LIC Policy: Invest Rs 150 daily in THIS scheme to save money for child’s education, marriage

LIC offers a slew of secured insurance plans that provide guaranteed and impressive returns to investors.

New Delhi: Life Insurance Corporation (LIC) of India offers a slew of secured insurance plans that provide guaranteed and impressive returns to investors. In one such LIC plan called New Children Money Back Plan, investors can secure the child’s education or marriage. 

By investing in the plan, you can ensure a bright future for the child. The LIC Children Money Back Plan can help you save lakhs of rupees in a snap by investing just Rs 150 per day. 

The New Children Money Back Plan comes with a maturity period of 25 years. You can decide to receive the maturity amount in instalments. You can start receiving instalments as soon as your child turns 18.  

The second instalment is paid when the child is 20 years old and the third instalment is credited when the child turns 22 years old. The complete amount is credited to the bank account of the beneficiary when the child turns 25. 

At that time, the beneficiary also receives 40 per cent of the amount, along with a bonus. The insurance also offers sum assured benefits. 

In the scheme, you have to save about Rs 55,000 annually a year, roughly around Rs 150 per day to secure the future of your child. In 25 years, you have to deposit a total of 14 lakh rupees. In return, you will receive benefits worth Rs 19 lakh on maturity. 

The age limit for investing in the policy is from zero to 12 years. Investors can take 60 per cent of the corpus in instalments and 40 per cent with a bonus at the time of maturity. Also Read: CBI likely to summon ex-NSE CEO Chitra Ramakrishna

Under the insurance scheme, the minimum sum assured is Rs 1,00,000 while there is no upper cap. If the payment is not taken in instalments, a lump sum amount along with interest is provided at the time of maturity. Also Read: Vedanta to invest up to $20 billion in semiconductor business in India, roll out by 2025