Which Is The Best LIC Child Insurance Policy?
Published On Nov 19, 2021 7:00 AM By InsuranceDekho
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Child plans are one of the finest methods to save and build money for your child's future since they offer a variety of perks that assist them in reaching their financial goals and meeting their requirements. Child plans are available from a variety of companies. LIC is one of the greatest and most well-known insurance firms. It provides a variety of insurance plans and has aided a large number of people by providing insurance and benefits that are necessary for a safe and maximum life coverage. While several insurance firms provide Child insurance policies, LIC stands out as one of the finest because of its specific and unique perks and schemes for saving and investing. It offers a variety of child-related plans.
LIC's Best Child Insurance Plans
To ensure your child's financial stability, LIC provides the following plans:
Must Read: Which Plan is the Best for My Child ?
1. LIC's New Money-Back Plan for Children
It's a standard non-linked money-back plan that necessitates participation. This plan is designed to give benefits that will assist parents in saving and growing money for their children. It provides advantages that allow you to save money for your child's wedding or school. This plan also includes risk coverage to provide a secure and stress-free experience.If the life guaranteed dies unintentionally before the start of the risk period, the nominee will receive a total of return of premiums, rider premium, and any applicable taxes.
If the nominee dies after the start of the risk period, the nominee will receive the sum insured plus any further bonuses that may be due. On every occasion that the life promised survives the ages of 18, 20, and 22, 20 percent of the basic sum assured is paid. If the life insured lives to the maturity age of the policy, they will get the SA on maturity, as well as any further bonuses that may be available.
2. LIC Jeevan Tarun
It is a non-linked plan that involves participation and has a low premium cost. It combines the advantages of a life insurance policy with the advantages of a savings account. It has been particularly designed to suit the financial demands of a child. If a parent wants to help their Child financially with their schooling or other life objectives, they can invest in this plan.
If a parent dies before the risk begins, the beneficiary receives the death benefit, which includes no additional premiums or incentives. If it occurs after the deadline, the recipient receives the complete sum insured on death, plus any reversionary bonuses. The death benefit is regarded to be at least 125 percent more than the usual benefit. If the Child lawfully reaches the age of 20, they will get a portion of the sum insured and will continue to receive it under the survival benefit for the next four policy anniversaries. If the life assured lives until the policy's maturity age, they will get a maturity benefit, as well as any extras that may be available.
LIC is a financial services firm that offers two Child insurance products to assist you in saving and growing money for your child's future. These are both safe and effective investment options. Child. In this case, children's insurance coverage may be beneficial. Regardless of whether the parent is alive or not, these agreements ensure that a financial corpus is generated. The LIC Child Plan is one such Child insurance plan that might assist guarantee your child's financial future.
Also Read: 5 Key Things You Should Know About Child Insurance
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.