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LIC Policy: Invest Rs 150 per day in THIS program to save money for child’s education, marriage | Personal finance news

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

By investing in the plan, you can ensure a bright future for the child. LIC Child Reimbursement Plan can help you save thousands of rupees in a snap by investing just 150 rupees per day.

The New Children’s Repayment Plan has a 25-year term. You can decide to receive the amount at maturity in installments. You can start receiving payments as soon as your child turns 18.

The second installment is paid when the child turns 20 and the third installment is credited when the child turns 22. The full amount is credited to the beneficiary’s bank account when the child turns 25.

At that time, the beneficiary also receives 40% of the amount, as well as a bonus. The insurance also provides sum insured benefits.

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

The age limit for investing in the contract is zero to 12 years old. Investors can take 60% of the corpus in installments and 40% with a bonus at maturity. Also read: CBI likely to summon former NSE CEO Chitra Ramakrishna

Under the insurance scheme, the minimum sum insured is Rs 1,00,000 while there is no upper limit. If the payment is not staggered, a lump sum plus interest is paid on the due date. Also Read: Vedanta to Invest Up to $20 Billion in Semiconductor Sector in India, Deployment by 2025