New Children’s Money Back Plan:
LIC New Children’s Money Back Plan is a financial plan for children’s future that facilitates savings along with meeting their needs. For more information about this scheme, a detailed plan and time graph is given below:
Policy Period:
Policy term: 25 years
Premium Payment Period:
Premium payment term: 5 years
insurance cover:
In the event of the death of the policyholder, the children receive a fixed sum as a payout, ensuring their proper care and future security.
Benefit:
Children receive the following benefits every 5 years during the policy term:
annual life insurance benefits
the amount returned over time
Time :
The graphical graph of the amount of premium, during the premium payment period, is shown below:
Years 1-5: Premium Payment
Years 6-25: Premium free
During the benefit period, children receive benefits every 5 years, as shown below:
Years 5, 10, 15, 20 and 25: Profit realization
This scheme helps in ensuring the financial security of children’s future as well as promoting their educational plans.