LIC policy holders get the amount as money back by taxing 20-20 percent of the sum assured. Apart from this, the policy gets maturity when your child turns 25 years old.
LIC New Children’s Money Back Plan: Saving and investing in today’s era is essential for everyone. Who doesn’t want a secure future for their children? With the birth of a child, many parents start thinking for them. If you save some money and make it safe for them, then you will not have to think about them in future. LIC has one such scheme – New Children’s Money Back Plan.
If you want to secure your child’s future from now on, then LIC’s New Children’s Money Back Plan can prove to be a better policy option. By investing in this scheme, your child will become a millionaire in the coming years. For this, you have to save only 150 rupees daily.
Money back will be available on 18th, 20th and 22nd year
This is a great policy of the country’s largest life insurance company LIC. LIC’s new children money back plan is for 25 years. In this, you get the maturity amount in installments. The first time when the child is 18 years old, the second time when the child is 20 years old and the third time when he is 22 years old.
The policyholder gets 20-20 percent of the sum assured as money back tax. Apart from this, the policy gets maturity when your child turns 25 years old. Then the remaining 40 percent of the sum assured and bonus is available.
150 rupees to be saved every day
The premium for this scheme is around Rs 55000 per year. If this is divided by 365 days, then the account of about 150 rupees per day is made. In 25 years, you pay about Rs 14 lakh as premium, that is, you can get up to Rs 19 lakh in 25 years by saving only Rs 150 every day. These rules are applicable when the policyholder does not die during the policy term. If you do not want to take money back, then the entire amount along with interest is also available on the maturity of the policy.
Some highlights of the policy
- The minimum age for the policy is 0 years and the maximum age is 12 years
- Minimum Sum Assured Rs 1,00,00, no maximum limit
- 60% money back in 3 installments, 40% on maturity
- Lump sum maturity amount plus interest if money back is not taken
- Documents required to take the policy
To take the policy, the parents should have their and the child’s Aadhar card. Apart from this, photocopy of PAN card and address proof should be there. In this, the medical document of the policyholder is also required. For application, take the form related to this scheme from LIC branch or from any agent. Complete all the required paperwork and submit it.
Maturity Benefit and Death Benefit
20-20 percent of the amount is received in 3 installments as money back, while at the time of policy maturity (in case of death of the policyholder during the policy term) the policyholder will be given the remaining 40 percent of the sum assured along with bonus.
If the policyholder dies during the policy term, in addition to the Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus are also paid. Another special thing in this policy is that the death benefit cannot be less than 105 percent of the total premium payment.
