Better returns can be obtained by investing in LIC’s policy. New Children’s Money Back Plan is beneficial for children’s education to meet their other needs.
Popular Schemes of LIC
Every parent wishes for a better future for the child. That’s why they start saving from the very beginning to meet their education and other needs well. If you also want to make your child self-reliant before he gets his job, then LIC’s New Children Money Back Plan policy can be of great use. In this, there is a strong return on maturity, due to which the child can become a millionaire as soon as he grows up. So what is the specialty of the policy and how to invest, know the process.
Policy highlights
1.LIC’s New Children Money Back Plan policy is purchased for 25 years.
2. The first installment is given when the child turns 18. The second is payable at the age of 20 years and the third time at the age of 22 years.
3. When the child turns 25 years old, which he gets the full amount back.
4. To take the policy, the age of the child should be from zero to 12 years.
5. Under this scheme, 60 percent of the amount is available in installments and 40 percent with bonus at the time of maturity.
6. It is necessary to have at least Rs 1,00,000 for investment under the scheme.
How to get 14 lakhs
In this plan, you will have to save Rs 150 per day i.e., you will have to pay a premium of Rs 55000 annually. You will have to do this for 25 years. You have to deposit a total of Rs 14 lakh. At the same time, on maturity, you get a total of 19 lakh rupees. But keep in mind that this rule is applicable only if the insured does not die during this period. If you do not want to withdraw the money, then you will get the full amount along with interest on the maturity of the policy.
how to take policy
For investment in the policy, the child’s parents’ Aadhar card, if the child also has Aadhaar, then its copy, PAN card of the parents and address proof will be required. The policy holder must be medical. To take the policy, the form has to be filled in any LIC branch or you can contact the agent.
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