurance money back scheme. You can start this scheme from the age of the child from 0 to 12 years.
How will a fund of Rs 19 lakh be prepared?
If you have taken this plan as soon as your child is born and have started investing Rs 150 daily, then you will have to invest Rs 4500 monthly. This amount will be Rs 55000 in a year. That means in the next 25 years you will get a fund of about Rs 14 lakh. If maturity interest and bonus are added to this policy, the amount will become Rs 19 lakh.
What is the rule for paying premium?
You can choose the premium time as per your convenience. The premium of ‘New Children’s Money Back Plan’ can be paid annually, 6 months, 3 months or every month.
When will you get your money back?
Under the ‘New Children’s Money Back Plan’, you will get money back when your child turns 18, 20, 22 and 25 years old. According to the plan, you will get 20-20% of the investment amount from 18 to 22 years of age. The remaining 40% amount will be received at the age of 25 years. When the child turns 25 years old, the sum assured will be given along with bonus.
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