ULIPs and mutual funds are two popular yet distinct investment avenues, each coming with its unique set of benefits and drawbacks. Know which one is better for your individual needs and preferences.
If you are looking for a one-stop solution to be financially prepared for your child’s future requirements in terms of education and more, you can certainly explore the LIC children money back plan. This plan is a great option for covering multiple financial requirements in one place, as it provides the benefits of life insurance while also ensuring a periodic flow of funds for the professional growth of your children.
Let’s explore the available LIC children money back policy in detail and how it can be beneficial for your child’s future planning.
The New Professional Education Plan 257 can be categorised as an LIC money back policy which ensures a guaranteed payout to help meet the academic requirements of your child.
What’s remarkable about this plan is that it also bears the benefits of an insurance scheme and helps create a secure financial plan for the child in case of any eventuality. Upon maturity, or when the child completes 23 years of age, the maturity benefit along with accrued guaranteed addition would be paid.
Discussed below are the salient features of this LIC children money back plan –
Note: While the child will continue to be covered under the plan despite the termination of payment, the premium must have been paid for at least 2 years for this to be valid..
Discussed below are the benefits that you or your child can enjoy with this LIC children money back policy:
The LIC children money back policy is one of the best options if you reside in the UAE and are looking for ways to secure your child's future, as this plan can come in handy when your child begins to pursue higher studies. Moreover, with benefits like life cover, you can be assured of this financial security even amidst adverse situations.
You can also use an LIC child money back plan calculator to get an estimate of the amount you need to pay in premiums for the desired sum assured and other such details.
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