Best LIC Child Plans in 2024

LIC Children Policy Plans 2024

The child insurance plans offered by LIC are specifically designed to ensure a financially secure future for the child and help them achieve the major milestones of life.  Additionally, LIC Child Insurance Plans provide the child with life insurance protection as well as financial security.
Over 250 million lives are insured with LIC of India. It strives to keep the same service and pricing of its products in a competitive insurance market. A wide range of insurance products are offered by LIC, including child plans, term plans, savings and investment plans, as well as pension plans available in ULIP or conventional forms.
lic child money back plan

The best child insurance plans offered by LIC in 2024

  1. The features and benefits of LIC’s child insurance plans are listed below.
  2. New Children’s Money Back Plan from LIC
  3. Lic offers a participating, non-linked, traditional, money-back child plan.
  4. With Survival Benefits, this policy caters to the marriage, education, and other needs of growing kids.
  5. Aside from this, it provides coverage for a child’s life during the policy term and survival benefits if a child survives until the end of the policy period.

LIC’s Child money-back plan for children

  1. Benefits upon death The death benefit is payable if the life assured dies during the policy’s term as follows:
  2. The beneficiary of the policy receives the return of premium (s) exclusive of extra premiums, rider premiums, and taxes, if any, on the death of the Life Assured before the commencement date of risk.
  3. Death of the Life Assured after the commencement date of risk shall result in the payment of the Sum Assured on Death and the vested Final Additional Bonus and Simple Reversionary Bonus (if any).
Benefits of Survival
  1. During the policy’s term, if the life assured survives the age of 22, 20, or 18 years, 20% of the Basic Sum Assured shall be paid on each occasion, if the policy is active.
  2. Benefits of maturity
  3. When the life assured survives the specified maturity date of the policy, the SA on maturity (40 % of the Basic SA) along with any vested Final Additional Bonuses and Simple Reversionary Bonuses will be paid.

Jeevan Tarun  best Child Insurance plan

The LIC Jeevan Tarun child plan is a non-linked participating limited premium plan. For children Insurence, it offers both savings and life protection. Children’s educational and financial needs are specifically addressed in the plan. LIC Jeevan Tarun Plan Benefits Benefits upon death
  1. Following the death of the life assured, the death benefit is paid to the beneficiary (the child) as follows:
  2. Death before commencement of risk: The entire amount of premium paid to date, excluding taxes, extra premiums, and rider premiums, if any, is payable without interest to the beneficiary.
  3. The death benefit is offered as the total sum assured amount on death plus vested reversionary bonuses and final additional bonuses if any.
  4. The death benefit should be 105% of the total premiums paid so far. The sum assured on death should be 125% of the total sum assured amount or seven times the annualized premium.
lic jeevan tarun policy

Benefits of Survival
After a child reaches the age of 20, a fixed percentage of the sum assured is paid to him/her on each policy anniversary.
For the next four policy anniversaries, the survival benefit continues to be paid.
According to the option chosen by the life assured when purchasing the policy, the fixed percentage of the sum assured varies.


Benefits of maturity Upon maturity,

the sum assured, along with any final additional bonus and vested reversionary bonus, if any, is paid to the insured if the life assured survives.
For different options, let’s take a fixed percentage of the sum assured amount at maturity.
Benefits of taxation
Policyholders of LIC Jeevan Traun’s plan are eligible for tax exemptions.
In accordance with sections 80C and 10(10D) of the Income Tax Act, the premiums paid towards the policy up to a maximum limit of 1.5 lakh and the maturity proceeds are tax exempt.
In conclusion

Having a child insurance plan is very important because it provides for your child’s future even if you aren’t there. With the inbuilt premium waiver rider, the plan continues even after the parent’s death, and the benefits accrue and are payable, so that the benefit can be used for the purpose for which it was intended, i.e. for the child’s future.

 

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.