LIC new children’s money back policy: LIC’s New Children Money Back Policy is a great policy. It is a policy designed keeping in mind the future, needs, etc. of children. The minimum age to apply for this policy is immediately after birth and the maximum age is 12 years.
LIC new children’s money back policy : Life Insurance Corporation of India (LIC) is one of the most trusted insurance companies in the country. Crores of people have invested in this company’s policy. LIC sells a variety of policies including term, life, health, endowment, children and pension plans.
LIC’s ‘New Children Money Back Policy’ is a great policy. It is a policy designed keeping in mind the future, needs, etc. of children. The minimum age to apply for this policy is immediately after birth and the maximum age is 12 years. The policy’s maturity period is 25 years.
However, the maturity period will be determined based on the age of entry into the policy. It is a non-linked money back policy. That is, after a certain interval, you are given some amount in the form of money bank.
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In this policy, there is a minimum sum assured of Rs 100000, then there is no limit on the maximum. In this policy, you can arrange Rs 26 lakh for children by investing Rs 207 daily. Let’s know what is special in this plan: –
Age: 5
Term: 20
Even Assured: 1400000
First Year Premium –
Annual: 77334 (74004 + 3330)
Half Yearly: 39084 (37401 + 1683)
Quarterly: 19751 (18900 + 851)
Monthly: 6584 (6300 + 284)
YLY Mode Average Premium / Daily: 211
After deducting the first year premium with reduced tax –
Annual: 75669 (74004 + 1665)
Half-yearly: 38243 (37401 + 842)
Quarterly: 19325 (18900 + 425)
Monthly: 6442 (6300 + 142)
YLY Mode Average Premium / Daily: 207
Total Estimated Due Premium: 1515045
Money Back:
18th Year: 280000
20th Year: 280000
22nd Year: 280000
Bonus: 1176000
FAB: 98000
25th year i.e. Total Estimated Return on Maturity (40% SA + Bonus + FAB): 1834000
Total Estimated Return: 26,74,000
Suppose if a person takes this plan for a five-year-old child, by the time he reaches the age of 25, he will get an amount of Rs 26,74,000 lakh. You will get this total amount of Rs 26,74,000 on a term plan of Rs 14 lakh.
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