LIC’s New Children’s Money Back Plan: Deposit only Rs 769 every month for the child, 5 lakh will be available after maturity, apart from risk cover and loan facility

LIC New Children’s Money Back Plan Benefits: LIC ‘s New Children’s Money Back Plan is such a scheme that can give you a hefty amount at the time of meeting other needs including children’s education, marriage. The great thing is that it also comes with timely money back as well as children’s life coverage and bonuses. If you can save Rs 769 every month, then at the time of maturity you will get around Rs 5 lakh. Let us know about this policy in detail…

Who can take New Children Money Back Plan

This policy can be open for children of at least 0 years of age (at birth).

and can be opened only by children of maximum 12 years of age

The maturity of this policy will be at the age of 25 years of the child

When can I pay the premium

You can choose to pay the premium on a monthly, quarterly, half-yearly or yearly basis as per your convenience.

You can take a loan against the policy : You can also get a loan by pledging this policy

What is the minimum amount policy can be opened
Minimum: Rs 1 lakh

max: no limit

When will the money be received during the policy
To the nominee after death,

After maturity, the policyholder gets more

Survival benefits in the form of money back also to the policyholder

If you take the New Children Money Back Plan (932) policy of 02 lakhs, then…

If child is 1 year old

Policy Term: 24 Years

Sum Assured: Rs 200000

Annual Premium: Rs.9034

Half Yearly: Rs 4566

Quarterly: Rs 2307

Monthly: Rs 769

When will the money back happen

In 18th year: Rs 40000

In 20th year: Rs 40000

In 22nd year: Rs 40000

How much will be the bonus: 2 lakh 16 thousand rupees

Final Additional Bonus: Rs 70,000

Maturity time: 25th year

Return at Maturity: Rs 3 lakh 66 thousand (40% of Sum Assured + Bonus + Final Additional Bonus)

Total Return: 04 lakh 86 thousand rupees

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Article first Appeared on Informalnewz

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