LIC Child Plan 2023 Eligibility, Features, Benefits, Premium plan

LIC Child Plan: A wide variety of insurance products are provided from LIC, including child plans, term policies for protection, savings plans, pension plans, and investment plans that are accessible in both ULIP and traditional formats. The Child Plans are child insurance plans created especially to assist kids reach important life milestones and assure a financially secure future. Grandparents or guardians of children ranging in age from 0 to 12 can purchase the LIC New Youngsters’ Cash Back Plan. To put it simply, it is a strategy for investments and insurance that will contribute to the child’s bright future. The bonus based on plan performance is also available to this participating plan. The LIC New Children’s Money Back Plan is still a popular and expensive option for parents and grandparents because it provides children up to the age of 25 with a lump sum when they reach maturity, providing them with financial security to achieve milestones.

Kids are believed to be a country’s future. Therefore, it is of the utmost importance to ensure that money does not impede the child’s dreams. The LIC Child Plan is a great option for parents who want to secure their child’s future. This plan provides financial support for a child’s education and other milestones in their life. With the LIC Child Plan, parents can rest easy knowing that their child’s future is secure. Some of the key features of this plan include flexible premium payment options, the ability to choose the policy term and mode of payment, and tax benefits under Section 80C of the Income Tax Act. Additionally, the plan offers bonuses and maturity benefits, ensuring that parents receive a return on their investment. If you’re looking for a reliable and secure way to plan for your child’s future, the LIC Child Plan is definitely worth exploring.

LIC Child Plan 2023

LIC Child Plan to invest in, you’ve come to the right place. LIC has a range of child insurance plans that offer financial security for your child’s future education, marriage, and other expenses. One of the most popular plans is the LIC Jeevan Tarun plan, which provides financial assistance to your child at different stages of their life. With this plan, you can choose from several options that provide a range of benefits, including regular payouts, death benefits, and maturity benefits. Additionally, LIC also offers special investment plans for children, such as the LIC Child Money-Back Plan, which provides guaranteed payouts and a lump sum payment at the end of the policy term. With LIC’s Child Plans, you can ensure that your child’s future is secure and that they have the financial resources they need to pursue their dreams.

LIC Child Plan may be the perfect solution for you. This plan offers a combination of insurance coverage and savings options that can help you secure your child’s future. With the LIC Child Plan, you can choose the amount of insurance coverage you need, along with a savings option that fits your budget and goals. The plan also offers flexibility and tax benefits, making it a smart choice for parents who want to ensure their child’s financial security. If you’re interested in learning more about the LIC Child Plan and how it can benefit you and your child, our licensed insurance agents are available to help answer any questions you may have and guide you through the process.

LIC Child Plan Details 2023

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LIC Child Money Back Plan

The LIC Child Money Back Plan is a great investment option for parents who want to secure their child’s financial future. This plan not only provides financial protection to your child in case of an unfortunate event, but it also helps you save money for their education or other expenses. As the name suggests, this plan offers money back at regular intervals, which can be useful for paying school fees or other expenses. The LIC Child Money Back Plan also comes with a built-in savings component that allows you to accumulate wealth for your child’s future. Additionally, the plan offers tax benefits, making it a smart investment option for parents. If you’re looking for a reliable and affordable way to secure your child’s future, the LIC Child Money Back Plan is definitely worth considering.

As parents, most of us strive to provide our children with sufficient opportunities for success because children are the future of our world. The LIC New Children’s Money Back Plan is a one-of-a-kind plan that addresses a variety of growing children’s needs, such as their wedding and education. This partaking, non-connected cash back plot offers endurance benefits notwithstanding the gamble cover for kids. This plan is designed to provide financial security for your child’s future, while also offering regular payouts to help you meet the expenses of their education and other needs. With this plan, you’ll receive periodic payments throughout the policy term, and your child will receive a lump sum when the policy matures. If you pass away during the policy term, your child will receive the full sum assured immediately.

Individuals who are keen on participating in this policy need to keep the following basic criteria in mind.

