LIC Children Money Bank Plan By depositing Rs 150 daily in LIC’s Child Money Back Plan, a large fund can be raised for children’s education and marriage. Let’s know about it in detail….
LIC Children Money Bank Plan: Inflation is making new records daily. On the other hand, with each passing day, children’s education is also becoming expensive. Every parent needs huge funds for the higher education of the children. In such a situation, it is better to start collecting this fund with the birth of the child, so that when the child grows up, there is not much burden for studies. LIC’s “Children Money Bank” plan can help you in this work. In this plan, a fund of Rs 14 lakh can be created by depositing Rs 150 daily. Let’s know about it in detail..
Maturity period is 25 years
The minimum sum assured in LIC Children Money Bank plan is Rs 1 lakh. While there is no upper limit. Its maturity period is 25 years. If you take the plan as soon as the child is born, then it will be completed in 25 years and if suppose if the policy is taken later after 5 years of the child’s birth, then the policy will be completed in 20 years. Means the child’s age has to be minus 25 years. The age limit for investing in the policy is zero to 12 years.
If the policy remains in force, then after the policyholder turns 18, 20 and 22 years, 20 percent of the Basic Sum Assured is received. If the policyholder is alive till the end of the policy term, and the policy remains in force, he gets the ‘Sum Assured on Maturity’ along with the bonus. The Sum Assured on maturity is equal to 40 percent of the ‘Basic Sum Assured (Sum Assured)’.
19 lakh fund will be available in 25 years
If you invest just Rs 150 in the LIC Children Money Back plan from the time the child is born (however, the premium will be on an annual, half-yearly, quarterly or monthly basis), you will get around 19% over a maturity period of 25 years. Will get lakh rupees. If seen, you will deposit Rs 55,000 annually at Rs 150 per day. On the basis of which a total of Rs 14 lakh would have been deposited in 25 years. But will get Rs 19 lakh with interest and bonus.
