Every parent wishes to do some saving for the future of his/her child but, most of the time, it becomes difficult to organize a regular saving. Moreover, some unfortunate incidence might occur to usurp whatever we had stored for our kid's future. Children have to compromise with their study and career options because of a lack of sufficient financial assistance and they end-up doing something unwanted. While we cannot control destiny, we can always plan an investment for their future which gives assurance of assistance in their future prospects.
One such investment plan for NRIs is LIC's Children's Money Back Plan – something that offers regular savings with handsome returns and ensures to provide the right amount at the right time. Life Insurance Corporation or LIC of India's Child Money Back or Endowment Plan is the best plan among other available options. Benefits that LIC Child Education Plan offers to NRIs include:
For example, if the age of the child is 1 year and the sum assured is Rs.1 Crore, the child will get Rs.20 Lakh each at the age of 18, 20 and 22 and Rs.40 Lakh + Bonus + Final Addition Bonus (approx. maturity amount is Rs. 2 Crore) at the time of maturity which can be used for the marriage of the child or he can further use it to build his career.
Premium Waiver Benefit is available at little extra cost wherein future premiums are waived off in case of death of policy buyer (proposer) and benefits of the policy are paid as per schedule to the child. As you must be aware under Children Plans, insurance cover is given to the proposer (father or mother), hence these plans are "Insurance for the Child" plans not "Insurance of the Child", which are meant to plan to cover the cost of education, career and marriage of the child. Hence, PWB is a major component of this Child Plan which ensures the required money remain available for the child at the appropriate time.
Salient features of the LIC Child Education Plan, include:
Minimum Insurance Amount: Rs 1.00 Lakh
Maximum Insurance Amount: No limit
Proposer: Mother, Father or Grandparent of the child.
Age Limit: For Child between 1 day to 12 years
Maturity Tenure: In the 25th year of the insured child.
Maximum Policy Tenure: 25 years
Premium Instalment Mode: Monthly, Quarterly, Half Yearly or Annual
Surrender condition: Part of the amount paid in premium can be refunded on surrender of the policy if at least three premiums have been paid by the Proposer.
Last but not least, one can even avail of a loan on this policy if a minimum of three premiums has been paid.
Loan: Loan can be availed against the policy in the case at least three premiums are paid.
This Children's Money Back Plan or Child Education Plan of LIC is an easy, best and assured way for NRIs to fulfil your kids financial needs in the future. This is so well planned for Non-Resident Indians that it renders money at the time when it is needed most by your child.
In case of any clarification, information or buy LIC Children's Money Back Plan, please contact us at +91-9230091000.