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LIC Child Plans Review

Lic Child Plans Review

LIC Child Plans Introduction

Life Insurance Corporation of India(LIC) Introduced Child plans with special features to meet all the needs of the growing children. LIC Child plans can be taken by any parent or grand parent for a child between the age of 0 to 12 years. LIC Child plans specially designed to meet the Marriage, Educational and other needs of the children through survival benefits. This plan also provides risk cover on the life of the insured child during the policy term.

LIC of India Provides different child plans such as LIC Jeevan Tarang, LIC Child plan Komal Jeevan, LIC Plan no 184 and LIC Jeevan Ankur to cover all the needs of the children. LIC Child Plans are the best child plans compared to the child plans provided by other companies. Some LIC Child Plans are specially designed for childrens education between the Age of 16 to 22 years. By investing in LIC Child plans you will get lump-sum amount on the 18 th year of your child, which will help for your child’s higher education. LIC Child plans provides regular income to the children through out their life. You can also calculate the premium that has to be paid to get Benefits available under LIC Child plans by using LIC Child plan Premium Calculator.

LIC Children Plans Benefits

You can get different benefits under LIC Child Plans. The Basic Benefits Available in LIC Child Plans are,

  • Death Benefit.
  • Maturity Benefit.

Death Benefit: On the Death of the Life Assured before the date of commencement of risk the company will pay Sum- Assured on Death which is defined as higher of 10 times of premium and  Final Additional Bonus and vested Simple Reversionary Bonuses as a death benefit in LIC Child Plan. The death Benefit will not be less than the 105% of the total premiums paid as on date of death.

Maturity Benefit: On the survival of the policy holder till the completion of the policy period, The policy holder will get 40% of the Basic Sum assured along with the Simple Reversionary Bonuses and Final Additional Bonus(FAB) as Maturity Benefit in LIC Child plans.

You can refer the following Child plans to know the detailed information about LIC Child Plans.

LIC Child Plan Example

For example if you have taken the LIC Child plan for your child at an age of 5 years and you have choose maturity age for 24 years and premium paying term of 6 years, you will get policy term 24 – 5(entry Age)=19 years and you have to pay the premium for every 6 years until the policy period is completed. On completion of the policy period the proposer will get 40% of Basic Sum Assured along with Reversionary Bonuses and Final Additional Bonus as Maturity Benefit in LIC Child Plan. If the Life Assured Dies within the policy holder the company will pay 105% of total premiums paid along with Benefits to the Proposer. The proposer may be the child’s parents or guardian.

LIC Child Plans

LIC New Children Money Back Plan is a non-linked participating money Back plan. This plan is specially designed to meet all the needs of the children through survival Benefits. LIC New children money back policy (plan 832) is a regular premium payment money back plan. LIC New children money back policy also provides risk cover for the life of child during the policy term. It also provides number of survival benefits on surviving of child to the end of the policy period.

LIC New Children Money Back Policy