- LIC New Children’s Money Back Plan: New Children’s Money Back Scheme is beneficial for children, in this policy can be taken for children up to 12 years
- You can also take the Premium Waiver Benefit Rider option under the policy
LIC New Children’s Money Back Plan
new Delhi. There is a lot of expenditure in higher studies to ensure that children are well educated and to become a capable person in future. That is why parents often take a loan, but you can save from now to avoid any financial problems. In this, LIC’s New Children’s Money Back Plan can prove beneficial for you. In this, you can add up to 19 lakhs just by investing Rs 150 daily. So what is the scheme and how can you learn the investment process.
Scheme for children up to 12 years old
The minimum age for application in LIC’s New Children’s Money Back Scheme is 0 years, while the maximum age limit is 12 years. The minimum insurance amount can be invested from Rs. 10 thousand. While there is no maximum amount limit. The investment in children’s higher education can be reduced by investing in this policy. In this scheme you can also take the Premium Waiver Benefit Rider option.
Extra bonus advantage
In this plan of LIC, the policyholder gets 20% of the sum assured at the age of 18, 20 and 22 years. At the same time, the remaining 40 percent of the amount on maturity will be available with a bonus. If the policyholder dies during this period, the underlying simple reversionary bonus and the last additional bonus in addition to the sum assured will be given. The death benefit will be 105% of the total premium paid.
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If a Rosanus invests 150 rupees in this policy, then in a month he will deposit Rs 4,500. Similarly, the total amount of policy for the year will be deposited as principal. Which you will be able to remove on a fixed period. It will get a reverse bonus. After this, the remaining 40% of the sum assured at maturity will be received with a bonus. In such a case, it will be about 19 lakh rupees.
To apply for the New Children’s Money Back Scheme, you must have a photocopy of the Aadhar card / PAN card and ration card or electricity bill for address proof. Apart from this, medical documents of the insured should be there. A form attached to the plan has to be filled in with all the paper. If the child is under age or the amount of the policy is more, then the lease can also take a medical test.
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