The LIC (Life Insurance Corporation) of India offers a variety of insurance policies that provides guaranteed and exciting returns to investors. One such LIC plan is the ‘New Children Money Back Plan’ for investors. They can secure money for their child’s education or marriage.
By investing in this plan, you can save lakhs of rupees in one go; all you have to do is invest Rs 150 every day. This plan comes with a maturity period of 25 years. You can decide if you wish to receive the maturity amount in instalments. You can ask LIC to give the instalments as soon as your child turns 18.
The 2nd instalment is paid when the child turns 20, the 3rd when they turn 22 and the complete amount is credited to the bank account of the beneficiary when the child turns 25.
Let’s see the calculation, in this scheme; you can save up to Rs 55,000 annually by investing Rs 150 daily. In 25 years, you will have around 14 lakhs, and with added benefits, you will receive Rs 19 lakhs on maturity.
The age limit for the plan is 0 – 12 years. Investors can take 60% of the corpus in instalments and 40 % with a bonus at the time of maturity. The minimum sum assured is Rs 1 lakh and there is no upper cap. If you want to take the full amount in a lump sum, you can avail of that facility as well.
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