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It is natural for middle class families to worry about big expenses like children’s higher education and marriage. In such a situation, if a reliable option helps in planning for these essential expenses, it can provide great relief.
The country’s largest insurance company, Life Insurance Corporation of India (LIC) offers a plan that can be helpful in meeting these financial needs.
Under this scheme, if you invest around Rs 150 every month, you can create a fund of up to Rs 19 lakh at a time, which can be used for your children’s education or marriage. This scheme of LIC is known as New Children’s Money Back Plan. It is a non-linked, participatory scheme. In this, you can start investing when the child is between 0 and 12 years of age.
How will a fund of Rs 19 lakh be created?
If you start this scheme at the time of your child’s birth and invest around Rs 150 every day, you will have to deposit around Rs 4500 every month. This amount will come to around Rs 55,000 in a year. By investing regularly for 25 years, your total contribution will reach around Rs 14 lakh. After adding the bonus and interest received at the maturity of the policy, this amount can go up to around Rs 19 lakh, which will be helpful in meeting major expenses like the child’s education or marriage.
Premium Payment Options…
LIC’s new children’s money back plan has a lot of flexibility regarding premium payment. You can pay your premium on a monthly, quarterly, half-yearly or annual basis. With this, you can invest as per your budget and income.
When will the money be returned?
Under this scheme, the child gets the benefits of returning the money at a certain age. When the child turns 18, 20, 22 and 25 years, according to this policy, a part of the investment amount is returned as money back. At the age of 18, 20 and 22 years, 20% of the sum assured is returned. At the age of 25 years, the remaining 40% of the amount is also given along with a bonus.
What is the investment limit?
The minimum sum assured in this scheme is Rs 1 lakh. There is no maximum limit, that is, you can invest as much as you want in it, according to your financial capacity. The maturity of the policy is 25 years.
If the policyholder dies before the policy term, a fixed amount is paid to the nominee. This amount is at least 105% of the total premiums paid (after certain deductions), and may be higher than the sum assured and accumulated bonuses.
Can a loan be taken on this plan?
Yes, under this plan, after two years of purchasing the policy, loan facility is provided with certain conditions. This loan can be used for child’s education, marriage or other needs. It helps in accumulating money when needed without breaking the policy.
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