Life Insurance Corporation (LIC) has introduced a new scheme. It is a non-affiliated, non-participating, individual, savings plan. In this, the policyholder will get the option of saving along with protection.
Life Insurance Corporation (LIC) has introduced a new scheme. It is a non-affiliated, non-participating, individual, savings plan. In this, the policyholder will get the option of saving along with protection. The name of this scheme is ‘Bima Jyoti’. Under this scheme, a lump sum payment will be available on maturity.
Along with this, in case of untimely demise of the policyholder, his family members will also get financial support. An additional Rs 50 per thousand will be added to the Basic Sum Assured at the end of each policy year. LIC said that the minimum basic fixed sum assured in this would be Rs 1 lakh.
It has no upper limit. This policy can be taken for 15 to 20 years. From a child of 90 days to a person below 60 years will be able to take this policy.
This LIC policy will make the child a ‘millionaire’, buy this plan at birth itself
The child born in your home is your first responsibility. The child should get better education and do a good business. To be a good citizen, it is all the responsibility of a parent. It is not possible for every parent to do this in the midst of ever increasing cost of education. But no goal is difficult if you plan and shape that plan in the right way.
A special plan of LIC helps you to fulfill this goal. This plan is LIC’s ‘New Children’s Money Back Plan’, which paves the way for a secure future for the child. You can get better benefits by investing in this scheme.
If you invest a decent amount in this scheme then your child can become a millionaire while completing his studies. That is, arrangements can be made with this policy for higher education abroad or in India. Let us also tell you what is the specialty of this scheme and how it is beneficial for you.
‘New Children’s Money Back Plan’
The first condition of Life Insurance Corporation’s ‘New Children’s Money Back Plan’ is that the minimum age to take this policy is 0 years and the maximum age is 12 years. The minimum investment amount of this policy is Rs 10,000. The good thing is that one can invest any maximum amount in this plan. There is no upper investment limit in this plan. Premium waiver benefit rider-option is also available in the policy.
Know when you can withdraw money
The total term of LIC’s New Children’s Money Back Plan is 25 years. According to this plan, on completion of 18 years, 20 years and 22 years of LIC child, 20-20 percent of the Basic Sum Assured is paid. The remaining 40 per cent payment will be made on completion of 25 years of the policy holder.
In addition, all outstanding bonuses will be paid. In case the policyholder dies before the maturity of the policy, in addition to the Sum Assured, vested Simple Reversionary Bonuses and Final Additional Bonus will be paid. The death benefit shall not be less than 105% of the total premium paid.
