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LIC of For children 3 specially savings Plan.
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Amritbal, life youth And New Children's Money Back option.
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of age 18 That 25 over the years get can funds.
Every parent feels the same. The child's future should be secure. His education should not be underfunded. In case he needs anything, he should have money in hand. This is why people keep money aside from childhood. LIC Child Plans:
If your children are still young and you want to build a fund of 30 to 40 lakhs by the age of 18 to 25 years, it is important to start saving early.
In fact, if you delay, you have to pay more every month. So it is better to start from childhood. LIC's three schemes Amritbal, Jeevan Tarun and Naveen Children's Money Back Plan can help achieve this goal. What are these three schemes, when will you get the money, let's understand it once in simple terms.
1. LIC Amritbal – Long Distance Savings
LIC's Amritbal Yojana is an option for parents who want to save for their children's future for a long time. There is something special about it. The scheme offers a guaranteed increase of Rs 80 on every Rs 1,000 of basic sum assured for every completed policy year.
What does that mean? So every year on 1000 rupees 80 rupees will be increased with guarantee. This is sure. This scheme is available for children aged 30 days to 13 years. Its expiry can be fixed between the age of the child between 18 and 25 years. Porga can be 30 days or 13 years. And you can decide when to withdraw the money. When the boy turns 18 to 25 years.
E.g. If you save Rs 15,000 per month, you can get Rs 23 lakh after maturity. So, if you save Rs 20,000 per month, this amount can reach up to Rs 30 lakhs. That means if you deposit 15 thousand per month, you will end up with 23 lakhs. And if you add 20 thousand, it will go up to 30 lakhs.
2. LIC Jeevan Tarun – Money every year for education
LIC's Jeevan Tarun Yojana is for families who want their children EducationFor and other needs require regular funds. Some don't need money at all, need little money every year. College fees, class fees, etc. Life is heavy for them.
This scheme offers an option to withdraw a fixed amount every year when the child turns 20 to 24 years. Parents can choose from four payment options according to their needs. Once the child turns 20, the money can be withdrawn every year. 20, 21, 22, 23, 24 etc. There are 4 options how to get money. Choose as you like.
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If you deposit Rs 5,000 per month in this scheme, the annual investment will be Rs 60,000, thus, you will accumulate a total of Rs 10.80 lakh in 18 years. Above bonus etc. is different.
3. LIC New Children's Money Back – Phased Money
LIC's New Children's Money Back Scheme is for parents who want to provide financial support to their children at different ages. Some parents feel that it is better to get all the money at different ages instead of all the money. This is a money back plan for them. This plan pays 20% of the original sum assured after the child turns 18. After that, 20% amount is paid at the age of 20 and 22 years. This total amount of 60% is paid in three installments. The remaining 40% amount is paid after the child turns 25 years. This policy also includes bonus.
Maths like this – When a boy turns 18 years old, he will get 20% of the money. 20% after 20 years. Again after 22 years, 20%. That means 60% money will be received in stages. And the remaining 40% money will be received when the child turns 25 years old. It also has a bonus.
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So which one is better for you?
The mode of payment is different for all the three plans. In Amritbal the sum assured is availed, in Jeevan Tarun 20 to 24 age group gets the money. So in New Children's Money Back you get money at different ages. It's easy. Amritbal if want guarantee money. Life is young if money is needed for education every year. Money back if you want money in stages.This allows parents to choose the plan according to their children's future needs. First decide when you will need the money, then choose the plan