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Updated on Aug 07, 2023 4 min read
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needs of customers with effective life insurance plans such as child plans, investment plans, savings, health plans, withdrawn plans, micro insurance, etc.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 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
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 |
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
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 |
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.
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.
You can buy LIC Child Plans through the company’s official website. Just follow the below-mentioned steps:
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.
To renew your LIC Child Plan, you have to follow the below-mentioned steps:
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Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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