Parents want to give their children a bright future, but this is not as easy as it seems. For children’s higher studies, where there is a need to pay a heavy fee, the only good guarantee is given.
Life Insurance Corporation (LIC) has also made a plan, which has been prepared to keep in mind the needs of children. The scheme is “New Children’s Money Back Plan 832”.
This back plan is one of the most popular children’s scheme from Life Insurance Corporation (LIC) of India. On the 25th year of age of the child, the plan will mature. The best advantage of the scheme is that 40 % of sum assured along with bonus and final addition bonus will become payable.
How can invest in the plan?
Just see the following information and your doubt will clear:
- Minimum age of entry: 0 years
- Maximum age of entry: 12 years
- Minimum Sum Assured: Rs. 1,00,000/-
- The maximum sum insured: No limit
- Maturity Year: 25 Years
The LIC official told that if your child is 5 years old and you take this plan for him then you will be maturing it after 20 years, that is when your child is 25 years old. For example, if the entry age is 10 years, then the term will be 25 – 10 = 15 years. In this case, if you take a sum assured of Rs. 14,00,000, then you will get approximately Rs. 26,74,000 on maturity. Premium decreases after the first year.