Life Insurance Corporation of India (LIC) runs many investment and insurance schemes for people of different income groups. Investing in these schemes provides the benefit of security as well as savings. For this reason, a large number of people in the country consider LIC as a reliable investment option. If you want to invest for your child’s future, then LIC’s New Children Money Back Plan can be a good option. By investing regularly in this scheme, you can generate a substantial fund over time, which can be used for major expenses like children’s education or marriage.
Investing Rs 150 daily will create a fund of Rs 19 lakh
If you invest about Rs 150 every day i.e. about Rs 4,500 a month in this scheme, then a good fund can be generated in the long run. This investment amounts to around Rs 55,000 in one year. If this investment is continued for 25 years, the total investment can reach around Rs 14 lakh. After adding the bonus and other benefits received on maturity of the policy, this amount can reach around Rs 19 lakh. This amount can be helpful in major expenses like child’s higher education or marriage.
Start a policy for children aged 0 to 12 years
LIC’s New Children Money Back Plan is a non-linked and participating policy. In this scheme, you can start investing anytime between the age of the child 0 to 12 years. Many options for premium payment are given in this. Investors can deposit premium on monthly, quarterly, half yearly or yearly basis. With this, people can choose the method of payment according to their income and budget.
Money back is available at different ages
The special thing about this scheme is that money back benefit is available at different ages of the child. When the child is 18, 20 and 22 years old, 20-20 percent of the insurance amount is returned. After this, at the age of 25 years, a bonus is also given along with the remaining 40 percent amount.
How much can you invest?
In this scheme, the minimum insurance amount has been fixed at Rs 1 lakh, while there is no limit on the maximum investment. That means investors can invest in it according to their financial capacity. The total duration of this policy is 25 years.