LIC Child Insurance Plans for Children’s Golden Future. Many people are worried about the impact on the children’s future due to the rising costs these days.
Especially in the face of rising education costs, they feel that they cannot be given a golden future.
But experts suggest that it is better to save money for education expenses. In this background, all the insurance companies are offering special policies for children’s golden future.
Especially in India, LIC, which is popular among all, has introduced many schemes. In this background, let us know about the top 3 schemes offered by LIC for the future of children.
| Name | LIC Child Insurance Plans |
|---|---|
| Title | LIC Plan for Chidren |
| Launched by | Life Insurance Corporation of India |
| LIC’s Amrit Baal | LIC Amrit Baal Plan |
| LIC’s New Children’s Money Back | LIC Childern’s Money Back Plan |
| LIC’s Jeevan Tarun | LIC Jeevan Tarun Plan |
Popular LIC Child Insurance Plans
a. LIC Amrit Baal Plan
LIC Amrit Baal Plan is a personal savings life insurance policy. Coming as a non-linked, non-participating policy, this endowment plan with guaranteed additions is designed to meet the needs of children for further schooling and other things.
The premium under this plan can be paid as a lump sum (single premium) or as a limited premium with a premium payment period of 5, 6 or 7 years.
The proponent has two options under these premium payment alternatives to choose Sum Assured. There are various options to choose sum assured for risk coverage, payment of benefits.
Limited premium payment or single premium payment. Premium payment is limited but premium payment period can be done annually, half-yearly, quarterly or monthly.
b. LIC Children’s Money Back Plan
LIC New Children’s Money Back Plan is a participating, non-linked money back plan. This plan is specially designed to address the educational, marital and other needs of growing children through survival benefits.
This policy includes risk coverage for the life of the child. Also includes several survival bonuses if the child survives to the end of the specified period.
c. LIC Jeevan Tarun
LIC Jeevan Tarun is a Non-Linked Limited Premium Paying Plan. It offers an attractive combination of child protection and savings benefits.
The plan specifically provides annual survival benefit payments between 20 to 24 years and maturity benefit at the age of 25 years.
Hence this policy is well suited to meet the academic and other demands of growing children.
d. LIC Child’s Endowment Plan
This plan offers a maturity benefit and a death benefit along with waiver of future premiums if the policyholder dies during the policy term.
e. LIC New Jeevan Anand
This plan offers a combination of protection and savings, providing a maturity benefit, death benefit, and bonuses.
Finding the Right LIC Plan for Your Child
With a multitude of options available, choosing the right LIC child plan can seem overwhelming. Here are some key factors to consider:
Your Child’s Age: Start planning early! The sooner you begin, the lower the premiums and the longer the benefit accumulation period.
Financial Goals: Identify your child’s future financial needs, such as education or wedding expenses. Choose a plan that offers a sufficient maturity benefit to cover these costs.
Premium Payment Capacity: Be realistic about your budget. LIC plans offer flexible premium payment terms. Choose a plan with a premium amount you can comfortably manage over the policy term.
Benefit of LIC’s Child Insurance Plans
LIC offers a variety of child insurance plans designed to meet your specific needs and budget.
These plans not only provide financial security for your child’s future milestones but also act as a safety net in case of unforeseen circumstances. Here’s how LIC’s child insurance plans can benefit you and your child:
Guaranteed Maturity Benefit: These plans ensure a lump sum amount is paid out on your child reaching maturity, helping them achieve their goals, such as higher education or starting a business.
Financial Protection: In case of the parent’s unfortunate demise, the plan continues to receive benefits, ensuring your child’s financial needs are met.
Tax Benefits: Premiums paid towards LIC child plans qualify for tax deductions under Section 80C of the Income Tax Act 1961, helping you save on taxes.
Flexibility: LIC offers various plans with different premium payment terms, policy lengths, and coverage amounts. You can choose a plan that aligns perfectly with your financial situation and goals for your child.
Secure Your Child’s Future with LIC
Investing in an LIC child plan is a wise decision to safeguard your child’s future. By providing financial security and protection, you empower your child to chase their dreams and achieve their full potential.
Conclusion
Overall, amidst concerns over rising costs impacting children’s future, experts advocate for saving for education expenses. Insurance companies, notably LIC in India, offer specialized policies for securing children’s future.
Among LIC’s offerings, the Amrit Bal Plan, Children’s Money Back Plan, and Jeevan Tarun stand out, providing a mix of savings, protection, and benefits tailored to meet children’s evolving needs, ensuring a promising tomorrow.
FAQs
What is LIC Amrit Bal Plan?
LIC Amrit Bal Plan is a non-linked, non-participating endowment plan designed to meet children’s needs for education and other expenses.
How are premiums paid under LIC Amrit Bal Plan?
Premiums can be paid as a lump sum or as limited premiums over a period of 5, 6, or 7 years.
What options does LIC Amrit Bal Plan offer for premium payment?
Policyholders have the flexibility to choose between single premium payment or limited premium payment options.
What is LIC Children’s Money Back Plan?
LIC Children’s Money Back Plan is a participating, non-linked plan tailored to address the financial needs of growing children through survival benefits.
What does LIC Children’s Money Back Plan cover?
It provides risk coverage for the child’s life and offers survival bonuses if the child survives the specified period.
What is LIC Jeevan Tarun?
LIC Jeevan Tarun is a non-linked limited premium paying plan offering child protection and savings benefits.
What age does LIC Jeevan Tarun provide maturity benefits?
Maturity benefits are provided at the age of 25 years, making it suitable for meeting the educational and other needs of growing children.
What are the unique features of LIC Jeevan Tarun?
It offers annual survival benefits between 20 to 24 years, ensuring financial support during crucial stages of a child’s life.
Are these LIC plans available only in India?
Yes, these plans are offered by Life Insurance Corporation (LIC), which is a popular insurance provider in India.
How can I choose the best LIC plan for my child’s future?
Consider your child’s future needs, your budget, and consult with an LIC agent to determine the most suitable plan for your requirements.