After babies are born, we start thinking about their schooling. Many parents begin saving money from when their children are born to ensure their future.
Usually, they keep this money in banks, but the returns aren’t great due to rising inflation rates.
Today, we’ll talk about a great plan from LIC that offers excellent returns: the Amritbal scheme, designed to secure children’s futures.
This LIC scheme is a type of life insurance plan where parents can invest for their children’s future.
If you’re considering investing in this plan, there are some important things to know.
You can start investing in this LIC scheme when your child is at least 30 days old, up to a maximum age of 13 years.
The plan matures when the child reaches between 18 and 25 years of age. Premiums can be paid monthly, quarterly, half-yearly, or yearly.
In this LIC scheme, you can choose the sum assured based on two options: single premium and limited premium.
It’s important to select the right sum assured based on your children’s needs.
