LIC Child plans 2023
From term insurance to unit-linked and pension plans, LIC offers a variety of life insurance policies. The LIC also provides lic child plans that assist you in building a secured corpus for your child’s future. The best, however, always costs a little more, which increases the strain on our budget. But this responsibility is significantly lighter with child insurance policies. The LIC child plan is a step in that direction, encouraging parents to envision their children’s dreams with confidence because they can now come true as well!
Check: Top 5 Single Premium LIC Plan
LIC Child plans- Key Features
Look for the features of lic child plans-
- High returns
The LIC child plan return rate is astounding. It performs significantly better than many other child insurance plans in comparison.
- Partial withdrawal
Parents frequently believe they need additional monies from the promised funds to meet their child’s immediate needs. The possibility to pay for a child’s necessities and education at every stage of their life is provided through LIC child insurance plans.
- The waiver premium benefit
The waiver premium benefit is the most crucial component of each LIC kid plan. This is the essential component you should search for when purchasing any type of child insurance plan. The insurance company will pay the promised money to the insured (kid) at policy maturity if the policyholder (parent) passes away during the policy period, according to the waiver premium benefit. Even in the terrible event of a parent’s passing, this function ensures the child’s safety in the future.
- Bonuses
Depending on the company’s profitability, bonuses may be earned if the kid plan is a participating LIC plan. These child plans give out simple reversionary bonuses as well as a final bonus at the end of the plan.
- Loans
These can be obtained under some of the top LIC kid education plans in order to pay for immediate educational expenses.
Read: LIC Jeevan Anand 2023
Current LIC Child Plans in India
1. LIC Jeevan Tarun Children Plan
This is the LIC child plan, which has been especially created to assist you in stress-free management of your child’s higher education. Additionally, the plan offers the child lifetime security in addition to serving the dual purposes of encouraging saving.
Specifications of the plan:
- The plan entails paying a premium for a brief period of time.
- It is a children’s savings-plus-life insurance programme.
- The programme is among the greatest investment options for paying for a developing child’s requirements, including education.
- The child is entitled to receive a predetermined portion of the sum insured for 4 years at completion of 20 years.
2. LIC New Children’s Money Back Plan
This lic child plan is a typical non-linked money-back plan that is ideal for a girl child’s needs. This plan offers a child the ability to invest and save, giving parents opportunities to relax about their financial obligations. In addition, this LIC policy for kids includes risk coverage, so policyholders should make sure their trip is worry-free.
Specifications of the plan:
- The consumer can save money while still taking advantage of the benefits of the plan because it offers refunds on large premium amounts.
- The idea guarantees a girl child a minimum amount of 20% of her family’s income when she turns 18, 20, and 22.
- It is also among the best LIC plans for girls because it gives parents the chance to guarantee their daughter’s future success with a number of features.
- Customers have 15 days to return the policy if they are unhappy with this LIC coverage for kids.
- There is no maximum sum assured amount under the plan, and the minimum sum assured amount is Rs. 1 lakh.
3. LIC Jeevan Labh Children Plan
Another excellent coverage you can get for your girl lic child plan is Jeevan Labh. The policy’s primary characteristics and eligibility requirements are as follows:
Specifications of the plan:
- It is the best LIC insurance for girls because it will let them get coverage when they turn eight.
- The minimum sum guaranteed under the plan is Rs. 2 lakh, and there is no maximum.
- A policyholder may even be able to borrow money under this plan in times of need. You can choose to receive the maturity benefit all at once or in equal amounts under the plan.
- Offering longer terms that offer more returns, it is available for 16, 21, and 25 year
- A beneficiary under this plan is entitled to the greater of the basic sum insured or seven times the collected premiums upon the death of the policyholder.
4. LIC Bima Jyoti Child Insurance Plan
This LIC child plan is an endowment insurance contract that provides a death benefit for the family in the event of the policyholder’s passing as well as a guaranteed payout at maturity. When the policy expires, the policyholder can use this sum, plus with any bonuses, to pay for their children’s higher education.
LIC Children Insurance Plan in India- Specifications
Specifications of the plan:
- Given the advantages of insurance and savings used together, this can function as a LIC kid plan.
- Up to the policy’s maturity, guaranteed increases are added to the sum promised each year.
- The Maturity benefit may be paid to policyholders in monthly, quarterly, half-yearly, or annual increments. Payments can be made in instalments for a child’s lodging or tuition.
- The date of the policy’s maturity can be set by the policyholder to coincide with significant events in their child’s life. In this manner, LIC Bima Jyoti is able to provide a certain amount on a monthly basis to cover their children’s sporadic requirements.
Read: All About LIC Market Plus
LIC Children Insurance Plan in India- FAQs
- Which LIC insurance is the best one for kids?
Answer-LIC With regard to children in particular, Jeevan Tarun’s strategy aims to address their financial needs, such as those for education and marriage, by offering both insurance cover and savings. The premium must be paid up until the youngster turns 20 years old, but the policy doesn’t take effect until the policyholder turns 25.
- Does LIC benefit children?
Answer-Child insurance policies by LIC offer life protection to the child in case of any unforeseen circumstances in addition to the benefit of financial stability.
- Is LIC superior to FD?
Answer-Since fixed deposits are solely intended to meet your investing and savings needs, they are always a better investment choice. It is advised that you invest in fixed deposits if your goal is to save and invest for the future.
- Jeevan Labh or Jeevan Anand, which is superior?
Answer-Both the LIC Jeevan Anand and the LIC Jeevan Labh are life insurance policies that offer both protection and savings. The distinction between these two plans is that, in contrast to LIC Jeevan Labh, LIC Jeevan Anand is a complete life insurance plan.
- What is the benefit of LIC survival?
Answer-Survival Benefits equivalent to 8% of Maturity Paid-up Sum Assured will be paid annually if Maturity Paid-up Sum Assured is equal to or greater than the minimum Basic Sum Assured of Rs. 2 lakhs.