LIC is one of the trusted insurance companies in India. The company is government-owned and reliable to invest in.
Child insurance plans are important as they provide security for your child’s future, even in your absence. The inbuilt rider benefits include the payments as initially planned, even after the parent’s death. For example, if you buy a LIC Child Plan for your 5-year-old child with a tenure of 20 years. The policy pays your money back every 15th, 17th, and 20th years from the policy entry. You can even change these money-back periods according to your child’s education, with the same intervals. These funds will help your child with their higher studies and their charges. If, unfortunately, the policyholder passes away, the plan will continue. The promised money-back will be paid according to the initial plan.
The top 2 LIC children policies are:
- LIC New children’s money-back plan
- LIC Jeevan Tarun plan
LIC New children’s money-back plan
This LIC’s plan for the child is a non-linked, participating, and money-back plan. This plan secures your child’s educational and marriage’s financial needs.
Eligibility- The child must be under 0-12 years old. The maximum age of maturity is 25 years.
LIC Jeevan Tarun plan
This LIC’s plan for child is a participating, premium payment policy. The policy offers the benefits of savings and protection for the child’s future. The plan supports your child with his/her educational or any other financial needs.
Eligibility- The age of your child must fall under 0-12 years. The maximum age of maturity is 25 years.