Minimum entry age	0 years (at birth)
Maximum entry age	12 years
Age at maturity	25 years

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This plan is designed to help you save for your child’s future while also providing financial protection. Some key features of this plan include guaranteed returns, maturity benefits, and survival benefits. The guaranteed returns provide a fixed rate of interest on the investments made, ensuring that you get a predictable return on your investment. The maturity benefits provide a lump-sum payment at the end of the policy term, while the survival benefits provide periodic payouts throughout the policy term. In addition, this plan also offers a range of riders that can be added to provide additional protection and benefits. New Children’s Money Back Plan from LIC Child is a solid option for parents who want to ensure a stable and secure financial future for their children.

Some of the salient features of this scheme are mentioned below.

Plan type	non-linked participation scheme for money back
Plan basis	Individual
Policy term	25 years minus entry age Example, if entry age is 5 years, then policy term is (25-7) = 18 years
Maturity benefits	In addition to any applicable bonuses, a maturity benefit equal to the amount assured will be paid.
Premium payment frequency	Monthly, quarterly, half-yearly or annually premium plan
Loan	A loan is available to policyholders through the policy.
Grace period	15 days for monthly payment option 30 days for other payment modes
Free look/cooling off period	People can decide to return the arrangement in the span of 15 days of buying it
Revival	Passed arrangements can be restored in somewhere around 2 years of first neglected due by paying the whole forthcoming sum
Sum assured	Minimum – Rs 1 lakh Maximum – No upper limit
Policy coverage	Death benefit, maturity benefit and survival benefit

Importance Of Child Plan

Whether the LIC child is growing up or going to college, every parent wants the best for their child. This can only be guaranteed if you have the money to support your child’s goals. A corpus for your child’s future can be earned and saved while you are alive. However, what happens if you pass away too soon? Would you be able to make the corpus you wanted? Child insurance plans come in handy in situations where the child’s dreams may be dashed by the parent’s premature death. Because they assist you in securing a corpus for your child even when you are not present, they are also referred to as child future plans. This ensures that your child’s dreams can be easily realized.

A child plan can be an invaluable investment for parents who want to secure their child’s future. It is a financial plan designed to help parents save up and invest for their child’s education, wedding, and other major expenses. With the rising costs of education and other expenses, having a child plan can help alleviate the financial burden that may be put on parents at a later stage. A good child plan will provide regular payouts at key milestones in the child’s life so that parents can meet their child’s financial needs, even if they are not around to do so. As parents, it is important to plan for the future and ensure that our children have a secure and comfortable life. A child plan is a great way to ensure that their needs are met and that they have a stable financial future.

Key Features offered by LIC child plans

Benefits of LIC child plans are numerous. It helps the parents plan for their child’s future. Every LIC child plan includes the following essential features:

The waiver premium benefit:
The most crucial feature of every LIC child plan is this. This is the most important feature to look for when purchasing a child insurance plan. The waiver premium benefit states that the insurer (the child) will receive the assured amount from the insurance company at maturity if the policyholder (the parent) passes away during the policy period. Even after the unfortunate death of the parent, this feature ensures that the child will have a secure future.
High returns
The LIC child plans have a remarkable return rate. It is significantly superior to many other child insurance plans in comparison.
Partial withdrawalTo meet their children’s immediate needs, parents frequently feel the need to borrow money from the assured funds. LIC kid protection plans give this choice to spend on a youngster’s requirements and instruction at any period of their life.

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Benefits of child plans

Here are some benefits that it you can avail of if you invest in child insurance plans in Lic –

Secured corpus for the child

Kid plans permit you to save your kid’s future. In addition, if the parent is covered by the plan, they have a death benefit in the form of a lump sum corpus. This single amount benefit gives monetary help to the family and to the youngster. Even if neither parent is able to provide for themselves, the benefit can be used to help the child get married or attend college.

Premium waiver benefit

A premium waiver benefit is either built into specialized child insurance plans or can be added as an optional rider. Even if a parent dies during the policy’s term, this benefit ensures that the plan will continue to function normally. The premium waiver benefit reduces future premiums in the event of a parent’s death if they are the policyholder and are responsible for paying them. The child receives the promised maturity benefit, and the plan continues unaffected. As a result, the premium waiver benefit puts the plan to use for the child’s benefit regardless of whether the parent is present.

