LIC Children Money Bank Plan:
Every day, inflation sets new records. At the same time, children’s education is becoming more expensive by the day. Every parent requires a large sum of money for their children’s higher education. In such a case, it is preferable to begin collecting this fund as soon as the child is born, so that there is no burden on studies when the child grows up.
The LIC’s “Children Money Bank” plan can assist you in this endeavour. By depositing Rs 150 daily in this plan, a fund of 14 lakhs can be created.
Maturity period is 25 years
The minimum sum assured in the LIC Children Money Bank Plan is Rs 1 lakh. While there is no upper limit. It has a maturity period of 25 years. If you purchase the policy at the time of the child’s birth, it will be completed in 25 years; if you purchase the policy after 5 years, it will be completed in 20 years. That is, the child’s age should be less than 25 years old. The policy is available to people aged 0 to 12 years.
If the policy is still in force, 20% of the Basic Sum Assured is paid out when the policyholder reaches the ages of 18, 20, and 22. If the policyholder lives to the end of the policy term and the policy remains in force, he or she receives the ‘Sum Assured on Maturity’ as well as a bonus. The Sum Assured at Maturity is 40% of the ‘Basic Sum Assured (Total Sum Assured).’
19 lakh fund will be available in 25 years
If you invest only Rs 150 in the LIC Children Money Back Plan from the time of the child’s birth (the premium will be paid on a yearly, half-yearly, quarterly, or monthly basis), you will receive around 19% at maturity. You will receive a percentage. If observed, a daily deposit of Rs 150 will result in an annual deposit of Rs 55,000. On that basis, a total of Rs 14 lakh would have been amassed in 25 years. However, with interest and bonuses, you will receive Rs 19 lakh.
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