LIC Policy for my daughter's future education and marriage?

[NSC_Manish]

I have a 3 years and 7 month old daughter and I am looking for a investment plan for her future education and other needs. Could you please suggest me the best insurance plans for this purpose. My age is 34 year and my wife is 26 year old at present my total earning is around 45000/ per month.

If you need any other info, please let me know.

[Expert]

Go for mutual funds and avoid any life insurance child plans. And also buy gold for your kid.

[NSC_Manish]

What about the LIC - Magic Plan for Kids?

[Expert]

What about the LIC - Magic Plan for Kids?
Magic-Plan Career Builder is not a LIC insurance plan in itself. It is a combination of L.I.C.'s plans and sold by some agents, under the name of "Magic-Plan Career Builder". It's a combination of LIC's 184, 185 and 102 Plans. So you will be buying three LIC plans in the name of Magic-Plan Career Builder.

But what is the return?
The effective yield in the Magic-Plan Career Builder plan works out to 8.51% (using IRR Method). So not that great return either. Check yourself and decide.

[NSC_Manish]

What are LIC's 184, 185 and 102 Plans?

[Expert]

What are LIC's 184, 185 and 102 Plans?
These are the table numbers of LIC plans, which is commonly used in LIC. You can buy the plans by naming the table name or marketing name of the plans (see below) -
Plan 184 - Child Career Plan
Plan 185 - Child Future Plan
Plan 102 - Jeevan Kishore Plan

[NSC_Manish]

Which one do you suggest?

[Expert]

Which one do you suggest?
Each of the above plan is designed for a purpose, choose what you want -
Plan 184 - Child Career Plan - To meet Your Child's Education Needs
Plan 185 - Child Future Plan - To meet Your Child's Education and Marriage Financial Needs
Plan 102 - Jeevan Kishore Plan - Endowment Assurance for Children