LIC Child Plans
LIC of India
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LIC Child Plans

LIC or Life Insurance Corporation of India is one of the oldest life insurance companies in India. Despite 23 competitors in the life insurance industry, LIC holds the maximum share of customers with its strong market presence and a wide product range. The company is specialized in serving different needs of customers with effective life insurance plans such as child plans, investment plans, savings, health plans, withdrawn plans, micro insurance, etc. LIC Child Insurance Plans provide a gateway to the parents to build a financially secure future for their children.

lic child plan

Top LIC Child Plans In 2020

1. LIC New Children's Money Back Plan

LIC New Children's Money Back Plan is participating, non-linked, traditional, and money-back plan. It is a tailor-made policy that caters to the different stages of your child's life such as marriage, education, and others with the help of survival benefit. It also provides risk cover to the child during the policy tenure.

Key features

  • The maturity benefit will be equal to the base sum assured at the time of purchase.
  • You can avail of the loan under this child plan.
  • The premiums can be paid on a monthly, quarterly, half-yearly and yearly basis.

Eligibility

Entry age

0 to 12 years

Maturity age

25 years

Policy tenure

25 years-entry age of the child

Sum assured

Rs. 1 lakh to no-limit

Premium payment term

[25 - Age at entry] years

**Last Updated on 06-11-2020

2. LIC Jeevan Tarun Plan

The Jeevan Tarun Plan is a participating non-linked limited premium payment plan, which is a mixture of insurance and savings for a child's secure future. This insurance plan allows you to fulfil your child's dreams of higher education, hostel charges, and other expenses.

Key features

  • It is a traditional child plan that carries benefits of the Endowment Plan and Money Back Plan.
  • It offers flexible premium payment options.
  • A free lock-in period (of up to 15 days) is available under which a policyholder can return the policy if (s)he wants to.
  • Provides LIC premium waiver benefit rider.
  • A person can avail loan against the plan only when it has reached a surrender value.

Eligibility

Entry age

90 days to 12 years

Maturity age

25 years

Policy tenure

25 years- minus the entry age

Sum assured

Rs.75,000 to no limit

Premium payment term

[20 - Age at entry] years

**Last Updated on 06-11-2020

Why LIC Child Plans?

LIC is one of the most trustworthy insurance companies in India that provides a wide range of insurance plans to its customers. It offers the best child plans that focus on offering required financial support and stability to your child. Both the LIC child plans are designed with great features and are more than enough to safeguard your child's future.

How does LIC Child Plan work?

Let's take the help of an example for a proper explanation.

Mr. Kumar bought a LIC child plan (tenure of 20 years) for his 6-year-old child. The plan promises to pay the benefits at the 15th, 17th, and 20th year of the policy. Mr. Kumar set the time for the benefit so that the child can easily attain the set milestones of the education. Mr. Kumar will receive the funds when the child attains the age of 20 years, 22 years, and 25 years. The same fund can be used further for the higher education of the child. If Mr. Kumar dies during the policy tenure, the plan will continue to function and the company will pay the rest of the premiums.

How to purchase a LIC Child Plan?

You can buy LIC Child Plans through the company's official website. Just follow the below-mentioned steps:

  • Visit the LIC website.
  • Take your cursor to the tab 'Products'.
  • Click on the tab 'Insurance Plan'.
  • Select the LIC's New Children's Money Back Plan.
  • Click on the tab 'Buy Now' present on the right side of the page.
  • Check the premium and make the payment using debit/credit card or net banking.
  • The company will share your policy documents in your mail.

Note- The LIC Jeevan Tarun Plan is not available online. If you wish to invest in the same, reach out to the customer care team of LIC or visit the company's nearest branch.

How to renew LIC child plans?

To renew your LIC Child Plan, you have to follow the below-mentioned steps:

  • Visit the official website of LIC and click on the tab 'Registered User'. In case you are not a registered user, you have to click on the 'New User' tab to complete the process to log in.
  • Submit the date of birth, customer Id, user ID/mobile/email, and password to log in.
  • Choose the LIC Child Plan that you want to renew.
  • Make the payment using available payment options such as debit/credit card and net banking
  • Don't forget to save or print the premium payment receipt for future reference.
  • The company will share the policy documents on your registered email id.

FAQs

1. How to check policy status for LIC Child Plans?

If you own a LIC Child Plan online, you can track the same by visiting the official website of the company. Below is the process that you have to follow:

  • Check online
    • Visit the official website of LIC.
    • Click on the tab 'Registered User'. If you have not registered yet, you must first complete the registration process to log in.
    • Submit the basic details such as date of birth, Customer ID, user ID/mobile/email, and password to log in.
    • Click on the ‘Sign In’ button to check your policy status.
  • Check offline
    You must visit the nearest LIC branch to check your policy status.

2. What is the policy cancellation process for LIC Child Plans?

To cancel the policy, speak with the customer care team of LIC, or visit the company branch. The assigned representative will guide you with the process.

3. How to file a claim for LIC Child Plan?

For the same, the claimant/nominee has to visit the nearest branch of the company and speak with the customer representative to know the details.

Last updated on 06-11-2020