LIC Child Plans: Best LIC Child Plans 2022, Benefits & Features | PayBima

LIC has several child plans to help protect your child’s financial future and help you achieve their dreams and goals in life without worry. This article aims to enlighten you about the best LIC child plans in 2022, and their top features and benefits for each.

When it comes to our children, we only want the best for them, right? The best education, the best wedding ceremony for them, the best in everything. However, good things always cost more money; it adds a little burden on our economy. But it is child insurance plans, the burden is greatly reduced. LIC’s children’s plan is such a goal, to help parents realize their children’s dreams without fear because these dreams can also come true!

LIC’s child plans help you realize these aspirations and protect your child’s financial life. Here are the best child plans offered by LIC in 2022 to help you make an informed decision about your child’s future.

Best LIC Child Plans 2022 in India

Here are some of the top LIC child plans in 2022 that you can consider to create a bright future for your child. Here are the highlights and benefits of each:

1. LIC Jeevan Tarun

This LIC child education plan is specially designed to help you manage your child’s higher education without stress. Apart from that, this system serves the dual purpose of promoting savings and providing security for the child’s life.

Features of the plan:

  • The plan involves paying a premium for a short period of time
  • It is a life saving insurance policy for children
  • This scheme is one of the best ways to raise funds for the education of a child who is growing up with special needs

Advantages of the plan:

  • Since LIC Jeevan Tarun is a life insurance policy, it provides death benefit to the insured beneficiaries. This means that in the event of an accident, the sudden death of the policyholder or the insured during the policy, the sum assured is paid to the beneficiary of the policy, together with the sum of the bonus at the time of death.
  • After reaching the age of 20, the child is entitled to a fixed income for 4 years.

2. LIC Kanyadan Policy

This scheme was developed by LIC to help the girl child in India. This scheme provides financial security to the daughter at a very low cost. This LIC plan for daughter ensures that you don’t have to worry about supporting your daughter’s education and marriage expenses.

Features of the plan:

  • A salary of Rs. 50,000 every year till the policy matures
  • At the maturity of the policy, the full maturity must be paid in full
  • It is designed to make the girl child financially independent in future
  • Abandonment in case of father’s death
  • Rs. 10 lakh which was paid immediately to the beneficiary on accidental death
  • Rs. 5 lakh paid immediately on natural death
  • Get ready to reopen for NRIs

Advantages of the plan:

  • Low cost plans
  • Insurance-cum-savings plans with benefits
  • Flexible payments – monthly, quarterly, semi-annually, and annually
  • Tax free

3. LIC Child Future Plan

As the name suggests, this plan is specially designed to meet your child’s major future goals – education, marriage, and other life expenses. The main benefit of this policy is that it provides risk support to the child not only during the entire period of the policy but also for an extended period of 7 years.

Features of the plan:

  • This policy is a money back policy
  • Fees are paid quarterly, semiannually, or annually; discounts can be made through payments
  • The duration of the program is 11-27 years

Advantages of the plan:

  • If the policyholders survive the term of the policy, they will be paid life benefits in addition to bonuses at the end of the term.
  • The policy also guarantees the death benefit of the insured to the beneficiary.
  • Premiums are deducted on the death of the insured; however, the benefits of this process are still there.
  • The plan allows a grace period of 30 days to pay the premium.
  • Payments made are exempt from tax under Section 80C of the Income Tax Act.

4. LIC Single Premium Child Plan

One of the best LIC child plans, this policy guarantees you guaranteed income to protect your child’s financial future. It also has a savings insurance plan that comes with benefits and allows for a one-time payment, thereby not bringing any financial burden to parents.

Features of the plan:

  • They offer guaranteed income of at least Rs. 50,000
  • The tenure of the policy is between 10 years and 25 years
  • Single premium paid under the plan

Advantages of the plan:

  • They offer a simple transfer bonus and a final bonus in addition to the guaranteed amount
  • Two additional passengers are available upon payment of an additional fee for full coverage
  • A rental property is provided

Which LIC Plan is Best for a Child?

All LIC child insurance plans ensure financial security for the child so that they do not miss out on fulfilling their dreams. You can browse the LIC website and choose the child plan that suits your needs. However, based on research, LIC Children Moneyback Plan they are very popular with many parents.

Regular payments made under this scheme every 2 years make many parents better off. These payments are made from when the child turns 18 to 25 years old to help pay for their higher education.

Apart from this, the policy also allows for the benefit of premium waiver, which means that if the parent dies, the amount due for the remaining term will be deducted from the child. In addition, all the benefits of the process will remain the power and payment of the child to continue to realize their goals and dreams you do not have.

Finally

There are several LIC child plans available apart from those mentioned on this page. Go through the pros and cons of all of them and then choose the one that best suits your child’s growing needs.

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