new Delhi. The cost of studies is constantly increasing with the changing times. In such a situation, parents start saving for better education of their children right from the beginning. If you also want to invest in a good plan for your children’s higher education, then LIC’s New Children’s Money Back Plan is quite good. With a savings of just Rs 150, you can get returns of up to Rs 19 lakh.
LIC’s New Children’s Money Back Scheme can reduce expenses on children’s higher education. The minimum age of the child for application in the scheme is 0 years, while the maximum age limit is 12 years. The minimum sum assured is Rs.1,00,00 while its maximum amount is not limited.
In this scheme, the policy holder gets 20% of the sum assured at the age of 18, 20 and 22 years. At the same time, the remaining 40% of the sum assured is received after the policy matures. Not only this, under the policy, additional bonus is also given to the insured. In the meantime, if the insured dies, in addition to the sum assured, the underlying simple reversionary bonus and the last additional bonus will be given.
How to take policy
To take the policy, the parents should have their Aadhar Card for them and the child. Apart from this, there should be photocopy of PAN card and address proof etc. It also requires the medical documents of the insured. For application, take the form attached to the scheme from LIC branch and complete the paperwork and submit it.