New Children's Money Back Plan: Invest only 150 rupees daily, a fund of 19 lakhs will be prepared for the child..

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 the '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 the 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 is, 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 be Rs 19 lakh.

What is the rule for paying a premium?

You can choose the premium time according to your convenience. The premium of the 'New Children 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 Money Back Plan', you will get money back when the child turns 18, 20, 22, and 25 years old. According to the plan, you will get 20-20% of the investment amount from the age of 18 to 22 years. The remaining 40% amount will be available at the age of 25 years. When the child turns 25 years old, the sum assured will be available with a bonus.

How much can you invest?
The minimum investment limit in LIC's Children Money Back Policy is Rs 1 lakh. The maximum investment limit has not been set. The maturity period of the policy is 25 years.

What is the death benefit?

If the policyholder dies before the maturity of the policy, then in this case 105% or more of the premium paid will be given to the nominee after all deductions.

Will a loan be available on this policy?

A loan can be taken on this policy after 2 years of purchasing it on certain conditions. Under this policy, benefits are available for meeting children's education, marriage and other needs.