The Best Child Insurance Plan in LIC
Updated On Aug 13, 2021
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Child plans are one of the best ways to save and grow money for the future of your child as they provide many benefits that help them financially reach their goals and fulfill their needs. There are many companies that offer child plans. One of the most popular and the best insurance companies is LIC. It offers many insurance plans and has helped a huge number of lives by providing insurance and benefits that require for safe and maximum life coverage.
While many insurance companies provide child insurance plans, LIC stands out as one of the best insurers due to its special and unique benefits and schemes to provide save investment and saving options. It provides different schemes for child investments.
Best Child Insurance Plans in LIC
LIC offers the following plans to provide financial security to your child -
1. LIC New Children’s Money-Back Plan
It is a non-linked traditional money-back plan that requires participation. This plan is specifically tailored to provide the benefits to help the parents save and grow money for their children. It has benefits that help you save money for your child’s marriage or education expenses. This plan also provides risk-cover in order to provide a safe and hassle-free experience.
If the life assured happens to accidentally die before the commencement of the date of risk, the nominee will be paid a total of return of premiums, rider premium, and any taxes if applicable. If the death occurs after the commencement of the date of risk, the nominee will receive the sum assured, and any additional bonuses that are applicable.
If the life assured survives the ages 18, 20, and 22, rightfully, 20% of the basic sum assured is paid on every occasion.
If the life assured survives the policy’s maturity age, they will receive the SA on the maturity and any additional bonuses if applicable.
2. LIC Jeevan Tarun
It is a non-linked plan with limited premium payment and includes participation. It offers the benefits of a life insurance plan and a savings account. It has been specifically tailored to meet the needs of a child financially. The parent can invest in this plan if they want to provide financial support to the child for their education or any life goals they have.
If the death of the parent occurs before the date of commencement of risk, the death benefit without extra premium or any bonuses is paid to the beneficiary. If it happens after the date, the total sum assured on death along with any revisionary bonuses is paid to the beneficiary. The sum assured on death is considered at least 125% more than the regular sum assured.
If the child reaches 20 years of age legally, they will receive an amount of the sum assured and continue to receive it till the next four policy anniversaries under survival benefit.
If the life assured survives until the maturity age of the policy, they will receive a maturity benefit along with any applicable bonuses.
LIC is an insurance company that offers two child insurance plans to help you save and grow money for the future of your child. These are safe and efficient ways to invest in.
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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.