Life Insurance Corporation (LIC) is the most trusted insurance company in the country. Many benefits are given to customers on investment in this government-run company policy. In this era of rising inflation, it is important for all of us to save some amount of hard earned money and invest in a policy after saving.
Parents are always concerned about the future of their children. Parents invest in different places so that children do not face any financial problems in future. There is also concern about what will happen to the children at the financial level in the event of their death.
Keeping all these requirements in mind, LIC provides a plan in which parents live or not, but their children have a safe future. The name of this plan is New Children’s Money Back Plan. Policyholders can arrange Rs 19 lakhs for children by investing Rs 148 daily in it.
The minimum sum assured for taking this plan is Rs 1,00,000 while there is no limit on the maximum sum assured. This plan can be taken for children from 0 to 12 years. Suppose someone takes a 20-year term plan for their 5-year-old child. So he will have to invest Rs 148 daily. In this plan, you will get full money only when your child is 25 years of age.
First Year Premium with 4.5% Tax –
Annual: 55239 (52860 + 2379)
Half Yearly: 27917 (26715 + 1202)
Quarterly: 14108 (13500 + 608)
Monthly: 4703 (4500 + 203)
YLY Mode Average Premium / Daily: 151
After deducting the first year premium with reduced tax –
Annual: 54049 (52860 + 1189)
Half Yearly: 27316 (26715 + 601)
Quarterly: 13804 (13500 + 304)
Monthly: 4601 (4500 + 101)
YLY Mode Average Premium / Daily: 148
Money Back
On the 18th year: 200000
On the 20th year: 200000
On the 22nd year: 200000
Bonus: 840000
F.AB: 70000
Estimated Return on 25th Year (40% SA + Bonus + FAB): 1310000
Total Estimated Return: 1910000
Example: Suppose if a person takes this plan for a five-year-old child, by the time he reaches the age of 25, he will get an amount of Rs 19 lakh. You will get this total amount of 19 lakh rupees on a term plan of 10 lakh rupees.
