Should I Buy A LIC Policy For My Girl Child?
Published On Jan 17, 2022, Updated On Sep 18, 2023
Table of Contents
The LIC policy protects your daughter. This policy, unlike others, provides a safety net for your daughter's future marriage and education expenses. The Life Insurance Corporation of India (LIC) created the LIC Girl Child Policy to assist parents financially. The Girl Child LIC Policy protects you from harm while also allowing you to save until the end of the term. As a result, it is an excellent plan for parents, with extremely low premiums and high sum guaranteed options. Continue reading this page to learn more about the LIC Girl Child Policy.
The Best Girl Child Insurance Plans from LIC
LIC offers the following plans to ensure your child's financial security:
1. The New LIC Children’s Money-Back Plan
It's a typical non-linked Money Back plan that requires your participation. This plan aims to provide parents with benefits that will help them save and invest in their children. It offers benefits that enable you to put money aside for your child's wedding or education. This plan also includes risk coverage, so you can travel without worry. The nominee will receive a sum equal to the return of premiums, rider premium, and any applicable taxes if the life guaranteed dies unintentionally before the start of the risk period. The basic money assured is given at a 20% rate if the life promised survives the ages of 18, 20, and 22. If the life insured lives to the policy's maturity age, they will receive the SA as well as any other benefits that may be available. The basic money assured is given at a 20% rate if the life promised survives the ages of 18, 20, and 22. If the life insured lives to the policy's maturity age, they will receive the SA as well as any other benefits that may be available.
2. LIC Jeevan Tarun
It is a non-linked, participation-based plan with a low premium cost. It combines the benefits of both a life insurance policy and a savings account into one convenient package. It was created specifically to meet a child's financial needs. If a parent wants to financially assist their child with schooling or other life goals, they may invest in this plan. If a parent dies before the risk arises, the beneficiary is entitled to the death benefit, which does not include any additional premiums or incentives. If it happens after the deadline has passed, the recipient is entitled to the entire amount insured, as well as any reversionary incentives. The death benefit is expected to be at least 125 percent higher than the regular payout. If the child reaches the legal age of 20, they will receive a portion of the money covered under the survival benefit, which will be paid out over the next four policy anniversaries. If the life insured lives to the maturity age of the policy, they will receive a maturity benefit as well as any additional benefits that may be available.
3. LIC Kanyadan Policy
The LIC Kanyadan insurance covers your daughter. This policy, unlike others, provides a safety net for your daughter's future marriage and college expenses. The Life Insurance Corporation of India (LIC) created the Kanyadan Policy to assist parents financially. The Kanyadan Policy safeguards you from harm while also allowing you to save money until the end of the term. As a result, with extremely low premiums and a large number of guaranteed options, it is an excellent plan for parents.
LIC is a financial services company that offers three types of child insurance to help mothers save and invest for their children's future. These are both risk-free and profitable investments. Child. Children's insurance coverage could be beneficial in this situation. Regardless of whether the parent is alive or not, these agreements ensure the creation of a financial corpus. One such child insurance plan is the LIC Girl Child Plans, which can help secure your child's financial future.
You may also like: How To Choose The Right Insurance For Your Child?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.