Different variants

Plan options for child insurance range widely. You can buy an endowment policy or a money-back policy to guarantee benefits. On the other hand, if you’re willing to take risks, you can put your money into market-linked ULIPs, which allow you to build an inflation-adjusted corpus for your child and offer attractive returns on your investments.

Tax benefits

Last but not least, child insurance plans help you save for your child’s future and offer tax benefits. You can deduct up to INR 1.5 lakhs of your premiums, up to a maximum of 10% of the sum assured, under Section 80C of the Income Tax Act of 1961. Under Section 10(10D), any maturity benefit or survival benefit from money back plans is also exempt from tax if the premium paid was less than 10% of the sum assured. You can also create a corpus for your child that is tax-efficient by deducting the death benefit.

About Premium plan

About upgrading your child’s plan to a premium plan, there are a few things you should consider. A premium plan typically offers additional features and benefits, such as more storage space, increased security features, and enhanced parental controls. If your child uses the internet frequently for school or other activities, a premium plan may be a worthwhile investment to ensure their safety and privacy. Premium plans may also offer options for limiting screen time and filtering content, which can be valuable for enforcing healthy habits and preventing exposure to inappropriate material. Before upgrading, be sure to compare the features and pricing of different plans to find one that best suits you and your child’s needs. And as always, make sure to involve your child in the decision-making process to ensure they feel comfortable and empowered with their technology use.

Age / Sum Assured	100,000	200,000	500,000
0 year	4415	8830	22,075
5 years	5700	11,400	28,500
10 years	8060	16,120	40,300
12 years	9390	18,780	46,950

How to buy Child Plan?

The organization offers additional child protection plans, such as LIC Jeevan Tarun, that can be purchased. On the other hand, other insurance companies offer additional child protection plans that can be purchased online through. has a limit and large additional security associations, allowing you to select the best child insurance policy. You would then need to enter the relevant information, such as your age, the age of the child, orientation, project scope, and investment amount, in order to get to the list of child protection plans. After that, you can look over the plans that are available and decide which one is best for your child.

about upgrading your child’s plan to a premium plan, there are a few things you should consider. A premium plan typically offers additional features and benefits, such as more storage space, increased security features, and enhanced parental controls. If your child uses the internet frequently for school or other activities, a premium plan may be a worthwhile investment to ensure their safety and privacy. Premium plans may also offer options for limiting screen time and filtering content, which can be valuable for enforcing healthy habits and preventing exposure to inappropriate material.

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Claim Process

Complete a case discharge form and submit it to the association to make a perseverance or improvement guarantee in accordance with the procedure. After the organization evaluated the structure, your case would be settled. Despite this, a death guarantee’s cycle is unique. The selected individual must submit Guarantee Structure 3783 in order to present a case to LIC.

Required Documents for Claim

The following reports would need to be submitted in order for a development guarantee to be settled by the LIC:

Policy bond
Identity proof
Claim discharge form
Bank details of the claimant

Conclusion

In this conclusion, If you are looking for a reliable and secure way to secure your child’s future, a LIC Child Plan may be the right choice for you. With its guaranteed returns and various policy options, you can customize the plan to suit your individual needs and budget. The plan provides financial protection to your child in the event of unforeseen circumstances, giving you peace of mind that their future is secure. Additionally, with the assurance of a government-backed company like LIC, you can trust that your investment is safe and will provide the best possible return. To learn more about the different policy options and to determine which one is right for you, it’s best to consult with a LIC representative who can help guide you through the process and answer any questions you may have.

LIC Child Plan FAQ’S

Which plan is best for children in LIC?

Children’s LIC Jeevan Tarun aims to offer both insurance protection and savings for their financial requirements, such as school and marriage. The premium amount must be paid by policyholders till the child is 20 years old, but the policy matures when the policyholder is 25 years old.

What is the LIC child plan?

This LIC child plan is an endowment insurance policy that offers a guaranteed payout at maturity and a death benefit for the family if the policyholder dies.

What is SBI child plan?

This SBI life kid scheme is a non-connected and independent purchasing insurance scheme that aims to meet the educational demands of the youngster in the future.

Is LIC better than PPF?

The PPF scheme helps you accumulate a guaranteed corpus which is also tax-efficient in nature. In contrast, LIC plans help you provide financial security to your family in case of your premature demise. Thus, the rationale for buying both schemes is different.